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What would you do if you found $50 million: Serious Edition
Posted on 4/9/09 at 3:38 am
Posted on 4/9/09 at 3:38 am
I know, anything on TD to be taken seriously, fat chance. 
But, I'm not talking about what would you buy or the proverbial "2 chicks at once"
Assuming you're not going to turn the money into the police or anything like that.
You're keeping the money, but what is the best way to do so without the government finding out.
I was discussing this with a co-worker, but I dont know all the relative laws. I assume, I cant just open up a savings account for $50million since the gov't. would wanna know where that money came from. At least that's what I learned on The Sopranos.
So, I come to the MT just to be prepared if I ever find that backpack full of $100 bills and I know step for step what I need to do to keep this money and go undetected.
But, I'm not talking about what would you buy or the proverbial "2 chicks at once"
Assuming you're not going to turn the money into the police or anything like that.
You're keeping the money, but what is the best way to do so without the government finding out.
I was discussing this with a co-worker, but I dont know all the relative laws. I assume, I cant just open up a savings account for $50million since the gov't. would wanna know where that money came from. At least that's what I learned on The Sopranos.
So, I come to the MT just to be prepared if I ever find that backpack full of $100 bills and I know step for step what I need to do to keep this money and go undetected.
11
Posted on 4/9/09 at 5:05 am to shel311
I'd say take whatever you're putting in the bank to an offshore bank in the carribean, but honestly with that much cash, I'd want a swiss bank. I'm not sure how I'd go about bringing 50 mil in cash to switzerland, but I'd figure it out.
At least half is staying in the bank/ going into some investments (actually probably more like 40 of the 50).
around 2 mil for a ballin estate/mansion
750k or less on some cars
there'd be alot given to charity, but I'm going to vegas with a mil
At least half is staying in the bank/ going into some investments (actually probably more like 40 of the 50).
around 2 mil for a ballin estate/mansion
750k or less on some cars
there'd be alot given to charity, but I'm going to vegas with a mil
Posted on 4/9/09 at 7:37 am to shel311
I agree with Rivers in that you're going to get a lot of attention from Uncle Sam. I've always thought that you'd not only have to leave the country and deposit the money in a foreign bank, but you'd have to stay in another country too. The easiest would be Mexico/Central/South America, but you'd have to deal with the instability of those countries. Europe offers stability, but getting the money there is a problem. Best thing to do is charter a boat to take you across the Atlantic. I think you could avoid Customs/Immigration this way. Good luck!
Posted on 4/9/09 at 8:45 am to shel311
quote:I'd keep following the investment advice of Money Talk bloggers until all the money was gone....
What would you do if you found $50 million:
Posted on 4/9/09 at 9:01 am to shel311
This is the simplest question in the world.
Take the dufflebac to one of those mega-secure, you lock it places, not the local ministorage, but a place like the Cotton Exchange.
Then, depending on the lifestyle you want to lead, you start to wash the money into the 'system'.
1- Lead a middle class life? Just pay cash for everything, except your house.
2- Lead a larger life? Open a series of businesses and roll the money into them in small chunks - but you gotta get legit on taxes. Could roll in 1-2 million a year that way - probably more without too much problem.
It's not too hard to do.
ETA: Oh, and LEASE all the big stuff on a per-use basis. IE, don't go buy a yacht, lease one for the 3 week excursion you want to do. Don't go buy a private plane, lease one every time you need to fly somewhere.
ETA2: It's not cotton exchange, it's something else, but I have forgotten the name.
ETA3: I might not put the dufflebag at a place like the one I first mentioned. I might hide it 'in plain site' at a regular local ministorage with some other old junk stuff.
ETA4: As I continue to think this through, I would spread out $5M over 10 different generic ministorages in several different states. Even put $10-25M out of the country somewhere.
Take the dufflebac to one of those mega-secure, you lock it places, not the local ministorage, but a place like the Cotton Exchange.
Then, depending on the lifestyle you want to lead, you start to wash the money into the 'system'.
1- Lead a middle class life? Just pay cash for everything, except your house.
