Does anyone ever get paranoid when making large bank deposits? It has been a very good year for me with poker and sports and I would feel better if I had some of this money in a bank. For years it has been normal for me to have 10-20k laying in my safe, but this year the number has gotten a little to big to keep "laying around". What do you guys do? Safety deposit box? Drop 3-6k a month till you have what you want in the bank? Coffe can buried in the back yard? Lol
Its funny that you mention Gold. My friend has been buying gold coins for years. He is trying to get me buy some gold,but seems like a rollercoaster ride. As long as you keep your deposits less then 10k they won't even blink. Multiple accounts good too. A good problem to have. Plus the liquidity of gold.
Agree about the Gold. Tough now that it's what ?? about $1700 an ounce
I just know a few guys that will buy here and there.. maybe a Coin a month. I wouldn't buy up $50K worth of Coins...
But Yes, you would have to worry if Gold starts to tank ( even though don't think it's going anywhere soon )
when using Safe deposit boxes... Try to never keep more than $50K in there... as Most know, they are Not In insured.
Multiple Bank accounts is the Best answer
Open multiple accounts...we have five currently.
One for my business, one for our personal stuff, one for savings, one for household bills, and then mine - which is just for gambling. You could easily put 1-2k in each per week and no one would bat an eye. These are spread out across four banks as well.
One for my business, one for our personal stuff, one for savings, one for household bills, and then mine - which is just for gambling. You could easily put 1-2k in each per week and no one would bat an eye. These are spread out across four banks as well.
Classic example of buy high and sell low right there.
I would not touch gold right now.
No offense but to say gold is over $1,900 and wife is in the business then say you were told recently it was trading at $1,900. Gold hasn't been over $1,900 at all recently. You'd have to go back over a 15 months ago to see that number during intra day trading only.
What type of business does your wife do?
Dentist and works with gold fillings?
No need to be paranoid. Just don't deposit $10,000 or more at a time in your account and you'll be fine. I built up a nice stock portfolio over the years with winnings. I know guys 20 years ago that won money and wanted to double up on their winnings and bought savings bonds. I wouldn't recommend that now because the interest is next to nothing but back then they got over 5% and if they didn't need the money it made sense.
You can always open an IRA and funnel some of your winnings there and use it as retirement funds down the road.
Exactly.
Alot of solid advice in the thread... but basically less than 10k deposits here and there, couple different banks.. pay your taxes..
really if your claiming it all on your taxes, doesn't even matter if you deposit all at one time... I personally wouldnt want to say I won it gambling... so I would do 4-6k here and there...but its agreat problem to have. congrats
