4 Steps to Make Your Money Last a Lifetime
.From the Dinar Recaps Archives originally posted on5/30/2019
4 Steps to Make Your Money Last a Lifetime
By Jane Bryant Quinn, AARP Bulletin
A simple, easy-to-use formula to make sure you never run out of cash
As a financial columnist, I get asked the same heartfelt question over and over: “How do I make sure I don’t outlive my money?” And that makes sense. Surveys confirm that the No. 1 worry among older Americans is running out of cash.
Fortunately, financial planners have come up with sound ways to prevent this. Collected here are their key rules for maintaining a livable income for life, plus case studies that show how to put these general rules into action. The goal is your peace of mind — knowing that you’re getting the most from the money you’ve saved and that you’ll always have enough.
From the Dinar Recaps Archives originally posted on 5/30/2019
4 Steps to Make Your Money Last a Lifetime
By Jane Bryant Quinn, AARP Bulletin
A simple, easy-to-use formula to make sure you never run out of cash
As a financial columnist, I get asked the same heartfelt question over and over: “How do I make sure I don’t outlive my money?” And that makes sense. Surveys confirm that the No. 1 worry among older Americans is running out of cash.
Fortunately, financial planners have come up with sound ways to prevent this. Collected here are their key rules for maintaining a livable income for life, plus case studies that show how to put these general rules into action. The goal is your peace of mind — knowing that you’re getting the most from the money you’ve saved and that you’ll always have enough.
The Magic Number
The key to long-term planning is knowing one essential number: how much money you can afford to spend annually. From there, you can adjust your expenses to fit.
You may be tempted to reverse the order — estimate your future expenses, then adjust your investment assumptions to make that spending appear possible. But that’s wishful thinking: a hope that big investment returns will rescue your budget. It leads to overspending early on, and regret later.
Instead, let’s focus on the real, guaranteed money you’ll have. There are two main sources:
Your personal savings and investments.
Your guaranteed income from other sources.
Download this worksheet to help you find your sustainable income. The key steps:
Step 1: Tally Your Guaranteed Income
The most common source is Social Security, which you may already be collecting. (If you’re not, get an estimate by calling Social Security or by opening a My Social Security account at ssa.gov.) You might also have a pension or annuity.
If you own a reliable rental property, include the amount of rent you receive after expenses.
To continue reading, please go to the original article here:
https://www.aarp.org/retirement/retirement-savings/info-2018/make-money-last-lifetime.html
Completely Legal Tax Strategies
Completely Legal Tax Strategies
Notes From The Field By Simon Black
Sovereign Valley Farm, Chile
The easiest (and safest) return on investment you’ll ever achieve
In 1993, William Kurt Hauser, a San Francisco investment analyst, presented his results from an incredibly interesting study.
Hauser had analyzed tax revenues in the United States over time and came to the conclusion that tax revenue as a percentage of GDP had remained around a narrow band of 19% since 1946.
That was astonishing. After all, over that same period, tax rates had been all over the place.
The top marginal tax rate was as low as 28% in the 1980s and as high as 94% right at the end of WWII.
But despite those extreme variations, overall tax revenue had barely changed.
To better understand why, try and imagine the economy as a giant pie. Hauser’s data shows that the government’s slice of the pie is always around 19%– no matter how big the pie (or how high or low taxes are).
That means that the obvious solution to increasing tax revenue is to grow the pie itself.
While a few places in the world (like Singapore) have figured this out, this productive mindset completely escapes nearly every major western government.
And in the Land of the Free, the cries for higher taxes are getting louder and louder.
Completely Legal Tax Strategies
Notes From The Field By Simon Black
From the Recaps Archives, originally posted on July 23, 2019
Sovereign Valley Farm, Chile
Completely Legal Tax Strategies
The easiest (and safest) return on investment you’ll ever achieve
In 1993, William Kurt Hauser, a San Francisco investment analyst, presented his results from an incredibly interesting study.
Hauser had analyzed tax revenues in the United States over time and came to the conclusion that tax revenue as a percentage of GDP had remained around a narrow band of 19% since 1946.
That was astonishing. After all, over that same period, tax rates had been all over the place.
The top marginal tax rate was as low as 28% in the 1980s and as high as 94% right at the end of WWII.
But despite those extreme variations, overall tax revenue had barely changed.
To better understand why, try and imagine the economy as a giant pie. Hauser’s data shows that the government’s slice of the pie is always around 19%– no matter how big the pie (or how high or low taxes are).
That means that the obvious solution to increasing tax revenue is to grow the pie itself.
While a few places in the world (like Singapore) have figured this out, this productive mindset completely escapes nearly every major western government.
And in the Land of the Free, the cries for higher taxes are getting louder and louder.
In the US, almost every candidate supports a government-run healthcare and university system, and claims it should all be “free”.
Their solution to everything is more government, more regulation, and of course higher taxes– all things that shrink the pie instead of increasing it.
Some of the presidential candidates now support income tax rates of 70-90%.
Elizabeth Warren wants to go as far as taxing not just income, but also wealth (a policy that’s been dropped by virtually every “socialist” country in the world, by the way).
Some want higher estate taxes and some want an investment sur-tax… But they ALL want higher taxes.
The Bolsheviks simply don’t understand that their higher tax rates won’t actually increase tax revenue.
Again, the numbers undeniably show that the size of the government’s piece of the economic pie always remains 19% of GDP– no matter how high the tax rates are.
But that’s a concept they will never bother to consider.
Instead, they’ll just keep riding their Bolshevik high horses.
Of course, they tell you not to worry because their higher taxes will only hit rich people who earn over $400,000– you know, those greedy dentists and small business owners.
But taxing just the top 1% will barely make a dent in the budget required to fund all of these socialist programs.
So then they’ll start talking about taxing the top 5%. Then the top 10%. And soon these higher taxes will end up slamming right into the middle class.
The much-despised “Alternative Minimum Tax” is a great example; it was originally passed back in the 1960s specifically to tax the very wealthy. But today millions of people are ensnared by the AMT.
Even the US federal income tax itself is a great example.
