Iraqi News: Traveling with Iraqi Dinars Worth Over $10,000 USD

Iraqi News Traveling with Iraqi Dinars Worth Over $10,000 USD

Edu Matrix:  Sep 19, 2021

Iaqi News Traveling with Iraqi Dinars worth over $10,000 into or departing from the United States; The law, the consequences for IQD Investors

US Custom and Border Protection US LAW ON CARRYING CURRENCY INTO OUR OUT OF THE US Hi guys: Sandy Ingram here: I am traveling this week from Mexico to Miami and then to a Caribbean Island. This is a part of my “slowly traveling the world” agenda while waiting for the Iraqi Dinar to do something.

This trip will put me one step closer to Europe, and Turkey where I want to see what’s going on with the revalue for myself. I will upload again on Sunday, September 26th, UNLESS there is breaking news then I will arrange my travel to accommodate a Breaking News story.

 I travel with a limited amount of Iraqi Dinars. It would be just my luck for the currency to reinstate while I am traveling and I get pulled out because I have over $10,000 cash on me. Another currency, yes, but still worth $10,000 that is a no-no.

Always remember you can never fly out of or into the United States with $10,000 or more in cash in your procession without declaring it. Let me repeat that. You can travel with any amount of cash that you choose, however, ALL amounts over $10,000 MUST BE DECLARED.

If you put it in the luggage you check-in, the airlines could lose your luggage and your investment would be gone. The risk is too great, and if you put it in your carry-on, the operator of the x-ray machine at the airport will see it. So, I follow the rules.

The worst thing that could happen is for you to successfully get the cash out of the United States only to lose it to unscrupulous airport workers in another country.

Now, here is what the US Customs and Border Protection says: https://help.cbp.gov/s/article/Articl... It is legal to transport any amount of currency or other monetary instruments into or out of the United States. However, if you transport, attempt to transport, or cause to be transported (including by mail or other means) currency or other monetary instruments in a combined amount exceeding $10,000 (or its foreign equivalent) at one time from the United States to any foreign country or into the United States from any foreign country, you must file a FinCEN Form 105 (“Report of International Transportation of Currency or Monetary Instruments”) with U.S. Customs and Border Protection.

So you see I can travel with well over $10,000 worth of Iraq Dinar if it just happened to revalue while I was traveling. BUT what do you think would happen if I filled out the FinCEN Form 105? That’s right. I would immediately become a person of interest to the Department of Treasury.

 This is why you see blog posts and articles saying you cannot travel with over $10,000 cash. You can. But TAKE MY PROFESSIONAL TAX ADVICE:. You don’t want to.

That is the equivalent of walking into your bank to deposit $10,000 cash. Before you can start your car and get out of the parking lot, the process to notify the IRS is already in motion.

 The reason for disclosure has to do with the Currency and Foreign Transactions Reporting Act. This law was put in place to help detect and prevent money laundering. If you do not declare the cash and airport security finds the money, you could lose the money.

This goes for most countries around the world, regardless if it is law or not. Now here is the most important fact in this whole conversation: You are only required to disclose amounts over $10,000 when traveling to or from the United States.

For domestic flights, you can carry as much cash as you like. People fly to Miami and catch a cruise ship all the time with cash tucked away in their suitcases. However, I wouldn’t try this either, the ex-ray machine operator could still pinpoint your cash when going through TSA airport security.

https://www.youtube.com/watch?v=I8Ir4prBkTE

Strategies for How to Avoid Inheritance Taxes

Strategies for How to Avoid Inheritance Taxes

Ben Geier, CEPF®  Thu, September 16, 2021

How to Avoid Inheritance Taxes

When a loved one dies, there are a lot of things to worry about, from planning the funeral to dealing with your own emotions. As is often the case though, money is a major part of the calculus of life when dealing with a recently deceased family member.

When they pass, your family will have to deal with their money, assets and debts. And if they have a large enough estate, you’ll potentially have to worry about the estate and inheritance taxes. There are things you can do now, though, that will limit the amount of money ultimately subject to these taxes, so that your family can use more of your wealth to build their own lives. For help with the estate tax or any other financial planning issues, consider working with a financial advisor.

