@@Corkfish1 “James is calling in from Nashville...” Wouldn’t be totally impossible for some tech geek to figure it out. Either way I wouldn’t put my family in danger but do what you want man
@@Todjcam when its stories like this, they use fake names and locations. But I agree, if someone close to the family is familiar with with the dad and knows the voice, it could lead to trouble.
As a banker in wealthy tourist town, we’ve had a customer bring in $580,000 in old, molded bills. We just run it through a machine. It shouldn’t be a big deal if the bills are in good shape. But...the $580k, was molded and had to be hand counted. It was ridiculous. Lol
There's not anything for the IRS to ask for if the DEA does civil asset forfeiture. The only justification needed to tie cash to drug trafficking is quantity or manner which it's being moved. Best thing to do is never move it. Cash is as good as illegal. Government can take it without any recourse.
Why on earth would you take the 500K cash inheritance to the bank. It's unlikely the IRS has any knowledge of its existence. If you take it to the bank, you immediately hand the IRS money.
The estate tax exemption is pretty huge, $11.18 million in 2020. I don't think Tennessee has an estate/inheritance tax but don't live there, not certain on that. The rest of his estate would have to total better than $10 million for the IRS to even start getting any of the cash.
My grandfather passed away a few years ago and my Aunt and cousins kept finding cash and jewelry stashed all over the house. They even told us about some of it...
My Grandfather went through the Great Depression. He remembers his Dad losing all his saving while the owners of the bank took their money out. He kept a safe, and kept at least part of his money at home. Of course, now if anyone knows that kind of info, you’re instantly unsafe. But, the remembrance of those hard times drives that need.
This reminds me of an "incident" that happened in Italy in the mid 2000s: an old lady passed away and the heirs found the equivalent of few 100.000s Euros stashed in the house; the problem was that all that money were in old Italian Liras (the currency Italy had before Euros) and the Italian Central Bank did setup a deadline (I don't remember exactly, but I think it was 2 years after the 2001 switch to Euro) to be able to convert any sum from Italian Liras to Euro; of course when that lady passed away, the deadline was waaay over, so all that money was no longer convertible and therefore useless.
My father grew up during the Great Depression. He had bank accounts but also stashed $100 bills in his old console stereo (had about 20K in it). He told me about it just before they wheeled him into surgery for a Abdominal Aortic Aneurysm which he did not survive. True story.
@Mitch Mitchelson Some would advise a standard index fund that tracks the S&P 500, others would say mutual funds. You're correct that investing can be hard work, but you'll also reap the benefits of that hard work for many years to come. It's all based off your risk tolerance, your time frame, and the work you want to put in
@Mitch Mitchelson investing is actually very very easy. Auto deposit money into your account to invest in low cost index funds with an asset allocation that has highest probability to meets your goals and risk tolerance. I mean that’s what a good 401k does anyways. There are plenty of books and TH-cam videos that can help you. Most millionares are created from investing in the stock market so you should take advantage of it.
I'm not sure I'd advertise it to anyone, even the bank, because of his father's safety. There's a lot of hungry dangerous people in the world. It would make me very nervous.
Have several bank accounts and several banks and filter through a couple hundred at a time and buy stuff with cash when you can. The government confiscates cash all the time. Even legal cash. It's their dirty little secret. Some gamblers had their cash illegally confiscated on an interstate speeding sting and they did a car search. They cant get it back. No way would I trust anyone with this cash. It's too bad
@@melanieb2132 well every year it gets less valuable the grandad probably would have had tens of millions by now if it had been invested. I mean even just going by inflation it would’ve far far more valuable back then then it is now
@Zio Oren If I was in the situation Id just spend it in small amounts to stay under the radar or buy things like precious metals in cash...Its easier to explain a small pile of gold that could have been bought for $300 an ozt than a half mil in cash...
My grandpa lost his shirt in the stock market back in the 60's and subsequently lost trust in the banking system. When he died in the 90's he left over 100 of the tall red tool chests in the barn stuffed with 100 dollar bills. His son gave several very large cash donations to various charities to the tune of several hundred thousand dollars each ...
Oh how i can relate. When my parents moved out our child home. My dad said he couldn't find some containers of hidden coins!!! We found them. And when we started looking thru mom insurance policies for estate planning ... Assisted living. We found several $100 bills in paperwork. Didnt trust banks. She is 95 now!! Result of depression living
That’s how some old people do. They hide it under a mattress and don’t have much expenses because everything is paid for. They don’t trust the bank and the are just stuck in their ways.
He better hope that the government in the police don't find out he has that kind of cash in his house they'll break the door down and take it from him and say it was drug money even though it Wasn't.👀
Yep this happened to my family,My Great uncle passed away he was believed to have close to or even over a million in off shore accounts and bonds shares ect ect had 150000 in the house cash...... wouldnt give the money up wouldnt tell anyone where the accounts where held said everyone wants his money thats all..he passed away and it was never recovered. They couldnt talk him round.
