Michael Phelps has obviously been putting an enormous amount of "Time" in his Physical Bank and he just cashed out with a few Gold medals. Being at the top certainly has its rewards and he increased all five of his Banks while at the Summer Olympics.
There is no doubt that living a cashed based existence is a step on the path to anonymous wealth. After all, the computerized minions that comb financial data for your personal information can't record what they never see. Yet trying to have a cash only life style can be restricting in the digital age, and the goal here is to be free, not constrained.
There's nothing illegal about having an informative process folks should get benefit. At least for now. While Hollywood has created a scene where those who bank out of the country are briefcase-carrying criminals or guys in Tommy Bahama shirts flying prop planes onto tiny island landing strips, nothing could be further from the truth. Your government doesn't want you to move money to another country because it makes it more difficult for them to tax.
The next thing you need to be aware of is if your bank is FDIC insured. FDIC insurance means, that if your bank fails, your deposit will be insured by the government. Be aware however, that if you are doing any offshore banking, they most likely will not have FDIC insurance.
Finding an experienced offshore financial advisor can help save you time and money in the long run. Ideally, he should have a wealth of knowledge about different offshore banks and have excellent financial skills. The goal here is to find an advisor that you can go to match up your investing strategy with the best offshore bank for that plan. Also, it helps to develop a long term relationship with your advisor so you can benefit in future relationships as well.
DON'T: Pay a higher percentage in home mortgage interest, should you decide to buy a home, than you have to. Shop around, as part of your preparation, and read the fine print. Hire an independent financial consultant or a C.P.A. who is knowledgeable about the biggest family expenses, and listen to the advice about the best types of mortgages you can get. And don't rush. You are money ahead to stay in a small rented apartment in order to save your earnings for a large down payment and to pay off all debt BEFORE you purchase a home. You can save tens of thousands in interest just by having a big chunk of change to put down on your home and by having an impeccable credit rating and no debt when you shop for lenders.
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