What would you do? Pile of cash edition.
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I would of course count it and simultaneously inspect it for counterfeit bills or police marks, destroying any bills that seemed questionable. I have no love of money so losing a few grand would not hurt me. I would then stack it into reasonable sized cubes, wrap it in plastic wrap, transport it to a far more secure location or locations, and at least conceal it. I could see purchasing a few more safes for the man-cave to store some of it in. I would select a few secure banks in which to rent a half dozen or so large safe deposit boxes and fill them up. Of course I would need to make sure my lawyer adds this information to my will. I would begin making random sized small deposits every few weeks into a few different banks accounts and financial services accounts (like PayPal, Venmo, etc.) not to exceed more than $2,000-$2,500 total in any one month. I would also transfer random small amounts into our 401K and other investment accounts, like the kids Roth IRA's, and again not to exceed more than $2,000-$2,500 a month (which will still add up quickly). I would continue to pay as many bills as possible in cash, only I would not pay some from the pile and some from cash withdrawn from the bank. I would begin purchasing things of value to sit on; gold, silver, rare coins, rare guns, etc. But again in reasonable amounts from different places at different times and paying cash or using non-bank money transfer services. I would provide generous random sized gifts, some anonymously and some not, to family & friends, my church, and other places I support like pro-2A or pro-LEO or pro-Vet groups. But remaining under the IRS radar when the gifts are not anonymous. I would then begin enhancing my preps at home and at the BOL, which would of course lead to enhancing my gun collection, buying used guns face to face whenever possible. Once the piled turned cubes eventually turned into interest earning financial resources, precious metals, and value-increasing goods I would steadily empty most of the safe deposit boxes, keeping a sum of secure cash at home, and using the remaining sum for vacations, birthdays, anniversaries, etc.
Otherwise I would just live me life as normal.
Otherwise I would just live me life as normal.
Each bundle of $100 bills is about $5000 so you have about $25,000,000.00. There is no federal inheritance tax but your state might have, I know mine does so I would be paying 30 - 50% on 24,000,000 and that brings it down to 13,000,000.00 and some change. If you put that into an interest bearing income account you might get as much as $650,000 in interest which you will pay 30% tax on leaving you with 455,000 a year. Invest half of that back into the principal and you have $227,500.00 income per year which will actually increase about each year $4500 per year.
The lump sum would get you property and a home but no income and you would probably lose both in a few years.
The lump sum would get you property and a home but no income and you would probably lose both in a few years.
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Each bill is .003". If you had 1000 $100 bills the bundle would be 3 inches thick. Those bundles are just over an inch thick. I think I was being generous.
Not a party pooper... just conservative thinker.
If you want to throw a party I will be there!
If you want to throw a party I will be there!
Well now I would add to my plan that I would bribe politicians to be consummate pro 2A defenders. I would also give away free fast food and soda in Democrat controlled cities. Fat people are less likely to commit gang violence or attend protests/riots.
I would give free food to half of the liberals... and let them kill each other over it.
There are exactly 1,000 $100 bills in a bundle.
According to Federal Reserve Bank Services, a bundle is comprised of 10 currency straps of 100 bills each for all bills greater than $1. A currency strap of $100 bills is worth $10,000 and a 10-strap bundle totals $100,000.
See, you were trying to cheat the Gov't out of it's fair share lol
According to Federal Reserve Bank Services, a bundle is comprised of 10 currency straps of 100 bills each for all bills greater than $1. A currency strap of $100 bills is worth $10,000 and a 10-strap bundle totals $100,000.
See, you were trying to cheat the Gov't out of it's fair share
lolOr get off their ass to vote
I am simply not an honest person. I will not steal from you or rip you off but if I found that stack of cash. It is going to be put away in a box
and I will start paying cash for every purchase. I would not do the morally right thing by turning it in.
I would do te unethical thing, keep my mouth shut and spend it a little at a time.
First thing I'd do is check out my recently-deceased relative's other holdings - bank accounts, investment accounts, etc.! Maybe this pile o' cash is the motherlode, or maybe it's just the tip of the iceberg.
