Bet it all on one game.
I nominate this for worst advice of 2014
Topic: Turning life upside down, 250k. - page 2. (Read 1658 times)
I nominate this for worst advice of 2014
Bet it all on one game.
Hello, I have just won a total of 250k worth of BTC, how would you go about it and transfer the money into an apartment, taxing as little as possible.
Can I get a loan?
This is the scenario:
- You have been homeless the past 2 years, with litte to no income(apart from betting)
- You have 50k in debt to variouse bills(small things) of that 50k about 40k is student loan.
- Apartment price is little expensive; 400k for a decent 2 room apartment.
- You have just found a job paying 10k a month(old nice friend offered)
How would you turn your life upside down? without risking to much from gov. eating your lucky money?
Can I get a loan?
This is the scenario:
- You have been homeless the past 2 years, with litte to no income(apart from betting)
- You have 50k in debt to variouse bills(small things) of that 50k about 40k is student loan.
- Apartment price is little expensive; 400k for a decent 2 room apartment.
- You have just found a job paying 10k a month(old nice friend offered)
How would you turn your life upside down? without risking to much from gov. eating your lucky money?
First of all, congratulations on winning the money.
Do NOT gamble with any of the money you've won. Think about it; $250,000 is worth years and years and years of hard work, and you can change your life with it. Don't waste it, please. Move it into another wallet if you have to.
Also, do NOT make or take out any loans. Do NOT buy that apartment. Hold on to the money for the next few months and don't make any major decisions until you have everything figured out. Taking out a loan worth nearly twice the amount of money you have is a bad idea.
You want to turn your life upside down? Do this.
The first thing I'd do in your situation is look into selling the coins as soon as possible. If the bitcoin price drops to $300, you've already lost 25 thousand dollars. If you're confident in bitcoin, keep 5% or so only.
Get an tax accountant/lawyer/professional to help you figure out taxes. They will also be able to figure out the best way to sell the coins. This will cost you a few hundred dollars probably. It's worth it. You'll lose much more just by holding bitcoin. And you'll save your ass in the long run.
Pay off all your debts, and put ALL the money away into savings.
Find a CHEAP apartment to live in for now.
Take the job your friend offered you. $120,000 a year is a lot. You won't earn a stable income through gambling (you probably already know this). And you can't live off $250k for the rest of your life.
Once everything has settled down a few months later, look into in safe investments: bonds, CDs, funds etc, maybe even a small amount of bitcoin.
To summarize: sell coins -> pay off debts -> rent apartment -> and DO NOT spend any large sums of money, no matter how tempting it is. You have enough money to change your life significantly; don't squander it.
If it were me I'd just suck up the tax for the sake of a quiet life. Having a pile of cash and blowing it around the world is one thing, but a property is rather hard to hide from the tax man. Depends how lax authorities are wherever you reside.
If I wanted to cash out an amount that large I'd forget about going directly on exchanges. Talk to a broker like SecondMarket to arrange a straightforward sale at an agreed price or some of the exchanges may have customers looking to buy a decent amount without the risk of slippage.
If I wanted to cash out an amount that large I'd forget about going directly on exchanges. Talk to a broker like SecondMarket to arrange a straightforward sale at an agreed price or some of the exchanges may have customers looking to buy a decent amount without the risk of slippage.
Gambling is tax free but, transfering that money to fiat isn't. thats the difference. 
The gambling site you won off is it registered as a gambling business? otherwise this could affect you in transfering the money as I'm certain if you are going to transfer this bitcoin into either property or too your bank questions will be asked and a investigation to find out if you are telling the truth will go ahead. if the gambling site is not registed and is operating illegally you might have some trouble. I'm not 100% sure though.
Sell the bitcoin to someone on the forum you might get less than 250k but it would still be a good idea rather than giving it to a exchange.
Why?
I think people is to paranoid around here, its not illegal to sell or own a lot of Bitcoins, FYI
If you want to by property at the moment you either use bitpay or find someone selling for bitcoin.otherwise you have to give it either to a exchange when giving it to a exchange some banks will close down your account because they are not friendly with bitcoin and they can do that for any reason as its written into the contract that you sign/agree on when you register with that bank.
It is illegal to own/use bitcoin in some countries I believe russia is one that has banned its use.
Sell the bitcoin to someone on the forum you might get less than 250k but it would still be a good idea rather than giving it to a exchange.
Hello, I have just won a total of 250k worth of BTC, how would you go about it and transfer the money into an apartment, taxing as little as possible.
Can I get a loan?
This is the scenario:
- You have been homeless the past 2 years, with litte to no income(apart from betting)
- You have 50k in debt to variouse bills(small things) of that 50k about 40k is student loan.
- Apartment price is little expensive; 400k for a decent 2 room apartment.
- You have just found a job paying 10k a month(old nice friend offered)
How would you turn your life upside down? without risking to much from gov. eating your lucky money?
How did you won that much money? It will obviously a problem to transfer that kinda money to your bank. Can I get a loan?
This is the scenario:
- You have been homeless the past 2 years, with litte to no income(apart from betting)
- You have 50k in debt to variouse bills(small things) of that 50k about 40k is student loan.
- Apartment price is little expensive; 400k for a decent 2 room apartment.
- You have just found a job paying 10k a month(old nice friend offered)
How would you turn your life upside down? without risking to much from gov. eating your lucky money?
Buy bitbay or blocknet so bob can have that money
No
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