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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 5:13 am to checkraise
quote:
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
That's what i'm wondering as well. That kinda ruined that plan for me.
Whatever the plan, i gotta be 100% sure it's gonna work.
Posted on 4/9/09 at 7:24 am to checkraise
quote:
around 2 mil for a ballin estate/mansion
750k or less on some cars
Many a Florida drug dealer has been busted by the IRS and/or FDLE, DEA for this sort of unaccountable spending. One day they knock on your door and want you to prove where the income came from for the big ticket purchases...and, why you didn't pay taxes on that income. The IRS can assess you for their estimate of taxes you have not paid, based on what you own vs your provable income, and they do it all the time. When the IRS finishes with you the DEA will want to talk to you.
Anytime you spend over $10K (I think that is the amount, not positive) in cash for anything it's automatically reported to some gov agency.
All I know about this is what I have gathered from Fl newspaper stories. In the late 70s to 80s many banks existed in S Florida that specialized in laundering drug money. Lots of bankers/drug dealers/attorneys for drug dealers went to jail. The trend now is drug money buying retail outlets or service businesses and claiming much greater sales or services than they actually generate, paying taxes on profits, after which the money has become laundered (it has a legit history that can be proven, sort of).
Any of this activity might lead to lots of stress and sleepless nights...not to mention that there are a zillion snitches out there that would rat on you for peanuts. There are at least 50 ways that you can screw up when committing a crime, if you can think of 25 of them you are a genius.
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 8:07 am to coolpapaboze
A lot of drug dealers in Fl got busted when they went to exotic clubs and spent $3K or more per night. The club owner, usually under pressure from local politicians and cops, would report the tag number of the big spender and the local cops, after extracting all they could from the drug dealer, would turn over the investigation to the DEA. The exotic bar owner would then receive favorable treatment from the cops...they would leave him alone if he would throw them a juicy bone occasionally.
Also, the some of the girls working the clubs are on probation from priors. They are looking for someone to rat out to keep on the good side of their probation officer.
In addition, there are tons of people on probation, awaiting trial, on parole, and have committed another crime while out of jail. They are looking for a sucker to rat on to shorten their sentence, or get them some favor from the prosecuting attorney. There is no honor among the vast majority of these people. I read of one case where a brother ratted out his sister because the brother, while on probation for cultivating pot, got busted again for the same thing. The sister was dealing coke and he rolled on her for a lighter sentence. Go figure.
Anyone attempting to hide or move $50 Million better have NO friends, tell NO family members, be able to keep the mouth shut and maintain an extremely low profile. Buying flashy items is out of the question.
Also, the some of the girls working the clubs are on probation from priors. They are looking for someone to rat out to keep on the good side of their probation officer.
In addition, there are tons of people on probation, awaiting trial, on parole, and have committed another crime while out of jail. They are looking for a sucker to rat on to shorten their sentence, or get them some favor from the prosecuting attorney. There is no honor among the vast majority of these people. I read of one case where a brother ratted out his sister because the brother, while on probation for cultivating pot, got busted again for the same thing. The sister was dealing coke and he rolled on her for a lighter sentence. Go figure.
Anyone attempting to hide or move $50 Million better have NO friends, tell NO family members, be able to keep the mouth shut and maintain an extremely low profile. Buying flashy items is out of the question.
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 4/9/09 at 9:39 am to checkraise
quote:
I'm not sure how I'd go about bringing 50 mil in cash to switzerland
You can lease a boat and take it to the Cayman's. Stuff the money into the banks there and if you want a huge place, buy in Costa Rica. No reason to leave redflags in the US.
Posted on 4/10/09 at 2:02 am to Rivers
quote:
Anyone attempting to hide or move $50 Million better have NO friends, tell NO family members, be able to keep the mouth shut and maintain an extremely low profile. Buying flashy items is out of the question
Man, all these replies make me not even want to find $50 million.
Oh, and good stuff MeauxJeaux. I like the idea spreading that money out over a few different areas. That was one of my original plans.
This post was edited on 4/10/09 at 2:04 am
Posted on 4/10/09 at 2:21 am to shel311
The only issue with using a foreign bank is the money or a portion of the money could end up "missing" or government could seize it.
I would just keep it in my house, work a non-stressful job and pay for things in cash. I would even pay a note on a nice car I want.
Put small increments of say 500 a month in interest only account. Over course of time the interest would be high enough so your kids would be set.
Plus if your smart it would be hard to spend 50 million over course of your life. Unless you got away from original plan and went and bought a 500k mansion or a 200k car.
I would just keep it in my house, work a non-stressful job and pay for things in cash. I would even pay a note on a nice car I want.
Put small increments of say 500 a month in interest only account. Over course of time the interest would be high enough so your kids would be set.
Plus if your smart it would be hard to spend 50 million over course of your life. Unless you got away from original plan and went and bought a 500k mansion or a 200k car.
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 5:04 am to tduecen
quote:
I would just keep it in my house, work a non-stressful job and pay for things in cash
I guess I'm just greedy cause I think i'd feel even worse if I had $50 mil and STILL had to work.
