12:51 PM [MRP] Cool I like to give teenagers the book, Richest Man in Babylon. Think it's a good teaching. Also, like the jars system from Secrets of the Millionaire mind.
12:52 PM [MRP] BWM BOOM BOOM Shake the room!!!!
12:53 PM [BWM] GOOD DAY EVERYONE...It's Saturday, and again this is the day that I "reorganize" all my dinar things... checking paperwork and such... I did go back thru all my lists for trusts/llc etc.
I would suggest everyone takes some time and puts down in writing so you can sit down with your tax atty/private banker and outline what your needs are...
On my personal planning sheet.... I have it broken out into vehicles / kids plans / house / LLC (new business) / investments (safest to aggressive) / family.
The family account will feed the monthly budget (yes, we will still have a budget, it got me thru the bad times and I'm pretty sure it will the good times)
Read More Link On Right
12:53 PM [collie] BWM any words of wisdon this fine day?
12:53 PM [MRP] collie I have one that my Dad told me when I was little, "Don't take any wooden nickels."
12:54 PM [collie] MRP that works too.
12:55 PM [BWM] collie the banks have all kind of "fun" things going on with the screens... and since business is up and running for the day, I'm guessing we're still waiting thru the day
12:56 PM [docremeyer] Got to go, sports fans. One more dissertation to finish reading by Monday. I would love to tell you it is interesting, but it isn't. Research, to be valid, must be insanely rigid and technical; too much so to ever be entertaining. But, it culminates many years of very hard work...
12:56 PM [collie] BWM knew you had some good words of wisdom..you always do. didn't mean to press you for RV stuff..just like the wisdom you give this room. thank you.
12:59 PM [BWM] it's saturday, and again this is the day that I "reorganize" all my dinar things... checking paperwork and such... I did go back thru all my lists for trusts/llc etc. I would suggest everyone takes some time and puts down in writing so you can sit down with your tax atty/private banker and outline what your needs are...
12:59 PM [docremeyer] Wow. My son just walked in with this mongo sack of morel mushrooms. If you aren't familiar with them, they are a treat. Only grow in the wild around moist or bog type places, around deadfall trees. Anybody want to help rinse the dirt out and freeze some?
1:00 PM [MRP] docremeyer Brushing them is better, gets the dirt off without adding extra moisture.
1:01 PM [MRP] BWM Great guidance, Coach!!!!
1:02 PM [flaroadhog] anything new with dinar or dongs
1:02 PM [MRP] BWM When you compared LLCs and trusts, what kinds of things were you looking for? How did you decide which ones to use? I've read books on both sides (LLC vs trust) and really don't see too much of a difference.
1:02 PM [BWM] on my personal planning sheet.... I have it broken out into vehicles/kids plans/house/LLC (new business)/investments (safest to aggressive)/family the family account will feed the monthly budget (yes, we will still have a budget, it got me thru the bad times and I'm pretty sure it will the good times)
1:03 PM [brsuperduty] BWM besides nice what do you think about the quiet hype period wer're expierencing
1:04 PM [BWM] MRP that would differ based on whether you have kids or such... there are protective ways not only make sure you protect your money but also HOW your family would have access in the event of some catastrophe
1:05 PM [MRP] BWM No kids. Just want to insure that Tolen benefits from my money/work, if something happens to me cause he helped me through hard times for many years.
1:05 PM [BWM] brsuperduty you know you just have your point in things that you just say well, we've done all we can do... and you depend on what others have to do for their part
1:05 PM [MRP] BWM I guess the better question is do you have to have a business intention with an LLC? Will a trust be more of a protective device for the future?
:07 PM [brsuperduty] BWM so true
1:07 PM [MRP] Also, Scouts, please understand that we always tell you to get professional advice. I'm just trying to find out what BWM's thinking is on these subjects. I've always found him to be balanced and astute!!!
1:08 PM [BWM] MRP I will be using an LLC for a business opportunity... how that fits into the large plan will be discussed with my wealth team. I want to allow for future opportunities and flexibility in expansion as I do more gifting and building...
1:10 PM [MRP] It was really interesting. Because of my age (almost 60), knowledgeable friends were steering me toward trusts. But, my business partner's wealth manager friends were steering him toward LLCs and not trusts.
1:10 PM [BWM] DEVELOP A WEALTH TEAM (ACCOUNTANT, TAX ATTY, PRIVATE BANKER, ETC.) THAT HAS YOUR BEST INTEREST IN MIND... HAVE ENOUGH THAT YOU HAVE A SYSTEM OF CHECKS AND BALANCES... DON'T PUT ALL YOUR MONEY ON THE LINE WITH ONE PERSON OTHER THAN YOURSELF...
