[Osthaffn] BWM what's "your opinion" on what will happen to gold in the 6 months post-RV ?
[BWM] Osthaffn most real gold ppl believe that gold and silver will both be ranging
upwards steeply with long term investment leaning towards silver...
[HeIsFaithful] BWM what about diamonds? or other gems for that matter?
[BWM] HeIsFaithful gems could be tricky... long term issues may exist with diamonds based
on demands demand for currency backing and actual product use
[Guyduty] BWM that doesn't make much sense. They always changed dollars for dinar, and there is no reason to get dollars of the street, every country in the world this deals with the dollar every day. You go purchase good with US dollars and get their currency back as change. been done in Europe and the Middle East for years.
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[BWM]IN ORDER FOR THEIR CURRENCY TO TRULY STRENGTHEN AND DERIVE THE VALUE THAT THEY NEED IT'S IMPORTANT THAT A COUNTRY USE SPECIFICALLY 'THEIR' CURRENCY... THINK, DO WE USE THE EURO HERE ON A DAILY BASIS?
[BWM] ok in regards to questions today about post rv investments and the concern over liquidity of your money... hopefully we can address any concerns
[tkdgirl] This may be silly question - its kind of related to investments - do multiple millionaires need life insurance?
[BWM] yes... absolutely... your fortune would be at even a greater risk if debts could be tied to you directly or your trusts/llc/etc.
[Guyduty] BWM US has always been different than over seas. The USD always held it's own there even in a bad ecconomy.
[BWM] Guyduty this is about to become the PREMIER currency... the mainstay for the dollar there has been the petrodollar which isn't the necessity once this comes to fruition this will become the downfall of the dollar as the world currency
[MRP] BWM what is the first thing we should take a look at after we exchange our dinar? Some people are saying that we should wait 6-9 months and then invest in foreign currencies. What do you think?
[BWM] for future investments... use professionals at every TRUSTED opportunity.. do not operate in "debt"... waiting will not make sense for you in the areas that you have needs... real estate specifically... you want to make sure to avoid high risk investments such as stocks and such that are violatile on a daily basis
[BWM] here's my thoughts on real estate...
[BWM] you NEED a house.. you don't really need a mortgage... you need the ability to access your money without losing substantial value if necessary... so looking at real estate the "bounce" is expected in roughly 5 years or so from most of the professionals that I have discussed this with.. so having real estate now with no mortgage and still the ability to earn from it thru rentals or such is not bad since it will cover your taxes... be careful tho to make sure that this is the type of property management you want to get into... some are looking to "turn over" real estate.. that might be a little longer venture depending on your market
[BWM] remember.. real estate is market driven... what is bad in my area might be amazing in yours... know the area you are purchasing and be aware of the consequences if you cannot get rid of the property immediately and other options
[tkdgirl] I'm really underwater on my house. It's worth half of what I paid for it. Post RV should I bite the bullet and just pay it off? We eventually want to move to a larger house if we 'add' to our family!
[BWM] look at two things IMO... first, what is the value of the home? would it be worth to just sell it to get out of it vs. payoff then sell? what is the market like in your area? could it sell and would you be able to pay off the balance due... why spend money on something that you are selling anyway? a lot of that would depend on how long you would want to live there before you move and "add" on to the family...
[santafe] What about investing in foreign currencies right away .... And . . .we would be safer going to that country and opening accounts in thier country or is it safe to have a foreign currency account in our banks?
[BWM] something you need to know about and this is a big bonus... but there is a little known addendum to a bill last year that will affect you greatly on moving currency assets in 2014... my suggestion would be get your money as safe as possible as fast as possible... I don't mean like the next day, you have some time but make sure that you are honest with the ppl helping you set up your trusts/llc/etc. WHAT YOUR SHORT AND LONG TERM GOALS ARE...they can't help protect you if they don't know where you are going... this could be huge in a couple of years when you go to move some money and pay a hefty penalty
[BWM] and we're talking about a 30% penalty tagged on top of already steep taxes
[santafe] How does that 30% penalty apply?
[BWM] that is for things in 2014... your tax professionals will be able to protect you for that
[Osthaffn] BWM which bill was the addendum to?
[BWM] check the ol' highway bill... I don't have the number right off the top of my head
[sandytob] Could you explain more about that currency moving addendum?
