Why do you not like cash? I thought that was better.
I donāt have to explain anything to anyone if Iām at the airport and I have an Amex Business card with more than $10k on it. However, I will have a LOT to explain if Iām carrying more than $10k in cash on my person. On top of that, we all know the cash depositing laws for personal accounts, and how they watch closely for structuring. In my LLC, I have listed myself as an employee and I get paid from my heaux money twice a month directly to whatever account I choose. So to the bank, I have a legit business that I regularly get paid from and pay expenses for. It also happens to receive large deposits from clients. If I wanted to deposit a large amount of cold hard cash into it, I can. No flags raised as long as I pay my taxes. It matches the par for the account and the business. If I had a lot of cold hard cash that I wanted to deposit in a plain personal account where deposits beforehand (outside of verifiable job incomes) have never been more than 2k, Iād get flagged.
I donāt like keeping cash because it is so easy for anyone to relieve you of it, I spend too fast (and my money app wonāt automatically keep track of my cash purchases), in an event of a fire in my condo my money would be gone (unless I had some sort of a fireproof safe, which requires room in my condo that I donāt have), and it gets bothersome calculating amounts of money to go in this account and that account and whatever every month. Also, if my main income is all in cash, what do I do when I need to make a large purchase that must take a chunk out of my cash? I canāt just show up with bands lmao. I would need to write a check, meaning I need to have some semblance of a bank account, and to have a bank account, I need my LLC (and my DBA) to prove I have some semblance of a business so the amount of money isnāt flagged or questioned, andā¦you see where Iām going with it?
Cash is fine if you have under 50k of it. If you have more than 50k, simply keeping it all in cash is not a smart move imo, for all of these reasons. By the way, if you have bands of cash sitting at home, you know what itās not doing? MULTIPLYING. 50k lying in a safe is 50k. 50k in a bank account with high interest rates can be 55k after a year. Cold hard cash is not investable, available to collect interest, or flippable. You should consider at the very least finding a way to clean the money so that the cash has become legal. (Before I get asked how to clean money, hereās an example. Say you wanted to clean money by purchasing several Rolex watches in cold hard cash. You later return them and ask it to be put on your card. Thatās now legit money that the bank will not flag, because they can note that it came from Rolex, and that it was not from a deposit of your own volition. The bank only flags deposits youāve made in cash and wire transfers from āsuspiciousā accounts, not from well-known institutions like Rolex. There is no proof required to confirm that you bought the Rolex in the first place (couldāve been a gift) to your bank, so there will be no questions asked there.)