Understanding the Differences Between Estate Taxes & Inheritance Taxes

First things first, make sure you know the difference between the estate tax and the inheritance tax. The estate tax, sometimes called the “death tax,” is money taken by the government from the estate of a recently deceased person before it’s passed on to their family, friends and other beneficiaries. There is a federal estate tax, while a number of states also levy their own estate tax.

The inheritance tax, meanwhile, is levied on money after it has passed on to an heir. Money can be subject to both inheritance and estate taxes. There is no federal inheritance tax, but a number of states levy inheritance taxes.

The rules for these inheritance taxes vary from state to state. Sometimes the inheritance tax only applies based on the state the heir lives in, though it can also matter what state the person who died was living in as well. Even what state the property, like a house for example, you inherit is in can affect the situation.

There are plenty of strategies to decrease both types of taxes.

Inheritance Tax Avoidance Strategies

If you think you’ll be getting an inheritance when a loved one dies, the first thing you should do is check the laws in both the state you live in and the state they live in. If neither of them levy an inheritance tax, you’re in the clear. Whenever your loved one dies, there will be nothing for you to worry about. There may be an estate tax to deal with, but you’ll pay nothing on any money you actually receive.

If there is an inheritance tax to consider, though, there are some things you can do to decrease your tax burden. Keep in mind that some of these steps will require advance planning and cooperation with the person leaving you the inheritance. So if you believe you’ll be getting an inheritance, think ahead and talk with your family member about the most efficient way to transfer money.

To continue reading, please go to the original article here:

https://news.yahoo.com/strategies-avoid-inheritance-taxes-202050790.html

How to Overcome Financial Problems

How to Overcome Financial Problems

By Claire Tak  Updated June 4, 2021

Some of the links included in this article are from our advertisers. Read our Advertiser Disclosure.

It keeps you up at night, it’s the constant mental burden that causes you stress and anxiety. Money problems — it can feel impossible to solve and according to a Stress in America survey, two-thirds of respondents say it’s their number one reason they worry.

In a recent Well Kept Wallet survey of 1,000 consumers asking how financially stable they are, 40 percent admitted to not even having a savings account. Plus, 38 percent said they don’t have a monthly budget.

This problem is indicative to some of the challenges facing Americans today, why they fall into such financial binds, can’t seem to save money, and live a debt-free life.

Reasons Why People Face Money Problems

It’s easy to assume that those who face challenging financial situations is because they’re irresponsible and perpetually overspend on their credit cards.  While this is sometimes the case, many times money problems occur because of sudden debt and very little to no savings to remedy the situation.  Medical bills are the no. 1 reason for bankruptcy. It’s not uncommon for a family member to suddenly get sick and not have enough health insurance to cover the costs, or worse, not have any insurance at all.

This was exactly what happened to a friend of mine. She injured her leg during a ski accident and as a result, found herself suddenly facing $55,000 of debt.  She didn’t have health insurance at the time and the aftermath of the accident required several surgeries. This was over five years ago and she’s still paying for that debt.

Other times, money difficulties arise from a failed small business or loss of a job.

Abusing Credit Cards

Other times, the problems are completely preventable and caused by a lack of saving, budgeting, and understanding how to properly manage money.

Try Googling “how to get out of debt” and you’ll see tons of stories about people making drastic changes to get out credit card debt that they quickly racked up without even realizing it.

Keeping Up With Your Peers

To continue reading, please go to the original article here:

https://wellkeptwallet.com/overcome-financial-problems/

15 Secret Places to Hide Money Around Your Home

15 Secret Places to Hide Money Around Your Home

By Deacon Hayes  Updated September 2, 2021

Sometimes you want to have cash around the house so that it easy to access, however, you don’t want just anyone to be able to find it.  Perhaps you have found your own hiding places over the years, but are they as safe as you would like them to be?

Here is a list of some of the best places to hide money around the house. Some of the hiding spots are free while others are products that you can purchase that blend into any houses decor.

Free options for hiding money

Since I am all about saving money, I thought I would start with mentioning the free options.

1. Inside a tennis ball

When was the last time you looked for a tennis ball canister to find some money? Never would be my guess.

Slice an opening just big enough to be able to slide bills in and out. Then place the ball back in the canister with the regular tennis balls.