When it was originally passed in 1913, federal income tax targeted wealthy people, and was only paid by the top 3% of income earners. 97% of Americans paid no federal income tax.
Today tens of millions of people in the middle class pay income tax.
Fortunately, there are simple steps you can take to dramatically reduce your tax obligation.
This is something that makes sense no matter what happens next.
Think about it like this… if you can eliminate capital gains tax, you’ve essentially earned a RISK-FREE return of 23.8%.
Reducing your taxes is the easiest and SAFEST way to generate a significant return on investment.
And there are MANY legal strategies to do just that.
If you are a business owner or a self-employed professional, such as a consultant or dentist, then you know the pain of crippling taxes and regulations all too well.
Fortunately you also have access to some of the greatest opportunities to drastically slash your taxes (potentially to nearly ZERO).
These legal tax-reduction strategies used to be available only to giant mega-corporations with armies of lawyers at their call, but globalization has changed the game.
Now, even small business owners can take advantage of them– if they have the right knowledge and tools.
Even regular employees can still take advantage of a little-known opportunity to slash your taxes and boost your retirement savings at the same time.
Here’s a small selection of strategies to legally pay minimal taxes…
Anyone can stash away up to $56,000 in 2019, TAX-FREE, for their retirement through a solo 401(k) with a small side hustle (such as driving Uber or renting out a room on Airbnb)
Business owners and self-employed professionals can slash their business’ corporate tax to just 4% (and pay NO tax on dividends) by moving to Puerto Rico…
…or they can earn up to $2 MILLION per year and legally not pay corporate tax by using a captive insurance company (without moving their business)
Investors and day traders can legally cut their capital gains tax to 0% by moving to Puerto Rico
Location-independent individuals can earn upwards of $150,000+ per year, nearly TAX-FREE by taking advantage of the Foreign Earned Income Exclusion
Investor’s who are sitting on capital gains can take advantage of Opportunity Zones, an overlooked tax incentive, that could save them $279,996 (or more) over the next ten years
And much, much more…
And all of these strategies are completely legal.
For example, captive insurance is in section 831(b)(2), the Foreign Earned Income Exclusion is in section 911, Puerto Rico’s incentives are in section 933(1) and Opportunity Zones can be found in section 1400Z-2.
These aren’t hidden loopholes. They’re right there in the tax code.
I encourage you to learn more about them because reducing your taxes is the easiest and SAFEST way to generate a significant return on investment.
Until tomorrow,
To your freedom and prosperity, Simon Black, Founder, SovereignMan.com
Don't Let This Happen To You
From Recaps Archives:
Note: All Dinarians should read this.....So it will NOT happen to you!
InvestorChick: Lotto Winner Loses It All
I had the pleasure of meeting a very charming senior in the last few weeks. It's my friends mother and this lady is in her 70's.
She won 5 million dollars in the year 2000. I saw a copy of the cheque on the fridge at her son's house. I did a double take because I've never seen a cheque that large.
Of course me being a Dinarian and riding this crazy ride along with all of the others, I have been fortunate enough over the past 5 years to have been educated by people like Tony etc and I have done my research about this kind of thing.
From Recaps Archives:
Note: All Dinarians should read this.....So it will NOT happen to you!
InvestorChick: Lotto Winner Loses It All
I had the pleasure of meeting a very charming senior in the last few weeks. It's my friends mother and this lady is in her 70's.
She won 5 million dollars in the year 2000. I saw a copy of the cheque on the fridge at her son's house. I did a double take because I've never seen a cheque that large.
Of course me being a Dinarian and riding this crazy ride along with all of the others, I have been fortunate enough over the past 5 years to have been educated by people like Tony etc and I have done my research about this kind of thing.
All of us have been told the statistics and I do realize that all of this waiting has been hard, although the real challenge comes after our blessing arrives.
My friend told me the story of how his mother had won the lottery and how she had come to "lose it all".
I was fascinated because although we hear about it, I had never met someone in this unique situation. This is her story in a nutshell.
She won 5 million dollars and was not financially educated in any formal way. She made her decisions quickly and without professional help. Her son told me she wanted to "show them all" who she was and rub it in their face, whoever "they" are.
She gave $500,000 to her sister and then $600,000 to each son. She was down 1.7 million to start and it gets dramatically worse from there.
Her sons accepted the gift and my friend was in a not great marriage and of course since he had just received $600,000 from his mother that was not his own lotto winning or an inheritance, his wife when she divorced him was entitled to half.
The other son burned through his quickly as he also had no formal education or did not seek professional help.
My friend however did the wise thing and invested his remaining $300,000, he still has it 15 years later and it's making him money daily.
I repeat, it's invested professionally and it makes him a return daily!
This lady bought a brand new house, hired an interior designer and of course the new performance car, fully loaded. She spent 30-40 THOUSAND per month at the casino because they were "so nice to her", no kidding!
She brought her sister for company and of course her sister didn't spend any of her $500,000. She had an addiction to scratch tickets and lotto tickets even though she had already won.
She handed out $50 tips at the grocery store to the cashiers etc. She had the life she always wanted and she sure made a big splash doing it.
It didn't take long for the money to run out and her to be in a worse situation then when she won the money.
I sat and listened in sheer amazement! I gave her a ride home that night because the battery on her car was going and she didn't have the money for a new one, imagine!
Her son was taking it to be fixed the next day for her and footing the bill.
I drove her home and she went on and on about her house etc. I drove up and although it's a beautiful place it was overgrown and unkept, no money for maintenance, the neighbours must be thrilled.
She invited me in and was proud to show me all of her treasures. My heart truly went out to her as there she was and now it's all gone and the house will be going soon too.
I looked at her and gently asked if she had to do it all over, what would she do different? She looked down and thought about it, looked up at me and said she would have got some help.
Everyone was my friend, she said, until the money ran out. I wished her good night and got in my car and thanked God for that experience in person and up close.
It's real, it happens and it will happen to some of you.
I told her son about this investment and he has some currency, I know she will be looked after but it sure makes you think.
How many shots at wealth does a person generally get in their lifetime?
