What to do if you have too much cash?

NiceGuy

If you have too much cash these days and you put it in the bank you are at risk of tax investigation, being considered a criminal, terrorist etc. cash is dangeous to hold eg. theft and there is no interest. Gold costs 7% to buy and 7% to sell and is also dangeorous from a theft point of view. Travellers cheques have the purchase recorded and bearer bonds are no longer issued. With all the prejudice these days against someone who holds cash, and people/ governments seeing it as hoarding something they have a right to, What to do?

Baz_2

:rotfl:

Why worry about a tax investigation?

D1zzy

:rotfl:.....or having yr travellers cheques recorded. You need a good mattress

dzug1

What is your objective?

NiceGuy

My objective is to hold the value in some instrument that makes some return until I need to spend it and keep it off the books, as I have already been audited twice and I don't want to trigger another one.

Reaper

Holding a large amount of cash is crazy. As you say it would earn no interest, so inflation would eat into it.

Holding money in a bank or savings account alone would not be likely to trigger a money laundering investigation. They are happier when the money is moved around by bank transfer or cheque because then there is a paper trail. However if you have a tendancy to regularly visit the bank with a suitcase full of money they will most certainly flag you as dodgy.

Move away from cash and into the modern age. You might get some questions when you first deposit a huge sum in cold hard cash but after that you will be fine.

And if you have money coming from legitmate sources then accept cheques and bank transfers instead of cash. People who insist on cash usualy have something to hide.

jon3001

NiceGuy wrote: »

With all the prejudice these days against someone who holds cash, and people/ governments seeing it as hoarding something they have a right to, What to do?

http://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Quid

Gymgenius

I'v just 'got' the OP's username. Cute.

Gordias

Depends on what you mean by "too much". If it's an annual salary amount you could pay for all your living costs up front. Pop down the council office and pay your council tax in one go at the counter, go to a cash and carry and get a years supply of toilet paper, washing powder etc. pre-pay a tab at your local boozer! You'll get a return in the form of inflation + bulk buy and early pay discounts ~5-10% over the year.

NiceGuy

Gordias - Those all all great ideas and money saving tips.

But what about the excess, lets say that it would be better not to deposit the money due to the structured finance arrangements. Does anyone know of a way of storing the value similar to the old bearer bonds?

theGrinch

marry someone dim with high maintainence