Of course, if you don’t have other sporting equipment it might appear strange if you have just a collection of tennis balls.

2. On the bottom of a dresser drawer

You might think this is too obvious and that the money will be found easily. That might be true if you just placed the money at the bottom of your sock drawer.

Instead, tape an envelope underneath the drawer. People could rummage through your socks all day long and they will never find your envelope.

3. Inside of a Pen

Did you know that can hide money inside of a pen? Yep, you can roll up a $100 bill around the inner part of the pen, then put it back together.

Not only is your cash hidden, but you have a perfectly good working pen as well. Just make sure you don’t let anyone borrow it or you may be out one hundred bucks.

To continue reading, please go to the original article here:

https://wellkeptwallet.com/best-places-to-hide-money/

How You Feel About Money

How You Feel About Money

Posted September 14, 2021 by Michael Batnick

There is one thing that trumps everything else when it comes to how you feel about money. It doesn’t matter how much you make. It doesn’t matter how much you’ve saved. It definitely doesn’t matter where interest rates are. The thing that most influences how you feel about money is how you grew up around money.

I’ve been thinking about this while listening to Ramit Sethi’s podcast. Ramit sits down with a couple in every episode where one or both partners feel anxious about money. The kicker is that in most situations, these people make a nice living. Each story is a little different, but it seems like they all have one thing in common. They faced financial hardships as a child.

A listener sent us a post on the Bogleheads forum, I’m 70 years old and I can’t spend my savings.

He says, “I can’t spend money without feelings of anxiety. It’s really painful.”

He then goes on to list a bunch of big-ticket purchases he makes. He even seems to feel good about them:

Daughter needed new car – $16,000, done earlier this year.

Furniture – last week my wife said I want to replace all our furniture with some really nice stuff. Will probably cost $15-$20,000 minimum. I said great, let’s do it.

But he doesn’t feel good about any of this. In fact, “none of this makes me happy,” he says. “Every expenditure is accompanied by moderate anxiety.”

I should point out that there is no financial reason for his anxiety. He has a $6 million portfolio and a $1 million house. Later in the post he gets to the root of the problem, saying:

I think I know where this comes from – my father (a big influence on me) was born in 1920. His father died in 1932 (think about it ….). My father was extremely frugal, and he never invested as single penny in the stock market. Growing up in the 1920/1930s he distrusted it 100% for the rest of his life.

You’re not rich if you’re afraid to spend your money. This person needs help, and clearly, it’s not with his finances.

To continue reading, please go to the original article here:

https://theirrelevantinvestor.com/2021/09/14/how-you-feel-about-money/

A Number From Today and A Story About Tomorrow

A Number From Today and A Story About Tomorrow

Sep 8, 2021 by Morgan Housel

Every forecast takes a number from today and multiplies it by a story about tomorrow.  Investment valuations, economic outlooks, political forecasts – they all follow that formula. Something we know multiplied by a story we like.  The trick when forecasting is realizing that’s what you’re doing.

A few weeks before he died a reporter asked Franklin Roosevelt if the Yalta Conference negotiations near the end of World War II set the stage for permanent peace in Europe.

“I can answer that question if you can tell me who your descendants will be in the year 2057,” Roosevelt said. “We can look as far ahead as humanity believes in this sort of thing.”

The deals hammered out in Yalta were the things we knew. How long they’d hold, how much they’d be adhered to, and what else could get in their way is just a story people told and believed in varying degrees. Anything that tries to forecast what people will do next work like that.

The hard thing is that while the number we know today can be something real and verified, the story we multiply it by is driven by what you want to believe will happen or what makes the most sense. Forecasters get into trouble when the number we know from today gives an impression that you’re being objective and data-driven when the story about tomorrow is so subject to opinion.

When valuing a company, revenue/cash flow/profits is the number we know. The earnings multiple you attach to that figure is just a story about future growth.

Same with economic trends. We have lots of data, but none of it means much until you attach a story to it about what you think it means and what you think people will do with it next.

That seems obvious to me. But ask forecasters if they think the majority of what they do is storytelling and you’ll get blank stares. At best. It never seems like storytelling when you’re basing a forecast in data.

And while data-driven storytelling doesn’t mean guessing, it doesn’t mean prophecy.