[BWM] they want your money to stay in the US... and are moving towards the necessary steps to keep it here... I'm not sure if congress reads everything they pass or they do and are that sneaky
[txgirl] What currency do you suggest we invest in since most are saying that on some you have to have many millions to even get involved and I do not have that much
[BWM] txgirl I really don't want to tell anyone what to do or how to do it... please don't take anything I say to be the "endall"... I specifically tell everyone to do what's best for you!!! but, I will say personally, I'm looking hard at canadian currency altho many are upbeat about austrialia...MY goal is to get some invested in foreign currency that is gold backed and secure and see what the markets do... again, depending on your location AND your plans for citizenship you may find much better deals for you in another country
[BWM] the key in currency investment especially long term is asset backed... the more they have the more protection your value has
[healthy3] BWM will you be here post rv also for info to help us with our new money? It is confusing and scary if you never had any before
[BWM] I've said all along that the goal was to see ppl succeed in this... hence the classrooms over the past year or so in different locations... I'm still gonna live in the country with prolly a better internet connection and hope to still be able to come in compare good times with everyone and see what things we can improve on with new information
[Gram] Will buying rental property protect our money or should we wait the 6 months before doing that?
[BWM] Gram key to purchasing something right after this is simple... HOW LONG DO YOU PLAN ON KEEPING IT... if it's something you are keeping as an investment then heck yeah, get the price you want (buy bulk maybe, haha) and then begin your adventure...
[shalala] BWM, I learned the hard way that there are MANY real estate investment scammers that are in the seminar education business. One thing I learned is to get help from local real estate investors clubs with seasoned investors and befriend good brokers to educate you. There are good books also in stores.
[BWM] absolutely... my plan is simple... I could negotiate myself but I want to establish a relationship with a realtor going forward for the community... so, I'm simply gonna make an appt to meet the best two choices at a location and tell them "you're competing for my business, I will not sign a contract and I want to buy this, that and that, get me my options"
[tc0043] BWM Do you feel that tax free municipal bond mutual funds will be a risky investment post R V?
[BWM] tc0043 my biggest problem (see a professional) with any fund is the controlling interest of the fund... for me it would come down to how "safe" do I feel with my money being managed/handled by another entity and what long term committments would I have to the investment...
[wisewarrior] what about the folks who say ANY paper asset is at serious risk in the new financial system???
[BWM] wisewarrior again, it depends on the longevity that you plan on spending in that investment... let's say that I invest 10k in cd's at the bank and the value drops... well I still have 10k dollars right... but I don't have the value on the dollar... as the dollar swings back up then I still have 10k dollars.. but I have more "worth"
[txgirl] BWM the two currencies you listed do they have a minimum amount you can invest?
[BWM] txgirl it's like dinar.. you can always buy as much or as little as you want... where you KEEP it is very important...
[trooperb] What are your thoughts on farm land???
[BWM] trooperb I love farm land... cuz it can become timber land in the right eco system... the biggest problem with farm land is you gotta farm it (lots of work and risk) or you gotta turn critters loose on it (more work, less risk)
[walkingtall1943] WHat will the new banking rules be as a guide to investing
[BWM] walkingtall1943 those will be what you work within... that's why professionals (that are not commission oriented) will be most important for you...
[*Pearlnoir] Sorry to sound naive.. regarding mortgages... Is it better a paid in full house or pay a mortgage
[BWM] *Pearlnoir that depends on what you want to do with it... if you are living there.. I'd say paid IMO... if you are selling it.. I'd pay the notes til it sold (especially if you will make a little when you sell) tax implications
[santafe] So are you saying that the US will impose a 30% tax on moving your money in and out of country? thanks for your input on this.
[BWM] santafe if you look hidden away in the highway bill.. in 2014 there will be implications for moving your money OUT of the US...
[Barck] BWM I am a cattle rancher already and not planning on stopping post RV. You got to do what ya love. I'm planning invest in more ranch property.
[BWM] Barck buddy more power to you... if you open that dude ranch section let me know... would love to bring the family out and do that...
[santafe] Is foreign currency accounts safe in our US banks or are we better going around them directly to the country we want to invest in... Make sense?
