HeIsFaithful: BWM well you certainly have given us plenty of information to help us to that end.... I continue to look at my plan to see if it needs tweaking...
BWM: again, things you need to understand... WHERE will you go/be when you decide to finalize all your arrangements.... what are the factors surrounding that area that can help you with your investments and protection of funds...
HeIsFaithful: BWM okay... now I think I need to ask a dumb question...what do you mean WHERE?
BWM: HeIsFaithful I suggest tweaking weekly if possible at a minimum monthly... you should be updating your proof of residence information at that time anyway
BWM: HeIsFaithful ok... that is actually a great question because I don't know how many have really thought that out...
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HeIsFaithful: BWM ah...Got it...okay
BWM: HeIsFaithful I may not "move" my main residency but I also may look at another location for a second residence.... what factors affect that purchase... land and build vs. current for sale purchase
HeIsFaithful: BWM Okay...that's more my situation...excellent point
HeIsFaithful: BWM I don't think I have that sort of information nailed down yet.
BWM: what benefits do I get by that state in building or buying... what are the "costs to live there" insurance and such... I'm amazed at how many have considered buying a new home but haven't gone thru the taxes and maintenance costs... you may "buy" over your head and end up worse off WITH money
HeIsFaithful: BWM absolutely...I have been researching the tax burden of buying in various places....but not the insurance or cost of living...excellent point
BWM: can my llc/trust/whatever own a home cheaper than an individual? seriously, there are things we have not considered before because we have not been in that situation... and I hope you have taken time to look at least some of the facts up on the internet... I hope no one completely trust their tax ppl to do everything for them blind... you should have used this time to at least get a basic understand or education so you can seem to have it together when talking to your tax professional
oucrazy: BWM . . . I have a rookie question. . . when considering investing in other currencies, would i physically hold currency or would it be in another form? Thnx
BWM: oucrazy well it's up to you and your level of trust... my honest opinion is that I will have a certain amount of certain currencies IN HAND safely hidden away... but also in an international bank that I can "exchange" currencies as needed for ahem, "travel" and such...
BWM: oucrazy I'm not a conspiracy theorist BUT at the same time I like to plan backup plans... so in the event that the dollar was dropping and I needed something badly I could whip out some "other currency" and still get what I needed easily...
txgirl: BWM can you tell us what currencies you will have on hand
BWM: txgirl I'm fluid on that until such time I can afford to do it... but again, asset based currencies are on the top of the "watch" list
HeIsFaithful: BWM Protecting it seems like that will be a challenge....so that is something I am reexamining after the last conversation I had with you in here.
BWM: HeIsFaithful here's a thought... if your currency will not "earn" interest at the rate that you want then you want to protect the "value"... what best ways can you protect the value? it's something you have to consider for your plan and where you live... if I buy land where i live I have timber on it which has additional value to the land.. if you live in arizona and it's desert well you need a better plan for real estate...
oucrazy: BWM. . . had not thought of it like that. What is a good international bamk?
BWM: oucrazy german banks are at the top of the "safe" lists... you need one that is here in the U.S. with a branch because it will allow you to deposit here retrieve in another country (understand that foreign banks in the U.S. that are truly international "own" their property 'it is part of their sovereign territory' and gives them the right to do business here)
oucrazy: BWM. . . understand. .. like Deutch Bank?
BWM: oucrazy deutsche bank is on my list.. they were "involved" in some derivitive discussions but their paper is very desirable...
oucrazy: BWM. . . . who WASN'T involved in derivitives? Ha!
BWM: oucrazy well that is a good question...
HeIsFaithful: BWM yes....that's true...NY realestate varies by area and will require more looking into on my part...although there are a couple of other states that i might look at as well. I will have to do more homework on the international bank aspect. great info on the "sovereignty" issue.
BWM: HeIsFaithful living in NY tho you are "home" to the international banking community... I will have to make that visit at some point
yellowjeep: BWM ..what do you think about the "free float" idea that has been popping up for the last few days ?
BWM: yellowjeep anything is possible... I think there would be some complications but I'm sure they have thought those through with all the time it's taken
txgirl: BWM I just tried to look up German banks in the USA and the only one that keeps popping up is Deutsche so what others are there please sir
BWM: txgirl you will need to look at international banking... there are also canadian and other countries (china, etc.)