To continue reading, please go to the original article here:

https://www.collaborativefund.com/blog/numbersandstories/

The Do’s and Don’ts of Complaining About Money

The Do’s and Don’ts of Complaining About Money

Laura Woods   Fri, September 10, 2021

You’re in a bit of a financial predicament, and you really want to talk to someone about it. The thing is, bringing up money woes is often considered taboo, so you’re not sure if doing so is appropriate. Carrie Glenn, founder of Etiquette at Hand based in California’s Monterey Peninsula, said there are really only three types of people it’s OK to talk to about financial issues. One of course includes your spouse or partner — most of the time.

“This is not the case if the woes are a direct result of his or her actions,” she said. “Then, it’s not polite to stick it in their face or make them feel bad.”

She said everyone makes financial mistakes and complaining about your partner’s missteps will negatively affect your relationship. If you can’t vent to your significant other, Glenn said it’s also acceptable to talk to a close friend or trusted family member — assuming their financial burdens aren’t worse than yours.

“If hearing your money problems will just remind them of their bad situation or highlight how much more you have than they do, it’s never a good idea to go there — even if they insist,” she said. “This is the time for you to be a good friend and find someone else to complain to.”

When in doubt, she said it’s always OK to complain about money to a paid professional — i.e., a psychiatrist, financial advisor or bookkeeper — especially when they’re in a position to help you.

“Having a financial professional in your corner gives you free rein to let it all out,” she said. “That’s what they are there for — as long as you’re not pointing the finger at them.”

Regardless of their own financial situation, Glenn said to remember that this topic tends to make people uncomfortable. Therefore, she encouraged opting to keep private financial issues to yourself, so you don’t cause the conversation to take an awkward turn.  “It is to be hoped that careful consideration outweighs the immediate gratification of complaining,” she said.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/don-ts-complaining-money-150002161.html

What Is a Property Trust and Who Needs One?

What Is a Property Trust and Who Needs One?

Ben Geier, CEPF®  Fri, September 10, 2021, 11:34 AM·4 min read

Property Trust

Trusts are useful financial tools, often used for the purpose of planning an estate. A trust is essentially a legal framework into which ownership of assets can be placed. These assets can include financial products like stocks and bonds, or it can include real physical property, like land, jewelry or vehicles.

There are a number of reasons one might use a trust, including, but certainly not limited to, estate planning scenarios. If you think you might need a trust or you want help setting one up, consider working with a financial advisor.

How Property Trusts Work

Technically speaking, there isn’t a specific type of trust known as a “property trust.” Any trust can be filled with a myriad assets, including property and real estate. If you hear reference to a property trust, it’s more than likely either a revocable trust or an irrevocable trust. Both of these can be seeded with property, along with other assets like investments, family memorabilia and cash.

A revocable trust is one where you have the ability to add property and take it out throughout your lifetime. For instance, if you store a home in a revocable trust, you can remove it from the trust. At a later date, you can then return it to direct ownership if that makes it easier to sell. You can also remove personal effects, such as a family heirloom, if you want to pass it on to another family member. A revocable trust can also be abolished if it’s no longer necessary.

An irrevocable trust, on the other hand, is exactly what it sounds like – a trust that cannot be abolished and cannot have property removed from it. Irrevocable trusts are best used to shelter property that the current owner is not going to sell or otherwise need out of the trust.

Who Needs a Property Trust?

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/property-trust-needs-one-153416876.html

You Could Accidentally Disinherit Your Children

You Could Accidentally Disinherit Your Children Unless You Follow This Obscure Rule

Mike Piershale, ChFC, President   Fri, September 10, 2021

If you’re widowed or divorced and have named your children as the beneficiaries of your company retirement plan, you could be putting them at risk of being disinherited if you remarry.  Due to a little-known ERISA rule, if your new spouse outlives you, they will receive your company plan funds, rather than your children — even if you have put your children down as your named beneficiaries.

While the purpose of the Employee Retirement Income Security Act of 1974 (ERISA) is to stop one member of a married couple from giving survivor benefits to someone else that should rightfully go to the surviving spouse, in some scenarios this law can lead to abuse.

The Sad Story of Leonard Kidder

For example, Leonard Kidder named his wife of over 40 years, Betty Kidder, as the beneficiary on his 401(k) plan, but after she died, he made some changes on his beneficiary form, naming his three adult kids as the new beneficiaries.

