Preparing for Cash In
By THE CURRENCY NEWSHOUND - Just Hopin
I have added a new section to Currency Newshound which expands on how to Prepare for Cash In. While there are numerous ways to prepare for the RV I feel this will assist you in preparation for that most awesome day. Click on the LINK and you will find the new page…or just read below:When you see RV in big letters on your favorite currency forum, the RV-O-Meter has reached the top, or when you hear me scream hallelujah from wherever you are in the world…that is when you will know that glorious day has arrived. But will you be ready?
Many times you have heard me say prepare and currently the RV-O-Meter is at a high-grade warning to prepare for cash in…but was does all that mean. Prepare?
I realize many of you have done your research on how to invest, donate, and spend your money (Lord knows we have had plenty of time to do that, LOL) but time should also be allocated to how you are going to receive your investment. Preparation is not a huge task and I believe it is essential.
Many of us have our dinar stuffed in the sock drawer, safe deposit box at the bank, or maybe even locked in the pages of your Bible but when that day arrives for you to exchange your currency there are a few things you should consider. Here are some simple steps and advice…
Updated: 12/17/2010
Give thanks: First and foremost hit your knees!
Keep Quiet: On the day you discover your investment has RV’d your first reaction is to scream with excitement and to tell the world. Think of your safety and your family’s safety first. Handle your affairs as quiet as possible.
Even though this event trumps all events you could ever post on Facebook and Twitter…it is better not to tell anyone about this particular event.
Identification: If you decide to use a bank or your currency trader at time of exchange both are going to ask for 1 to 3 different forms of identification.
Make sure your id’s are current. You will likely use your driver’s license, passport, credit cards, student ID, work ID, and/or a utility bill.
Banking: If you are dealing with small banks, go straight to the VP or upper management. With larger national banks, go to their Private Banking or equivalent division for customers with great wealth.
They may have more options when it comes to banking, and have a better grasp of the disclosure and security procedures in the bank.
If you are utilizing the services of a currency trader make sure you have all the needed account numbers that the exchange office will require in order to wire funds to your bank of choice. So you will need your bank name, bank account, routing number, and wire transfer numbers.
It would also be beneficial, if you know your banker, to have his/her name and phone number ready in case there is a technical challenge wiring the funds. If not, have the banks phone number readily available.
Also, research your own bank options, banking fees, bank account features, return rates, FDIC insurance, NCUA insurance, etc.
Contingency Plan: Lets say you plan to go to your local bank to cash in your dinar. You find out there is something you are not too familiar with or maybe…they do not offer a currency exchange service.
They are going to ship your Dinar out-of-state (out of your sight) for 3 or 4 days, the cash in spread is too high, etc etc. What do you do?
Do some calling around before you leave to see what services your institution offers. Ask about the rates and if there will be a delay for the money to be deposited into your account.
Depositing your Cash
Regardless of the method you use to exchange your dinar into dollars you likely deposit a large sum of cash into a bank account. If you are in the United States banks are required to report to the IRS any single deposit exceeding $9,999.99. This is to identify potential criminals dealing in fraud, theft, or even terrorism.
Furthermore, funds deposited in the amount of $10,000 or more can be “frozen” by the bank or by the bank on behalf of the IRS if the deposit appears “suspicious”. These frozen funds can by tied up to 10 days or until you can provide valid proof where these funds originated.
There are suggestions on how to avoid your bank account from being frozen but none will guarantee you will not wait to have access to your funds. Banks can hold wired funds, checks and cashier checks until funds are honored by the issuing institution. Much like a second party check each bank has a “clearing” period based on different transaction types.
Prior to making the deposit (especially if it is a large deposit) talk with the manager and explain the situation as an investment payout. You may need validation of some kind such as a written statement. This may avoid the IRS from being directly involved and shorten the time frame you will have access to your entire deposited funds.
Please discuss this with your banker, attorney, and/or CPA for further clarification and understanding.
“Walking” out with your money
If you were cashing a check for a few thousand dollars it is likely the banker would place your bills in a zipper bag and let you walk out the door. However if you ask to walk out with lets say a few hundred thousand dollars be prepared to wait.
Banks refrain from having large bulks of cash on hand for security purposes and most transactions are electronic. However if you desire to have “cash” be prepared to make a request anywhere from 24 to 72 hours prior to your withdraw in order for the bank to make arrangements.
Trusts, LLC, and Other Legal Entities: There are many ways to suggest how to set up your financial portfolio. Some have suggested to set up a trust(s), some have suggested establishing a LLC. Some just plan on cashing in as a single person.
However you decide to set up your arrangement make sure all of the legal documents are close by so that you can refer to them, if need be.
If you desire to open a bank account under a Trust, LLC, etc. these documents will be required. See bank accounts above.
