What to do with our new found wealth??? - page 7.

Lomberjack

full member

Activity: 384

Merit: 106

Quote from: mickymax777 on November 27, 2017, 05:35:59 AM

I'm currently investigating how to stay under the radar with regards to the profits made from crypto.

So, let's say we made millions, how do you get some of the money back to fiat,but without making waves with the government.

Added, I stay in a corrupt country where large scale government corruption is the norm.

Any help will be appreciated.

PS: Is the idea of crypto not to be anonymous.

Here in our country, it has never been an issue converting our crypto money into fiat because even we do it occasionally, or even daily, our government and banks do not evenly put tax on our transactions since it was fully funded tax free for the unknown reason but it is true because ever since I have been into exchanging my Bitcoin into fiat, in any partnership banks of my virtual wallet, zero fee is deducted from the transaction I have been doing and fully cashed out it for my own goods. In fact, they fully support crypto exchanging just like normal.

dolagani

member

Activity: 140

Merit: 10

Breaking it down to small transactions would be an option. It's going to be a tough call depending on which country you're in. There are banks who would be more than happy to blow the whistle on you should they see a sudden spike in the money that you're putting in and getting out.

Dudeperfect

hero member

Activity: 1190

Merit: 534

I am not a great fan of going through such way but I am just concerned about holding my wealth and spending it without the approval of anyone else. On the other hand, there is a risk in hiding wealth from the legal authorities. However, one can always take the help of consulting an expert to reduce the tax by planning it in a legal way. There is a difference between tax planning and tax evasion and I would recommend you the first way.

Lakash

newbie

Activity: 63

Merit: 0

Quote from: mickymax777 on November 27, 2017, 05:35:59 AM

I'm currently investigating how to stay under the radar with regards to the profits made from crypto.

So, let's say we made millions, how do you get some of the money back to fiat,but without making waves with the government.

Added, I stay in a corrupt country where large scale government corruption is the norm.

Any help will be appreciated.

PS: Is the idea of crypto not to be anonymous.

if you have childrens, i suggest investing your new found wealth in providing your children the best education you can give. where nobody can take it away. secondly, invest buying properties.

YzzyGo

newbie

Activity: 196

Merit: 0

Once crypto can be used as currency then it can be anonymous. But as of now, we are still relying on changing it to fiat so that's why it can still be traced back once you withdraw it from a bank or some other way.

Marlyn1

newbie

Activity: 140

Merit: 0

Quote from: fiulpro on November 27, 2017, 05:38:36 AM

Well if you made millions and wanna sneak it ... Without notice of any government official..then I would recommend i split it in parts... Send it to trustable people..and remember this the .. problem only arrises when you go forward to encash it !
Thus.. send it to trustable people and... Encash the amount that for government isn't taxable..

And do this over a period..of...time and I don't think there will be any problems with this..

Because encashing is the whole trouble nothing else...

Got your point there bro. It is the en cashing that would create problem to us if we have millions even if we earned it legitimately. Usually here in our country, the perception of the people surrounding you is that you got wealth through illegal means if you don't have business. Divide it to people whom you trust so that no one will notice you.

Escf4

jr. member

Activity: 364

Merit: 3

GIGZI - INDEPENDENT WEALTH MANAGEMENT

Preserve the new found wealth by not spending them thouroughly, even if the wealth is many , try to invest this wealth in another investment , if use and enjoy spend it wisely and have limits for spending, You will let this new found wealth also grow and gain profits so that it will not deminish and vanish entirely.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: someonesomeone on April 26, 2018, 11:13:42 AM

Why sneak around? Pay your taxes, be happy and be free... If you made millions get a tax advisor and make a plan to spend the least possible on taxes but pay them. Or move to a different country where there is less corruption or less taxes

Exactly, there is no point in having so much money but being afraid of using it and having to look at your back for the rest of your life, even if we do not like it, it is better to just pay your taxes and move on, that way you can enjoy your new found wealth without any danger of being put into jail, no amount of money is big enough to justify to spend a single day in prison.

boblets243

newbie

Activity: 112

Merit: 0

Quote from: mickymax777 on November 27, 2017, 05:35:59 AM

I'm currently investigating how to stay under the radar with regards to the profits made from crypto.

So, let's say we made millions, how do you get some of the money back to fiat,but without making waves with the government.

Added, I stay in a corrupt country where large scale government corruption is the norm.

Any help will be appreciated.

PS: Is the idea of crypto not to be anonymous.

If I am earning millions, I would of course convert it to fiat so that I can benefit from it. Probably I would convert it when I already need it. But if my government would impose tax with that, then, I leave no choice but to pay for it. I believe, we need to be responsible to pay for the tax.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

the best thing that we can do is do more saving to increase the amount of the money and send donations as a charity in the foundation for human, life, and help other people so they can feel some of our wealth too and we can share it with other people. don't spend too much money for something that we don't need and it is better to give that money to the right people that really needs. maybe it sounds cliche but trust me, if we do this, we can feel happiness in our life because we can help other people to feel happy too.

Elai101

jr. member

Activity: 154

Merit: 1

Quote from: Odelkaleng on April 26, 2018, 10:23:44 AM

Perhaps most of all you have to be careful, do not be too eager to spend all your money or assets. Arrange well all the wealth so as not to waste. Try some new business so you get more income.

