_[Caramina] Has your strategy for cash-in changed now that the rate is reported to be lower? Will you go all in or wait to see what happens? Thank you!
Because of all the things we have heard I have basically a three tiered strategy.... let me go over those
1) 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...
2) 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...
3) 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 believe there will be a big spread at the banks or close to CBI rate?
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 means DON'T BE AFRAID TO GO TO ANOTHER BANK IF THEY HAVE A BETTER DEAL...
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_ [ubetcha] Can you give us the first 5 steps you recommend to cash out smart
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, with someone you trust, or another holder).
2) have all your dinar together with identification and any necessary papers you think you may require.
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...
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.
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
[broncofan] how long do you foresee the rate remaining stable, in your opinion of course
That will IMO depend on the open rate... if low then we look for it to grow possibly. If high then we have to consider a quick demise to the rate... consider... key word. We believe that once this hits we will have a good idea where things will go... stay tuned
[srm777] BWM Are you thinking this window is still open for this evening?
I always look for the CLOSEST opportunity... while there are those that tell you it can't happen til some period of time far away they also conclude with the "it could happen sooner and I hope I'm wrong" what does that say?
To me, it says I don't know what to believe... IMO the window is open for this to occur at any time NOW... with that said there are days I like better than others but there is no precedent for this to occur because nothing, I REPEAT nothing like this has ever occurred before... don't give me Kuwait or China or any other example... this is like no other
[Thankful] Hi BWM. Do you anticipate a logjam reaching dinar dealers such as DinarBanker?
I know there has been a lot of planning for this but we will only know the answers for some of these things once it actually happens... I hope things move smoothly.. The biggest key will be US, IMO... US as in all of us and how we handle things when we arrive. Be patient and helpful... BIND TOGETHER AND HELP ONE ANOTHER BE VIGILENT OF ANY SECURITY ISSUES YOU SEE...
[pmw1973] is there gonna anything about tax rate at rv or consult a pro?
ALWAYS CONSULT A PRO... no one else is gonna take the blame but they'll be happy to take the credit... NOW with that said get a WRITTEN letter of ANY statements that you get from the IRS or other agencies so you are covered.. a good tax atty should handle all this for you IMO
[letitbe] If a bank does not have a de la rue machine to verify and does verify by light or book, would you recommend we make copies of our dinar?
I would suggest you seek another bank... they can use de la rue, computer scanning software, lights or book... but make sure your location does ON SITE VERIFICATION... PERIOD... take no chances with your money getting sent off... I look at it this way... if they aren't prepared to accept my money how can they be prepared to help me invest it...
[DueTime] Will there be different spreads offered at the banks or do you think they will all be about the same?
It will be all over for a time... they will try to see what they can get from you... YOU SEE WHAT YOU CAN GET FROM THEM
[HEARTLANDLOCKED] If you don’t have a bank or banker you’re currently working with, do you recommend spending more than one business day speaking with multiple banks or should we negotiate with the one of the big four and take the best deal we can orchestrate?
I don't have a specific bank yet either... I have a bank I will prolly cash out at (pending rate) and plan on putting it into an account and going home... coming back in a couple of weeks and deciding once all my trusts and such are setup where everything will be going... this is just my plan of course.... YOU NEED TO DO WHAT IS BEST FOR YOU... and be adaptable
[sln1987] If we have not been able to set up trusts, etc. do we need to make sure we deposit our money in a specific account to not create another taxable event?
see the question above... I discussed this with an accountant and she said that unless there is interest accrued there should be no issues... Make sure when you cash in and put money into the account they understand what you are doing
[letitbe] Can you explain to me how the devalue of the USD will affect us? Will our dollar in the US still be worth a dollar?
Hate to break it to you... but the dollar is NOT worth a dollar... you're at about 78-ish cents or around that on any given day... this is why many have surveyed the landscape for other investment currencies to safely put their money in once they have cashed in... you will cash in to USD first
[comeonrv] Are we still set on timer mode so all that needs to happen is the rate (already LOCKED) gets dropped in the bank teller screens? Is there a time limit on the rate lock in and in your opinion, how long before it drops? ty for all you and your team do for us. I'm sure the BANKERS are happy w/ you.
I don't set up waiting for a timer to kick in... there have been a number of rates seen on screens but no one will know the exact rate until it hits... and that is subject to change even shortly before it actually happens. The time limit to cash has been a big discussion and will not be resolved until we see the rate IMO... as far as your BANKER statement I say this... IF the dealer can give you the same rate as the banker why introduce an extra step by having to cash and wire the money to the bank that you could have cashed out at? BUT keep in mind that a penny on every million dinar equals 10k dollars
[pleasebereal12] What would you think will be the rate for the dong?
