I Have $120,000 Buried In My Back Yard!
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- เผยแพร่เมื่อ 29 ม.ค. 2023
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First rule of money buried in the back yard club is that no one talks about buried money in the backyard club
We don’t claim people from Austin.
😂😹👏🏽
🤣
Cute!
Second rule of money buried in the back yard is DON’T bury money in the back yard. Heard of someone doing it. The paper deteriorated.
BEWARE of traveling with that cash! Authorities can take it from you and claim you are suspected of drug sales. No charges required for them to keep it.
yep, any reason they can accuse you just to take your money. fake justice is the worse
He need a slip from the bank but, that's not in his favor.
Sad but true…
He may want to consult a lawyer about the best way to go about transferring the money. And yes, I've seen individuals arrested and held as drug dealers and the only real "evidence" is that they were carrying large amounts of cash. And with civil forfeiture, he may not get the money back even if the charges are dismissed.
Know your rights!!! Don’t talk to police. Don’t consent to any searches. They can’t find what they can’t search for.
I'm so sad for Jim. I have a feeling he's going to dig up that money to find it's all decomposed.
Paper money is not made from paper. It is cloth. It might get a bit moldy but will not be useless.
My Grandma had this happen. She buried money and a few years later she dug it up and it had disintegrated.
@@jessicahimmer5357 was it in a box of some sort?
Termites that are destroying his house also ate all his money
@@jessicahimmer5357 The container it is stored in would have to be waterproofed tightly and be very sturdy, which is hard to do when burying in the ground.
Maybe it's just me, but I hear Mr. Kamel having an ever-so-subtle southern drawl coming out in his voice as he's talking with this man. 😆
Lol
Glad to see the Ramsey show finally suggesting index funds and not just mutual funds.
There are lots of great low cost index funds that get similar rates of return to mutual funds. And your return is not eaten up by a bunch of fees!
@@sconnell1791 so there are only a FEW index funds. They all are low cost (some are lower cost then others). 90% of all mutual funds do not beat the S&P 500 Index fund over a 15 year period... point is most S&P Index funds beat most mutual funds. And now we can address the higher management cost of mutual funds (could be 50x higher) and the 1.5% fee that smart investor pro will now charge you.
Ramsey is so lucky to have George. He's the only personality besides Dave that I'll watch.
Same here and john is up there.
100% agree... i can't stand anyone else.
I like John Delony
I think he's adorable!
Rachel is cool
Their facial expressions made me laugh when he said he has that amount buried in his back yard.
Even though this guy is not some kind of investing guru, he is far, far ahead of the average American when it comes to finances.
He didn't make as much as he could off his money, but at the same time he's doing well and is miles ahead of most Americans.
To the young folks out there…do not “save” money…invest it. If your idea of retirement is in a savings account you’re losing money through inflation every year.
@@musselmanmedia5236 that’s cool but you should be setting up your own stuff. Don’t rely on parents for anything
@Evan Jesso A "safe" investment is a risk based investment done in regular, repetitive installments over a long period of time. You should also measure what you are "up or down" from your actual inputs, not from some unrealized peak value.
If you do this with a plain vanilla mutual fund, the math will show that in due time, its pretty safe. Statistics > spectacle.
Do not do one or the other, do a combination of both.
@MasterShake89 *Could* lose it? You do know, don't you, that keeping your savings in a safe *guarantees* that you lose it. How so? Think of it this way.. What's more meaningful, the actual number/quantity of dollars you have stashed in your safe, or the amount of stuff you can actually buy with those dollars? Every year that you keep it stashed in the safe it's losing over 10% of its purchasing power, which is identical to losing 10% of those dollars to the "thief" known as inflation.
@@Paul-jp8zz 10%lol no,3-4? Yes
Now the IRS is looking for this guy
Not really, he’s already paid taxes on it, and since it’s not earning interest, there’s nothing else to tax.
@@spankynater4242 they , like the police might make him prove he paid taxes on it and it’s not il gotten gain. Never travel with large amounts of cash either because police will take it if found and you will have to fight in court for years to maybe get some of it back
@@spankynater4242 You would think so. But, the reality is that if he starts depositing large amounts of cash, the banks are required to report those deposits and the IRS may determine the proceeds are income and the taxpayer must then demonstrate the source of funds to pay taxes on it.
@@lkj0822g i’m sure he can show his W-2s and pay statements.
@@stephenabril7084 i’m sure he’d have no trouble demonstrating where he got the money from. He would just show them pay statements or his W-2 forms. Civil forfeiture is a whole other matter.
Great episode. Good job Mr. Kamel. I didn't hear from Jade, though. God bless Jim🤗
One min into the call George is trying to enrich himself is outrageous 😂😂😂
Heck yeah Jim.
Y'all are killing it.
Good luck.
