How To Hide The Fact That You Are Wealthy

Most of the time, when dealing with rich people, the ones who are flaunting their money are the small fishes and the people who actually have a lot of money are the quiet ones who never seem to mention it or shove it in your face. This is with good reason. When you are not that rich, but would like to be, the first thing you want to do is prove to people that you do have a lot of money and give off the impression that you are living the high life and you have money to waste. The people with the real money are keeping quiet and spending their money not on gaudy excess, but on making themselves even more money. They do not need to prove anything.

The general rule is that if you have money, you flaunt it, but if you want to keep your money and make more, then you should conceal it. Even though it is our first instinct to show it off, this is a better strategy if you want to continue being wealthy for a long time coming. If you are flaunting money, then you are subjecting yourself to hangers-on, broke friends, lazy relatives, gold-diggers, and a whole bunch of other people who need your money, but you really have no need for in life.

Keeping your money on the down-low is not the same as hiding your money from the government and not paying taxes. It is all about being wise with your money, and keeping it away from people that can make you lose it at a more rapid rate than you want to.

If you are looking to keep your money a secret, here are some good ways to do it. There could be some legal issues with some of these methods, but that is entirely up to your discretion and there are ways that you can successfully tip-toe the line in order to avoid any complications, but if you were smart enough to make all of this money, you should be well-versed in what you can and can’t do with it.

Of course, the first thing that everyone thinks of when thinking about hiding their money is offshore accounts and the ever-popular Swiss bank accounts. The worst thing about the offshore account is that it is the thing that legends are made of, and something you’ll see in all of the mob movies as the way in which these mobsters were able to successful avoid the IRS. So if you open these accounts, you will probably want to talk about them, because the concept itself is very cool on it’s own. But if you want to keep your money a secret, avoid blabbing about the accounts.

Also, it’s not really as cool as it was anymore, since the American government is so aware of these types of methods now that there is really a very small chance that you will avoid paying taxes for these accounts like all the mob bosses in the movies were able to do. So, even if you are keeping the money away from greedy relatives, you are not keeping any secrets from the government most of the time, and you shouldn’t be expecting to see benefits from it financially. If anything, this is a very expensive thing to do, because you will have to pay fees to the country in which you are storing the money, your country, and your huge legal team that will be working to keep all of these financial dealings in order. So it is definitely not a process that is easy and problem-free, but it will keep your bank account information away from your money-grubbing relatives. Needless to say, in order to even consider this action, you are going to have to have a lot of money to blow and a lot of money that you do not have to worry about spending.

Equity stripping assets are also something you might want to look into, but you should know that it all depends on where you live – you might not be able to achieve this in most places. This is usually done with real estate, it usually consists of typing up the equity with another party. You could do this through a band loan, but then again, it is a very costly process and might not be worth it for people who are not extremely rich. You could also transfer ownership to a trusted private party, considering that you know of one – that might actually be the best option if this is what you are interested in doing. You can still use the asset, but technically, it does not belong to you. Of course, this is a very complicated process and it needs to be done perfectly in order to garner any results, but it is something to look into if you are willing to put in the time, work and money. If you are not careful, you could end up paying a ridiculous amount of taxes, which will end up completely overshadowing everything that you have done in order to save the money and keep it out of the public eye.

Living trusts are another option that you can look into. The main thing is that you really need to trust your trustee. If you know someone that you can put that much trust into, then you are go to go, but if you don’t, you should probably reconsider this as an option. However, if you can do this all by yourself, then it’s even better. If you can play the role of the grantor, trustee and beneficiary, then it’s a good plan. You can keep the legal problems away from you through ownership intervention and when you establish a living trust with the grantor being you, you transfer the ownership of the assets to the trustee, which is also you, and then you are in charge of managing all assets. A very twisted and complicated process, as you see, but it is feasible technically speaking and it could end up being a very good method of hiding your money.

Have you every considered working outside of the country and forming a partnership with the U.S. government? That could be something to look into as well. When you are living and working abroad, the IRS is actually very sympathetic to the causes, which is very surprising for them, and you are then able to exclude a great amount of money from U.S. tax reporting each year – up to $80,000 in some cases.