Preparing for Cash In
This is not financial advise but more of an opinion on how to prepare.
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…
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. If your bank has a foreign currency exchange department immediately ask for the VP or President of the department. With larger national banks, go to their Private Banking or equivalent division for customers with great wealth. I think you get the point I am trying to make…If the new exchange rate is considerably higher and you have several dinars to exchange you will be dealing with a high amount of cash in exchange. This step will only move the process along and further protect your asset.
They may have more options when it comes to banking, and have a better grasp of the disclosure and security procedures in the bank.
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 and address readily available…go ahead and log into your contacts in the cell phone.
Also, research your own bank options, banking fees, bank account features, return rates, FDIC insurance, NCUA insurance, etc.
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. Also add the phone number and address into your cell phone for quick access.
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.
Take a preventive measure today by writing down a list of banks near your home, next major city, or an adjacent state that you can contact if a problem with your initial bank arises.
Depositing your Cash
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.
I understand some are saying their are methods to avoid paying taxes on currency exchange. Listen! Be Smart! Get the advice of a tax professional and don’t end up owing money or perhaps be under investigation.
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. 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.
Also..Be wary of fellow dinar investors asking you to partner with them in an investment. Just because they are a fellow investor doesn’t mean they have your best interest at heart. Be Smart!
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.
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. This is my soul opinion and I am not a financial consultant, CPA, lawyer, and in no capacity have the power to give financial or legal advice however I want all of us to be informed. All investments or financial opportunities have an element of risk and the revaluation of the Iraqi Dinar may or may not come to fruition.
If you have further pre or post RV advice you wish to share let me know…I will certainly add it to the list.