250k isn't much to retire on
Better check that money. If it’s not packed right it’s probably ruined.
Wouldn't that draw red flags if he walks into a bank to deposit 120K?
Yep .big time
That twang😂
Austin Texas 👀👀👀
Thanks for the tip. Now all I need is a shovel and a kevlar vest. 😂
George's advice is really spot on! Love his opinion as always!
He wasn’t joking about shooting, this is Texas.
Not really. It’s Austin.
NO! He wasn't.
@@Travis12861 we shoot everywhere in the USA
He missed out on years of compound interest
@6:43 George wanted to say 30 years to live but backed out haha
🤣
Money goes bad underground at least put it in a safe bye
Thought it was gonna be a million sitting in the bank.
I like how they are finally acknowledging that index funds are a good investment.
How I love the reaction of the lady in the show! Oooo he sounds nice. LOL😃😉🤩😍
Man someone should’ve told this guy 10 years ago that he could’ve doubled his savings by now if it was invested
There was a similar call that Dave fielded where he told a story about a friend of his who buried paper money in the ground and when he looked for it years later it had all disintegrated LOL 😂 😂 😂
I was just thinking this
That must be the story I was talking about in my comment.
is there a way to bury the money in the right container that would prevent this ?
Lol even putting the cash in bonds or High Yield accounts are better than literally sticking cash in the dirt in your backyard
The thumbnail his face is like uuuhhh 😂
Shovel sales just went through the roof where Jim lives.
Does anyone realize...the story Dave once told of someone that had buried cash like this? Termites got to it. There wasn't anything left.
Imagine having that kind of growth potential and burying it in the yard. Hopefully the money isn’t rotten when he digs it up.
Does he need a landscaper?
His neighbour is listening to this...
It doesn't matter. The neighbour is going to dig it up and find nothing but confetti. The worms ate his money a long time ago.
He is my kind of guy.With one difference.When your doing something in the grey area of life you don’t advertise it.
Shrinking Cash is better than nothing
Yup. Tell people that when they question my savings and emergency fund. Always the ones broke with debt telling me about inflation.
Debt is negative and and like an inflation accelerant.
Sure, but there is no need to have it physically in cash when you could at least match inflation with a high yield savings account.
I am availble for yard work.
Life goals haha
My thoughts exactly!
Life goals would be if he properly invested that money and had $1.2 mil+ instead of being 67 with a networth under $300k (not counting the house). His fear of investing or lack of knowledge cost him literally hundreds of thousands of dollars
Heard stories of the money deteriorating when you dig it in those holes. Be careful.
If cash rots or is destroyed it is totally lost.
Worked at a bank. Seen that. Children had dug up passed mother’s stash. Lost a lot of money. Such a waste.
You can reclaim damaged cash through the bureau of engraving and printing.
@@InternetUser._ if enough can be pieced together to identify serial numbers
This guy is the perfect target for their Smartvestor Pro program. He has no idea what to do with money or how it works. He's the perfect prey for them.
I am more curious how do you bring the cash to a financial institution without the irs showing up??
Kudos to George for mentioning an index fund
Now that mutual funds are tanking
its interesting, at the end of the. day they. both rock,that being. said mutual funds are great with scheduled investing
He’s only mentioning index fund when uncle Dave is out of town.
I want to be more like Jim!
Saving the money yes, baring the money in the dirt. NO!
Someone recognized his voice, and his backyard is now a frantic community excavation site.
🤣
They use aliases in certain cases. I'm sure he was advised to use one 🤣
🤣🤣🤣
Yep, party in Jim’s backyard. Don’t forget to bring your shovel!
@@iamkesha. 🤣🤣🤣
Good 👍🏽 Job Jade❤❤❤
I just recently moved almost all of my savings from my bank's "savings account" making .01% interest to a another bank's high yield online savings account making 3.75% interest. Banks like Citi and PNC offer good rates for online savings accounts right now. In the first month's interest payment, I think I made more money than the previous bank's interest in 10 years. I also have put a chunk of my savings into mutual and index funds (which are all down now of course). Likely going to be investing some more savings into these funds as they have all dropped now and hope to ride the wave back up.
Banks absolutely love people like u who are happy earning 3.75%. They are " laughing all the way to their bank" so to speak.
It’s all in change
Where do they live? I mean exactly, like the address of better yet the GPS cords? I got a good shovel.
He doesn’t have 30 years to invest he has 30 to live lol
*IRS has entered the chat*
He’s already paid taxes on it, there’s nothing for the IRS to do until he starts earning interest on that.
First question is did you salt and baking soda it cause money moulds whens it's in a confined space thats humid
WHY does this guy have a money buried in the back yard...Why"" no one is asking""
Uncle Eddie on the call!
Where is this guy's house? Asking for a friend ...
