Wednesday, June 3, 2009

Personal Economic Stimulus Package

A couple of weeks ago when I completed the grueling 100 Miles of Nowhere trainer ride my parents took a bet up with each other on whether I could really ride the entire 100 miles or not. Since my parents are really high stakes gamblers the bet was an entire dollar. At the time it kind of bugged me that one of my parents was actually betting against me but that eventually served to just motivate me.

After I finished the ride the first thing I did was to call my parents and proudly tell my dad that he owed my mom a buck. Honestly, it felt pretty darn good to make that phone call. It was like taking a step up on the podium at the end of a stage race minus the cute girls and stuffed lion.

Well, last week I got a letter in the mail from my parents with a short note stating that they were proud of me for completing the ride and that I deserved the winnings from the betting pool. As I looked inside the envelope it contained the two dollars that were bet on my ride. That put quite the grin on my face.

Now that I've accepted this money for riding in the 100 Miles of Nowhere challenge I'm left to wonder if this will affect my amateur status as a cyclist. If I ever enter a real race will I have to ride in the professional classification? What if I were ever to run for office, would I be accused of taking gambling money for sporting events or even worse throwing a charity ride?

The other thing that has come across my mind is if I got this huge sum of money for doing a charity event maybe I should donate it to LAF. Well, in the final analysis I'm going to use my two dollars as my own personal economic stimulus package. I plan on using it to buy a Gatorade for the training ride I'm planning for Saturday morning. I'm sure after I make my purchase on Saturday using my economic stimulus money that the economy will snap right back in line and the world will have my parents to thank.

Thanks Mom and Dad.


Jayson said...

whatever you decide, it is taxable! Especially after posting about it on your blog. :) The IRS is going to want their $.50

Jenny-Jenny said...

Ooh, is Jayson right?

This post cracked me up. I think if you feel good about not donating your winnings to LAF then gatorade for your next training ride is the next best thing.

Are you sure you feel good about that decision?

Buttsy said...

Again congratualtions on the ride to nowhere (and the very scenic photos!!), I think in the pro contract details there is subclause of subclause under section I of part II (get the that states "donations from parents must be over ....and I think - don't quote me on this but it certainly in EURO and $2-00 doesnt make it (after taxes at least).

Oh and you mentioned the lion thing from the Tour but what was that stuffed thing the riders were winning in the Giro?????

Maybe I should have got more sleep last night....

jeff said...

$2.00 is OK. I think your amateur status is safe as long as your winnings are under, say......... tree-fitty.

Lizzylou said...

Well one thing is for certain, I'm going to go out and buy some shares of Gatoraid (if Gatoraid stock is in fact publicly traded). Because knowing that you are buying a bottle means that the stock will be going up and I can turn around and sell my shares (after you purchase the beverages) for a signifigant profit. Thank you Mike's parents!

The Old Bag said...

Years ago when I was talking with my insurance agent about house insurance, I wanted to be sure my bicycles were covered. I'd mentioned that a couple were racing bicycles, and she asked if I ever won money. I said I had and she said that the bicycles probably wouldn't be covered..."how much do you earn?" she asked. "Well, $15 or $20 a couple times a season" I said. She laughed -- thought I was talking about actually supplementing my income (the bicycles would then have to be a business expense). MY turn to laugh!

Somehow your mention of "huge sums of money" reminded me of that!

Mike J said...

Jayson - I'll be sure to set a little aside for Uncle Sam. That means I'll have to look for my gatorade on sale.

Buttsy and Jeff - Glad to see my amateur status is still intact especially if we are talking about Euros.

LizzyLou - I would definitely buy some stock in Gatorade or at least 7/11 because that's where I'm planning my rest stop for. You'll be able to afford that Walmart bike you've got you eye on with your earnings.

The Old Bag - I'm thinking $15 for a race is great!

Big Oak said...

I think you should squander the 2 bucks on an ice cream sandwich. That's what I would do.