I'm thinking not too many.
The sad thing about it, is how much she gambled away looking for money and "the win" again.
Folks, when this blessing arrives, your ship came in and this for most of us will be the one shot you get at wealth. Don't waste it!
There are several lessons to be learned from this story.
Be wise, move with caution and be deliberate with your actions. I truly hope by sharing this story, it can help at least one person, my eyes have sure been opened!
Possible Bank Perks to ask for at your Exchange Apt.
.From Dinar Recaps Archives
Possible Bank Perks to ask for at your Exchange Appointment .
AUM - Assets Under Management
1. No fees ever for foreign currency exchanges
2. Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an non-interest-bearing account overnight and sweep those funds into other non-interest bearing accounts within your bank the following day; until I meet with bank advisers and other financial professionals and make some general guidelines for the management of these funds and the distribution of a portion of these funds through your bank, trust, and LLCs.
From Dinar Recaps Archives
Possible Bank Perks to ask for at your Exchange Appointment.
AUM - Assets Under Management
1. No fees ever for foreign currency exchanges
2. Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an non-interest-bearing account overnight and sweep those funds into other non-interest bearing accounts within your bank the following day; until I meet with bank advisers and other financial professionals and make some general guidelines for the management of these funds and the distribution of a portion of these funds through your bank, trust, and LLCs.
3. Family Office Services
4. Perks can be based on AUM (Assets Under Management) in a tier grid
5. Discounts on AUM fees
6. No fees ever - no fee to deposit/wire transfer money
7. No Broker fees ever
8. Free Safe Deposit Box, Certified Checks, Notarized, Courier Services
9. Provide Excess Deposit Insurance (i.e. Lloyds of London and/or Travelers) or Abbott Downing
10. Provide Senior Wealth Managers/Investment Bankers for selection
11. Tax/Business/Estate Attorney & CPA
12. Private transactions representation –assistance in buying a house/car/anything ( my trustee will purchase through my bank) 13.
Free Due Diligence Services provided for outside investment opportunities(research on any person or service) they will get it
14. 100% funding availability (immediate Funds) before we leave
15. Unlimited Platinum or Black Visa Signature Debit & Credit Card with no ATM fees
16. Line of Credit available
17. Group Health Insurance - to cover the signers and families of depositors
18. Guarantee 12-15% interest per year on deposits
19. Bank Trading Platforms & Repurchase Agreement Sweep Accounts
20. Short Term/High Yield Interest Rates
21. Assist in opening an offshore bank account with affiliate bank for foreign investments
22. Access to information on great investment opportunities
23. Pre-IPO deals
24. Provide free Executive Privacy Plus subscription with Reputation.com
25. Sports tickets in suites and on the floor (Football, Basketball, Baseball, Boxing, Tennis, Golf, NASCAR & etc.) Also, special events like the Super Bowl, NBA Finals, College Bowls, NCAA Final Four, World Series &the Olympics. Based on AUM in a tier grid
26. Entertainment & Concert tickets in suites and on the floor (Music Concerts, Entertainment Awards Shows, Premier Movie Screenings, TV Show tickets & etc.) Based on AUM in a tier grid
27. Limousine & VIP transportation based on AUM in a tier grid
28. Private Jet Travel (5-25 flight hrs. per mo.) based on AUM in atier grid on flight hours per month
29. First Class seats/commercial airlines based on AUM in a tier grid
30. Private Yacht access/usage (40 hrs. annually) based on AUM in a tier grid on access/usage hours per year
31. Donations to our favorite charities (Banks matching a certain percentage)
32. Prime seats at charity events
33. Suites at Luxury Hotels & VIP Dinners at Restaurants based on AUM
34. Membership fee & Annual fees to Inspirato Core resorts & residences
35. Membership fee & Annual fees to Exclusive Resorts & Residences for 60 days with Priority Holiday Access annually
36. ClubCorp Private Membership based on AUM
37. Spa & Massage Club Membership based on AUM in a tier grid
38. Concierge Services 24/7 based on AUM
39. Provide a free Vertu Ti cell phone & concierge subscription service for members with $1 million and over AUM
40. Free Family Financial Education provided for group family members
41. Provide any and all other perks that was not mentioned
Possible Exchange Apt. Checklist and Tips
.From Dinar Recaps Archives:
Note: All items on the checklist may or may not apply to your own individual circumstances…some of the items listed may or may not still be applicable at your exchange apt....ask your banker at the time of your appointment.
Bank appointment for Currency EXCHANGE Instructions/Checklist
Bank Name_________________________________________
Bank 800#__________________________________________
“I am calling to schedule a foreign currency exchange”
My name is___________________________________________
My zipcode is__________________
My e-mail address is (If they ask for it)________________________________
From Recaps Archives:
Note: All items on the checklist may or may not apply to your own individual circumstances…some of the items listed may or may not still be applicable at your exchange apt....ask your banker at the time of your appointment.
Bank appointment for Currency EXCHANGE Instructions/Checklist
Bank Name_________________________________________
Bank 800#__________________________________________
“I am calling to schedule a foreign currency exchange”
My name is___________________________________________
My zipcode is__________________
My e-mail address is (If they ask for it)________________________________
I have________________________ IQN (Iraqi) currency
I have________________________VNN (Vietnamese)currency
I have________________________1000 notes from 2000 of IDN (Indonesian) currency
I have_________100Trillion,________50Trillion,_______20Trillionand_______10Trillion
2008 AA notes of ZWN (Zimbabwe)currency
FILL IN THE BLANKS for EXCHANGE appointment information that you get from the call
center representative:
Your appointment Information:
Date_________________________
TIME_________________________
The Location____________________
------------
The Day of Your Appointment- Things To Do
1. Make sure you know where you are going. Arrive early so you can “get yourself together, take a deep breath”.
Do not loiter. If you are too early, stay SECURELY in the general area but not in the bank parking lot.
2. Remember to get in and get the EXCHANGE done, there a lot of other people behind you in line so be thoughtful of their time as well.
You will have time for questions at your second appointment with your new Private Banker/Wealth Manager.