But I do think that is one of the best things to do.
Although, I had another idea just pop into my head, lol.
How about taking out about $5mil, waiting about 5 years, THEN going to the authorities and telling them you found it???
Maybe even try moving and doing it in a different state with the hopes that no one claims it so it can legally be yours. If someone does claim it, bummer. But you still got the $5mil you took out and you can use Tduecen's strategy above.
Though I guess taht could be a bit risky though.
Posted on 4/10/09 at 8:21 am to shel311
Consider this: If you are not someone in show biz or a high profile business person, politician, etc, that can benefit from publicity, why would you want to own a bunch of flashy assets and attract attention?
What happens when you own flashy assets? People notice you, and although attention from the opposite sex might be an incentive (I am assuming your sexual preference to be the opposite sex) there are many disincentives. In addition, those of the opposite sex that might be attracted to you because of flashy assets might simply be gold diggers. They might satisfy a temporary urge but it could be at the cost of a disasterous outcome...maybe a paternity suit? Maybe you wake up with a hangover and a wife who's name you can't remember? Lots of bad things can happen, few good outcomes can be expected.
I have watched the 'new wealthy' from a business perspective. For most of them the result of an inheritence (or sudden success in business) is a big spending spree on luxury items that they really have no need for and subsequently sell for big losses. As an anecdotal observation; those that earned their money through a business venture wasted far less than those who inherited it.
Another problem for the new wealthy is that if they spend big they will invariably attract a lot of groupie buddies of both sexes.
Here is a scenerio that happend to a good friend: He is a biker, owns a large construction company near Chicago, has a large piece of property on the water, big home, lots of bikes, lots of biker friends including famous singers and some movie stars. He dicides to throw a big party for his friends. The first year all went well and several of us helped out at the party. Second year the friends brought friends that my buddy didn't know. Third year friends of friends of friends showed up and it was a disaster. My friend wound up in court defending against two law suits brought be people he did not know but were at the party and claimed injuries. Result: No more parties.
I am not trying to be a wet blanket but I do believe it's best to maintain a relatively low profile. No need to place a big bulls eye on your back.
Posted on 4/10/09 at 10:20 am to Rivers
pay off my student loan
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 2:28 pm to Zilla
THIS IS NOT LEGAL ADVICE, JUST A DAYDREAM OF WHAT A BAD PERSON WOULD DO IF HE FOUND MONEY AND DIDN'T DO THE RIGHT THING LIKE TURN IT INTO THE AUTHORITIES.
1. Borrow enough money to buy a bar or restaurant (make sure the restaurant has a bar). You need something that generates cash income. Then, you start slowly funneling the money through the business AND PAY TAXES ON IT. The good thing about a bar is that it is difficult to determine via inventory how much you are supposed to be taking in. You can just say, that you really water down the drinks. Now you are just a very successful restauranteur/bar owner. But you can't get carried away with this.
Other service industries that deal directly with the public can also be used.
Your problem is that if you don't churn the money quick enough, in a few years you will be taking in a lot of "old money" at your business. Most bills only circulate for a few years so if ten years from now you are depositing a stack of 2008 twenties, somebody may notice.
2. Start paying for SOME of your stuff in cash. You don't want to go a whole year without proof that you paid for some gas, restaurant bills, etc on a card.
3. Keep your day job, easier to hide "extra" money if you are still making money.
ETA: You will get caught. $50 mil is too hard to hide. You might could get away with $5mil. Might.
1. Borrow enough money to buy a bar or restaurant (make sure the restaurant has a bar). You need something that generates cash income. Then, you start slowly funneling the money through the business AND PAY TAXES ON IT. The good thing about a bar is that it is difficult to determine via inventory how much you are supposed to be taking in. You can just say, that you really water down the drinks. Now you are just a very successful restauranteur/bar owner. But you can't get carried away with this.
Other service industries that deal directly with the public can also be used.
Your problem is that if you don't churn the money quick enough, in a few years you will be taking in a lot of "old money" at your business. Most bills only circulate for a few years so if ten years from now you are depositing a stack of 2008 twenties, somebody may notice.
2. Start paying for SOME of your stuff in cash. You don't want to go a whole year without proof that you paid for some gas, restaurant bills, etc on a card.
3. Keep your day job, easier to hide "extra" money if you are still making money.
ETA: You will get caught. $50 mil is too hard to hide. You might could get away with $5mil. Might.
This post was edited on 4/10/09 at 2:31 pm
Posted on 4/10/09 at 2:39 pm to TigerDeacon
quote:
Your problem is that if you don't churn the money quick enough, in a few years you will be taking in a lot of "old money" at your business. Most bills only circulate for a few years so if ten years from now you are depositing a stack of 2008 twenties, somebody may notice.
i did not know this
quote:
2. Start paying for SOME of your stuff in cash. You don't want to go a whole year without proof that you paid for some gas, restaurant bills, etc on a card.
this doesn't make sense to me though, how does it prove anything...it would only come to light after you were being investigated...but again, it doesn't prove anything
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