Home Sugar Support Forum™ Money Keeping Allowance Discreet – & how to not have so much CASH!?

This topic contains 8 replies, has 4 voices, and was last updated by  GodivaKisses9 1 week, 6 days ago.

Viewing 9 posts - 1 through 9 (of 9 total)
  • Author
    Posts
  • #22183
    ellie2871
    ellie2871
    Participant

    So, I have just arranged with my SD an allowance that is pretty hefty. He and I are concerned about the arrangement of receiving the money because I will be getting well over $14,000.

    We want to keep this arrangement as discreet as possible. We know that we can use cash as a way to have less of a paper trail but I want to invest my money into a brokerage account as well as save it and develop an emergency fund.

    If I have thousands of dollars cash in a safe, what if the house burns down? How do I invest cash? Should I spend the cash on everything else and use the $14,000 I am allowed to get towards my investment funds?

    So I guess my REAL question is, how do I keep my money discreet AND safe at the same time? Feel free to comment on my other questions as well.

    My email is [email protected] or comment below.

    #22188
    SouthernSD
    SouthernSD
    Participant

    @ellie

    Good on you girl, there are all sorts of stipulations with that kind of money.
    I wrote a blog about this, you can apply the old school method of paying for bills and grocerys that I talk about in the blog.

    http://www.letstalksugar.com/money/receiving-a-sugar-baby-allowance/

    Also, is he giving it to all in one shot? If so, do NOT put it all in the bank at one time.
    Get a fire proof safe and put some in there. If your house burns down and the money goes with it you are SOL.

    As for investments, I have a method that leaves less of an electronic trail. Though you will have to do it in baby steps.
    I’m going to email you, for privacy, some details.

    #22197
    Malia
    Malia
    Participant

    I wrote a blog just about that a while back. Here’s the link:
    http://www.letstalksugar.com/money/keeping-allowance-discreet-2/

    When I refer to safe, it means renting a safe in a bank, and not at home :-) If it is helpful, please support with a like (heart icon)

    #22204
    ellie2871
    ellie2871
    Participant

    @malia I have read your blog and it was super helpful! I’m just working with a lot of money so I didn’t think all of those options would be enough. It was very helpful though! Now that I have an account on here I will go back and heart it. Thanks :)

    #22205
    ellie2871
    ellie2871
    Participant

    @SouthernSD looking forward to hearing from you!

    #22208
    SouthernSD
    SouthernSD
    Participant

    Ellie I emailed you but my email address ends up in spam sometimes so if you don’t see it in your inbox check spam folder.

    #22215
    Malia
    Malia
    Participant

    Ellie, if it is a lot to invest you may want the help of a professional financial advisor and accountant for tax issues. Showing too much cash can create a havoc with the IRS and state tax authorities, so thread very carefully.
    If you don’t need the cash for the long term, you can consider tax deferred accounts as investment.
    However you will need to show taxable income so you can do so via an employer, consultant using your own SSN or open a company and invest via a SEP IRA.
    If you will still need money for education related expenses, then 529 accounts are great where the limits can go up to around $250,000. Your SD can make an exception rule contribution equivalent of 5 years in just one year…can’t remember if it’s 60,000 or 70,000.

    #22227
    ellie2871
    ellie2871
    Participant

    Thank you @Malia that was very helpful. I just took a PF & Investing course last semester so I know what you are talking about. Just couldn’t remember those things off the top of my head. @SouthernSD, I have replied to your email.

    #24383

    GodivaKisses9
    Participant

    @ellie7871 I would suggest that your SD send the full amount in smaller portions through PayPal or just gives your the amount in cash and you can deposit it little by little in the bank. That way everything doesn’t look as suspicious and the IRS won’t suspect any fraudulent activity. Maybe open up a savings account if possible. If I may ask, what area are you from and how did you find your sugar daddy?

Viewing 9 posts - 1 through 9 (of 9 total)

You must be logged in to reply to this topic.