I once sold a commercial ice cream maker to an man who paid cash 4 it! He asked me "where are you going to put that cash?" I replied "in a bank". He said "you trust the bank?"... years later, I learned what that meant!
Shoot I'd be afraid to even tell the banker, I'd just tell the banker he's got cash in various locations or safe deposit boxes around the city. Money will make people do crazy things.
Naa just open up accounts at multiple banks and install the money in increments at inconsistent rates. sure it will take years but at least it will keep him under the radar. Not avoiding legalities just avoiding dealing with our overlords.
Relax people! It would be reasonable that he grew up with passed down fears from the great depression and banks collapsing. Knowing he had cash for emergencies likely allowed him to live with less stress knowing he had cash on hand. Best of luck to everyone chasing their dreams!!!
It's really pretty terrible. I have friend who is a hoarder and a cash hoarder. She lives abominably in terrible living conditions but won't spend a cent to repair her property or properly care for her animals. No one can reason with her. I really believe it's some kind of mental condition.
Not only do you have to protect cash from theft and fire, but also moisture, mold, and rodents. Buy 2 fireproof safes. One for your home, one for his. Then hire a professional to help you work that money back into the system without becoming a victim of predatory government workers or police.
Its a security risk just being on this show! There's a good chance someone is going to recognize the caller's voice, then its just a name and google can easily track down your facebook, linkedin, address, phone number, parents names, their phone numbers, their addresses, and then its only a matter of time before someone plans a heist. The caller made a mistake. (As a side note, I recently had the inclination to search up someone i knew about 15 years ago... you would not believe what you can find with a quick search... Ended up finding an address, mailing them a letter, and sure enough it was the correct address and I got a response)
@@WickedmanNaldo Because I used the word "heist"? Generally speaking breaking into someone's home is a relatively light offense (2nd degree felony, roughly 2 years jail time which isn't much when $500k is on the line)
Dont put it in a bank. I had a friend who had similar thing happen, not $500k, much less. He had taxes taken, i think some penalties and had to get lawyers involved to prove it was not gained from illegal means. Took a long time to get settled as well.
@@citylights3452my post is a what if scenario. A lot of elderly have done it. They are like its money, it will go to charity after what's not left after retirement. Have a name in a wing of a hospital, animal shelter, school, library, etc. What if he expects all the money, but it was already set that is was meant for a charity?
I’d talk to attorney before-hand because unless the dad has receipts to support his war chest, there’s significant hazard to being reported to various banking authorities and IRS. The effort required to fight an asset freeze is out of this world.
Sounds like this guy's dad is pretty smart. The son should be taking lessons along with the grandkids. Banks are not your friend when it comes to cash.
When one of my elderly distant relatives died. He had the British pound equivalent of several thousand U.S dollars just on his person. Months later when his children were renovating the house for re-sale they still kept findng money in old grocery bags, stuffed in the walls, under floorboards. Probably still some money hidden in that old house. Crazy!
@johnny cassh - not to mention lost opportunity. A very safe stock or bond investment would have earned him a few percent points every year if nothing else. 10% for an S&P 500 fund.
I told my dad I don't want anything off his wealth, I'd work for my every dollar, though surviving on an accountants salary is quite average, but with the aid of the online market I see a better future for myself.
It’s way too easy to steal cash that’s not in a safe. I’d at least get a safe if I was that old with that much cash. Not to mention, he’s missing out on a lot of dividends.
Saving money is smart. Keeping 500k in cash in the garage , losing out to inflation and comparative gains that could be had from either investing in real estate or the stock marked every single day year in year out.. is not smart at all.
@@DurpenHeimer and the idiocy that comes with thinking that if things collapse and you can't get it back from the banks that you'll be in a position where cash is worth anything.
@@riverdaletales8457 LOL, you are delusional. They don't take 100% of gains, he could easily make 7-8% per year after all fees and taxes. That would make 500k into 2 million if he invested it for 20 years. 40 years - 8 mln.
@@goalie2998 , it sounds like you cashed out, which if that is the case is a big mistake unfortunately. I invested starting in 1999. I weathered the dotcom bust, the real estate crash of 2008-09, and the C-19 pounding earlier this year, but I have never pulled out one dollar. So far, I'm still up well north of 500% over the long hall. . Staying invested (and buying extra when it's down) while everyone else is loosing their minds is how you win at this game.
"it's not the end of the world" Wrong. Ask any cash based business depositing a few thousand dollars multiple times per week and one day, they come in to make their deposit and find the cash is seized with the bank claiming they were trying to skirt the reporting. It happens to food truck people all the time.
It's a mistake to go talk to a banker about "getting prepared". The bank is fully capable on the day you walk in with it. More importantly, this is a secret to be kept tight. Only work with Dad to try and get it secured. People talk and word would get out eventually. Just the old "you wouldn't believe it a guy came in today talking about his dad's cash hoard" and they tell two friends, etc. until it reaches the wrong people.
Yes, the bank has money counting machines that can easily count 500k in one day. But just for courtesy, a notice is always nice for the people working.