3. Be discrete, be professional, and be alert and aware of your surroundings. BREATHE! Seriously consider hiring security to accompany you to your appointment or bring a trusted friend.
4. Collect business cards from everyone or take their name and phone numbers as well as the location of their regular branch office.
5. Read and Sign the NDA. If it is simple and states you cannot tell anyone except your spouse, lawyer, or CPA (These are the people that need to know how you came about your money for tax purposes) how you came about all of your new found wealth, sign it and move forward with your exchange.
Be prepared to uphold it!
If you break the terms, you could lose your newfound wealth.
If the NDA is more complex and you are not comfortable with it, simply let them know you would like to explore your options with another banking institution. They may or may not waive the NDA.
REMEMBER TO GET A COPY OF THE NDA IF YOU SIGNED IT.
--------------
The Day of Your Appointment Things NOT To Do
Do not demand anything while at the bank or act like a lunatic, you will be escorted out.
Remember the Golden Rule “Treat others the way you wish to be Treated”!!!
------------
Items to Bring to the EXCHANGE Appointment
(Check off the list as you put all items needed together to make sure you remember everything)
“Driver’s License
“Second form of ID (accredit card or passport)
“Your most recent utility bill (Water, power, etc.) to confirm residency in case you have never held an account with the bank you will be exchanging with or for another form of ID
“Power of Attorney Paperwork (If you are exchanging for someone else)
“A pad, pen to take notes, calculator
“Receipts for all currency purchased or gifting letter if they were a gift in case they are needed (Do not offer them, only do so if they are requested)
“IQN / VNN / IDN / ZWN currency
“Have your TOD designees (Transferable on Death) full legal names, phone numbers, addresses and Social Security Numbers written down that you want listed on your accounts.
You can have multiple TOD designations per account (Wife/Husband, Children, Grandchildren, Nieces/Nephews, etc.)
“Have a list of Cashier’s Checks you will need, if any, along with the exact amounts and who they need to be Payable to
“Decide in advance if you will be requesting cash for “Pocket Money” beforehand and how much.
DO NOT get more than $9,500 unless you would like Uncle Sam to visit you. Also remember the more you take with you, the bigger the target you are for thieves! BE SMART!!! Do you have a safe to store Cash In ??
“Know the ceiling rate!!! Make sure you do not get hit with a Spread Fee! If you do not like the spread fee they are charging simply let them know (In a Professional manner) you will go to another bank.
-----------
New Account Numbers for each Currency EXCHANGED
( DO NOT EXCHANGE ALL CURRENCIES IN TO ONE ACCOUNT, OPEN SEPARATE ACCOUNTS FOR EACH CURRENCY!!!!)
Name of Bank Exchanger____________________________________________
Bank____________________________________________
Branch___________________________________________
IQN Checking Account Number__________________________________________
IQN Checking Routing Number__________________________________________
IQN Savings Account Number (Deposit 50% of your Exchange for Taxes just in case and do not touch until Tax Time)_________________________________________
Add TOD (Transferable on Death) Names to Accounts (Checking and Savings)
“Make sure you receive copies of the deposit slips and all account information
“Get Clean and Clear Certificates – at least 10 or more (Documentation that your money is not tied to anything illegal)
“Get starter checks if needed until your checks arrive
“Get ATM card if you want one
“Set up Online Banking if wanted
“Inquire about Extra Insurance for your funds __________
------------
VNN Checking Account Number__________________________________________
VNN Checking Routing Number__________________________________________
VNN Savings Account Number (Deposit 50% of your Exchange for Taxes just in case and do not touch until Tax Time)_________________________________________
“Add TOD (Transferable on Death) Names to Accounts ( Checking and Savings)
“Make sure you receive copies of the deposit slips and all account information
“Get Clean and Clear Certificates – at least 10 or more (Documentation that your money is not tied to anything illegal)
“Get starter checks if needed until your checks arrive
“Get ATM card if you want one
“Set up Online Banking if wanted
“Inquire about Extra Insurance for your funds____________
-------------
Zim Checking Account Number__________________________________________
ZIm Checking Routing Number__________________________________________
Zim Savings Account Number (Deposit 50% of your Exchange for Taxes just in case and do not touch until Tax Time)_________________________________________
“Add TOD (Transferable on Death) Names to Accounts ( Checking and Savings)
“Make sure you receive copies of the deposit slips and all account information
“Get Clean and Clear Certificates – at least 10 or more (Documentation that your money is not tied to anything illegal)
“Get starter checks if needed until your checks arrive
“Get ATM card if you want one
“Set up Online Banking if wanted
“Inquire about Extra Insurance for your funds
(Use the same format for Rupiah and Rial or other currencies if they are also exchangeable at this time)
DID YOU GET A COPY OF YOUR SIGNED NDA?
Set second appointment with a Private Banker or Wealth Manager (The bank will guide as to who you need to speak with based on your EXCHANGE/deposit amount
This appointment will be the one in which you discuss all of your options for investment and
your “perks”
Private Banker Name__________________________
Telephone Number____________________________
Appointment time______________
Location___________________________
(Dinar Recaps Note: You may also want to have a list of "perks" with you so you know which ones are important to you)
The “Apple Theory” by JohnP
.Thanks John For sending this to Recaps
From Dinar Recaps Archives
The “Apple Theory” by JohnP
I have a theory on the whole dinar "rate" discussion. I call it the "Apple Theory". In fact it could also be the "Gumball Theory" if you like as the implications are the same but I don't know if they're allowed to have gumballs in Iraq.
Anyway we'll stick with Apple Theory in the meantime, and maybe someone can research whether they're allowed gumballs.
Anyway, with all the discussion and conjecture about the rate, I think folks are missing the most important point, and that is what the LOWEST denomination that will be in circulation is - and how do you pay for an apple.
Thanks John For sending this to Recaps
From Dinar Recaps Archives
The “Apple Theory” by JohnP
I have a theory on the whole dinar "rate" discussion. I call it the "Apple Theory". In fact it could also be the "Gumball Theory" if you like as the implications are the same but I don't know if they're allowed to have gumballs in Iraq.