The IRS has now entered the chat
He's better off keeping it buried than investing. At least he won't lose half of it.
Make it rain!!!
Man this gotta be dirty money.
Quite literally. It's probably worm food now.
First off, If the money is really buried it could have deteriorated. Second, Is it the old style bills? That could be a problem getting rid of that much .
Older series (1995 and older) Federal Reserve Notes are still legal tender and can be spent as usual.
In the odd chance he has $500 denominations or larger, he’s better off selling each note as they are worth much more than face value.
🤣 excellent !
I really hope it's not dust by now lol.
It almost certainly is wormfood.
My grandfather was like this man. He had 80 thousand in a chair cushions. Duffel bag in a car 50 thousand. Buried cash in the back yard didn't know wear. He died and 5hat state took over his land. So stupid. State got rich again
Jim’s life has been lived in constant fear, hence the paranoid levels of risk aversion. The opportunity cost over the years has cost him hundreds of thousands of dollars in gains he could otherwise have.
I have my shovel ready
Sounds like Jim needs to learn to spend and give, as well. I would like to hear from his wife.
She’s buried next to the money.
@@spankynater4242 🤣🤣🤣🤣
Darn at first i though he was single! Lol
Let her talk!!!
If you are not a criminal you have nothing to worry about!!! I work hard for my money, I will carry it with me if I want too!!!
Think Jim just called to Flex
I have a shovel.
Hopefully those are some nice Tin cans.
This is serious about the backyard?
That money could have grown by leaps and bound since 2010. Very sad.
Hope the money in the tin cans didn’t decentergrqte.. this happened to a person who left it 30 yrs ago it all crumbled up. Lost it all. Any way , he is far better at saving than most. Still waiting on his address.
It makes good worm food.
Back yard has $120k in cash and the bodies of those tried to dig it up
Lol @ address!
This was a humble brag. But not even knowing about a high interest savings when making 90k per year? 🤔
Other people have mentioned it but this guy should be very careful and never transport the money all at once because of the risk of civil asset forfeiture, an unconstitutional law which flips innocent until proven guilty on its head and requires you to prove you got it legally. Also banks will report a cash deposit over a certain amount and it may cause him trouble, so it may be wise to split this money up between accounts and deposit it incrementally instead of all at once
Very true! Long gone are the days your can walk into a dealership with a bag of cash and pay for that new car. Be wise and cautious with large amounts of cash - and not just from ordinary thieves, but the biggest thief of all - Uncle Sam!
@@Sutterjack That's true and it sucks. There's nothing like slamming down a stack of bills and seeing their eyes get wide. It was easier to get a better deal. I'll still stick with the debit card approach, but even then, call your bank and let them know you're spending it out in advance so it doesn't lock your account.
Keep your cash
Voice recognized.....criminals move in immediately
And since "Jim" does security work, He's packing.
@@diceportz7107 Which won't help if he is outnumbered. He should have sent them an e-mail, not put his voice on a nationwide program.
If the money is legal, why is it in the back yard instead of mutual funds!
I'd like to verify what's his address?
Really hope that money was in a safe container. Under the soil is not a kind environment to cloth.
Do you have any fun!!! Great to save but you gotta enjoy it. If not what's the purpose??
So, what's your address?
Ring ring, we have found the cash missing in circulation for the past 50 years. It’s in a backyard.
Imagine if he had put them in index funds in 2010. I know there’s lots of people out there that don’t trust the economic system. I don’t blame them Burrying cans in your backyard. It’s not the way to go.
The weather will get the best of those cans within a year.
What’s the best index fund to go with ?
Ok make sure your bills are still all intact underneath the dirt makes the bills 💵 very wet moistening
A 457 is equivalent to a 401k
That money could be ruined. Moisture and insects will wreck the currency. Hopefully he is joking about burying it in coffee cans. Pretty dumb.
He would have a million if he invested along the way.
Easily. Probably much more than that since he's continued to work up to age 67
Far to late to invest, The good news is they a have lots of money
I want to be Jim
Anyone who has $120 stacks buried in the backyard is someone waiting for one or two members of his "crew" to finally make parole.
Shame 12 years this could have been much more. Hopefully he gets setup for success.
🤦🏻♂️ 😐
Don’t touch the $120k in the ground. If you wanted to take a 1/3 of the money in the bank and convert that to investments have fun. At 67 you don’t have 30 years left. The average life span is around 80 so plan more realistically than what they are saying. With everything paid off you don’t need to go crazy with investing.
Nonsense. If he ends up in a nursing home that cash would be gone in a year. He needs to put that money to work for him so that he’s taken care of for the full 30 years.
The life expectancy of a 67 year old male in 2023 is 83.49. And someone who is still working a 6 figure job - staying mentally and physically active - should expect to live even longer. I'm thinking upper 80s is this dude's expectancy.
It's all rotten by now.