Be humble of what youve got.Things are not permanent.Do not spend more than you earn.If thier are someone in need, give them your help.God will provide to those who are in good heart and those who trust.Our wealth in the world is temporary.Do not be greedy.

wack slacker

full member

Activity: 966

Merit: 102

Make a silent transfer of your wallet if you want to keep it for a long time. Things will get better and someday you will have to sell them. Keep in the wallet and keep the password carefully and always know how to get it out when needed.

mickeybuddy27

full member

Activity: 429

Merit: 102

Quote from: jembaba1 on April 26, 2018, 11:10:25 AM

I think we can use it for even bigger investments. if we immediately spend it, it will only be wasted. we take advantage of the moments where we get great capital and we start to invest even more.

Place it on something that will make it grow. It is hard to work for it, so make it more valuable and do not spend on not important things because money can easily disappear if you do not handle it well. Wealth cannot stay when you abuse the use of it. Make sure that you place it secure but make you earn even just holding it.

Jessy Mediola

full member

Activity: 340

Merit: 100

Quote from: mickymax777 on November 27, 2017, 05:35:59 AM

I'm currently investigating how to stay under the radar with regards to the profits made from crypto.

So, let's say we made millions, how do you get some of the money back to fiat,but without making waves with the government.

Added, I stay in a corrupt country where large scale government corruption is the norm.

Any help will be appreciated.

PS: Is the idea of crypto not to be anonymous.

The best way for the newly found wealth is be wisely in managing it. You need to think out of your comfort zone. Let your money grow and multiply by making another extra income or business. One of the best example is renting a house, or small market. Do not spend your btc in unnecessary things.

burong1

full member

Activity: 238

Merit: 100

BIG AIRDROP: t.me/otppaychat

Quote from: Blockfolioz on November 27, 2017, 06:18:37 PM

It's really hard, but the same is possible. It requires good time to achieve the same, because you need limitations in withdrawal if you wish to stay anonymous. Fulfilling those limits will let you make the move accordingly rather than just withdrawing a huge amount and getting caught under the sight of corrupt government.

to telll you honestly i dont have no idea what to do in this kind of wealth but i think the best way to do is just to take care of this new found wealth, but i guess this is Gods gift given by us so we should learn where to use it and learn to appreciate all of this.

Averim

member

Activity: 515

Merit: 12

Well if you made millions of dollars in crypto coin then it should not be a problem to hire an financial expert to help you in this situation. Even if the state is corrupt i go along the idea that it is better to have a god night sleep then to have all kind of threats.

thend1949

hero member

Activity: 798

Merit: 500

Quote from: someonesomeone on April 26, 2018, 11:13:42 AM

Why sneak around? Pay your taxes, be happy and be free... If you made millions get a tax advisor and make a plan to spend the least possible on taxes but pay them. Or move to a different country where there is less corruption or less taxes

A new found wealth is a gift given by Almighty God, and I believe that it has a purpose. We should be responsible in such a way we spend it wisely, help charities, give back to the society, help my family, and think of the future. Set aside a little for yourself to build a business or do trading and investment and let it prosper. Don't spend it to non-sense things that don't really matter and are just a waste of time.

altercreed

full member

Activity: 434

Merit: 101

If i have to spend it, i will spend it wisely. I will build business establishments of any kind, and share some of those to foundations. On top of that, i will also invest on digital currencies that are very potential to give you 10x profit in the future.

fcklife

member

Activity: 284

Merit: 10

The Exchange for EOS Community

Quote from: mickymax777 on November 27, 2017, 05:35:59 AM

I'm currently investigating how to stay under the radar with regards to the profits made from crypto.

So, let's say we made millions, how do you get some of the money back to fiat,but without making waves with the government.

Added, I stay in a corrupt country where large scale government corruption is the norm.

Any help will be appreciated.

PS: Is the idea of crypto not to be anonymous.

it depends on your location. if you are in japan where cryptocurrencies is considered as a currency, well there is no problem with that unlike in USA where cryptos are considered as a commodity. my idea is to have a vacation on a crypto friendly country and there you find ways to exit your earned millions.

another thing is to have a business as a front. or donate to a bogus charity.

Jambolb2

sr. member

Activity: 444

Merit: 250

Quote from: crazycatwoman03 on April 26, 2018, 09:43:48 AM

Quote from: evader11 on April 26, 2018, 06:36:08 AM

I do saving money in the bank and my atm, pruchase the goods needed especially our clothes and foods. All of this i'll do because i want to help my family especifically about our finances and i believe that everything they give there is a replacement and i want to make them even more proud because of what i do and help that's all i want to hear from them.

In short, what we have to do with our new found wealth, and that is crypto earning for me, is to manage it as wisely as we can. We should spend it on important things only especially if you are just starting in here. Once you experience earning big, you must not stop but must strive harder because that doesn't mean that your next campaigns or bounties will give you big rewards also. Do not take crypto earning as a joke but treat as a job/work already, not all people are able to succeed in here and understand what cryptos really are and their used.

for me Earning from Bounties is just a limited time opportunity.. they way the ICOs turning into scam I am pretty sure these ICOs and bounties will collapse one day. people are earning good money through them as well as me too. but I am not spending my money everywhere. I am very careful about my wealth because if one day I lose this work then I must have savings to survive here.

Topic: What to do with our new found wealth??? - page 7. (Read 3280 times)