_[BWM] Caramina because of all the things we have heard I have basically a three tiered strategy.... let me go over those
[BWM] low rate (3-4 dollar range) this will be the strategy that I adopted when I got into this... simply cash a note or two (whatever you need to get by for a good month or so) and see how things develop...
[BWM] mid rate (5-7) this is where you really need to look hard and decide where you think it will go... up or down. If the rate is in here while I would most prolly cash out most of my dinar holding PERHAPS a bit back IF I feel it could go up... there is no need to be greedy BE SAFE FIRST...
[BWM] high rate (8 and UP) from the proverbial WHAT ARE YOU WAITING FOR category... how much money do you need? At this rate I think the average holder is/should be out... take NO chances and lock in what you need as quick as possible and get gone...
[massman1] BWM, do you beleive there will be a big spread at the banks or close to CBI rate?
[BWM] massman1 the spreads are negotiable... don't let them tell you it isn't... BUT it might behoove you to get a few ppl together depending on where you live (if you want to cash at a specific location) I would say this... don't start getting all mushy and sentimental about your bank... SAFETY FIRST, sentiment second... go where you can cash ON SITE... walk out with money in the bank... look at the bank packages but don't be afraid to ask, "hey is this your best deal" and by all
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_[ubetcha] Can you give us the first 5 steps you recomend to cash out smart
[BWM] 1) have a plan BEFORE this shows... know the banks you want to call, numbers on standby (depending on time of day we see this) a travel plan (plan safety) and how you will be traveling (alone, or with someone you trust or another holder).
[BWM] 2)have all your dinar together with identification and any necessary papers you think you may require.
[BWM] 3) travel to location and know if possible WHO you are meeting with prior to the meeting. Be confident, THEY WANT YOUR BUSINESS...THEY NEED YOUR BUSINESS. Be prepared for the unexpected... I know the banks are ready, but they may not be ready for ppl not showing up for work because guess what? they had dinar also...
[BWM] 4) have a package available to show the bank if necessary... KNOW YOUR OPTIONS. again, DON'T JUST TAKE WHATEVER THEY GIVE YOU... always, always ask for more. So they say no to the extra 5 toasters you asked for. Do you really want or need them? Factor that into your final decision.
[BWM] 5) know what you want to do with your money BEFORE you cash out... Are you investing a large percentage long term? Are you putting a percentage to aggressive short term investments? Do you have kid's trusts to set up? How will the money be able to be dispersed into trusts, LLC's or other entities once you are done? BE HONEST and open so the wealth advisors (YOU GOT FOR FREE) know where to help you put YOUR money... but always be willing to get a second opinion... PLAN FOR THE LONG TERM