Hello,

How do you guys save money.

I'm trying to decide how I should save money.I don't want interest from it, I just want it to save it safely and make sure it be worth what I paid for.

I wanted to save cash in the bank but I'm afraid the tax people will contact me and ask questions, so I decided I will not save money in the bank.

Now, the second idea I have is buy gold and put in the bank saves.But I'm not sure if after 20 - 50 years the value of gold will remain same or it will decrease.I don't care much if it's increase, it's just a bonus but I don't want it to decrease, for example, what if they discover tons of gold somewhere on earth in future, wouldn't the value decrease since we will have plenty of them.

So, my question is, how do you guys save money (for those who have big savings)

And what you would recommend me.

Thanks

I just spend everything I get, much easier. Sure I have few grand on my Payoneer account, but nothing else.

invest in knowledge....

sorry for double post

Don't keep all your eggs in one basket ;-) make sure to diversify

As said by "tashrif" don't keep all your eggs in one basket. Invest it in knowledge, gold, bank savings, shares, bonds etc.

Stable dividend stocks. Dividends every quarter and capital gains over time as well. Research and diversify.

I don't spend it on stupid shit.

If you are already reporting your earnings to the IRS and paying taxes on it, they will not hassle you about the money in your account. If you take that approach, my suggestion is to join a credit union and open an account and dump the money in there. Or even open a separate savings account at your current bank. The point is to keep it out of sight so that you do not realize you have it to spend.

As for gold, only buy coins. Otherwise, you will run into the same issue with info being transmitted to the feds if the value is over a certain amount.

Honestly though, it's hard to make any reasonable suggestions not knowing how you got the money and if it is cleaned or needs to be laundered.

You may also consider investing in real estate since the market is down. You can buy wooded land and pay lower taxes since it is not usable land and then later harvest the timber and either sell the land or replant trees and do the same 20 years later.

I invest in some nice looking Women

Originally Posted by CoyoteAssassin

If you are already reporting your earnings to the IRS and paying taxes on it, they will not hassle you about the money in your account. If you take that approach, my suggestion is to join a credit union and open an account and dump the money in there. Or even open a separate savings account at your current bank. The point is to keep it out of sight so that you do not realize you have it to spend.

As for gold, only buy coins. Otherwise, you will run into the same issue with info being transmitted to the feds if the value is over a certain amount.

Honestly though, it's hard to make any reasonable suggestions not knowing how you got the money and if it is cleaned or needs to be laundered.

You may also consider investing in real estate since the market is down. You can buy wooded land and pay lower taxes since it is not usable land and then later harvest the timber and either sell the land or replant trees and do the same 20 years later.

That's what I wanted to do, putting it all in a savings account, but tax is the problem.I can pay if it's 5 - 10 %, but I read it's like 37 %.And I don't understand if I have to pay tax for all the money I make in 1 year and stop next year, would they charge me tax every year or just for the year I make the money.

The value of Gold has gone steadily up over the past 20 years.
However that doesnt mean it cant go down, just that it doesnt appear likely to any time soon...
(could these be famous last words...?)

Originally Posted by SeoNuuby

That's what I wanted to do, putting it all in a savings account, but tax is the problem.I can pay if it's 5 - 10 %, but I read it's like 37 %.And I don't understand if I have to pay tax for all the money I make in 1 year and stop next year, would they charge me tax every year or just for the year I make the money.

Yes, you may pay up to 37% but it will be one time. But still, it's a big hit.

Do you have the money in cash or an online account? Are you sure that who you received the money from did not report it to the IRS? If they did, you will most likely end up getting caught and having to pay so if nothing else, at least hold onto it.