Two things: 1. I hope that is not truly James from Nashville, but some Ryan or Tom from Houston Texas at least LOL. 2. "What should I do with 500k that are going to be gently handed over to me" is the kind of problem I would like to have.
Locally, a cash deposit of $2999.99 get a local flag and is looked into. $9999.99 is a federal flag that a form is filled out on. Don't drug dealers know this and don't deposit that kind of amount in a bank. It only affects the legal folks....
@@nestam6844 Hopefully! I think the producers might have suggested using a different location had the caller not thought of it. One would hope so anyhow.
@@hubster4477 Does Nick Cage know about this?! We gotta get him on the horn! Kidding aside, that's an amazing story. Theres also several hidden across North America by author Byron Preiss of "The Secret", so far some have been found, but there are still some buried treasures out there! :)
Exactly. Thats assuming he didn't include this on his tax returns. I would slowly wash it. If he has documentation showing that this money is after tax he could even deposit it into a brokerage account.
My parents hoarded cash, too. Yes, they did have bank accounts, and during one of my visits with them, mom asked me to take her to the bank to cash her pension check. She stuffed all the money in her purse! I made up an excuse to talk to the VP of Accounts, explaining my concerns. She gave me her business card, explaining that they see this happen every day with the elderly. Usually, it’s a child, niece, nephew, or grandchild that begins ‘tapping’ them for money. Clearly, she could see that my mom wasn’t “all there”, and suggested a financial Power of Attorney. She advised automatic deposit of all pension and retirement funds. Then, place a limit on how much can be withdrawn in a single transaction, and a weekly limit, too. Anything over that amount would trigger a phone call to the person(s) holding Power of Attorney; in this case, my older sister and younger brother, as I lived across the country. I provided my older sister with the business card and a plan to protect pension and retirement funds moving forward. In the meantime, I ordered a safe and had it delivered to their house (I live across the country), and told these two siblings to store the cash in the safe. At this point, dad had died and mom was beginning to enter dementia. BTW - This was not a lockable cash box, but a legit, heavy, fire safe. Not only did they NOT put the cash in the safe, but one of my younger sisters began helping herself to the cash! She had actually begun helping herself to the cash when dad had gotten sick and became bedridden; however, when dad died, her behavior ramped up. When pension checks and Social Security checks arrived, she was there to drive mom to the bank to cash the checks. Nothing went into savings or checking, as my mom continued to walk out of the bank with a purse full of cash. Of course, it all vaporized. Finally, over two - yes, two - years later, my older sister got control of the money situation and everything was automatically deposited. By this time, the cash was long gone. Within six months of automatic pension check deposits, my younger sister and her husband had received a Notice of Foreclosure from their bank. What became of the safe? I found out later that it had remained in the garage, in its shipping container. I’m angry that not a single sibling living near our parent’s house (five of them) could take responsibility for safeguarding the cash. Yeah, you guessed it.....I am that one child who worked 2 jobs (sometimes 3) to put myself through college because our folks didn’t have any extra money for this “nonsense”. The money hoarding started shortly after child #10 got married. I feel I have totally failed in keeping a watchful eye on my parents, believing my siblings when they said they had things under control. BTW - When mom died, my brother contacted me, asking if he could take it to his house and use it. I will give my younger brother credit, though, for stepping in and taking care of our mother for the final 3 years of mom’s life, even knowing that there would be no financial gain.
I work in banking. Do NOT deposit this all at once, no matter what. The bank will be breathing down your neck for years after you break that 10k level. It’s called a SAR. You are better off sitting on it and spending it over time.
At this stage don't worry about it. When he is gone just put it in a safe place and gradually spend it instead of your income. And slowly put it in the bank. If they ask, just tell them that you sold something or did some small jobs for people and don't patronize that bank for a long while. You can keep cash and just keep your mouth shut. It's not that big of a deal.
Caller: "My Dad is hoarding $500,000 in cash"
Dave: "How much does he owe on his truck?"
Haha hilarious
This made me laugh irl
LoL
Lol
“My dad has 500000 cash in his home”
“What is wrong with you, sell his truck right now and put it on emergency funds”
Every James at 87 yrs old now lives in fear of being robbed in Nashville
I was going to say there is a manhunt for James in Nashville right now...
No house catching fire burning all that cash.
This is funny for all the wrong reasons
James is his son calling, they never mentioned the fathers name.
@@hwestin0 : uh its 2020
The only place I fault your dad is in letting you find out he has $500,000.
Once you find out how much someone has, they become a lotto ticket
Mistake #1: calling into a National radio show & saying that your elderly father has over $500k in cash in his house.
Nothing illegal about it. And no names or addresses. For all anyone knows it could be a made up story.
@@Corkfish1 “James is calling in from Nashville...” Wouldn’t be totally impossible for some tech geek to figure it out. Either way I wouldn’t put my family in danger but do what you want man
@@Corkfish1 Nothing illegal but its certainly not wise.
@@Todjcam when its stories like this, they use fake names and locations. But I agree, if someone close to the family is familiar with with the dad and knows the voice, it could lead to trouble.