In 2008 Mr. Kidder decided to get remarried to a woman named Beth Bennett. Just six weeks later, he died … and an ugly dispute between the children and the new wife ensued. As the listed beneficiaries, the children expected to receive their father’s 401(k) assets, which totaled nearly $250,000. But the new Mrs. Kidder insisted that as the wife, she should be entitled to them.

After a legal battle between the children and Beth Bennett Kidder, the courts awarded the 401(k) assets to Mrs. Kidder, even though the three children had been named as the beneficiaries.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/could-accidentally-disinherit-children-unless-083004545.html

How to Teach Kids About Finance

Money Doesn’t Grow on Trees: How to Teach Kids About Finance

Paige McCullough  Wed, September 8, 2021

When we think of the finance industry, children don’t often come to mind. Dependent on others, kids, of course, don’t pay the bills or contribute to the finances in a household, and often parents don’t think children should even need to think about money.

But maybe children should. Instead of being let loose into the world of personal finance when they turn 18, what if that process was a gradual one built on milestones and lessons learned in a controlled environment? One in which children can take some ownership of their finances and be better prepared for their financial future. To see how this can take action, I talked to two financial app companies who prioritize children in their services, Till and Acorns.

When founder Taylor Burton set out to start Till, a family banking app, he had kids in mind. “I’m from the Midwest, and we don’t talk about drugs, sex or money. Those are all taboo topics, and the end result is a bunch of young people that are underprepared when they enter the economy. So, in partnering with my team at Till, we went out to solve that financial literacy gap,” Burton says.

He realized that kids weren’t given responsibility over their spending and that was hurting them in the long run. He wanted to change that. “It started with looking at what the real issue was and why kids weren’t having success at launch, and I think a really big reason for that is they were never given enough agency early on over the money that was spent on their behalf,” he says. “So, when they entered the economy, they weren’t prepared for the realities of the economy.”

Having financial conversations as early as possible, Burton says, is best. “The longer you wait, the bigger of an issue it feels like,” he says. “It feels like it ups the stakes. So that’s why we say bring Till in as early as possible, so you can start to have those conversations gradually over time, and it can be a more organic experience.”

Till focuses on letting kids as young as 8 years old gain some control over their finances. Children, Burton says, are a massive, underserved population in the U.S.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/money-doesn-t-grow-trees-173703331.html

Should We Buy A Home Outright Or Get A Mortgage?

Should We Buy A Home Outright Or Get A Mortgage?

Jacob Passy  Fri, September 10, 2021

My wife and I have nearly $600,000 in our investment portfolio. Should we buy a home outright or get a mortgage?  ‘We think we know where and how much we want to spend on a house, but we don’t know how we should buy that house’

Dear Market Watch,  My wife and I are Americans living in London. We currently rent, mainly because London real estate is hugely expensive but also because we know London is not our long-term future. In the next year or so, we have plans to move back to the U.S., where we’ll purchase a house and start settling down a bit.

My wife and I are in our mid-30s. We have no kids and no desire to have a family, and we’re currently sitting on about $580,000 in our investment portfolio. This amount does not include our retirement savings. 

We think we know where and how much we want to spend on a house (around $400,000), but we don’t know how we should buy that house. Is it better to take out a mortgage and have the gains from our investments pay off the mortgage over time? Or should we just purchase the house outright? We’re obviously thrilled to even be in a position where that’s even a consideration, but we just haven’t found any solid advice for which is better.

Sincerely,  Returning to America

Dear Returning,  I must commend you for being so proactive in planning for such a major financial step. Often I hear from MarketWatch readers who appear to be rushing into homeownership. Maybe they’re attempting to keep up with the Joneses, or perhaps they’re worried about home prices getting too expensive for their wallet. Whatever the case, you and your wife are certainly in an enviable and comfortable position, and the fact that you’re not running headlong in buying a house suggests to me that whatever decision the two of you ultimately make will be well-considered and appropriate for your financial situation.

To continue reading, please go to the original article here:

https://finance.yahoo.com/m/b92e0353-6098-3abb-8ca1-77ac509d55fc/my-wife-and-i-have-nearly.html