Anyway we'll stick with Apple Theory in the meantime, and maybe someone can research whether they're allowed gumballs.
Anyway, with all the discussion and conjecture about the rate, I think folks are missing the most important point, and that is what the LOWEST denomination that will be in circulation is - and how do you pay for an apple.
We heard about the "fils" a couple months ago and that made me VERY happy as they were supposed to be a fraction of a dinar. And this is where the Apple Theory comes in.
You see, in the real world you have to be able to buy an apple - not a bushel, but a single apple. This means that you can impute the planned exchange rate by looking at the lowest denomination that will be in circulation, and estimate what it will cost to buy an apple (or gumball, if they're allowed to have those).
I believe that if they move to parity with the dollar, then the lowest denomination in circulation should be about 1/10th of a dinar. The smallest coin we use here in New Zealand is a 10 cent coin and everything is rounded up or down to ten cents.
If, on the other hand, they are going to RV at 3.86 (or whatever), them the lowest denomination in circulation should be about 1/30th of a dinar, because that's about what it takes to buy an apple.
To some degree the same theory can be applied by looking at the HIGHEST denomination that they will have in circulation.
For practical purposes the biggest note in circulation in the US is a $100 note. The same is true here in NZ. Therefore discussion about introducing a 50k note is probably not a good thing.
If we assume that a modern society needs a note worth about $100 in buying power for day to day transactions and convenience, then having a 50,000 dinar note should mean that they are looking at a rate of about double what it ts now, or about 1/500th of a dollar.
If it is confirmed that they plan to introduce a 100k note then that should mean that they are not looking at raising the rate at all and the rate will remain about 1,000 dinar to a dollar.
There is a possibility that they will only use a 50k note for banking transactions but I doubt very much that they would make a big deal about that with the public as the public wouldn't have any need for a note that large if they RV at 3.86.
After all, all THEY care about is buying an apple!
Updated List of Bank Perks
.TNT:
LC: Updated 7-7-19 List of Bank Perks
DISCLAIMER: Some of these bank perks will be based on the amount you are depositing or the quantity of currency you or your family group have to exchange. I hope this info will be helpful to everyone to negotiate during your bank appointment.
Bank Perks
1. No exchange or spread fees ever for foreign currency exchanges
2. Stability rates for customers holding large amounts of currency (new)
3. Bank Tier 2 long term contracts for qualified depositors (new)
4. IMF humanitarian projects (new)
5. Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an overnight high yield interest rate account that will yield a minimum of 1% per month.
6. Family Office Services
7. Perks can be based on AUM (Assets Under Management) in a tier grid
8. Discounts on AUM fees
TNT:
LC: Updated 7-7-19 List of Bank Perks
DISCLAIMER: Some of these bank perks will be based on the amount you are depositing or the quantity of currency you or your family group have to exchange. I hope this info will be helpful to everyone to negotiate during your bank appointment.
Bank Perks
1. No exchange or spread fees ever for foreign currency exchanges
2. Stability rates for customers holding large amounts of currency (new)
3. Bank Tier 2 long term contracts for qualified depositors (new)
4. IMF humanitarian projects (new)
5. Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an overnight high yield interest rate account that will yield a minimum of 1% per month.
6. Family Office Services
7. Perks can be based on AUM (Assets Under Management) in a tier grid
8. Discounts on AUM fees
9. No fees ever - no fee to deposit/wire transfer money
10. No Broker fees ever
11. Free Safe Deposit Box, Certified Checks, Notarized, Courier Services
12. Provide Excess Deposit Insurance (i.e. Lloyds of London and/or Travelers)
13. Provide Senior Wealth Managers/Investment Bankers for selection
14. Tax/Business/Estate Attorney & CPA
15. Private transactions representation –assistance in buying a house/car/anything
16. Free Due Diligence Services provided for outside investment opportunities
17. 100% funding availability
18. Unlimited Platinum or Black Visa Signature Debit & Credit Card with no ATM fees
19. Line of Credit available
20. Group Health Insurance - to cover the signers and families of depositors
21. Guarantee 12-15% interest per year on deposits
22. Bank Trading Platforms & Repurchase Agreement Sweep Accounts
23. Short Term/High Yield Interest Rates
24. Assist in opening an offshore bank account with affiliate bank for foreign investments
25. Access to information on great investment opportunities
26. Pre-IPO deals
27. Provide free Executive Privacy Plus subscription with Reputation.com
28. Sports tickets in suites and on the floor (Football, Basketball, Baseball, Boxing, Tennis, Golf, NASCAR & etc.) Also, special events like the Super Bowl, NBA Finals, College Bowls, NCAA Final Four, World Series & the Olympics. Based on AUM in a tier grid
29. Entertainment & Concert tickets in suites and on the floor (Music Concerts, Entertainment Awards Shows, Premier Movie Screenings, TV Show tickets & etc.) Based on AUM in a tier grid
30. Limousine & VIP transportation based on AUM in a tier grid
31. Private Jet Travel (5-25 flight hrs. per mo.) based on AUM in a tier grid on flight hours per month
32. First Class seats/commercial airlines based on AUM in a tier grid
33. Private Yacht access/usage (40 hrs. annually) based on AUM in a tier grid on access/usage hours per year
34. Donations to our favorite charities (Banks matching a certain percentage)
35. Prime seats at charity events
36. Suites at Luxury Hotels & VIP Dinners at Restaurants based on AUM
37. Membership fee & Annual fees to Inspirato Core resorts & residences
38. Membership fee & Annual fees to Exclusive Resorts & Residences for 60 days with Priority Holiday Access annually
39. ClubCorp Private Membership based on AUM
40. Spa & Massage Club Membership based on AUM in a tier grid
41. Concierge Services 24/7 based on AUM
42. Provide a free Vertu Ti cell phone & concierge subscription service for members with $1 million and over AUM
43. Free Family Financial Education provided for group family members
44. Provide any and all other perks that was not mentioned
AUM - Assets Under Management
Global Leader Risk Mitigation & Response
www.Kroll.com
Luxury Destination Clubs
www.Inspirato.com
www.ExclusiveResorts.com
www.Marriott.com/loyalty.mi (new)
Private Business Club
www.ClubCorp.com
.Currency Exchange Checklist and Tips for Banking Appointment
.From Recaps Archives
Note: All items on the checklist may or may not apply to your own individual circumstances…some of the items listed may or may not still be applicable at your exchange apt....ask your banker at the time of your appointment.
