Has Your Ship Arrived?

What to do when all that paper suddenly turns “green”?

Dream Big, however, be cautious! Don’t be in a hurry to go on a spending spree except taking your better half out for a great dinner (you owe them). Wild spending is a guarantee you will lose track of the funds you have spent. You are an expert at being patient! Use it to your advantage. Organize your future starting today.

I will try and keep this blog short. No guarantees.

For many of our fellow travelers here at Compumatrix, this is the question of the ages. Where do I start? We have all been dreaming of the many accomplishments that will be achieved through our generous souls. It’s time to begin formulating long and short-term strategies. 

  1. What is the best way to transfer my new-found funds to my local bank or safe wallets?
  2. Should I pay tax on the funds or put it into a savings/tax account and, what will be my future obligations? 
  3. How should I set aside a proper amount of funding to match the timeline for my projects?
  4. I understand the necessity of getting the advice of a competent accountant who understands Cryptos?
  5. Should I have a plan on how the funds will be allocated, daily or monthly?

The above is representative of only a handful of the many questions that are now part of your life all having the answers ahead of time will save you many headaches. Alleviate issues down the proverbial “yellow brick road” organize yourself. Many will feel pressure complying with all of this information. Fear not! If you take your time and build an organizational spreadsheet, you will find life much easier and manage your portfolio. You can create one from scratch or have your accountant construct one together for you. 

Part of having your new green wealth has the ability to oversee your funds by creating a history that is useful for yourself and your accountant. A good spreadsheet can be very gratifying and does contribute to mental stability!

It goes to “back in the day” when you said to your significant other, “I just want to roll around in a big pile of $100-dollar bills” (clothing optional).  It’s great fun to watch your dreams and that of your family finally coming to fruition. Now it is time to be more practical yet still have fun.  

The following offers a few ideas on how to proceed. It is not advice, just trying to point you in the direction of a reasonable solution. Draw your personal conclusions. 

Question 1 – Talk to your accountant first, don’t have one? Look for an accounting team familiar with Cryptos and more, importantly, tax laws for your state and country. Set up bank accounts with tight security protocols in place to protect your interests. A separate account for tax dollars is a good suggestion. Keep the majority of your funds in a private bank or wallet and move funds when needed. It is not a good idea to place all of your funds in one place for any length of time.

Research your best options to include a Trust, Foundation, or company before turning the Cryptos into fiat (money). Keep your wallets flush but not filled to the brim. Senior members suggest that it is best to keep only what you are going to use in our group. Avoid being hacked, use very long creative passwords (see the newest Password generating program on our Discord Page). 

Question 2 – Avoid spending years fighting with taxing authorities in your country. Arrange to pay what is due early on in your relationship with them. Have a tax account (and do not attach a Debit card or an online payment program to your tax account). Allow the accountant to handle the payments. Utilizing a spreadsheet will make it easier to keep track of State, Local and, Federal taxes to be paid. There are many ways to utilize your assets while keeping track of values and seek proven advice from an acknowledged source. Uncle Joey is not one of them! Also, keep in mind the charities you will be involved with, use your ability, and research them. Your favorite taxing authority will know if you can take a deduction or not and also how much? 

Just between us and you, our fellow travelers, arrange to pay all of those way overdue bills, look to clean up your credit quickly once you have the funds to do so. It will reduce the amount of “ugly mail” constantly filling your mailbox. 

Question 3 – You already have a basic plan in your head and, like many of us, also on paper. An example would be a new house or your first big purchase. The house cost X now adds in the costs associated with a lawn service, a new pool, new furniture, a golf cart to drive down to the clubhouse or practice tee, new televisions, computers, dining room table and chairs, new pots and pans, etc. You want to keep a list of purchases, warranties, new golf clubs, and lots of clothes (unless you are moving to a warm climate, then it’s shorts, loud printed shirts, and a goofy hat). Did you know that those Pink golf pants are over $100+? 

Purchases of big-ticket items, including property, a home, automobile, etc., should be discussed with your accountant or financial advisor regarding tax ramifications. Allowable deductions are to be part of the conversation. Trusts and foundations are a necessity to protect funds for your children. Be sure you understand the advice, and don’t hesitate to ask questions regardless of how dumb you think they are. The conversation should also include funding your purchase via a crypto loan (collateralized by your holdings).

A poor interpretation on your part could result in a costless mistake!

Question 4 – Pretty much answered above Q 1-3. All are necessary to provide a healthy and functioning security blanket for your family, foundation, and future investments. You earned that pile of money; it has been structured from day one with a few adjustments that can be made along the way. 

Question 5 – Your basic plan started a long time ago with what you want to accomplish with your funds. Put it all on paper and watch it grow. Cover all of your bases. Stash a little away for a rainy day just in case. It never hurts to have a security blanket. 