Next, I'd quietly relocate the currency and slowly convert it into money (precious metals). I probably wouldn't engage in conspicuous spending since there aren't any big-ticket items I need or want, anyway. But I would definitely increase the firearm count, ammo supply, improve the ham radio gear and other preps. Other than that, I'd sit on the wealth. Everything would be kept on my premises; nothing declared, nothing held at a bank.
Next, I'd quietly relocate the currency and slowly convert it into money (precious metals). I probably wouldn't engage in conspicuous spending since there aren't any big-ticket items I need or want, anyway. But I would definitely increase the firearm count, ammo supply, improve the ham radio gear and other preps.
Other than that, I'd sit on the wealth. Everything would be kept on my premises; nothing declared, nothing held at a bank.
Assuming the money is legal, and legally mine, then here is what I would do:
- Secure it. Make sure it is not subject to fire, theft, etc.
- Insure it. Get it into a bank so that FDIC insurance covers it (Is "FDIC" the correct acronym?) This would no doubt require multiple banks, since FDIC has maximum limits. This is temporary, until I determine what I want to do with the money.
- Count it. See how much there is. This step would probably be done in parallel with step 2.
- Figure out how much money needs to be added to my wife and my savings, to insure comfortable living for the rest of our lives. Set this amount aside in a specific account.
- Ditto step 4, but figuring out for my children. Set their money aside in specific accounts.
- Ditto step 4 for the rest of my close family - parents, siblings, in-laws.
- Ditto step 4 for my close friends.
- Buy a beer. Well heck, now I can afford to buy the whole six-pack!
- Finally, do research and get professional assistance in managing what's left. Determine how to invest it, organizations that are donation-worthy, and evaluate my "play" needs - vacations, etc.
- Buy the house and property my wife and I have always dreamed of retiring to (first, we'd have to find that place!)
- Fund managed trusts for the children, so if they burn through the lifetime supply of money we've already given them, they'd have something to live on, managed by a sane person.
- Probably buy another gun.
You legally inherited the building and the contents. What is immoral about keeping your inheritance. If the cash isn't yours then the building was probably purchased from the same pile so do we feel guilty about that also?
With the upwardly adjusted total funds forget the shop addition. A new house, a new wife, an old car (rebuilt from the frame up), PM's, more preps, more safes.
Assuming it's real etc.
Land- lots of land!
Also, depending upon amount I've always found it fun to give anonymously. I do this in small doses but with a large sum, it might be fun to pay off someone's house or medical bills - persons deemed deserving by me of course (ha!). But those types of things are really life changers for most folks - no mortgage for another 15-30 years like planned etc. Child with major surgery and no insurance. . . .
Land- lots of land!
Also, depending upon amount I've always found it fun to give anonymously. I do this in small doses but with a large sum, it might be fun to pay off someone's house or medical bills - persons deemed deserving by me of course (ha!). But those types of things are really life changers for most folks - no mortgage for another 15-30 years like planned etc. Child with major surgery and no insurance. . . .
We have no inheritance tax here in Australia either so I would check it wasn't counterfeit then pay the mortgage off, put solar panels on the home with battery backup, invest in a generator, get a set up solar bore for our home. Set aside firstly 10% for tithe.
Then see a financial advisor for advice but would like to buy PM's, invest in residential property, put enough in multiple banks for us to fully retire for the rest of our lives, keep a reasonable stash at home and buy any preps or equipment that we needed.
Wouldn't tell anyone and wouldn't make it noticeable that our lives were any different from before.
Then see a financial advisor for advice but would like to buy PM's, invest in residential property, put enough in multiple banks for us to fully retire for the rest of our lives, keep a reasonable stash at home and buy any preps or equipment that we needed.
Wouldn't tell anyone and wouldn't make it noticeable that our lives were any different from before.
I would buy the little 10 acre plot of land that is the only private land touching or close to mine.
Next I would visit a few gun shows. I have always wanted a Barrett 50 to play with.
While driving to the gun shows I would stop at every pawn shop and coin shop and buy them out of all their gold and silver.
I would stop by Dr Prepper's place and drop off a bunch so she could get in trouble too.
Next I would visit a few gun shows. I have always wanted a Barrett 50 to play with.
While driving to the gun shows I would stop at every pawn shop and coin shop and buy them out of all their gold and silver.
