Thoughts On Floating Money Around

Sounds like he's been able to acquire an extreme amount of wealth but can't figure out the solution to a simple problem. Seems to be the real "pandemic" today.


That's too bad. I hope he didn't reproduce and fail to teach his offspring valuable life skills also.
 
Zee09 said:
@MSCH
The deal is I leave my earnings in my brokerage account to get my 5% interest.
But he takes it out because his wife daily watches the screen on his platform. I'd just get a second platform.
So, he sends it to the bank and then he withdrawals from the bank and takes it home.
Thats fine and legal.. But if he ever needs to re-deposit it-that's what I would worry about.
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it sounds like he needs to hide that stuff from his significant other...
seriously, how much cash does he withdraw.? most banks nowadays would have a hard time scraping up 5k in cash to give to a depositor requesting a cash withdrawal, at least that was my experience when I tried to get 5k in cash a couple years back.
 
Zee09 said:
Thoughts and conversation only.
I have a buddy that is a fellow day trader. Because of his wife spending illness
he cashes out his earnings on the stock market and keeps the $$$ at home away from the wife's
prying eyes.
All of this money is taxed as he is a fearful IRS kind of guy.
If that money makes it back into the bank for various reasons, I wonder what implications that can have.
I did the same 12 years ago when I bought a foreclosure, and all of my money was legit too.
Of course, 12 years later things have changed.
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Interesting that the spouse doesn't look at the tax returns unless they file separately.

As for implications I'm not sure what you mean by that? Implications for who and why?

If you're talking about the CTR.


If you're talking about from the spendthrift spouse? That's iffy. A safe deposit box is an option but nothing gets away from a subpoena and in the event of a divorce you can be his tax records will be reviewed at which point questions start being asked over capital gains.
 
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MSCH said:
it sounds like he needs to hide that stuff from his significant other...
seriously, how much cash does he withdraw.? most banks nowadays would have a hard time scraping up 5k in cash to give to a depositor requesting a cash withdrawal, at least that was my experience when I tried to get 5k in cash a couple years back.
Click to expand...
He has much $$$ at home.... Edited just in case you know :)
He was a poor bloke and a few years ago he robbed Phillips66 dry... He said it was like printing money.
My niece went to buy a car- needed to get $7K out and they said come back tomorrow.
She came to me and I called the manager as I went to school with her.
She told me to get at the bank when it opens or call in advance a day before to get your money.
So, you are right........... She said they are audited often and only get what they need. Pretty standard these days.
 
Zee09 said:
Counseling seldom works. They went and as soon as the tables turned to her activities it was over. lol
That story plays out often.
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In my opinion, shopping/spending and eating disorders are probably the worst to deal with in term of lifestyle management. Chemical addictions are tough no doubt, but you don’t have to do drugs or alcohol to survive. However you must eat and purchase goods and services. There is no getting around the addiction.

My ex-wife had a bit of a spending problem, among others, and we were never able to resolve it. Like your buddy’s wife, she would spend thousands and we would have nothing to show for it. Surprise, surprise - years later she still struggles financially. Thankfully it is not my problem anymore.
 
Hillbilly Deluxe said:
Sounds like he's been able to acquire an extreme amount of wealth but can't figure out the solution to a simple problem. Seems to be the real "pandemic" today.


That's too bad. I hope he didn't reproduce and fail to teach his offspring valuable life skills also.
Click to expand...
Since you asked. His wife made the kids follow in her footsteps and after all the years he finally grew tired of fighting her
but as they got older, they came around to his point of view.
 
Zee09 said:
He has much $$$ at home.... Edited just in case you know :)
He was a poor bloke and a few years ago he robbed Phillips66 dry... He said it was like printing money.
Click to expand...
he sounds like my Extended Family Member. XFM from now on...

XFM would make comments about his wife like "She can shovel money out the door faster with a spoon than I can bring it in the front door with a wheelbarrow".
 
Vil_Riker said:
Stay under $10,000 per day in deposits at the bank and it will not be reported. And don't go every day depositing $9,999 as it will raise suspicions by the bank and get him reported.

People are taking money out of the banks, why is he putting it back in?
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No. Don't do this.

People taking money out of banks are dumb. Businesses taking money out of banks well that's another issue.
 
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BMWTurboDzl said:
Interesting that the spouse doesn't look at the tax returns unless they file separately.

As for implications I'm not sure what you mean by that? Implications for who and why?
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Sadly, she is now getting dementia and she knows it. A bad way to go. I've seen it like many firsthand.
To answer your question, she never looked at taxes or finances as she chose to avoid the reality of her actions.
To do so would kill her euphoria. I would have never stayed with her myself.
 
Zee09 said:
Sadly, she is now getting dementia and she knows it. A bad way to go. I've seen it like many firsthand.
To answer your question, she never looked at taxes or finances as she chose to avoid the reality of her actions.
To do so would kill her euphoria. I would have never stayed with her myself.
Click to expand...
Ah okay.. I edited my post. If she has early onset dementia then that's another issue because the financial implications can be significant and it could allow your friend to take control of her finances at which point the whole issue is rather moot.
 
Zee09 said:
I talk to him daily and that is in motion. All that money she burned could have insured her care in the future in case he passes away.
What a waste.
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yep. while one can't take it all with them, its nice to have enough to last you until it doesn't matter. Sadly, I think about 80% of Americans are in that boat... going to work until they die. It's also worth saying that a certain point in life, a person cant recover from financial mistakes made in the past. That sounds like your friends case. It is also my XFM's case.
 
MSCH said:
yep. while one can't take it all with them, its nice to have enough to last you until it doesn't matter. Sadly, I think about 80% of Americans are in that boat... going to work until they die. It's also worth saying that a certain point in life, a person cant recover from financial mistakes made in the past. That sounds like your friends case. It is also my XFM's case.
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Money seems to elude us all in the final years.
 
I could never remain married to a compulsive spender, someone with out of control finances. That’s a deal killer.

Often compulsive spenders have a depressive disorder or some other psychiatric problem that they’re trying to abate through spending. Either she gets psychological help, or bye bye baby.
 
Irs knows all of that and so should he. The broker reports any gains you make so it doesn't matter if he cashes out. Now as for the woman wow that's bad.
 
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