Financial advice for a newbie please

TheWhiteRabbit420

TheWhiteRabbit420

Active Member
I'm new at this but I am generally good at saving and investing.. I know how to make money but I'm trying to work on my future now; house/business..

my plan at first was for me an my girl to save an throw 10k each on a house about 70k.. she has two jobs and been working for years.. I work under the table every now an then but mostly
have other ways of generating income..

after reading some threads on here.. im not sure that would be such a good idea.. the monthly payments wouldn't be a problem obviously but throwing 20k on a 70k house would raise some red flags wouldn't it?

I run an online glass shop, started it with $100 about 12 months ago.. no tax id.. I'm not "ballin" from it but I make around the average min wage worker does in a month..
I wanted to open a storefront to speed up the sales and actually make more from it.. I was looking into lines of credit for businesses but im not quite sure how the qualifications would adhere to my situation..

lastly, I already have a small amount of precious metals saved from over the years.. would a simple resolution be dividing 10k into small amounts of purchases of metals from place to place then sell it? even if you sell it all at one location it isn't uncommon for someone to have precious metals saved and to sell a large amount at a time.. this type of transaction would be legit wouldn't it?
 
DONNYS

DONNYS

New Member
TheWhiteRabbit420 said:
I'm new at this but I am generally good at saving and investing.. I know how to make money but I'm trying to work on my future now; house/business..

my plan at first was for me an my girl to save an throw 10k each on a house about 70k.. she has two jobs and been working for years.. I work under the table every now an then but mostly
have other ways of generating income..

after reading some threads on here.. im not sure that would be such a good idea.. the monthly payments wouldn't be a problem obviously but throwing 20k on a 70k house would raise some red flags wouldn't it?

I run an online glass shop, started it with $100 about 12 months ago.. no tax id.. I'm not "ballin" from it but I make around the average min wage worker does in a month..
I wanted to open a storefront to speed up the sales and actually make more from it.. I was looking into lines of credit for businesses but im not quite sure how the qualifications would adhere to my situation..

lastly, I already have a small amount of precious metals saved from over the years.. would a simple resolution be dividing 10k into small amounts of purchases of metals from place to place then sell it? even if you sell it all at one location it isn't uncommon for someone to have precious metals saved and to sell a large amount at a time.. this type of transaction would be legit wouldn't it?
Click to expand...
no putting down a large downpayment wont raise any flags
i put down 10k on land that was 30k
and selling large amounts metals no issue
 
mudminer

mudminer

Active Member
Dude, this is def. not the time to sell metals. Buy yes. Sell no. Its your decision of course, but I'm just sayin. If I had any other options I would try those first. All the best.
 
TheWhiteRabbit420

TheWhiteRabbit420

Active Member
I know I don't plan on selling now at all, I been keeping track of silver specially...but mainly I was wondering if you sell your metals and Receive say 10k cash for those metals from some place would that cash be clean?
 
DONNYS

DONNYS

New Member
TheWhiteRabbit420 said:
I know I don't plan on selling now at all, I been keeping track of silver specially...but mainly I was wondering if you sell your metals and Receive say 10k cash for those metals from some place would that cash be clean?
Click to expand...
if not hot then u good
and best to make large downpayment drive interest down
no reason they doubt where it come from its cash sure they love cash
 
B

baddfrog0221

Active Member
TheWhiteRabbit420 said:
I'm new at this but I am generally good at saving and investing.. I know how to make money but I'm trying to work on my future now; house/business..

my plan at first was for me an my girl to save an throw 10k each on a house about 70k.. she has two jobs and been working for years.. I work under the table every now an then but mostly
have other ways of generating income..

after reading some threads on here.. im not sure that would be such a good idea.. the monthly payments wouldn't be a problem obviously but throwing 20k on a 70k house would raise some red flags wouldn't it?

Buying your first home is a great decision. But make sure you have a solid budget in place and you know what you are getting into. A large downpayment is no problem, lenders will prefer it and give you better rates. For you budget, try to keep your mortgage payment between 30-50% of your income. Your going to need to budget clothes, food, etc. But, with a house you will also need to consider: Insurance (mortgage & homeowners), taxes (Summer and Winter taxes), utilities, upkeep, etc.

I run an online glass shop, started it with $100 about 12 months ago.. no tax id.. I'm not "ballin" from it but I make around the average min wage worker does in a month..
I wanted to open a storefront to speed up the sales and actually make more from it.. I was looking into lines of credit for businesses but im not quite sure how the qualifications would adhere to my situation..

If you prefer to not register a tax id for your business, you can report it as a sole proprietorship on Schedule C of your tax return. Some banks will offer financing to sole proprietorships, but they may want proof of your assets (net worth, etc.) You could take out a personal loan and apply it to the business to get things rolling. Also, remember to keep detailed records of the transactions you process with your business (sales, expenses, purchases, etc.) This will make it easier to report for your taxes.

lastly, I already have a small amount of precious metals saved from over the years.. would a simple resolution be dividing 10k into small amounts of purchases of metals from place to place then sell it? even if you sell it all at one location it isn't uncommon for someone to have precious metals saved and to sell a large amount at a time.. this type of transaction would be legit wouldn't it?

I don't deal much with precious metals, but what I do know is they will only increase in value over time as the world supply runs out. Keep them as long as you can, sell them if need be.
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See Quoted message for response. :joint:
 
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NoDrama

Well-Known Member
TheWhiteRabbit420 said:
I know I don't plan on selling now at all, I been keeping track of silver specially...but mainly I was wondering if you sell your metals and Receive say 10k cash for those metals from some place would that cash be clean?
Click to expand...
Depends, if you sell regular silver bullion, you owe a 42% tax on it ( Gold and silver are taxed as a collectable). If you sell US Silver Eagles you owe no tax.
 
F

fg2020

Active Member
NoDrama said:
Depends, if you sell regular silver bullion, you owe a 42% tax on it ( Gold and silver are taxed as a collectable). If you sell US Silver Eagles you owe no tax.
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Firstly, I have no idea where you are getting a 42% tax for collectibles. Secondly, ALL bullion coin gains, US mint issued, foreign origin, or private mint, are taxed the same. Depending on the circumstances, they can be taxed as either short term or long term capital gains. The benefit of owning US mint bullion coins is that they are technically legal tender and thereby protected from counterfeiting by the US Secret Service, same as US paper money and token money (i.e. our crap coins). That means that an American Eagle coin is considered far more trustworthy than, say, a Chinese Panda bullion coin.
 
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kikkinurazz3

Well-Known Member
When I bought my house 6 years ago, I put $30g cash down on it. I had to jump through hoops trying to explain where the down payment came from to the bank. I did not have the money in a bank before using it so they had a ton of questions. I had to give them a notarized statement that the money was a "gift" from my sister in order for them to accept it. I told them i had been saving for a few years and they basically told me i was full of shit.
 
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