arizona_cards_11
Member
Like others have suggested - if you're set on this route, buy low end equipment. I can tell you first hand that high-end stuff won't sell like you think.
Ron, what a buzzkill you are . Your advice is the way I've lived my entire life. I figured $2500 is half the cost of a nice vacation which my wife and I can't take anymore because of her medical condition. I've always taken care of our sons, put them through college, helped them financially when they needed it and now it's time for me. It's probably obvious that I really want the SCAR for myself, but this is the only way that my ultra conservative self can come close to justifying it. It doesn't really make sense to do and for some unexplainable reason, guns are the only thing that make me lose all perspective.
Huh? I call our investment brokers and ask for X amount, I have pulled 20K without a problem. They just ask which account and within 24 to 48 hours the money is automatically deposited into which ever account I choose. We have a few investment accounts which are ROTH IRA and withdrawls from those are tax free. Never had a problem withdrawing money,it was always quick and easy using either an email or phone call. The only issue is when we withdraw over 10K in cash from the bank. Then the government is notified and last time I did that much was cash to buy a truck. Also, if I want to do a large cash withdraw over around 5K the bank likes notified a few days in advance just to make sure they have the cash on hand. Banks, it seems no longer keep large, large amounts of cash on hand.Whatever you do, tap that retirement account! But yourself a high end rifle! You might also consider ammo, classic Smith & Wesson revolvers, or America The Beautiful 5-oz silver coins.
The thing is, when they amended the banking laws a few years ago (Dodd-Frank), the status of your bank and investment accounts changed. You don't actually own your money anymore. Your deposits are considered an unsecured loan to the bank and their property, not yours.
It's a small change, right? You can get your money out anytime you want, right? No, not actually. You can transfer those digits to another bank and it will become that bank's property. But it's difficult to actually withdraw a large sum of your own money. They will want to know what you plan to do with it. You will have to fill out forms. The FBI will be notified for cash withdrawals as small as $5000.
So, buy yourself that high end rifle and any other high quality tool or commodity you can think of. It's the bank's money you're spending, after all.
Huh? I call our investment brokers and ask for X amount, I have pulled 20K without a problem. They just ask which account and within 24 to 48 hours the money is automatically deposited into which ever account I choose
Drive through any small town and look at the used car lots. How many of them have top dollar Mercedes and Porsches? How many of them have Camrys and F-150s? Sure there are people looking for a used Mercedes so there are people that sell them but the sheer numbers of people looking to buy a "decent" car is way higher.
In August of last year I had to move to GA and bought a house and property. I did't want to finance so I pulled the money from two accounts. One check was sent FedEx and I went downtown and picked up the other from Morgan Stanley. Obviously both were WAY over $20k.
While off topic what you did is something we are thinking about. The NE Ohio winters are not very appealing. I have friends in NC, SC, GA, and FL with the thought of moving south getting very appealing. I figure sell up here and go south and if we need, for the house we want, just draw on one of the accounts.
Huh? I call our investment brokers and ask for X amount, I have pulled 20K without a problem. They just ask which account and within 24 to 48 hours the money is automatically deposited into which ever account I choose. We have a few investment accounts which are ROTH IRA and withdrawls from those are tax free. Never had a problem withdrawing money,it was always quick and easy using either an email or phone call. The only issue is when we withdraw over 10K in cash from the bank. Then the government is notified and last time I did that much was cash to buy a truck. Also, if I want to do a large cash withdraw over around 5K the bank likes notified a few days in advance just to make sure they have the cash on hand. Banks, it seems no longer keep large, large amounts of cash on hand.
Do you have a credible link on any of this Dodd / Frank rule is that my money actually belongs to0 the investment broker or bank? I would like to read that portion.
Ron
In August of last year I had to move to GA and bought a house and property. I did't want to finance so I pulled the money from two accounts. One check was sent FedEx and I went downtown and picked up the other from Morgan Stanley. Obviously both were WAY over $20k.
Yep, or try and cash a $20k check... good luck with that!And those monies remained in the banking system the whole time. The check is a bank debt just as your deposits are a bank debt.
Tell Morgan Stanley you want to withdraw $200,000 IN CASH to buy a house. The reaction would be quite different.
Of course all of this money, cash and check, immediately went into a CD at another bank but there was no paperwork that I am aware of that was filed on the $18k in cash. I am POA so I was involved in every step. Maybe he will get an inquiry from the IRS later.
Oh my God, the Wachovia story was funny. Around here I do zero bank normally. Kathleen is content managing the finances and I am fine with that. I do occasionally retrieve the mail from the mailbox so I do my part. Getting a bill from the mailbox to kitchen table is taxing work.The $10k limit is a hard rule, so a DHS report was generated for the $18k cash withdrawal. They normally do not inform the account holder.
My wife and I went through a similar episode at Wachovia in 2008. I had a CD maturing and did not wish to roll it over into an even smaller-paying CD, so I asked for cash. The amount was about $16k. We had to come back the next day and even then it took about an hour. We were taken to a private room where they counted it out. The bank executive asked me why we wanted to much cash. I told her I had read in the Wall Street Journal that Wachovia was insolvent like Lehman Brothers and I wasn't certain the bank would be open tomorrow. She looked at me like I was nuts.
Sure enough, within 1 week Wachovia Bank had ceased to exist. Wikipedia says: Wells Fargo acquired Wachovia after a government-forced sale to avoid a failure of Wachovia.
That same lady is at the Wells Fargo branch now. She still looks at me funny, but I guess doesn't think I'm quite as nuts.
We still use Wells Fargo for checking and day-to-day transactions, but I opened an account in a small regional bank with some of the cash.
So should the original poster take 401K or IRA monies and invest in AR rifles or AR rifle receivers and sundry parts?