2- Lead a larger life? Open a series of businesses and roll the money into them in small chunks - but you gotta get legit on taxes. Could roll in 1-2 million a year that way - probably more without too much problem.
It's not too hard to do.
ETA: Oh, and LEASE all the big stuff on a per-use basis. IE, don't go buy a yacht, lease one for the 3 week excursion you want to do. Don't go buy a private plane, lease one every time you need to fly somewhere.
ETA2: It's not cotton exchange, it's something else, but I have forgotten the name.
ETA3: I might not put the dufflebag at a place like the one I first mentioned. I might hide it 'in plain site' at a regular local ministorage with some other old junk stuff.
ETA4: As I continue to think this through, I would spread out $5M over 10 different generic ministorages in several different states. Even put $10-25M out of the country somewhere.
This post was edited on 4/9/09 at 9:14 am
Posted on 4/10/09 at 3:02 am to shel311
video poker 24/7- you win even if you lose
Posted on 4/10/09 at 12:59 pm to shel311
First and foremost, take out the damn radio transmitter!
Posted on 4/10/09 at 1:00 pm to shel311
First and foremost, take out the damn radio transmitter!
Posted on 4/10/09 at 1:51 pm to shel311
low profile, everything cash
Posted on 4/10/09 at 2:46 pm to shel311
first thing I'd do is pay Meauxjeaux and TigerDeacon to act as 'Consultants.'
Posted on 4/10/09 at 6:26 pm to shel311
First $50 million in $100 bills would weigh at least 500,000 grams or 500 kilograms. That's over 1,100 lbs which isn't exactly easy to move around. Then there is the problem of converting the cash into money you can use in your name without legal restrictions, or laundering the money.
I'm not going to explain all of the steps invloved, but becoming a professional gambler is a way to casually report fictitious income from untraceable sources. You will go out of your way to comply with all of the cash transaction reporting requirements. You will declare gambling winnings as the source for your occasional large deposits, and you will occasionally withdraw lesser amounts for the purpose of gambling. You can make a few large purchases using cash, but you are best off depositing it in the bank as gambling winnings. You will scrupulously pay taxes on your annual gambling winnings which will have to be pretty close to the amount your bank balance increased by during the year. It will cost you about 35% in taxes to launder the money.
I'm not going to explain all of the steps invloved, but becoming a professional gambler is a way to casually report fictitious income from untraceable sources. You will go out of your way to comply with all of the cash transaction reporting requirements. You will declare gambling winnings as the source for your occasional large deposits, and you will occasionally withdraw lesser amounts for the purpose of gambling. You can make a few large purchases using cash, but you are best off depositing it in the bank as gambling winnings. You will scrupulously pay taxes on your annual gambling winnings which will have to be pretty close to the amount your bank balance increased by during the year. It will cost you about 35% in taxes to launder the money.
Posted on 4/10/09 at 8:54 pm to shel311
There are really only two options:
1) Make sure nobody finds out. Maybe get better countertops or redo the bathroom, and donate the rest to charity. This limits the benefit pretty sharply but you probably won't get caught either.
Note that donations to qualified charities are deductible, this might actually be completely legal.
2) Come completely clean and be sure everyone finds out, the IRS included. That means hiring a really good tax lawyer to boot so you can be sure it is all legal.
Personally, I'd choose #2. I don't enjoy paying taxes but I don't enjoy the prospect of living on the lam all my life either. After taxes I'd still have more than enough to retire on, so who cares?
1) Make sure nobody finds out. Maybe get better countertops or redo the bathroom, and donate the rest to charity. This limits the benefit pretty sharply but you probably won't get caught either.
Note that donations to qualified charities are deductible, this might actually be completely legal.
2) Come completely clean and be sure everyone finds out, the IRS included. That means hiring a really good tax lawyer to boot so you can be sure it is all legal.
Personally, I'd choose #2. I don't enjoy paying taxes but I don't enjoy the prospect of living on the lam all my life either. After taxes I'd still have more than enough to retire on, so who cares?
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