I would stop by Dr Prepper's place and drop off a bunch so she could get in trouble too.
The major problem with that much cash is spending it without the government finding out you have it. If you think some government agency wouldn't discover you had a pig pile of cash you're wrong. Then they step in and claim it is drug money and they confiscate that big pile of cash and you are out of luck.
My buddy went to his bank and withdrew $7,000 to buy a boat. The bank asked him why he wanted the cash He said none of your business. They said if he didn't give them a reason they wouldn't give him the money. He said he was going to buy a parakeet. They wrote that on their form.
I'm going to make a withdrawal next week and it will be interesting to see if I'm asked.
My buddy went to his bank and withdrew $7,000 to buy a boat. The bank asked him why he wanted the cash He said none of your business. They said if he didn't give them a reason they wouldn't give him the money. He said he was going to buy a parakeet. They wrote that on their form.
I'm going to make a withdrawal next week and it will be interesting to see if I'm asked.
We withdraw large sums of cash regularly. No one has ever asked what it was for. Then again we don't bank at any of these multinational mega banks.
The reporting requirements are the same for all banks.
The government is only concerned with how the money got into your checking account.(income)
Banks have to report any cash deposits over $10K to the government as income.
That's where the big pile-of-cash would run into a big problem.
It would be almost useless for large purchases (except hookers and blow
).
I would buy the little 10 acre plot of land that is the only private land touching or close to mine.
Next I would visit a few gun shows. I have always wanted a Barrett 50 to play with.
While driving to the gun shows I would stop at every pawn shop and coin shop and buy them out of all their gold and silver.
I would stop by Dr Prepper's place and drop off a bunch so she could get in trouble too.
I'm not that far away.....
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Has anyone ever watched those lottery shows where people won the lottery? The show follows up with them years later. Most of the time those people were more miserable after the lottery than they were before. Weird, huh?
For me, money does not equal happiness. In fact, I really don't mind making my own way financially. We've done well in our lives and continue to do so now while enjoying the fruits of our labor. We take a lot of pride knowing that we earned and paid for everything we have by working hard, being smart, and delaying gratification. I don't think we'd still feel that way if that pile of cash was given to us, but who knows? I guess I just don't need it, so I wouldn't take it. Nothing like that comes your way without strings attached, and at this point in my life, I don't want or need strings. Constantly looking over my shoulder for someone who wants their money back would not be worth it to me.
ETA: I should've read the OP a little better....
I guess I'd be extrememly skeptical of the money. If I inherited it, I'm sure whoever left if for me would have already talked to me about the money and I'd know how that money was attained. And, whoever left it in a pile like that should be wacked upside the head......even in the casket. LOL! Fire???
I doubt, even if it was lawfully mine and not dirty, I'd do a whole lot with it except give it away. My bills are already paid and I don't need much of anything that I don't already have. I'd be very generous to local charities and to my kids. Since I like my privacy, I wouldn't say a word to anyone except my immediate family.
For me, money does not equal happiness. In fact, I really don't mind making my own way financially. We've done well in our lives and continue to do so now while enjoying the fruits of our labor. We take a lot of pride knowing that we earned and paid for everything we have by working hard, being smart, and delaying gratification. I don't think we'd still feel that way if that pile of cash was given to us, but who knows? I guess I just don't need it, so I wouldn't take it. Nothing like that comes your way without strings attached, and at this point in my life, I don't want or need strings. Constantly looking over my shoulder for someone who wants their money back would not be worth it to me.
ETA: I should've read the OP a little better....
I guess I'd be extrememly skeptical of the money. If I inherited it, I'm sure whoever left if for me would have already talked to me about the money and I'd know how that money was attained. And, whoever left it in a pile like that should be wacked upside the head......even in the casket. LOL! Fire???
I doubt, even if it was lawfully mine and not dirty, I'd do a whole lot with it except give it away. My bills are already paid and I don't need much of anything that I don't already have. I'd be very generous to local charities and to my kids. Since I like my privacy, I wouldn't say a word to anyone except my immediate family.
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Money is just a tool. It can be used wisely or with disregard for long term effects.
If you inherited the building and its contents then the money is yours.