I'll say this about the rate for the VND and IQD... does it matter? Have a plan like we discussed earlier for the rate... I originally got in the VND for 2-3 cents and the dinar for 3... even tho the amounts of currency I held have decreased from the beginning, I still look for those as the "base" amounts and consider any cent over those amount gravy...
[averysgrampa] ok if this is the case just to cash in a note to get by what happened to being told get in and get out, plus what about those that have reserves and that time frame?
You didn't read the process correctly... plan for WHATEVER YOU NEED... HIGH OR LOW just know what you need to do to answer YOUR needs
[OhanaNena] BWM, how would you negotiate a higher rate from the Banks?
If you have a package to take with you to a non participating bank I would suggest to start with that... look at your particular banks ratings online... Weiss ratings can tell you a lot about banks and other investment securities... I would just flat tell the person what I have and what I want... they will either give you what you need or not... you will know the rates when you go in... so the bank vs. CBI vs. UST will all be known factors for you.. Make sure THEY know YOU know
[codreamer59] Do you think once we cash in and the $ is in our account that we will be able to get bank checks to pay off debt, etc?
Look at the best ways to pay off debt... SERIOUSLY, GET IT IN WRITING... I would consider getting a payoff letter in writing from each so that you have something to have on file to show that you have paid off the agreed upon amount and then a letter of clearance... I know some may not think credit is important but it will still be useful for you (if that fits into your needs) once this is over...
[massman1] Should we tell the banks up front how much dinar we have??
I would hold that answer for a second round of questions... first tell them you have currency to exchange... obviously dinar.
If they ask how much you have, I would counter with "What is the exchange rate for the Iraqi dinar?" If they ask you how much you have I would still ask them what is the exchange rate for the IQD... they should look it up for you... I, but I'm a jerk in negotiating, would proceed to walk out the door if they did not comply at this time... but after they said wait we'd discuss things ONCE they had showed me their rates.
Remember, if you have bank packages and such with you, you should be guaranteed a minimum rate. MAKE SURE THEY KNOW YOU KNOW THIS... AND WORK UP FROM THERE
[Shooter] BWM in your opinion, do you think the IRS will be up to speed on major deposits. Or what can we do so we don't invoke an audit? Or sitting on our funds?
You will fill out the form.... they will know how much cash you got, how much you deposited and where you deposited it.... don't be tricky or even try... see your tax atty, possibly specify an amount to be held for taxes, have any paperwork you need from your atty to disclose how much you should pay... follow the guidelines and rules and you should not have any worries about an audit... do it correctly and it won't matter even if you are "randomly" selected...
[teaqkota] You say "Don't just take what they (the banks) give you....ask for more"...will the bank packages tell us the "more"?
My understanding with the packages is they will "guarantee" you a specific "defined" rate... in other words it may say CBI rate minus 4% or so (this is just an example, don't hold this rate against me)... the point is you will know all the rates before you go in and what you believe you can get as a minimum... SOOOO, go with that as a starting block and work up from there
[arewethereyet] My family and I all went in together for dinar and one person bought it. Is that going to be ok for cash in even if it was bought by one person?
If you are going to a bank then no as long as each is holding their own for cash in... you will want to make sure you have receipts showing that for future tax issues... and if going to a dealer EACH may have to have a copy of the receipt... I might also look into have an atty or someone draft a letter stating that each contributed a certain amount and such for legal issues... some families can be brutal down the road if one makes a bad decision
[KYRV39] Do you feel if there is a group of us such as 15 different families going together to cash in that we will get a better deal since they won't want all of us to leave all at one time.
Honestly going together to represent a "bloc" of dinar shouldn't hurt you for sure... especially if you are solid in your decisions as a group... I would prolly suggest electing a "negotiator" so the banker isn't looking at 15 different ppl all trying to get what they want... know the minimums everyone wants and work from there
[ArtllDo] If I put my money into a non-interest bearing account, this shoulnd not be a taxable event?
IF we determine that taxes are due on the currency... CASHING OUT was the taxable event... accruing interest would be the next taxable event... moving within certain entities can create taxable events depending on if liquid assets or hard
OK guys... that's an hour at it... we'll cut it off here and get back to regular chat... thanks for joining us in here