1:10 PM [drizz] MRP ~ I have a trust that will own my LLC
1:11 PM [MRP] drizz I have been reading about layers of structure like that. Thanks for sharing.
1:11 PM [BWM] MRP there are combinations like drizz just mentions... again, make sure your tax professionals understand exactly what your protection needs are
1:11 PM [drizz] MRP ~ control everything - own nothing
1:12 PM [MRP] drizz BWM Thanks for chatting about this. Many of our members have the same concerns, so I know when we post this in the forum, it will be quited helpful.
1:12 PM [BWM] drizz that's my ultimate goal... our monthly budget will be all that we "appear" to have to locals here
1:12 PM [drizz] BWM ~ absolutely!
1:14 PM [MRP] I really liked SquirrelInstructor's talk the other night and the websites SI directed us to. Gave us a better idea of what questions to ask and what to talk about with the wealth managers/private bankers, etc.
1:15 PM [sfmhi] BWM - are we having class today? If so, got to get my thinking cap on...
1:16 PM [MRP] sfmhi
1:16 PM [MRP] sfmhi BWM's been talking about his Saturday review of his plans for post RV: BWM - 12 PM CST: http://3sintel.info/inde ··· st-5512/
1:17 PM [sfmhi] MRP - hon back to ya. Baking some scones. Grandbady wants blueberry scones. TY for the link dear.
1:17 PM [BWM] I actually have written out a flowchart of all the items I need and how I "hope" they can work... then I will sit down with my wealth team and see what adjustments need to be made based on what is available... my main concern is simple... get the dinar cashed out into a trust or fund then distribute from there... I expect it will take a couple of weeks at least to finish planning... but I will have more than enough AT THAT TIME to WORK on the PLANS...
1:17 PM [MRP] BWM Are you still creating your original trust/foundation post RV?
1:18 PM [sfmhi] BWM - That's an excellent idea.... flow chart. Did a bunch of those in my career. Thought I would never do one again...
1:18 PM [jerry] I have a question. Why do we need a tax attorney and an a cpa?
1:18 PM [BWM] jerry how much do you know about tax implication and issues about earnings and such...
1:21 PM [Cool] BWM I think we have to remember some of the people who are in this investment have no idea what a cpa does they never needed one before they just work for a check each week and paid their own bills ,
1:22 PM [jerry] Not much. I am 63 and plan on being retired. We did have a small home based business, but don't plan to keep it going.
1:22 PM [drizz] BWM MRP jerry ~ I don't want to interfere but I think it's really important to have checks and balances; for example, I will have an acconting firm keep the books and file all tax returns even though the bank wealth department may have the accounting and tax service.
1:23 PM [MRP] drizz I had thought about having an independent accountant intuitively but now you've given me a reason why I felt that.
1:23 PM [drizz] MRP ~ good!
1:24 PM [BWM] jerry not asking how much dinar you own (and please don't say here) but you need to understand that while an accountant knows the tax implications, they are not best suited for setting up trusts/llc's and such to protect your money for the future... and neither of them is set up to help you with FUTURE investments like a private banker/wealth manager would be... with great rewards come great responsibility and an entourage...
1:24 PM [Cool] so much of this , is way over their heads , like me but that is why you are so appreicated , by helping us understand , this is all going to be so new , we have lots to learn thats for sure
1:26 PM [jerry] BWM You are not interfering. I appreciate any advice you give. Is there abook or website that you would reccommend?
1:27 PM [BWM] jerry and my reasoning for tax atty AND an accountant (some atty will be accountant) is for a check and balance between the two... no one person with too much responsibility for your actual funds
1:31 PM [jerry] Thanks, so much.
1:31 PM [MRP] BWM What if Folk don't have the cash to get a trust or foundation up before the RV occurs? How do they cash out, without having problems later?
having problems later?
1:32 PM [Dinarblessed] BWM Good point. And if i may add another reason. The hourly rate a tax attny will charge is most likely going to be a lot higher than a CPA.
1:34 PM [BWM] MRP I don't have it... but I have PLANNED for what I need to do afterwards... the bank will GIVE you the tax ppl/wealth managers (most banks require 250k USD some up to 1M for those) but as long as you move into a NON INTEREST account you can move funds (only tangible assets (cars/houses/etc.) are taxable to transfer) into other entities once you have them established...