The reason lottery winners are unhappy depends on the way the money and the new found fame is handled. Everyone who knows you will want you to share your wealth - if you do you guarantee that all of you will be broke and unhappy. If you spend your money on land, a home and cars you are paying to have more debt. Taxes and insurance, maintenance costs and licensing can be more than you are able to pay after spending all your money on stuff. That property and home will cause a jump in your taxes every year. Insurance is an added cost for all that you buy. It is easy to forget that you have a limited amount of money when you suddenly have ten times the money you make in a lifetime. Even $100,000,000 is a limited amount. You have to take that into account when you are going to spend or invest it.
If you inherited the building and its contents then the money is yours.
The reason lottery winners are unhappy depends on the way the money and the new found fame is handled. Everyone who knows you will want you to share your wealth - if you do you guarantee that all of you will be broke and unhappy. If you spend your money on land, a home and cars you are paying to have more debt. Taxes and insurance, maintenance costs and licensing can be more than you are able to pay after spending all your money on stuff. That property and home will cause a jump in your taxes every year. Insurance is an added cost for all that you buy. It is easy to forget that you have a limited amount of money when you suddenly have ten times the money you make in a lifetime. Even $100,000,000 is a limited amount. You have to take that into account when you are going to spend or invest it.
The problem with lottery winners is they have no idea how to manage that much money. Everybody that knows them will show up with their hand out. Con artists will flock to them like vultures. As a result, they spend recklessly and borrow money on next year's check and pretty soon they are broke again.
Federal law says $10,000 cash transaction either deposited or withdrawn has to be reported.
https://finance.zacks.com/federal-banking-rules-withdrawing-large-sums-cash-1696.html
The Law
A 1970 anti-money-laundering law known as the Bank Secrecy Act spells out the rules for large cash withdrawals. In general, banks must report any transaction exceeding $10,000 in cash. That includes not only withdrawals but also deposits, currency exchanges (such as swapping dollars for euros or Japanese yen) and the purchase of traveler's checks. The law also requires banks to check identification on any transaction that would trigger a report. In other words, even if your bank doesn't usually ask for ID with withdrawals, it must do so for withdrawals over $10,000.
Federal law says $10,000 cash transaction either deposited or withdrawn has to be reported.
https://finance.zacks.com/federal-banking-rules-withdrawing-large-sums-cash-1696.html
The Law
A 1970 anti-money-laundering law known as the Bank Secrecy Act spells out the rules for large cash withdrawals. In general, banks must report any transaction exceeding $10,000 in cash. That includes not only withdrawals but also deposits, currency exchanges (such as swapping dollars for euros or Japanese yen) and the purchase of traveler's checks. The law also requires banks to check identification on any transaction that would trigger a report. In other words, even if your bank doesn't usually ask for ID with withdrawals, it must do so for withdrawals over $10,000.
Exactly.
Watching lottery winner's lives go into the toilet should be a life lesson.
They build an empire and never think once about what it will take to sustain it.
And everything is relative.
I will always remember when I was young and at a party. I was opining about having to buy a $200 part for my car.
Little did I know, one of the guys listening to me whine was a millionaire that owned a yacht.
He told me I didn't know how lucky I was
.He explained that he had to have the engine replaced on his boat...the cost? $30,000
.Turns out we were about equally butthurt
.
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Not at $7,000 they aren't. That is a bank specific policy.
The reporting used to be any amount $10,000 or above but now banks are recommended to report any amounts over $5,000.
The banks I have dealt with for the past several years treat me like a criminal when I deposit or withdraw any amount over a thousand or so.
The banks I have dealt with for the past several years treat me like a criminal when I deposit or withdraw any amount over a thousand or so.
Yep. The Fed has no control on how we spend our money. Sure, they hate it when you pull a lot of cash out because they can no longer track it as income for the recipient but what can they prove now?
If the guy buying the $10K parakeet wrote a check, they could pinch the seller for income tax because they have documentation.
If you pull a ton of cash out, they can prove what?
You have a really good shovel, lots of Mason jars, and a really big backyard?
Maybe you bought a 'man-girl-love' Epstein island?
The Fed won't know.
@hiwall You need a new bank.
*Depositing large amounts of cash is a completely different matter.
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