My thoughts exactly. Guaranteed someone recognizes James and is contemplating paying his father a visit.
As a banker in wealthy tourist town, we’ve had a customer bring in $580,000 in old, molded bills. We just run it through a machine. It shouldn’t be a big deal if the bills are in good shape. But...the $580k, was molded and had to be hand counted. It was ridiculous. Lol
pretty cool to have a dragon as a dad
"IRS has entered chatroom"
Cash is not illegal yet🙂
There's not anything for the IRS to ask for if the DEA does civil asset forfeiture. The only justification needed to tie cash to drug trafficking is quantity or manner which it's being moved.
Best thing to do is never move it.
Cash is as good as illegal. Government can take it without any recourse.
😅😅😅😅
🤣🤣
@@ILikeFreedomYo Yeah, there are some SCARY forfeiture cases out there. Sadly its an incentive for sketchy cops to target people in some places.
Why on earth would you take the 500K cash inheritance to the bank. It's unlikely the IRS has any knowledge of its existence. If you take it to the bank, you immediately hand the IRS money.
Exactly and if I did take it to the bank it would only be maybe 2,000 to 5000 at a time
The estate tax exemption is pretty huge, $11.18 million in 2020. I don't think Tennessee has an estate/inheritance tax but don't live there, not certain on that. The rest of his estate would have to total better than $10 million for the IRS to even start getting any of the cash.
If he doesn't put it in a bank, how will he ever be able to spend it?
@marknussbaum8394 It's not about the estate tax, it's about any business taxes he didn't pay throughout his working years.
@@GarageDwellerPat as cash, Duh!
My grandfather passed away a few years ago and my Aunt and cousins kept finding cash and jewelry stashed all over the house. They even told us about some of it...
😂😂😂
😊 Funny isn't it how some relatives are like Bloodhounds when it comes to sniffing out cash/heirlooms from a deceased estate.
@@burropoco Too true. Ha!
Even poor people have vultures arrive when they die. Its uncanny. Human nature i assume.
My Grandfather went through the Great Depression. He remembers his Dad losing all his saving while the owners of the bank took their money out. He kept a safe, and kept at least part of his money at home. Of course, now if anyone knows that kind of info, you’re instantly unsafe. But, the remembrance of those hard times drives that need.
First thing, don't talk about it to other people like James from Nashville already did. Hopefully that was Todd from Montana instead.
My great grandpa always said loose lips sink ships!!?
It was Elvis from Memphis. First time caller, long time listener Dave.
This reminds me of an "incident" that happened in Italy in the mid 2000s: an old lady passed away and the heirs found the equivalent of few 100.000s Euros stashed in the house; the problem was that all that money were in old Italian Liras (the currency Italy had before Euros) and the Italian Central Bank did setup a deadline (I don't remember exactly, but I think it was 2 years after the 2001 switch to Euro) to be able to convert any sum from Italian Liras to Euro; of course when that lady passed away, the deadline was waaay over, so all that money was no longer convertible and therefore useless.
...and worthless!
which is one reason among others that people the world over love US dollars----they never go out of commission
My father grew up during the Great Depression. He had bank accounts but also stashed $100 bills in his old console stereo (had about 20K in it). He told me about it just before they wheeled him into surgery for a Abdominal Aortic Aneurysm which he did not survive. True story.
We found an envelope with a couple of dollars worth of postage stamps and $1.03 in coins in my in-law's house when they passed. I was excited.
If my son called in asking what he should do with my money, I’d be leaving it to the dog.
That is a lot of cash, I can only imagine how much money his dad would've had if he had invested it instead
@Mitch Mitchelson real estate
Mitch Mitchelson Investment Companies will manage it for you. They will talk you through it.
@Mitch Mitchelson Some would advise a standard index fund that tracks the S&P 500, others would say mutual funds. You're correct that investing can be hard work, but you'll also reap the benefits of that hard work for many years to come. It's all based off your risk tolerance, your time frame, and the work you want to put in
@Mitch Mitchelson investing is actually very very easy. Auto deposit money into your account to invest in low cost index funds with an asset allocation that has highest probability to meets your goals and risk tolerance. I mean that’s what a good 401k does anyways.
There are plenty of books and TH-cam videos that can help you. Most millionares are created from investing in the stock market so you should take advantage of it.
Just flipped $15,000 into $34,000 in about a span of 13 months just using my phone and smart investing. It’s not hard to learn it.
Imagine if there’s $5 million buried in the backyard
Who is he? Escobar burying barrels of dollars?
Imagine if there's $50 million buried in the backyard
"go into the backyard with a metal detector" 🤣
Not to brag, but I keep $50 in the house. Cash! 😳
I had $600 cash in sock drawer for ahwile and was nervous lol
I have a $20 bill on my nightstand and was wondering if that would atract thieves🤔🤣
Nice!!
I have darned near $1.36 hanging out.
😂
I'm not sure I'd advertise it to anyone, even the bank, because of his father's safety. There's a lot of hungry dangerous people in the world. It would make me very nervous.
