 How can someone else withdraw money from my bank account? |
| My parents forced me to come with them on vacation to another country i hate for six weeks. I dont wanna be here. I have over 3,000 dollars in my bank account. How can i get permission for someone ... |
|
 What would you do if you had one day to live and 50,000 dollars? |
| id buy alot of food since i dont have to worry about weight gain then id spend time with family and friends and have tons of ... |
|
 How do you feel about Obama taking your 401K away from you and letting the Government manage it? |
Also if he taxes the rich who gives us jobs, and oil companiies do you think more jobs will go overseas and unemployment may hit a new lhigh.
We will be paying at the pump for taxing Oil C... |
|
 Earning Money?????? |
| What is a good way to earn money for a class trip?... |
|
 Should a Christian husband and wife have separate checking accounts? |
| Some Christian financial experts say it is wrong for a husband and wife to have separate checking accounts. They cite the verse about "two shall become one," and claim that applies to ... |
|
| I need a loan for 20,000 for home. a lender contacted me, but turns out shes in Nigeria...Is this a scam? |
| I know most all nigeria loan offers are scams, but shes not asking for anything from me execpt a copy of my drivers license, I dont have to pay anything and she said the loan would be western unioned.... |
|
 If you are 36 what year are you born in? |
| I really need to know and I keep coming up with diffrent answers.... |
|
 I have REALLY bad credit! What can I do to fix my credit score within the year? |
| I have made alot of mistake in the past on my credit and now I am looking @ a debt of around $35,000 (including student loan) and a terrible credit score. I am not planning on a major purchase in the ... |
|
 How do i make money in a week? |
i am 11 years old i need money fast but i can't go to poeples house and do things for them becouse any thing could happen
so please help me and can i be a sencabil anser plz
... |
|
 How to make more money? |
no MLM, not real estate...
Additional Details
in addition to current pay,
any other proven and real way to make more money ?... |
|
 I have used my fathers credit card... plz help.? |
| I have used my fathers credit card and now he has got to know. It has debited a grand from his card. How do i tell him? He has blocked the card with my help and is now readying to lodge a police ... |
|
 How can a 15 year old earn 1000+ dollars? |
| I'm only 15, but I want to buy a nice camera, costing around 1000 dollars. How can 15 year olds earn money? I don't need a super fast (scam-like fast) way, but just a way that over the next ... |
|
 Should I take out money from my 401K to pay off my timeshare? ? |
I have $20,000+ in my 401K account. I bought a timeshare with an ex-boyfriend five years ago. (I know, I know)
Monthly payment: $168
Interest: 17%
Will be paid-off in 10 years. I ... |
|
|  |
*~*_BELLA_*~* | Is this illegal...to have money at home? |
I currently have about 9k+++ saved up but its not in the bank. I dont like bank accounts even though i have one with like 2k. I have been saving this money for a year and finally counted it last night....do i have to put in bank? Does it have to be taxed/reported? please respond asap!!!
***im saving up for a new car....im currently building/starting credit so please dont tell me to go buy it!!!!
Additional Details
I do paytaxes...this was all ones, fives, tens, coins etc.... i just through in a safe box each day or so. If i take it to bank, should i take it all at once or little by little? Will they ask me questions? |
 |
 
Tan
 |
not illegal but very dangerous...think you better save it in Bank & at least you will earn some interest... |
|
itouchgod
|
No its not iligal at all don't worry |
|
Katie W
 |
Assuming you obtained it legally, and did pay income tax if it was income, then no, you are welcome to keep as much cash as you like in your house. It's just generally foolish to, since a) what if you have a fire? b) what if someone steals it? c) what if someone doesn't realize it and carries off your hiding place? (Say, if you keep it in a book.) d) What if you forget where it is? e) What if you die?
There was a story in the paper a bit back about a fellow who was saving his cash at home... and then had a fire and there went his $20,000 up in smoke. He was alive, but there's no proof that he had any cash -- no insurance exists that would cover that! -- and no federal insurance like there is if a bank fails. He made a bank account the very next day.