1:34 PM [wittsend] Let me jump in here MRP if I may. Quick note re me Atty w?30+ yrs of experience in business areas. You don't have to worry about having the trust, etc. set up before the RV. Put the money in 1 or more Dodd-Frank checking accounts. Begin the process of having your tax/investment/asset holding
1:34 PM [BWM] Dinarblessed as I mentioned another time.. the actual tax atty that I was going to pay for here locally to use.. is provided FREE by my bank
1:34 PM [mshaddie4] Mods - is BWM going to be in forum - was just there - but nothing from him?
1:34 PM [MRP] BWM Thank you. That has to be the most asked question about cash out.
:35 PM [MRP] mshaddie4 BWM - 12 PM CST: http://3sintel.info/inde ··· st-5512/
1:35 PM [wittsend] BWM vehicles after the RV if time and circumstances don't allow for them presently.
:35 PM [mshaddie4] MRP - says "sorry we could not find that"
1:36 PM [wittsend] I plan to have 3 accounts to hold the $ to spread the risk among 3 banks. i'll sort it out from there.
1:36 PM [BWM] wittsend I will have a seperate trust for each vehicle... so purchasing POST RV for sure
1:36 PM [MRP] mshaddie4 Are you signed into the forum. Because the link works for me.
1:37 PM [mshaddie4] yes - but I will double check...
1:37 PM [BWM] wittsend I will work with international/BIG 4/Regional-Local bank... each dealing with a different layer of investment strategy
1:37 PM [FIREPROOF] mshaddie4 http://3sintel.info/inde ··· st-5512/ I have clicked on it 3 times and it opens each time...
1:37 PM [FIREPROOF] mshaddie4 the one i just put in wont work but the one MRP put in does
1:38 PM [wittsend] BWM You have thought your strategy throughwell, grasshopper.
:38 PM [BWM] wittsend I will be as about as invisible as a ninja...
:39 PM [Dinarblessed] BWM Thanks. I keep on forgetting that we are now going to be treated like royalty.
1:40 PM [oucrazy] BWM . . .it's quite obvious that you are heads and shoulders above the bulk of us in this arena. We dunderheads are anxious about how to protect this blessing with virtually no knowledge of who to trust. thnx for sharing.
1:40 PM [wittsend] I might suggest having your active investments in an LLC rather than a trust. You can have trusts run by the LLC, but using a LLC astructure permits a bit more flexibility for active trading investments than does a trust. something to consider anyway.
:41 PM [jamajacks] BWM I, and I am sure many others, so appreciate your input on this subject, as I have absolutely no experience in handling the amount of potential wealth. This is probably my only shot and my family deserves my best in research, study, decisions, and effort.
1:41 PM [BWM] wittsend I concur that multiple layers are important... and have that on the flowchart... I have 4 layers of investments A,B,C,D (depends on the rate for amounts) each one will be more aggressive with A being the safest
:42 PM [mshaddie4] fireproof - it says "ever feel like you are in the wrong place"
1:42 PM [BWM] jamajacks I love math... but besides that I'm pretty much like Jethro with a rope belt... just like to cypher
1:43 PM [jamajacks] BWM I must be looking in the mirror!
1:43 PM [santafe] BWM... Have you heard about any problems investing in Canadian currency. Saw where one guru advised against Canadian money...??
1:44 PM [wittsend] BWM one thing for everyone to remember is that the Dodd-Frank account protection ends on 12/31/12 unless further extended by Congress. I say that so that folks don't waste time after the RV thinking that there is an abundance. it's ample time to get matters squared away, but be careful.
1:44 PM [drizz] BWM ~ To help be invisible, I will have land trusts for any property my trust or LLS purchases
1:44 PM [drizz] LLC
1:45 PM [gourmet girl] Bwm,r u going to cash out with general 64's group?
1:45 PM [BWM] santafe my concerns with the canadian currency would be how much it will be tied in fluctuation to the USD... I will see what happens in the first 30 days while setting things up... but I will have an international bank that also has branches in canada...
1:46 PM [BWM] wittsend absolutely... I expect to be done with most investment placements in the first 30 days or so...
1:46 PM [BWM] drizz my house and land will be in a trust setup... possibly seperate depending on what professional says
1:47 PM [santafe] Thanks GWM... Australian currency and hong kong dollar look stable along with Norway... DID YOU SEE the bric nations are forming thier own bank... Chile, Swiss and Norway may join them... IT is a real challenge to the US dollar.... Guess we won't be the world's reserve currency for long.
1:47 PM [BWM] gourmet girl I'm not planning on that... but like everything else, I'm flexible... I'm looking for the best rate
:48 PM [drizz] BWM ~ a land trust is really interesting - I think people should take a good look at them - just google land trust and you can educate youself
:49 PM [starwoman] BWM - Which banks do you recommend for international
banking? Thank you.