You got to love those old school parents. They won't believe you about banks. lol.
Mattress all the way
@@sethbender2863 or secret hiding spots in dressers and drawers.
Warren Buffet already sold his banks.
Ask the old school parents in Greece. They have an opinion on this.
Holding cash is incredibly stupid. It's being taxed regardless of where it's held, mattress or a bank.
Hopefully, he has some documentation on where that much money came from or the government may steal, I mean “confiscate” it.
Thats why he doesn t trust banks, gov. or any institution. The oldies learnt the hard way and they trust just themselves!
Well that’s why he needs to just buy a safe and not bank it at this point .
Have several bank accounts and several banks and filter through a couple hundred at a time and buy stuff with cash when you can.
The government confiscates cash all the time. Even legal cash. It's their dirty little secret.
Some gamblers had their cash illegally confiscated on an interstate speeding sting and they did a car search. They cant get it back. No way would I trust anyone with this cash. It's too bad
@@melanieb2132 well every year it gets less valuable the grandad probably would have had tens of millions by now if it had been invested. I mean even just going by inflation it would’ve far far more valuable back then then it is now
The great depression gave people that mentality about money.
Legit question though if you save cash and accumulate more than the IRS thinks you can legally make what happens when you dry to deposit it?
My guess is nothing.
@Zio Oren If I was in the situation Id just spend it in small amounts to stay under the radar or buy things like precious metals in cash...Its easier to explain a small pile of gold that could have been bought for $300 an ozt than a half mil in cash...
He can’t spend it without noticing the authorities either. He’d be locked up for money laundering.
Don’t do it at Wells Fargo. Buy American gold less than 10k at a time
Vote out The Party, confiscators.
My grandpa lost his shirt in the stock market back in the 60's and subsequently lost trust in the banking system. When he died in the 90's he left over 100 of the tall red tool chests in the barn stuffed with 100 dollar bills. His son gave several very large cash donations to various charities to the tune of several hundred thousand dollars each ...
lol what do I do with 500K in hundreds...calls Dave should be calling the cartel...
Oh how i can relate. When my parents moved out our child home. My dad said he couldn't find some containers of hidden coins!!! We found them. And when we started looking thru mom insurance policies for estate planning ... Assisted living. We found several $100 bills in paperwork. Didnt trust banks. She is 95 now!! Result of depression living
When he dies, keep it for yourself and never mention it again. Obviously, it's worth more as cash than to lose it to the IRS or FBI.
Go through every box, every envelope, any books & cubbies. my grand & great grand parents would hide cash everywhere- they didn’t always trust banks.
My father left me a map with where he hid the cash throughout the house lol. We triple checked everything.
That’s how some old people do. They hide it under a mattress and don’t have much expenses because everything is paid for. They don’t trust the bank and the are just stuck in their ways.
Plot Twist; Thats Walter White Jr and his father survived cancer 🤫
Oh great, Fylnn is going to go blow $500k on Raisin Bran Crunch and other breakfast items.
“My precious!“
-Gollum
He better hope that the government in the police don't find out he has that kind of cash in his house they'll break the door down and take it from him and say it was drug money even though it Wasn't.👀
If this guy tries to use the envelope system with 500k in cash he's going to need a lot of freaking envelopes!
500k in 100 isnt that big of a pile. It will fit in a backpack/gym bag.
🐀 ate bottom half by now
If this guy tries to use the envelope system with 500k in cash he's going to need a lot of freaking envelopes!
I use envelopes.
Yep this happened to my family,My Great uncle passed away he was believed to have close to or even over a million in off shore accounts and bonds shares ect ect had 150000 in the house cash...... wouldnt give the money up wouldnt tell anyone where the accounts where held said everyone wants his money thats all..he passed away and it was never recovered. They couldnt talk him round.
sorry they recovered 1 account in ireland but there was a tax law and it swept HALF of it away 100,000 turned into 60k...
He’s right to be worried about Civil Asset Forfeiture
He wouldn’t have to be worried about a thing if he kept his mouth shut and paid for everything in cash. 🤌🏾
@@lordjael there ya go!
I once sold a commercial ice cream maker to an man who paid cash 4 it! He asked me "where are you going to put that cash?" I replied "in a bank". He said "you trust the bank?"... years later, I learned what that meant!
What did he mean? I've never lost money in a bank, I've frittered away more money then my bank has.
Shoot I'd be afraid to even tell the banker, I'd just tell the banker he's got cash in various locations or safe deposit boxes around the city. Money will make people do crazy things.
Naa just open up accounts at multiple banks and install the money in increments at inconsistent rates. sure it will take years but at least it will keep him under the radar. Not avoiding legalities just avoiding dealing with our overlords.
Relax people! It would be reasonable that he grew up with passed down fears from the great depression and banks collapsing. Knowing he had cash for emergencies likely allowed him to live with less stress knowing he had cash on hand. Best of luck to everyone chasing their dreams!!!
On bright side... when his father passes away there’ll be no inheritance tax to be paid.
