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Post by Kevind53 Fri Jul 05, 2013 8:08 am

Some plain old common sense advice. BS free! ....

Amos9:13 Banker Offers Info For Contemplation
07/05/2013

Post emailed to Recaps
Regardless if we make 1.00 on the RV or .10 cents, one fact holds true...many people "blow" money. Look into how many people actually get poorer by winning the lottery! Ridiculous!!!

I do have some advice I can give from a banking stand point. First I will explain how bank products work.

1. The Fed sets a rate in which the banks have to pay to 'borrow' money to make YOUR loans if the deposit growth isn't there. Right now the rate is low because they want the consumers to "spend".

If you just read or heard on the news...the Fed is taking the training wheels off which means "loans won't be as cheap". Look at the housing market...rates are going up.

Bottom line....when you make your money from the RV....pay off your house or purchase one while the rates are still lower than what they will be a year from now. They were in the 3 percentile...now it's up to the 4 percentile. next year...probably at least 6.

2. CD rates, Money market rates are horrible. DO NOT invest in these types of products (long term/non working capital/savings)....now the Fed will be taking training wheels off which will slowly increase this, but remember you can make more money off of other investments.

Also don't buy into the FDIC insured stuff. The truth is the Govt only has to back 1 penny on a dollar...so if things went south and the banking sector collapsed...don't expect to get all of your money. I don't think this would ever happen, but it's good you know the truth.

3. Speak to an investment officer (who ISN'T on commission). You don't want them to sell you crap. Ask them about investments that are safe and have been around thru the recession.

Don't put ALL OF YOUR EGGS in one basket. Keep some working capital in a money market or an interest bearing checking. Money markets allow you to make 6 withdrawls a month, interest bearing checking accounts don't have a limit on transactions....but they usually have a minimum balance and a lower interest rate.

Move some investments around...I WOULD NOT invest in the stock market, too volatile.

You can also invest in gold, silver, and other currencies such as the Yen (maybe one day China will quit cheating).

4. Don't go starstruck. Remember when buying a larger house, that means a higher insurance cost, a higher electricity bill, a higher property tax...etc. Be careful in investing in your own business.

It's always best to invest in a business you HAVE DONE BEFORE or Worked In. Main reason small businesses fail is lack of liquidity and LACK OF KNOWLEDGE. Be smart!

Even though you have quite a bit of money, take some cuts from the SBA! The govt sometimes gives kick backs on small businesses! Believe it or not small businesses make up over half of the GDP in the country!

5. We are ALL going to buy another car rather we need it or not. Currently I have a bmw 335I (twin turbo...insert Tim the Toolman Taylor grunt here "ho ho ho"). I would however trade it in for a Porsche 311 turbo S any second once I had 40 Gs. My suggestion NEVER buy a NEW car. Why?

Because you take about a 25% depreciation hit once it leaves the lot. Do like I did and find a NEWER model, but one that has been kept nice. My car had around 36K miles, no scratches, had nice upgrades, garage kept....like new...but not on the price tag. Be sure to try and buy cars that will hold value.

I know Ford Mustangs and Chevy Camaros are cool and sound awesome...but instead go with either a foreign car such as a Lexus, BMW, or Audi. American cars other than collectables (Corvettes, hot rods, Saleen/Rousch Mustangs) don't hold their value and depreciate quicker than other cars.

In other words...their trade in values are horrible if you ever wanted to get something else. Same thing here...high end sports cars...require HIGHER insurance, and typically higher gas (premium gas, typically worst gas mileage, more expensive parts).

6. Put some cash into savings bonds for your kid(s). Did you know that if you buy savings bonds correctly(title them)...as long as your children use it for educational purposes they don't have to pay taxes on the interest? There are other programs like that out there as well.

Take a look into them...college will continue to be more and more expensive!

7. Last but not least...give to God and charity. God ask that we give the first offering to him (10 percent). I have personally been blessed since I've been tithing. My raises have went up, I've been promoted several times, and just good things have been happening.

Also give to charity...for one it's a tax write off (so is church giving!).....two it's just a good thing to do for what a blessing you received. Many people are suffering right now with jobs continuing to be cut (not because of the economy but because of greed). Companies have found they can do more with less...sad shape for the US. Thank god the dinar is coming thru soon!

Hope this info helps some who are still in the unknown territory about what to do with quite a large sum of money. Just use your head! Be smart!

http://www.dinarrecaps.com/1/post/2013/07/amos913-banker-offers-info-for-contemplation.html

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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Post by MidnightRider Fri Jul 05, 2013 3:05 pm

So Kevin, if this ever were to ever happen, should we have trusts set up before we CE or do we wait until we CE and then put a team together.  I have seen both sides stated but neither clearly.
Just did not know if having a trust might help defer some tax implications.
You seem like a knowledgeable voice out here in this vast wilderness and respect your opinion.
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Post by Kevind53 Fri Jul 05, 2013 10:16 pm

I am certainly no expert on trusts, but my instinct is that it does not really make a heck of a lot of difference. I would second the advice given above, get a good team together, tax lawyer, financial adviser and insurance agent. Each has a role, and each has expertise that others lack. I will give an example from the insurance side since I am a licensed agent. Life insurance can be a way to provide for inheritance taxes and final expenses. It can also be used for income replacement, but it takes some knowledge to calculate how much is needed, or there are some "tricks" that can allow you to use it to provide tax free income after retirement. It won't work for everyone ... but when it does it's a great tool. What if you become permanently disabled? Is your estate protected? The laws change constantly, so even if you were covered before, you might not be covered now. There are a lot of other things to think about, just on the insurance side and that's only a part of the picture.

If you can afford to have your trust in place why not have it ready? If not, well IMO no big deal take care of it when you can. Others here a better qualified to address the specifics than I so I will leave it at that.

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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Post by MidnightRider Fri Jul 05, 2013 10:31 pm

Thanks Kevin, I could do it now but I am not 150% sold on this even though I have been in it several years.  If I were, I would own much more IQD and VND than I do now.  Just too many things that could  happen to adversly affect this.
One thing I read up on some time ago that sounded appealing was the International Business Corp.
I think "International" was the first word in it.  

As for trust, know how they offer some protection but will definitely need my pros to guide me.
There is actually someone I see that is sometimes promoted , here I think, that says you need to have your trust in place before RV so it is confusing.

I have read several of your post here and on recaps and you are a very intelligent guy.  I also notice how people like to avoid your post on DR when you tell them the truth about Basel 3. Wink
Thanks again.
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Post by Kevind53 Fri Jul 05, 2013 11:27 pm

Some say that Nevada is the place to base your trust, others Montana, I have no idea who is actually right, that's what I'll pay a lawyer for. That and getting a not for profit incorporated ...

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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