You're also missing out on potential interest. For example, I have a free checking account and a savings account tied to it, that currently earns 3.3% interest. I've made an extra $120 this year so far just by having my money in the bank. Of course, you have to choose wisely -- no point in earning $20 in interest a month on an account that might have a $24 fee, for example. |
|
Gary
 |
Your money sitting in your home is not making you any money at all. You have some silly reasons of avoiding banks. CDs and savings accounts are FDIC insured up to $100,000. I have an savings account with an online bank that pays 3.25% APR. If you had your $9,000 in the same bank here is your monthly interest: $24.37. Here is interest for one year: $292.50. Wise up. Checkout bankrate.com there are plenty of legit on-line banks throughout the United States. |
|
Sunshine71
|
I hope no one knows who you are, you just made yourself a prime target for a home invasion. Please put that cash in a bank account, and get it out of your house tomorrow. Some banks are open on Saturday morning. It's not safe to keep that much cash in your house. Theft or fire, and your money's gone!
The Federal Deposit Insurance Corporation (FDIC) insures your money at most banks for regular saving and checking accounts, IRAs, etc.
Assuming that you earned this money legitimately, you have already paid taxes on it through your employer and claimed it on your tax return. It's not new income, it's your savings.
It is reportable income in the year(s) that you earned it.
After you bank it, you may want to consider investing, then you can talk to an accountant or brokerage firm. If you want to let it ride in a savings account, go to ING Direct (Orange), and open a savings account with them. They pay a higher annual yield than most banks on regular savings accounts. |
|
David M
|
This is so wrong. It is unsafe to leave this much money laying around the house. It could be stolen, burned in a fire, lost. Plus you're not earning money on it. Illegal? No. Stupid? Yes. Get over your fear of banks.
As far as paying taxes on it, you don't say how you came into the money. If you did it via a job where your employer takes ot taxes, you've already paid taxes on it. You should also file a tax return. If you made the money in cash some other way, then the IRS will want to talk to you. |
|
my2k0
|
its your money, you can do whatever you want with it! |
|
src50
|
Its dumb to keep large amounts of cash at home. A greater risk of loss plus you earn zero interest. Much safer in a bank account or money market account. |
|
Charles
|
If you already paid taxes on the money, then no, there is nothing illegal about it. How you spend or save the money is your perogative. |
|
Ikyoto
|
It depends on how the money was earned. If it is saved form money you already paid the tax on, then no.
But not putting it in a bank is silly. You don't get any interest form keeping it in the home, and banks are insured at a federal level - If they are robbed, your money is not removed, ony the cash on hand. You can go to another branch that same day and withdraw your money AND the interest.
Interest earned inn one year on 9000 even with a bad interest rate is at least 250. If you can drop 250 on the ground and walk away form it, more power to you. I'd rather use the system in place and et what I can out of them. ;) |
|
Raven Claw
|
Wow you could have made a lot more on intrest in a savings account.
Banks are insured to $100,000 or more.
It's not like they can steal it.
Open a savings account and make that money work for you. |
|
Jen
 |
Well of course you have to pay taxes on your earnings, but your employer collects those and gives you a w2 at the end of the year. Technically you can store your money in cash but it's less safe than at a bank. What if you get robbed? |
|
udesire2beme
|
Perhaps you should consult with an accountant. He should be able to advise you in the right direction. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 19 minutes(s) ago
| | | |
13 | 26 minutes(s) ago
| | | |
13 | 47 minutes(s) ago
| | | |
13 | 57 minutes(s) ago
| | | |
12 | 58 minutes(s) ago
| | | |
1 | 1 hour(s) ago
| | | |
12 | 3 hour(s) ago
| | | |
13 | 6 hour(s) ago
| | | |
13 | 11 hour(s) ago
| | | |
13 | 2 day(s) ago
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