There wouldn’t be anyway on a half a mil.
@@tywebbgolfenthusiast8950 Don’t worry, Biden will change that
How the bank system has successfully forced us in a ridiculous situation where you are uncomfortable or unable to use cash which you saved.
OMG, please take this offline. Not everyone needs to hear what James just said and I hope that's not his real name!
Or his dad's real age. Would be easy for someone who's malicious to track down.
@@konvinced1599 Right?! People are crazy and there are hard times for a lot of people.
I'm sure there quite a few people named James in Nashville TN
@@HowDo-YouDo Yes, but they also gave out the info that his father is a 87 year old business owner. Things start to narrow down.
@@HowDo-YouDo You're right but all it takes is one wrong person to hear that.
It's really pretty terrible. I have friend who is a hoarder and a cash hoarder. She lives abominably in terrible living conditions but won't spend a cent to repair her property or properly care for her animals. No one can reason with her. I really believe it's some kind of mental condition.
No sure about making this public 😅
IRS, are you listening??
Hope the caller didn’t use his real name 🤦♂️🤣
You just know half the listeners are googling: James+Tennessee+only child
Yeah, change your name and state
@@matthewgardner2144 🤣🤣🤣🤣🤣
Not only do you have to protect cash from theft and fire, but also moisture, mold, and rodents. Buy 2 fireproof safes. One for your home, one for his.
Then hire a professional to help you work that money back into the system without becoming a victim of predatory government workers or police.
Safes are not that safe, if thieves want to take it, they will take tye whole safe.
Its a security risk just being on this show! There's a good chance someone is going to recognize the caller's voice, then its just a name and google can easily track down your facebook, linkedin, address, phone number, parents names, their phone numbers, their addresses, and then its only a matter of time before someone plans a heist. The caller made a mistake.
(As a side note, I recently had the inclination to search up someone i knew about 15 years ago... you would not believe what you can find with a quick search... Ended up finding an address, mailing them a letter, and sure enough it was the correct address and I got a response)
You watch too many movies
@@WickedmanNaldo Because I used the word "heist"? Generally speaking breaking into someone's home is a relatively light offense (2nd degree felony, roughly 2 years jail time which isn't much when $500k is on the line)
@@WickedmanNaldo stuff like that happens in real life, robbery doesn't just happen in the movies.
Dont put it in a bank. I had a friend who had similar thing happen, not $500k, much less. He had taxes taken, i think some penalties and had to get lawyers involved to prove it was not gained from illegal means. Took a long time to get settled as well.
Keep the money off the grid and use it for small purchases here and there.
@@tinomorgenstern3430 and it loses value over time
Yep. Also funnel small amounts into a brokerage account here and there. Maybe buy some gold.
Until his house burns down. He needs to get this into an investment.
exactly pay contractors, down payments on cars, bills, appliances, 6k to ira every year etc. save your check every week and spend the cash!
Keeping that money off the grid is probably the worst thing you could do.
The dad will probably donate all his money to charity and the guy on the phone won't get a penny.
Why do negative????? My goodness.
I hope so.
@@citylights3452my post is a what if scenario. A lot of elderly have done it. They are like its money, it will go to charity after what's not left after retirement. Have a name in a wing of a hospital, animal shelter, school, library, etc. What if he expects all the money, but it was already set that is was meant for a charity?
@P B yeah. He says he is an only child also. Maybe the son will donate in his fathers name some of the money after he inherits it.
Hope not.
Someone who breaks into his house is gonna have the time of their lives
@Sponge Bob yes but actually no
He’s probably like the old man from Gran Torino
Yep
They might even pass out.
Could you imagine if it burned down ! !
I’d talk to attorney before-hand because unless the dad has receipts to support his war chest, there’s significant hazard to being reported to various banking authorities and IRS. The effort required to fight an asset freeze is out of this world.
Sounds like this guy's dad is pretty smart. The son should be taking lessons along with the grandkids.
Banks are not your friend when it comes to cash.
What if the house catches on fire?
Exactly. Will the insurance company believe you had that much in cash? Nope.
@@chrisfamos even if they did. They do not cover cash.
@@Kevin-rc2iw no way of tracking!
How often do houses catch fire though? Some houses have been around in their original state for decades.
I would assume he has a fire proof safe.
When one of my elderly distant relatives died. He had the British pound equivalent of several thousand U.S dollars just on his person. Months later when his children were renovating the house for re-sale they still kept findng money in old grocery bags, stuffed in the walls, under floorboards. Probably still some money hidden in that old house. Crazy!
Don't part with anything without checking it out thoroughly. Over a lifetime it could be in all kinds of places.
His father lived through The Great Depression. I’m not surprised he has such an untrusting mentality in regards to banks.
Sad thing is in 20 years it’ll be worth a 2/3 of it was.he needs to put it somewhere I can grow
If dad had been stacking gold coins instead of 100s, which he might of been also, that stack would be worth 10x
Yeah luckily for my future kids their father knows that printed paper can only decrease in value over time
@johnny cassh - not to mention lost opportunity. A very safe stock or bond investment would have earned him a few percent points every year if nothing else. 10% for an S&P 500 fund.
