BWM Chat at 3S’s Intel 4-22-12

2:00 PM CST: 3sIntel [BWM]
Hope everyone is having a great day so far… did some catching up after church and just coming in to check on things… There’s quite a few on the bandwagon for this happening this afternoon at market open… can’t say I’m hearing that at this time… so take some time this afternoon and enjoy a day of “rest” and let’s see what happens as the week gets started… If there is something important to share just know we’ll pass it along

[ncbizman] So you’re not on same page as Jonnywg and others for today or tomorrow?
[BWM] ncbizman – I’m not thinking today… not from what I’m hearing. …Would never rule that out yet… just not liking the information for today.

[georgia7] You’re probably right if you just play the percentages.
[BWM] georgia7 I don’t do percentages… just explaining what I’m hearing

[rightontime] Just think, when this is over you can take a long, well-deserved vacation! — and us too!
[BWM] rightontime – Heck, I’m more excited about going to work…

[BWM] If you think having wealth is going to be a full time vacation.. then you better have people you trust and can count on to not take advantage of you.. otherwise, you’ll come back from “vacation” with nothing

[pokerplyr] Good Afternoon. What makes you think we’re not looking good for today …if you can share? Everyone else seems to be in agreement
[BWM] pokerplyr – I had some info Friday that I posted yesterday that I didn’t hold a lot of faith in about this weekend.. but it’s looking more and more correct…

[BWM] Having money, especially in the just-a-millionaire status will be a very tedious effort for you to make sure you keep up with… buying expensive things incurs expensive taxes, insurance, etc. you must be thoughtful in your processes not to “overbuy”

[kazorlando] Could it be smoke??
[BWM] kazorlando well it’s getting kinda late in the weekend to ignore it…

[BWM] The more geared for “long term” you are, the less maintenance your funding will require… short term will require a much greater sense of responsibility because of the immediate opportunity for loss

[purplepenguinjen] What kind of investments do you consider short term?
[BWM] purplepenguinjen something you plan on being in less than a year
[purplepenguinjen] BWM, thank you

[BWM] You need to find a good balance for YOUR plans of short, medium and long term growth for your funds… be in a place that becoming liquid would not sacrifice your funding considerations (loss of interest and penalties)

[Rider] BWM Would you suggest cashing in, then go to tax attorney, cpa, etc. to set up trusts, etc? or vice versa?
[BWM] Rider most banks will offer those services free… even if you put into one for moving later

[rightontime] Do you recommend getting other currencies like Canadian, etc?
[BWM] rightontime – I have a three-tiered plan…. long term investments that I will not touch; mid-term which yearly will fill my short term investments with earnings from interest; and the basic account that I will live off of monthly/yearly… the mid term will never touch the principal thereby just using earnings to fund my monthly budget…

[purplepenguinjen] …just a quick clarification… I’m planning on buying commercial and residential rental properties for continual cashflow. My plan is to hold them somewhat indefinitely. So according to your definition, this would be a long term investment, correct?
[BWM] purplepenguinjen – if you plan on keeping something for at least 5 years, IMO that would classify as long term… the danger that everyone wants to warn about is for buying something that you might need to get rid of in say a year or less… bad idea to begin IMO but if you need a house, car, boat etc. things that you will keep, then it’s a great time for it

[goddess] You are giving good advice here BWM. The catch is finding some good money managers to place our money with.
[BWM] goddess – The fun part is the person who I interviewed and wanted to use as my tax attorney is given to me free by my bank… things you need to look into… Everyone who works with the bank doesn’t work FOR the bank

[goddess] Yes, that is the big unknown for me. As I go through the cash in process with a bank, perhaps
[BWM] goddess be confident… you know what YOU want… just make sure they understand that YOU know that

[Rider] My biggest concern is the devaluation of the dollar.
[BWM] Rider – Long term no biggie… while you may lose some “value” on the dollar you don’t lose the amount of dollars you have… so once this settles and the “bounce back” returns, you’ll be fine… diversity will be a key also.

[floridacountrygirl] I am considering buying my restaurant that I have always wanted. I understand that this means many long hours and days and am eager about this but would you consider this to be an investment or just a simle purchase as I know I must work the hours in order to make the money.
[BWM] floridacountrygirl – I watch a lot of the Food Network HAHA… THAT IS WORK…and indeed an investment… make sure you understand your market and what has been the success rate… there is always a loss/turnover with new management… without the proper management you can be losing money and not understand it

[*Pearlnoir] Don’t know if you know…. will banks in Puerto Rico offer the same benefits as the banks in the USA?
BWM] *Pearlnoir – While Puerto Rico is considered part of the US… it’s my understanding they have a few circumstances that will allow for some international trading that US banks can’t…. definitely check that thoroughly.
[*Pearlnoir] BWM thanks, would love to but they do not tell anything right now.
[BWM] *Pearlnoir – No, but they will be doing backflips for you after this is officially showing…
[*Pearlnoir] BWM, that’s for sure! Thanks!

[goddess] How do you feel about off – shore investing?
[BWM] goddess – Be VERY cautious of that… new regulations will limit/penalize those trying to circumvent the US that have US citizenship

[goddess] Is that true even if we are diligent about paying taxes?
[BWM] goddess – It’s not the diligence of paying the taxes… it’s the AMOUNT of taxes… it may minimize the advantages of them… seek professional help that would help you look at all the alternatives
[goddess] BWM, thanks.

[rightontime] I’ve been in this about a year and a half and don’t have tons of dinar but a lopless RV will be just an amazing Blessing.
[BWM] rightontime – Well then, you are set!!!

[goddess] Do you think there is a possibility of a lop before the RV?

[BWM] Alright guys… glad to be able to stop by for a few… gonna go enjoy a beautiful Sunday afternoon… check back in later… y’all take care.

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