Bank appointment for Currency EXCHANGE Instructions/Checklist
Bank Name_________________________________________
Bank 800#__________________________________________
“I am calling to schedule a foreign currency exchange”
My name is___________________________________________
My zip code is__________________
My e-mail address is (If they ask for it)________________________________
I have________________________ IQN/IQD (Iraqi)currency
I have________________________VNN/VND (Vietnamese)currency
I have________________________1000 notes from2000 of IDN (Indonesian)currency
I have_________100Trillion,________50Trillion,_______20Trillionand_______10Trillion
2008 AA notes of ZWN(Zimbabwe)currency
From Recaps Archives
Note: All items on the checklist may or may not apply to your own individual circumstances…some of the items listed may or may not still be applicable at your exchange apt....ask your banker at the time of your appointment.
Bank appointment for Currency EXCHANGE Instructions/Checklist
Bank Name_________________________________________
Bank 800#__________________________________________
“I am calling to schedule a foreign currency exchange”
My name is___________________________________________
My zip code is__________________
My e-mail address is (If they ask for it)________________________________
I have________________________ IQN/IQD (Iraqi)currency
I have________________________VNN/VND (Vietnamese)currency
I have________________________1000 notes from2000 of IDN (Indonesian)currency
I have_________100Trillion,________50Trillion,_______20Trillionand_______10Trillion
2008 AA notes of ZWN(Zimbabwe)currency
FILL IN THE BLANKS for EXCHANGE appointment information that you get from the call
center representative:
Your appointment Information:
Date_________________________
TIME_________________________
The Location____________________
------------
The Day of Your Appointment- Things To Do
1. Make sure you know where you are going. Arrive early so you can “get yourself together, take a deep breath”.
Do not loiter. If you are too early, stay SECURELY in the general area but not in the bank
parking lot!
2. Remember to get in and get the EXCHANGE done, there a lot of other people behind you in line so be thoughtful of their time as well.
You will have time for questions at your second appointment with your new Private Banker/Wealth Manager.
3. Be discrete, be professional, and be alert and aware of your surroundings. BREATHE! Seriously consider hiring security to accompany you to your appointment or bring a trusted friend.
4. Collect business cards from everyone or take their name and phone numbers as well as the location of their regular branch office.
5. Read and Sign the NDA. If it is simple and states you cannot tell anyone except your spouse, lawyer, or CPA (These are the people that need to know how you came about your money for tax purposes) how you came about all of your new found wealth, sign it and move forward with your exchange.
Be prepared to uphold it!
If you break the terms, you could lose your newfound wealth.
If the NDA is more complex and you are not comfortable with it, simply let them know you would like to explore your options with another banking institution. They may or may not waive the NDA.
REMEMBER TO GET A COPY OF THE NDA IF YOU SIGNED IT.
The Day of Your Appointment Things NOT To Do
Do not demand anything while at the bank or act like a lunatic, you will be escorted out.
Remember the Golden Rule “Treat others the way you wish to be Treated”!!!
------------
Items to Bring to the EXCHANGE Appointment
(Check off the list as you put all items needed together to make sure you remember everything)
“Driver’s License
“Second form of ID (accredit card or passport)
“Your most recent utility bill (Water, power, etc.) to confirm residency in case you have never held an account with the bank you will be exchanging with or for another form of ID
“Power of Attorney Paperwork (If you are exchanging for someone else)
“A pad, pen to take notes, calculator
“Receipts for all currency purchased or gifting letter if they were a gift in case they are needed (Do not offer them, only do so if they are requested)
“IQN / VNN / IDN / ZWN currency
“Have your TOD designees (Transferable on Death) full legal names, phone numbers, addresses and Social Security Numbers written down that you want listed on your accounts.
You can have multiple TOD designations per account (Wife/Husband, Children, Grandchildren, Nieces/Nephews, etc.)
“Have a list of Cashier’s Checks you will need, if any, along with the exact amounts and who they need to be Payable to
“Decide in advance if you will be requesting cash for “Pocket Money” beforehand and how much.
DO NOT get more than $9,500 unless you would like Uncle Sam to visit you. Also remember the more you take with you, the bigger the target you are for thieves! BE SMART!!! Do you have a safe to store Cash In ??
“Know the ceiling rate!!! Make sure you do not get hit with a Spread Fee! If you do not like the spread fee they are charging simply let them know (In a Professional manner) you will go to another bank.
-----------
New Account Numbers for each Currency EXCHANGED
( DO NOT EXCHANGE ALL CURRENCIES IN TO ONE ACCOUNT, OPEN SEPARATE ACCOUNTS FOR EACH CURRENCY!!!!) Note- this may be outdated information…….