I told my dad I don't want anything off his wealth, I'd work for my every dollar, though surviving on an accountants salary is quite average, but with the aid of the online market I see a better future for myself.
send his wealth to me
Mr. Krabs mattress
It’s way too easy to steal cash that’s not in a safe. I’d at least get a safe if I was that old with that much cash. Not to mention, he’s missing out on a lot of dividends.
Well yes and no because if he had all that money in the bank it would of been taxed
@@riverdaletales8457 the money was already taxed if it was legitimately earned in his business as he said
@@Matzes yes but that 500k can and will get taxed if he were to report it to the IRS or put it in a bank account.
@@riverdaletales8457 really? Why would it be taxed twice then?
His dad has been smart with money and now the son is looking at how he can get it.
Saving money is smart. Keeping 500k in cash in the garage , losing out to inflation and comparative gains that could be had from either investing in real estate or the stock marked every single day year in year out.. is not smart at all.
@@kakefisk it's just a depression-era mindset - the irrational fear of banks
@@DurpenHeimer and the idiocy that comes with thinking that if things collapse and you can't get it back from the banks that you'll be in a position where cash is worth anything.
He’s been smart with saving, but taking a massive risk of loosing it all.
It was his choice not to spend it or invest it.. doesnt sound like the son is stealing it from him
I had a friend who buried $10k in his back yard.
He dug it up a year later and it was starting to mold. He caught it just in time
Convert it to gold before you do something like that!
@@Corkfish1 LoL. Not my problem.
At least put it in a container
@@Asimo44 I’m sure it was in a container.
But that won’t stop decay and mold
God bless that man
I hope your dad donate all that money to charity, as a man who deserves money from their parents, you MUST NEVER prepare to his death money-wise.
Can you imagine how much the elderly gentleman would have if he invested years ago?
Yes and no what people don’t tell you is if he were to invest or put that 500k in circulation it will get taxed and the fees will be insane .
@@riverdaletales8457 LOL, you are delusional. They don't take 100% of gains, he could easily make 7-8% per year after all fees and taxes. That would make 500k into 2 million if he invested it for 20 years. 40 years - 8 mln.
Hey guys I found the 401k hedge fund manager.
Investing is nice.
But honestly the hit I took in 2008 was devastating for a 28 year old guy just getting going.
@@goalie2998 , it sounds like you cashed out, which if that is the case is a big mistake unfortunately. I invested starting in 1999. I weathered the dotcom bust, the real estate crash of 2008-09, and the C-19 pounding earlier this year, but I have never pulled out one dollar. So far, I'm still up well north of 500% over the long hall.
.
Staying invested (and buying extra when it's down) while everyone else is loosing their minds is how you win at this game.
"it's not the end of the world"
Wrong. Ask any cash based business depositing a few thousand dollars multiple times per week and one day, they come in to make their deposit and find the cash is seized with the bank claiming they were trying to skirt the reporting. It happens to food truck people all the time.
Put in a safety deposit box , don’t notify anyone
and do what with it there? It's buying power goes down every day.
This guy is setting up the backstory for laundering his drug money.
I think I’d keep that information to myself.
with the value of the dollar & the state of this empire, cash seems a lot better to have than in a bank.
also first world problems here.
sounds like this Gentleman might be someone who lived through /grew up shortly after the great depression
Awesome video
Personally I would have kept my mouth shut and spent that money 💰 🙃
Yea, live off the cash and invest 100% of your salary until the cash runs out.
Hopefully it’s in a fireproof place
"....that's my dilemma"
Some dilemma. We'll all be shedding tears for you
It's a mistake to go talk to a banker about "getting prepared". The bank is fully capable on the day you walk in with it. More importantly, this is a secret to be kept tight. Only work with Dad to try and get it secured. People talk and word would get out eventually. Just the old "you wouldn't believe it a guy came in today talking about his dad's cash hoard" and they tell two friends, etc. until it reaches the wrong people.
Yes, the bank has money counting machines that can easily count 500k in one day. But just for courtesy, a notice is always nice for the people working.
EXACTLY
Dave I was going to ONLY eat beans & rice for 5 years to get out of debt but I found out my dad has $500,000 in cash just sitting around 😂😂
Um...why would you call in and ask this? Pretty stupid if you ask me.
Two things:
1. I hope that is not truly James from Nashville, but some Ryan or Tom from Houston Texas at least LOL.
2. "What should I do with 500k that are going to be gently handed over to me" is the kind of problem I would like to have.
Dads loooove saving money.
How smart to let the whole world know about this. At least someone has to recognize his voice. And people do talk.
Locally, a cash deposit of $2999.99 get a local flag and is looked into. $9999.99 is a federal flag that a form is filled out on. Don't drug dealers know this and don't deposit that kind of amount in a bank. It only affects the legal folks....
I knew a guy who wanted to hide cash from his wife, so he put it under the vacuum cleaner
😂😂😂
Cash is King!
no it isn't. It looses whatever inflation is if it isn't earning interest.
