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Thread: What To Do With $ 70K ?

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    Curious Guest Mz_Bambi's Avatar
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    Default ##**##

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    Last edited by Mz_Bambi; 08-22-2012 at 05:00 AM.

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    God/dess Trem's Avatar
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    Default Re: What To Do With $ 70K ?

    I'd go to a strip club.
    "Well done. Here are the test results: You are a horrible person. I'm serious, that's what it says: 'A horrible person.' We weren't even testing for that."

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    Veteran Member UrbanOzz's Avatar
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    Default Re: What To Do With $ 70K ?

    LOL, you lost me at selling Florida property for a profit.

    if you want, you can invest in my startup, i could use some backing.

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    Featured Member silk55's Avatar
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    Default Re: What To Do With $ 70K ?

    you sure it wasn't $70k from a coke deal? anyways put $25k in stable dividend paying stocks
    "The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works" -GORDON GECCO

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    Default Re: What To Do With $ 70K ?

    You should figure out what taxes if any u have to pay on it first. Pay off any debts you have. Then look into what investments you want to do. Maybe look for a trust worthy money manager.

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    Default Re: What To Do With $ 70K ?

    Oh and congrats on finding such a generous and nice guy!

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    Default Re: What To Do With $ 70K ?

    ^^ Yes, don't forget your taxes.

    Then, I personally, would pay off all my debts (credits cards, loans, money borrowed from family), put 1/3 of the remaining money away in savings, give myself a much needed vacation, then find some way to invest the rest.
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    Featured Member LaurenAus's Avatar
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    Default Re: What To Do With $ 70K ?

    70k???? i've been hanging out with the wrong dudes apparently...
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    Default Re: What To Do With $ 70K ?

    Wouldn't some red flags go up at the bank if someone just deposited $70K?!

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    Default Re: What To Do With $ 70K ?

    If I am not mistaken he can gift you money once and it is non-taxable.

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    Default Re: What To Do With $ 70K ?

    ^ There would only be red flags if the $70K deposit were in cash. From her post, I assumed it was wired into her account. If entirely executed within the U.S., that kind of wire is a routine and standard transaction.

    I am not surprised at the $70K proceeds from the sale of multiple properties. I am a bit puzzled by the idea of him making a "huge profit" on Florida real estate, though. That's very unlikely, unless he's held the properties for a very long time.

    This is a first post by somebody with language roots in Central or Eastern Europe, so I'm not sure how seriously we are supposed to take the identity of this person (female? male? bored hacker?) to say nothing of the "Florida real-estate huge profit" story, a purported 1-year relationship that's intimate but has involved no sex (!!), and the idea that the guy is "about" 45.

    It's easy enough to play along, but it's impossible to give serious advice without knowing the poster's emotional relationship with money and priorities in life. Otherwise, all the responses will just reflect the responder's emotional relationship with money.
    Last edited by All Good Things; 06-16-2012 at 12:19 PM.

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    Default Re: What To Do With $ 70K ?

    Buy me a blue penguin and a monkey!!!!
    "Fake tits are like Kevlar. They don't guarantee your chances of survival but they sure as hell improve it."
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    Default Re: What To Do With $ 70K ?

    I agree with Florida real estate comment but if someone is depositing say a few thousand dollars a week into her account and has 70,000 wired I believe it would raise red flags and a I.R.S. report would need to be filled out but I'm not 100% sure maybe melonie could chime in on that one.

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    Default Re: What To Do With $ 70K ?

    ^ I know cash would.

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    Default Re: What To Do With $ 70K ?

    If I suddenly came into that kind of money, the first thing I would do would be to create an account on a Vb board, and immediately post my story there and ask a bunch of total strangers for advice. :rolleyes:

    After that, I would probably pay off as much debt as I could, and if I had anything left, talk to a financial adviser.

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    Default Re: What To Do With $ 70K ?

    Take 10% and donate it. Call it katma, tithing...whatever

    Eliminate debt

    Buy rental real estate in a market like scranton pa where you make profit (even a small one) each month.
    Pay cash for the real estate, hire a manager, and put a line of credit on the property so you have access to cash if you need it

  22. #17
    Banned Melonie's Avatar
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    Default Re: What To Do With $ 70K ?

    First step would probably be setting aside $35k of the $70k you just received to cover potential IRS tax liabilities. There is ample IRS precedent which interprets these sort of 'gifts' between well-to-do middle aged guys and young hot women as fully taxable 'payments for services rendered' ... and especially so if the young hot woman in question has any involvement with stripping, camming, or other aspects of the 'adult entertainment' industry.

    There are also potential family court issues if your 'generous' middle aged recently divorced benefactor is in fact attempting to 'give' you the proceeds of an asset sale that was arguably 50% owned by his ex-wife !!! You may in fact be part of an attempt by your benefactor to 'hide money' to which an ex-wife may have a valid claim.

    One 'safe' approach would be not spending any sizeable amount for at least a couple of years, until potential IRS issues and family court issues are resolved.

    Another slightly 'risky' but potentially much more lucrative approach would be to do something like ...



    and then start taking regular vacations there with $9.999 in your purse each trip !!!
    Last edited by Melonie; 06-17-2012 at 07:37 AM.

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    God/dess Zofia's Avatar
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    Default Re: What To Do With $ 70K ?

    Agreed with Mel, to an extent. The IRS and most state departments of revenue have case law that says this type of payment is not a gift, but ordinary income. Disagree about the tax rate though. Assuming you made/claimed nothing but the $70,000 your federal tax liability, income, Social Security and Medicare, would be about $21,250. Your state tax liability depends on your state.

    HTH
    Z

    As always this is not tax advice, you cannot use this as a qualifying opinion under Circular 230. Call a CPA or Enrolled Agent for tax advice.

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    Veteran Member missplayful's Avatar
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    Default Re: What To Do With $ 70K ?

    yeah mm i agree... i dont wanna be rude but i don t believe OP.

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    Default Re: What To Do With $ 70K ?

    Disagree about the tax rate though. Assuming you made/claimed nothing but the $70,000 your federal tax liability, income, Social Security and Medicare, would be about $21,250.
    Agreed that this would be the actual case if the OP had zero sources of other income.

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