Guru Sandy Ingram 4/20/23

by **Ssmith** Thu Apr 20, 2023 2:09 pm

How to protect your exotic currency profits…

Step 1: Treat taxes like an expense…In the United States you…can buy exotic currencies all day everyday and never be taxed, until you exchange the currency for US dollars (or any currency) and earn a profit…You may say, ‘I travel all the time and exchange currency… without paying taxes.’ While this is true, I dare you to bring back $10,000 of that country’s currency and exchange it in the United States….

If you are trying to exchange 100,000 Iraqi dinar, in the future, for .25 cents or even 1 dinar to 1 US dollar there will be a lot of questions asked. This information would be forwarded to the IRS and 2 or 3 years later if this transaction did not show up on your tax return you would receive a letter from the Department of the Treasury. This letter could be the beginning of your path to prison if you do or did not comply.

Step 2: The wealthy have stock and they borrow against their stock for living expenses, most times…we have to do things a little differently.

A way to stay wealthy is finding a way to provide a monthly cash flow so we do not spend our initial profits…hiring a financial advisor is recommended…

Step 3: Is NOT for everyone…many ex-pats live extremely well on $2000/month outside of the United States . If you do anything else except pay for medical insurance…you are on your way to being broke. This is not a mistake you can afford to make…