Emailed to Recaps:
This is a oldie but goodie.
Some will remember BOB aka Genx who has passed on.
GENERATION X 10 RULES Originally Posted by GenerationX
Family: I have been asked several times about my plans for financial investments and preserving wealth and do not offer advice as each and every one of you have a different circumstance that adds substantial and unique problems to preserving your newly acquired wealth.
I am not a Certified Investment Counsel but will for the first time offer you some sensible directions to take.
1. Recognize that your government both State and Federal are your biggest enemy to securing your wealth, see a tax accountant or tax lawyer.
2. Set aside 15% of your new wealth in a separate account for your mad money and use this account for your flings into wealth. This is your payoff for your dreams and frustrations. If you spend more than this on new homes, automobiles etc., you are on a well known pattern of blowing it all.
3.Remember #1, everything you buy will be taxed yearly either in Real estate taxes, sales taxes and or personal property taxes and if you live in one of the States with State Income taxes you will pay the State on all interest earned and on the principal Amount when it is received initially. Think about this statement.
Move to a State that has the lesser of the applicable taxes, this is a must. If you do not do this the State will eat up your rewards inside of 10 years, really!!!! Places like NY and CA will eat it up in 6 years. All States are creating new taxes daily to preserve their bloated Beauracracies under the guise of service.
4. Invest the remaining 85% [after taxes] in safe high paying interest insured CD's etc.
(Note: These figures and products may have changed in the last few years....seek professional advice)
Look out side the US for the best rates Panama is paying up to 7% on large CD'S 70,000 per year on a million dollars worth of CD's. Dubai is paying up to 10% on the same amounts, Check Cyprus as they have been in the 10% bracket also.
Pay interest to a debit account, spend and live on the interest with a Debit card. Then if you have enough Dinar to cash in there could be a lot of interest to be almost as exorbitant as you like living the life of Riley so to speak. A 10M savings off shore could bring you interest of $700,000 to more than 1M a year in income. Can you live high on the Hog with that?
5. Lower your profile; do not flaunt your new wealth as the tort laws in this country allow Trial Attorneys to target you as a defendant. Trial or Tort lawyers are the only profession that never contribute to society but just create misery so they can take your rewards for your hard work. There are some good books on becoming invisible, buy one and follow as much as you feel comfortable.
6. Contribute to Charity on a fixed rate yearly; do not over contribute as they [most] spend money like drunken sailors as they contribute increasingly lower subsidies to the needy.
7. Change your lifestyle to a calmer existence; find peace and harmony with yourself. Find a compatible travel mate if you are single, travel the world into safe places and educate yourself to there way of life as it helps you understand how they think and rationalize. This promotes peace and harmony within you.
8. Above all think each move thru. In the 1960's I taught a course we designed on thinking for corporate management for a large Think Tank firm. We found that only 3% think, 12 % think they think and the rest just blunder thru life failing to achieve any potential what so ever. This has held true even thru today. The sorry school system does nothing to prepare kids to think and never will.
9. Spend a little of your splurge money on obtaining good advice from more than 1 source on how to invest your money, watch out for slick talking stock brokers or mutual type funds. Watch out for real estate as you can lose everything very quickly as the economy is still failing. Also remember #1. Watch out for taxes that pile on your estate.
10. Pray for guidance but please do not turn into zealot as this can override your mindset to a point you will not recognize happiness when you see it.
Everything in moderation with a truly happy smile and enlightened smile on your face. Be a friendly person not someone who is critical of others lifestyles and their views on faith. Recognize everyone is born free and with their own opinion.
Now that I have laid out some advice accumulated in my 71 years on this planet, I hope each and every one can heed this simple advice for their own well being.
May God bless you and your new found wealth, BUT; above all THINK!
(Dinar Recaps Note: This post is for informational purposes only. It is not legal, tax or investment advice. Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)