Name of Bank Exchanger____________________________________________
Bank____________________________________________
Branch___________________________________________
IQN/IQD Checking Account Number__________________________________________
IQN/IQD Checking Routing Number__________________________________________
IQN/IQD Savings Account Number (Deposit 50% of your Exchange for Taxes just in case and do not touch until Tax Time)_________________________________________
Add TOD (Transferable on Death) Names to Accounts (Checking and Savings)
“Make sure you receive copies of the deposit slips and all account information
“Get Clean and Clear Certificates – at least 10 or more (Documentation that your money is not tied to anything illegal)
“Get starter checks if needed until your checks arrive
“Get ATM card if you want one
“Set up Online Banking if wanted
“Inquire about Extra Insurance for your funds __________
------------
VNN/VND Checking Account Number__________________________________________
VNN/VND Checking Routing Number__________________________________________
VNN/VND Savings Account Number (Deposit 50% of your Exchange for Taxes just in case and do not touch until Tax Time)_________________________________________
“Add TOD (Transferable on Death) Names to Accounts ( Checking and Savings)
“Make sure you receive copies of the deposit slips and all account information
“Get Clean and Clear Certificates – at least 10 or more (Documentation that your money is not tied to anything illegal)
“Get starter checks if needed until your checks arrive
“Get ATM card if you want one
“Set up Online Banking if wanted
“Inquire about Extra Insurance for your funds____________
-------------
Zim Checking Account Number__________________________________________
ZIm Checking Routing Number__________________________________________
Zim Savings Account Number (Deposit 50% of your Exchange for Taxes just in case and do not touch until Tax Time)_________________________________________
“Add TOD (Transferable on Death) Names to Accounts ( Checking and Savings)
“Make sure you receive copies of the deposit slips and all account information
“Get Clean and Clear Certificates – at least 10 or more (Documentation that your money is not tied to anything illegal)
“Get starter checks if needed until your checks arrive
“Get ATM card if you want one
“Set up Online Banking if wanted
“Inquire about Extra Insurance for your funds
(Use the same format for Rupiah and Rial or other currencies if they are also exchangeable at this time)
DID YOU GET A COPY OF YOUR SIGNED NDA?
Set second appointment with a Private Banker or Wealth Manager (The bank will guide as to who you need to speak with based on your EXCHANGE/deposit amount
This appointment will be the one in which you discuss all of your options for investment and
your “perks”
Private Banker Name__________________________
Telephone Number____________________________
Appointment time______________
Location___________________________
(Dinar Recaps Note: You may also want to have a list of "perks" with you so you know which ones are important to you)
.Adding Value
Adding Value
Adam M. Grossman | September 1, 2019
NIKOLA TESLA was a brilliant inventor, with nearly 300 patents to his name. He also had some unique habits. Among them: Every night, before he sat down for dinner, he would ask his waiter for a stack of 18 napkins. He would then use them to carefully wipe down his silverware.
Even at the Waldorf Astoria hotel, where Tesla lived for decades and where the silverware was presumably clean, Tesla insisted on this time-consuming process before every meal.
The first napkin, and perhaps the second, might have ensured a somewhat cleaner set of utensils—and it probably gave Tesla, who had contracted a debilitating infection as a child, additional peace of mind. That’s what economists would call positive marginal utility. It served some use.
Adding Value
Adam M. Grossman | September 1, 2019
NIKOLA TESLA was a brilliant inventor, with nearly 300 patents to his name. He also had some unique habits. Among them: Every night, before he sat down for dinner, he would ask his waiter for a stack of 18 napkins. He would then use them to carefully wipe down his silverware.
Even at the Waldorf Astoria hotel, where Tesla lived for decades and where the silverware was presumably clean, Tesla insisted on this time-consuming process before every meal.
The first napkin, and perhaps the second, might have ensured a somewhat cleaner set of utensils—and it probably gave Tesla, who had contracted a debilitating infection as a child, additional peace of mind. That’s what economists would call positive marginal utility. It served some use.
But beyond that, it’s hard to imagine that all that additional cleaning and scrubbing contributed much. It just took time. That’s called negative marginal utility. It consumed time without adding any value.
When it comes to managing your finances, I suggest looking at things through this same lens.
The financial world, unlike more scientific fields, is full of uncertainty. In many situations, additional effort won’t get you any closer to a better answer—just as wiping down the silverware for the 18th time won’t make it any cleaner.
This notion strikes many folks as counterintuitive. When we were children, we were taught to work hard—and indeed, in most endeavors, additional effort does yield a better result. But in the world of finance, it’s more nuanced.
Historically, when people talked about personal finance, they focused primarily on investment-related questions—which way the market was going, which stocks were hot and so forth. For years, these kinds of questions received the lion’s share of attention from both experts and everyday Americans.
But research has shown that time spent on these questions often isn’t time well-spent.
Stock picking, market timing and economic analysis rarely yield positive returns. What’s worse, these activities also tend to leave investors with higher investment costs and bigger tax bills.
To continue reading, please go to the original article at
.12 Things A Lottery Winner Should Never Do
12 Things A Lottery Winner Should Never Do
From the Dinar Recaps Archives originally posted on 7/4/2019
Powerball & Mega Millions Lottery Above $650 Million:
12 Things the Winner Should Never Do
By Douglas A. McIntyre July 3, 2016 9:30 am EDT
This advice is worthy for any sudden wealth situation
It looks like lottery history is in the making for this holiday weekend. Neither the Powerball nor Mega Millions lotteries have produced a winner for the hundreds of millions of dollars up for grabs from June into July. With Mega Millions now rolling up to $415 million and with the Powerball now at $243 million, this now puts the weekend of July 1, 2016 as having a whopping $658 million combined.
The Mega Millions drawing is set for Friday, July 1 and the Powerball drawing is set for Saturday, July 2. There already could be a winner
12 Things A Lottery Winner Should Never Do
From the Dinar Recaps Archives originally posted on 7/4/2019
Powerball & Mega Millions Lottery Above $650 Million:
12 Things the Winner Should Never Do
By Douglas A. McIntyre July 3, 2016 9:30 am EDT
This advice is worthy for any sudden wealth situation
It looks like lottery history is in the making for this holiday weekend. Neither the Powerball nor Mega Millions lotteries have produced a winner for the hundreds of millions of dollars up for grabs from June into July. With Mega Millions now rolling up to $415 million and with the Powerball now at $243 million, this now puts the weekend of July 1, 2016 as having a whopping $658 million combined.
The Mega Millions drawing is set for Friday, July 1 and the Powerball drawing is set for Saturday, July 2. There already could be a winner
It seems that the new American Dream is winning the lottery. After all, you can become filthy rich in an instant. Winning the lottery also has to sound much more exciting than a life of hard work followed by a lifetime of savings and being responsible. Besides that, the media and the politicians keep telling you how hard it is to get ahead and to succeed in life these days.
...