@@dodgeplow Sarcasm.
@@davidh5101 missed that. whoosh
This guy has just made himself and his father targets for a terrible home invasion.
Not real name and state I would hope.
@@nestam6844 Hopefully! I think the producers might have suggested using a different location had the caller not thought of it. One would hope so anyhow.
Imagine the treasure hunt that would ensue if he buried it and left a National Treasure-ish map for his son to follow...
That happened in michigan, a jeweler closed up and he buried things across the state and left clues.
@@hubster4477 Does Nick Cage know about this?! We gotta get him on the horn!
Kidding aside, that's an amazing story. Theres also several hidden across North America by author Byron Preiss of "The Secret", so far some have been found, but there are still some buried treasures out there! :)
Not him putting his dad in the grave already and thinking he’s the only beneficiary lol
He heard Dave say, "cash is king."
Was James prepared to be asked all these questions
Dave just referenced that lol.
I use to work with a guy who didn’t want his wife to spend it so he buried cash in his backyard! Only one other person (his dad) knew it was there.
@E Cox I had no idea where he lived! I just worked with the guy.
I would leave it out of the bank. Use it for groceries, cars, things you need over time. Maybe convert some of it to gold and silver.
Exactly. Thats assuming he didn't include this on his tax returns. I would slowly wash it. If he has documentation showing that this money is after tax he could even deposit it into a brokerage account.
My grandfather hid money in his drop ceiling. They had a house fire. Fortunately the fire department contained fire quick enough.
Remember folks, we can't bring it with us, so spend it to gain happiness through out your life, or your kids will just blow it away...
My parents hoarded cash, too. Yes, they did have bank accounts, and during one of my visits with them, mom asked me to take her to the bank to cash her pension check. She stuffed all the money in her purse! I made up an excuse to talk to the VP of Accounts, explaining my concerns. She gave me her business card, explaining that they see this happen every day with the elderly. Usually, it’s a child, niece, nephew, or grandchild that begins ‘tapping’ them for money. Clearly, she could see that my mom wasn’t “all there”, and suggested a financial Power of Attorney. She advised automatic deposit of all pension and retirement funds. Then, place a limit on how much can be withdrawn in a single transaction, and a weekly limit, too. Anything over that amount would trigger a phone call to the person(s) holding Power of Attorney; in this case, my older sister and younger brother, as I lived across the country. I provided my older sister with the business card and a plan to protect pension and retirement funds moving forward.
In the meantime, I ordered a safe and had it delivered to their house (I live across the country), and told these two siblings to store the cash in the safe. At this point, dad had died and mom was beginning to enter dementia. BTW - This was not a lockable cash box, but a legit, heavy, fire safe. Not only did they NOT put the cash in the safe, but one of my younger sisters began helping herself to the cash! She had actually begun helping herself to the cash when dad had gotten sick and became bedridden; however, when dad died, her behavior ramped up. When pension checks and Social Security checks arrived, she was there to drive mom to the bank to cash the checks. Nothing went into savings or checking, as my mom continued to walk out of the bank with a purse full of cash. Of course, it all vaporized. Finally, over two - yes, two - years later, my older sister got control of the money situation and everything was automatically deposited. By this time, the cash was long gone. Within six months of automatic pension check deposits, my younger sister and her husband had received a Notice of Foreclosure from their bank.
What became of the safe? I found out later that it had remained in the garage, in its shipping container. I’m angry that not a single sibling living near our parent’s house (five of them) could take responsibility for safeguarding the cash. Yeah, you guessed it.....I am that one child who worked 2 jobs (sometimes 3) to put myself through college because our folks didn’t have any extra money for this “nonsense”. The money hoarding started shortly after child #10 got married. I feel I have totally failed in keeping a watchful eye on my parents, believing my siblings when they said they had things under control. BTW - When mom died, my brother contacted me, asking if he could take it to his house and use it. I will give my younger brother credit, though, for stepping in and taking care of our mother for the final 3 years of mom’s life, even knowing that there would be no financial gain.
I work in banking. Do NOT deposit this all at once, no matter what. The bank will be breathing down your neck for years after you break that 10k level. It’s called a SAR.
You are better off sitting on it and spending it over time.
The market is too unstable. CDs and bonds are worthless, because they can be sold overseas. They may also lose value if you need to cash out early.
Im doing the same thing!!
That is absolutely terrifying if it’s in his home. Hopefully, he has some built in fireproof safes.
You stash it in the freezer.
Lil late isnt it? Lol really?
Literally "cash is king" 😂😂
At this stage don't worry about it. When he is gone just put it in a safe place and gradually spend it instead of your income. And slowly put it in the bank. If they ask, just tell them that you sold something or did some small jobs for people and don't patronize that bank for a long while. You can keep cash and just keep your mouth shut. It's not that big of a deal.
My uncle buried money in coffee cans in the backyard! He was a dairy farmer and had tons of cash.
Ha, I was thinking the whole time how Dave says cash is king.