Wills: I realize this sounds morbid but it is essential. I hate to say it but here is a scenario…you cash in and deposit $1 million in your bank account. On the way out of the bank you do your best impression of the Snoopy dance. Not watching where you are going you come face to face with a large RV…not revaluation but a recreational vehicle! Your RV came twice that day…first to make you wealthy and the second time to meet your maker. So what happens to your $1 million?
This is why it is essential to draw up a will. Even a simple notarized will is better than nothing. Easy wills are found at places like Office Depot…some are free online as well.
Tax: The ugliest three letters ever made up. But it is something we all will deal with. Don’t try to avoid it as you will find yourself regretting you ever did. Its better to place a certain percentage aside allocated just for taxes and never touch it! These percentages have been quoted all across the spectrum but whatever you decide to allocate..remind yourself not to spend it till you decide to send that check to Uncle Sam.
My advice would be to look up the phone numbers of local CPA’s, CPA/Tax Attorney’s and have their numbers available to make appointments with them post RV. Get their advice and reconcile their thoughts. Once you pick someone you are comfortable with he/she can walk you through the needed forms and steps. Of course, choosing a CPA or a Tax Attorney is not that simple…so keep your ears open for a well-qualified person to handle your taxes.
Post RV Investments: The only advice I can give you here is to… get advice. Seek the services of a financial consultant, go to the library, Google everything that comes to mind. I will admit that just about any financial advisor that exists would likely roll of out of his chair in laughter if he heard about this investment pre-RV but I would also place a handsome bet that he or she would want your business when you are in search of advice post-RV.
Do your due diligence before you spend money whatsoever. Don’t be afraid to get second opinions and ask around.
This kind of blessing will likely never happen like this again so be wise.
Donations/Tithe: I think it is imperative we should all give back, pass it forward, and donate. But do your homework and give your money to honest charities. It’s shameful to think that people make up fraudulent organizations and never spend donations instead they line their greedy pockets. Give to organizations that are close to your heart. Tithe to your church. The tax man is going to take a chunk of your wealth you might as well offset the tax man by giving those funds to something meaningful and worthwhile.
Document Everything
This can’t be emphasized enough. If you are fortunate to gain a large sum of wealth remind yourself to treat your accounts appropriately and be careful not to let others mishandle your money.
You may have more money than you ever had before but that doesn’t mean you will always have it. Keep records, bank statements, receipts, contracts, agreements, etc.
If you hire a financial advisor be actively involved with your account and have understanding of what your advisor is doing with your money. Also, be aware of all of the fees advisors charge for their services.
After all how many times have you heard of celebrities discovering they are broke because they trusted someone else with their money?
Debt: When the RV occurs you will have been blessed with a sudden amount of wealth. No matter how small or large the sum of your return find it in yourself to reduce your personal debt. Pay off the mortgage, pay off the credit cards, pay off the installment loans, pay off the student loans, pay it all off. Stop being a slave to debt and avoid at all costs reentering into a lifestyle of owing a creditor.
Pay yourself: There is nothing wrong with spending money on yourself. Take a vacation, buy a car, pay off some bills, go to the mall. Withdraw some “fun” money but take the rest and let the interest and dividends accrue.
Remember to buy smart: Many of us have lived modestly most of our lives and with a sudden amount of cash in the bank your buying potential could be endless. But remember to be smart when making purchases. Sure you can afford a 10,000 sf house but remember the taxes, utilities, and cost to maintain the home. Sure you can afford a Ferrari, Lamborghini, and a Porsche but remember the maintenance cost associated with these high end cars. Enjoy your wealth…learn to keep it.
Loose Lips, Sinks Ships: Its sad but true…the minute you have money in your bank account will be happy. But if friends and family that are non-dinar investors hear of your recent influx of wealth they are going to want a piece of your pie.
I am sure you are going to want to help your friends and family but do it under your own will and not because of their solicitation. Be quiet and serve your fortune to those with gratitude and need.
Safety: Lets just be honest. There are some cruel people in this world and they will do anything they can to harm you or your family in order to obtain a portion of your wealth. This refers back to being quiet. Fly under the radar. Live as normal as you can. Enjoy your life but be aware of your surroundings and the people you invite into your life.
Enjoy your life: Money does not buy happiness. Some of the richest people in history were the most miserable. Let the happiness in your life result from living your life right, spending your wealth of time with your family, and being debt free.
Now that you are rich avoid falling into the temptation the desire to become wealthier.
Don’t let money be a driving force in your life. It is perfectly fine to invest and protect your wealth just don’t allow it to consume your life.
These are just a few tips and suggestions. I am not a financial consultant, CPA, lawyer, and in no capacity have the power to give financial or legal advice however I am a concerned investor that wants all of us to be informed.
If you have further pre or post RV advice you wish to share let me know…I will certainly add it to the list.
Thank you
JustHopin
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