The odds should have generated a major winner in each of these lotteries by now. What is amazing is that the $658 million combined would not represent a record lottery even if it was combined. If no winners come this weekend, then they will likely roll up to around $700 million.
Lottery players must know that the cash option is lower. The annuity value of $415 million for the Mega Millions would be $286.4 million for the cash option, while the Powerball annuity value of $243 million would be just over $165.9 million for the cash value. Whether lottery winners take the annuity or the cash option, either lottery should be generating multi-generational wealth.
What lottery winners have to understand is that sudden extreme wealth brings the need for sudden extreme responsibility.
This is why 24/7 Wall St. has created the 12 Things Not to Do If You Win the Lottery.
Can you imagine winning a sum of over $100 million, $200 million, or $300 million? Even after you back out the cash discounts and the taxes, this is empire-building money.
To continue reading, please go to the original article at
List of Bank Services to Request or find Out About
.From Recaps Archives
(Feel Free to use which of these Suggestions may fit your own personal circumstances and discard those that don't)
List of Bank Services to Request or find out about
LIST OF BANK SERVICES TO REQUEST
Ask the private banker or bank manager to provide the following items:
1. No spread fees or bank fees of any kind charged on the currency exchange.
(With the “1% over-nights”, the “Quarterlies” and the “fractional banking loans”, this should not be an issue.)
2. Highest interest rates available to be paid on my accounts.
Forever Waive all bank account fees, cashier’s check fees, notary fees, wire fees etc.
From Recaps Archives
(Feel Free to use which of these Suggestions may fit your own personal circumstances and discard those that don't)
List of Bank Services to Request or find out about
LIST OF BANK SERVICES TO REQUEST
Ask the private banker or bank manager to provide the following items:
1. No spread fees or bank fees of any kind charged on the currency exchange.
(With the “1% over-nights”, the “Quarterlies” and the “fractional banking loans”, this should not be an issue.)
2. Highest interest rates available to be paid on my accounts.
Forever Waive all bank account fees, cashier’s check fees, notary fees, wire fees etc.
Bank to provide and pay for insurance to cover all account balances. Lloyds of London - Abbott Downing with WF for accts with over 50M$
5. Access to information on investments such as pre-IPOs, real estate (REO), and bank trading and sweep accounts.
6. Bank to provide a team to include a Tax attorney, CPA, wealth planner, trust attorney, Estate planning, etc.
Private bank debit card such as opal or black card with no RFID
Multiple insurance types (Health, kidnapping, etc.)
Low or no interest loans rate if needed in the future
Increased ATM withdraw limits and Use of out of network ATMs without fees
12. No foreign exchange fees for debit card usage outside the U.S.
13. Concierge services (possible Vertu phone for mainland), First class travel arrangements as needed.
14. Unlimited limo service when visiting any city, in any country other than my hometown.
15. VIP Concert tickets
The following benefits will be available and apply to all accounts as long as a minimum balance of $____________USD (or it’s equivalent) is held in one or more Wells Fargo accounts by ____________ Trust or another entity who’s primary signatory is the client, _________________________.
All benefits will be available for my immediate family (son, daughter and their domestic partners) as long as the above requirement is maintained.
Banking Services
Complimentary Notary Services
Free courier services and overnight delivery with return
Two free safe deposit boxes (largest available, at preferred branches)
No fee/charge for cashing any form of check.
Free Traveler’s Checks
Wires and Bank Checks
No fees/charges for obtaining certified/cashier’s checks or money orders.
No fees/charges for sending/receiving domestic or international wires.
Foreign Exchange
No spread fees or foreign currency exchange fees on foreign currency exchange.
Bank rate (“no spread,” zero difference) on all currency exchanges.
ATM/Debit and Credit Cards
No annual fees on all credit cards
Zero percent APR on all credit cards (Visa, MasterCard, et al) for purchases and cash advances if paid in full within six months, followed by 2% APR on any remaining balances.
No cash advance fees.
Fully adjustable debit and credit card withdrawal limits set by card holder, changeable 24/7
Guaranteed “next day” replacement of lost or stolen cards.
No fees for additional debit cards (ie “linked” debit cards for employees, children, home staff, et al with specific monthly spending and withdrawal limits set for each cardholder.)
Checking and Savings Accounts
As stated above, all accounts shall be free of all bank fees and service charges as long as the client maintains a balance of $______________________USD (or it’s equivalent) is held in the client’s accounts.
These fees/charges include, but are not limited to:
Free checks (No fees or charges for any checks, including online overnight checks/payments from BillPay).
No online banking fees, checking account or savings account fees; No ATM or human teller fees, non-system ATM fees, debit or credit card fees.
No international/foreign transaction fees; transfer redirection charges, overdraft fees, excess transfer fees, returned deposit fees, stop payment fees.
No monthly or annual account maintenance/service fees or card fees, inactivity fees, account closing fees, lost card/replacement card fees.
Any “non-system” or “out of system” banking or ATM charges/fees will be paid for by Wells Fargo and reimbursed to my account within three business days.
In the event of any accounts being closed, all estate administrator fees will be paid by Wells Fargo.
Loans
Maximum 0.5 percent above Wells Fargo’s ________ bank rate from mortgages, real estate, auto and business loans
No loan application fees
Transactions
There will be no limitations of time or amount, penalties, charges or fees on transfer or withdrawal of funds from any of the client’s accounts.
Concierge Services and Misc Benefits
Complimentary Concierge Services 24/7
Complimentary premier lounge access at airports, ballparks, arenas, hotels, clubs, et al worldwide.
Insurance
Lloyd’s of London or Abbott Downing insurance coverage for all accounts.
Private Banking
Dedicated Private Banker / private banking services available 24/7
Upon request Private Banking will provide information and access to pre-IPO offerings and other “by invitation only” investment offerings.
No charges, fees or annual membership dues for full and unlimited access to Wells Fargo Commercial Electronic Office® (CEO) Portal or similar online executive banking management and market analysis services.
After hour appointments on request
Dispute Resolution
Any and all disputes will be resolved by an independent third-party mediator.
Their opinion will be binding and serve as a final ruling.
All parties will honor and abide by their decision.