1:49 PM [MRP] drizz Gonna do that this afternoon! Thank you.,
1:49 PM [drizz] MRP ~ good - it's just another tool that might be good for some
1:50 PM [BWM] drizz I certainly hope ppl are doing their homework... while I enjoy explaining and answering questions in here... it still comes down to WHAT IS BEST FOR YOU... each situation for each individual is different... and that's why I hope we've at least established a plan for each of you to do what you need to do....
1:51 PM [HumbleTexan] santafe With the right policies and leaders, I wouldn't toss the US into the trash bin as of yet.
1:51 PM [starwoman] MRP - So great to see you hear, hope you are feeling better!
1:51 PM [wittsend] BWM One other consideration: you want to stay sufficiently liquid in your own name or jointly with your spouse to enable you to command services promptly by those with whom you transact. My thought was keep roughly 5-10% of your holdings as such, (to quantify,maybe 5 mil or so)available on short
1:51 PM [MRP] starwoman Yes, I am. Making good progress.
1:52 PM [drizz] BWM ~ that's what I love about this site! You've done a great job with educating people - they just need to take responsiblity and do it!
1:52 PM [santafe] HumbleTexan... Just waiting for those leaders to appear...lol
1:52 PM [wittsend] notice or use.
1:52 PM [BWM] starwoman that would depend on IMO what your plans are that way... some may not want to pursue that... but many german banks are considered the "safest" in the world.. but there are a number of choices that you could pursue... I hope to travel with the family more.. so I'm looking for one that has options in other countries that I want to visit so I can do business and vacation at the same time
:53 PM [santafe] BWM... Do you think foreign currency accounts located in US banks are safe, or is it safest to go to that country to open an account directly in that country.
1:53 PM [BWM] wittsend I'm working with a monthly budget fed by a smaller account... accounts feeding accounts basically... with the allowances for those to still be reached as necessary... yes, liquidity IS important... what good is having the money if you can't get to it
1:53 PM [gardener] This discussion really boils down to whether or not you know how much is in the exchange. ....The advisors I consulted (who manage billions) told me to wait and see if I would be dealing with 5, 6, or 7 figures. ........And I think that was pretty good advice.
1:54 PM [BWM] santafe some of the TRUE international banks will require you to go to those offices to handle things (and have larger minimums) I've found most of those in NY but yes you may have to travel if you specifically want to transfer or "hold" money in another country
1:55 PM [dinarrv9911] BWM do you think we will be cashing-in at the banks next week?
1:56 PM [santafe] BWM . . . Yes I have seen the preponderance of banks that are located in new york.... HSBC seems to have more accessability... Do you know much about them... I know about 5 years ago they were planning on buying WF but it didn't work out.
1:57 PM [BWM] dinarrv9911 do I have a choice? I vote yes...but other than that I think we have continued to see progress and eventually they HAVE to show this internationally
1:59 PM [BWM] santafe santafe HSBC bothers me because of their past somewhat... but I will revisit them
:59 PM [santafe] I know ex-pat's from England... have accounts in other countries and pay for there purchases with a credit card from those accounts... However, I am wondering if they get charged a fee everytime they use the card if they make a purchase from another country (exchange fees).
2:00 PM [santafe] BWM, do you remember HSBC was the first and maybe only bank allowed to partner with a bank in Iraq. Don't know if they are still the only ones... Yes I remember they were in hot water a short while ago.
2:01 PM [BWM] santafe that's something I'll have to look for...
:03 PM [starwoman] BWM - thank you for the info on German banks BWM. My understanding was that they continued to 'invest' in derivitives long after it was apparent that the house of cards was soon to crash. Made me wary....
2:05 PM [santafe] There are so many many many lawsuits filed against the big 4 banks for fraud, money laundering, etc.... that I really hate to leave my money there . . . Maybe I'll invest in some mason jars for the back yard, under the doghouse of my rotweiler>>> Good plan dont'cha think!!!
:06 PM [starwoman] santafe - great article on B of A in Rolling Stone (April issue). Made me but it's good to be informed...
2:06 PM [BWM] starwoman there are different kinds of "safe"... safe as in nobody breaks into them and takes money... or safe they don't lose money on investments for their clients... one is insured, one is not
2:07 PM [santafe] Starwoman . . . yeah b of a has a settlement against by the department of justice, so now they have to offer loan modifications.. if you qualify... and they will possible take off some from the amount you owe...
2:08 PM [BWM] alright guys.. gotta grab some lunch and take some calls... will be back later on to check on things
2:08 PM [BWM] have a great afternoon and we'll see you later