[BWM] santafe the problem with that is MOST banks in the US will NOT let you keep currency in it's "foreign" form.... in other words, you can't have "canadian dollars" in a US bank... you will need to go to that country and check the limitations on citizenship and such for opening an account.. most will be very accommodating
[pastorcharlie55] BWM in your opinion is buying farm or ranch land to grow or produce food for the hungry and needy and getting an allodial title on purchase is a good investment???
[BWM] pastorcharlie55 I don't think real estate is a bad investment depending on what your plans are... again, if you don't plan on selling it you will always be "land rich" the problem could occur at such time that you want to sell the land depending on your market... but then there's always developing...
[sandytob] Can't you invest in foreign currency through a brokerage account?
[BWM] the big question is who do you trust? yes but I would prefer to have more control over my money... something about going to lunch in Toronto and then dropping by the bank to check on things..
[wacosbestmom] I was only able to invest a very small amount so depending on the rv I will probably not be a millionaire. If I am part of a group, will I still be treated like royalty at the bank?
[BWM] wacosbestmom groups are set up to help especially the smaller amount investor... it should assure that everyone gets the best rate if they are done properly... I believe the banks will want everyone happy which should make you happy in the long run... you should be able to get some services that you might not get otherwise
[Barck] BWM should I wait to invest or not?
[BWM] Barck again, it depends on how you invest and what you invest in... things that you plan on keeping: cars, boats, houses, etc. NO PROBLEM! because you are not looking at selling those things anytime soon... after that, consider what are the long term ramifications of this investment 6 months, a year, 3 years, etc. what would be the consequences if YOU NEEDED to get rid of this item or investment would be my question to myself...
[cantwait] Any suggestions for what to do with your money if you don't want to start/open/run a business, but you don't want to touch your principle investment - any specific investments other than foreign currency, gold, silver, land? Thanks
[BWM] as we've discussed... real estate will be primed for long term investments with professional expecting an upswing in approx. 5 years... there may be some competition depending on your location and the amount of dinar holders around you... other than that, there will be some aggressive bank options and other "liquid" opportunities that your wealth managers can assist with... tell them how safe you want to be with your money... that will also affect the amount of return that you get... consider tho, if you invest properly you could live off interest (paying yourself a salary as I hope to) and never touch the principle
[chillimac] bwm been in property mmanagement since 1975, always managed someone elses, this time, i want my own, imo land is the best investment , which i plan on doing asap, thank you for all your good advice thru this ride, i am set, you an jonny are the greatest ty again
[BWM] chillimac knock it out of the park...
[12wait] Do u have any idea what the tax rate will be on the rv funds or will it vary depending on the amount of currency u have?
[BWM] 12wait that topic has been widely and hotly debated... many say 15%, some say 0% and some say they'll sneak that 30-35% percent in... I have planned on 15% based on my information but allowed for 30% and would be thrilled if it was less than planned... so we'll know where to proceed and how once this hits so stay tuned
[sunny] BWM Chase advised me they have multi-currency accounts just like the brokers do. That I can choose what currencies I want money in in that account.
[BWM] be careful... some of those "say" they are multi currency but have strict guidelines that limit your movement of the money and how you cash out... I would enjoy the opportunity to move money between US and canada personally...
[1+1] BWM Sounds like another Site is pretty much saying "Rate post tomorrow". You appear to be very conservative and cautiously optimistic. I certainly respect that. What's your opinion at this time????
[BWM] 1+1 I have heard the intel saying that... and while I'd love to say absolutely... I just can't get the confirmation that I would like to see in order to say I feel totally sure that could occur... I do know that several sources thought Today would be an excellent day for this to hit and I have NOTHING negative saying it CAN'T happen.. but I don't have my best intel that says it's a done deal for the morning honestly
[Jazzy] BWM What do you think about insurance annunities? I have had 1 since 2003 and I receive 5.75% every month. That amount is guaranteed. I have a beneficiary. I have been very happy with this.
[BWM] I'm not sure how the insurance field will be affected by two things.. first IF Ocare comes thru and secondly, what 'investment' potential that will carry going forward... obviously, if that rate is satisfactory (and I have calculated about 6% as my second lowest return 4.25% being bottom) then you could have an excellent opportunity IF you can get the liquidity you need...