One of the big things I’ve always encouraged is doing your own research and being able to back up your beliefs. There’s nothing more frustrating that having people say things that make your emotions run wild on the rollercoaster.
Looking at what happens when those things occur. Newshound Guru P…. I read this book [Quest For Good Money]…I kept playing with the numbers, reading my ass off...This is the formula they use [to determine the exchange rate]…The person that wrote the book said if they can get their inflation down, at it is down,…and they can catch up to their dinar price parity…it should be at the pre-war rate…which is over $3.00. So I did the formula based on all the information they gave me, it came out to $3.56…I said wow, that’s going to be phenomenal…that is worth getting excited about…The study does tell you that there’s no reason Iraq can’t be the most valuable currency out there…
Well look at that! See what happens when you get off of Wikipedia? Not that most people have been saying that for years, but welcome to the positive side of the fence. So we deal with that everyday, one person says today, one person says this weekend, one person says not this year, and still one person says it can never happen. So where do you stand? Have you done research on your own or just relied on whatever posts come out of some chatroom or youtube channel. It helps ease the day to day rollercoaster of having to rely on someone else’s opinions. So here we are closing in on the end of April, just another time that I believe is sort of a “deadline” of sorts for this occurrence. Not that it can’t happen anytime, I’ve always subscribed to that, but when you look at the timing for this it seems to line up that if it doesn’t occur by the end of April, it would be closer to the last quarter of the year before things would line up again.
It’s so easy to read into every event or article some positive or negative spin, again, it needs to be where you think it falls into your own ideas as to how you draw an opinion. I’ll be the first to admit there are several names that when I see another post from them I just go “really? who listens to you?” There are some WAY out there posts that just go so far off the edge I can’t give credence to. It doesn’t make them necessarily wrong, just wrong in my book. I know no matter how this all shakes out, there’ll be someone at the end claiming how they were right and how their opinion was there all along. Enjoy that dude, I’ll be busy on my plan in creating generational wealth. You’ve heard me use that term before. If you’ve got nothing else from my ramblings, I hope you have a plan on creating wealth for your future. I’ve had someone ask to see my personal idea again so let me take a moment to cover that.
Someone posted last week that the average dinar holder has about 250,000 in notes. The word average there bothers me because that means people have less than that to offset the people with millions. I only know one person with 250,000 and he only bought it as a joke, most that I know hold about a million dinar, but that’s also people who are deeply involved in research about the dinar. For my purpose, I won’t give you exact totals but I’ll lay it out as best I can. As time has gone on, I have adjusted things as information has changed. Originally, I was all in on exchanging everything I had, but now I have a slightly different plan. Even as a couple weeks ago, I purchased a bit more dinar, I have a tiered plan that I’ve continued to work through. I have an amount set aside for immediate exchange, even this is divided into three amounts based on rate. This will be to remove debt and use to make plans and establish the base for future monies. Then, I have the main amount to exchange. On my initial meeting, I will be sure to mention to the banker the other amount that I will be exchanging and continuing to negotiate the items and extras that I would like to have added to my accounts. And I use the word accounts with a purpose because I know the amounts will supercede the initial FDIC protections on a single account. Understanding how you will have to distribute your monies is important, for most, this won’t fit into a single account, so knowing how this will function as linked accounts is important. Will I also take the time between the initial exchange and the main exchange to shop around for what offers I can gather to suit my needs? Heck yes I will!! So there’s one other option I haven’t mentioned. I have kids, so how I can get that generational wealth distributed is important to me. Getting a wealth advisor is going to be one of your most important tasks. I have another amount of dinar set aside to determine whether it’s best to give them dinar prior to exchange, or distribute an amount to them monthly for a period of time. But BWM, what about the gift tax? Well this is where a wealth advisor will come into play. In 2024, the current tax free gift is 18,000. But what that doesn’t take into consideration is the lifetime gifting amount. That amount in 2024 is 13.61 million dollars. Think about that, nearly 14 million dollars you can gift them over a lifetime. But at the end of the day, my hope is that interest will fuel the wealth that is distributed and I (and they) will never have to touch the principle. What suits your needs? These are the things you need to consider. Every purchase you make has a consequence. Bought a million dollar house, what about the taxes, what about the maintenance, what about the insurance, and what about the liabilities? You bought that Lamborghini you’ve always dreamed about, what about the insurance, and what are you going to drive everyday? So many are just not accustomed to the problems that come with wealth and yes there are problems. They can be good things, but if you aren’t prepared for them, they can cause you a lot of grief or worse, losing everything (see lottery winners).
So have a plan! But make sure you’re constantly updating it. Tax laws change every year, where you live now, or where you might want to live later. Keep up with those things. Even if the toilet paper sits in the closet or a drawer, make sure you know the value of what you have.
BWM