Case in point: many years ago, a friend of mine told his son and me that when he dies, dig up the back yard. It took us two days to dig it up. It was gratifying for his family, and a lesson learned for me. Keep your funds secure and, try not to forget where you buried them.

Good luck to everyone as we move forward with our new adventure. Thanks for looking in. 

This is an opinion, not advice from Compumatrix, its members, staff, or Board of Directors. Please always seek the advice of professionals.

About the author

About the writer
Joe McKay, is a seasoned citizen with a lifetime of experiences, motorcycle and car racer, magazine editor, photographer, sales manager, teacher, and caregiver living in North Carolina. Looking forward to the next couple of years moving this company to the next level.

Comments

  1. Thanks Joe! All good points and a starting point to make a list. Dreams are great and needful for anyone wanting to be happy in this life. But, not planning can just as quickly take away these dreams right after you get them if one does not act responsibly. It would be sad if once you have the things you want and the IRS, or some other entity, comes in and takes it all just because you did not follow the law, or the rules.
    Thanks again Joe!

    1. Hey buddy, thanks for the look see at my first Blog here with our little family. Keep the books accurate and you never have to deal with those agencies that want to “help” you by relieving you of you hefty wallet.

  2. Joe, thank you for detailing out all those questions for us to consider when we have our cdap all ready to learn and use. This will be excellent to keep checking through to make sure we have covered all the areas and not forgotten anything. The key point, I believe, is to keep very detailed and complete records of all transactions, etc. and work hand in hand with a crypto-savvy accountant.

    1. Thanks for the viewing Miss Janis. Yes, there a many, many more points that can be made. It is best to start with a few and go from there. Looking forward to getting this show on the road so we can all relax and enjoy life.

  3. Thanks Joe. I am going to welcome all these new problems that I have never had to think about before being poor ! LOL. He that has been given much needs to be faithful with much. Faithful in the little things is what integrity is all about. This is good info and good insight for the future.

    1. Thanks Jeffery, unfortunately, all I have learned has been the “hard way”. Had a fortune and made it in to a small fortune. Lesson learned. As I like to say “dream big”. It is a great feeling when you finally get to that point. Maybe our newest trigger. Fingers crossed!

  4. Thank you for the enlightening article Joe.
    We did look into all this several years ago and had an accountant and a person knowledgeable about Bitcoin. We have to get in touch with them and start all over again. It will be easier this time as we do have more knowledge about Crytocurrency. This should be more fun this time and less nerve wracking.

    1. Maxine I’m glad I opened your eyes. Reminders help everyone. With our world right now turning backwards we all need someone to bring forgotten issues that we should be paying attention to! Agree lets have more fun and live a little, OKAY, a lot!

  5. All great points Joe, these are things that keep being brought up for us to implement as Compumatrix goes forward. Dealing with income taxes has always been an overwhelming process, I hope to find an excellent cryptocurrency accountant to make the process easier!

    1. Thanks Miss Cathryn. There are some good accountants out there. Finding one will take all the hassle of taxes off your shoulders is a must and rewarding by itself. Good luck to you and all of us now that we are almost there.

  6. What is nice about this is it helps to get the thinking cap on again. As you said a lot of us have already put some type of plan together quite a while ago. Now is the time to
    dig up the plan and review it so when the time comes we are ready to put the plan in to practice or have the questions ready to be asked that we might have.

    1. Alan you are so right about the thinking cap. I never take mine off. Afraid I might be missing something important. We all learn from our experiences as well as that of others. All ready there along with many of our Compumatrix members. Thanks for stopping by.

  7. Thank you for the great blog, fingers are crossed. I can’t wait to get started. I’m sure we are all busting at the seams wanting to get into the new CDAP.

  8. Great ideas Joe and so many options. Once we know more about how and when and how much, only then we can make better plans. We all have some dreams, some bigger, some littles and yes all can be done once we ready to open our own Compumatrix business.
    I also like the idea of funding your purchase via a crypto loan (collateralized by your holdings.

  9. Your blog is timely, Joe. I see my ship sailing forward from the horizon and getting closer. Your comments about security have been one of the priorities on my list this week. I am attempting to make sure all my ducks are in a row. With all things to be compliant in Compumatrix, and have security source updated and in place. Thus my writing about blog A Corporation or LLC. I thought about the trust which can be a stand-alone entity. Some trusts can have other trusts contained in them. You may purchase a trust under the umbrella of an LLC also. So much to consider when you have so much to consider.

  10. Thanks for the info Joe.Yes we are all looking forward to and preparing ourselves for the funds to be received in our Compumatrix business.We need to focus on getting a legal practitioner (Lawyer) to help us pay our taxes etc,and move on to spending and giving in charitable causes.May God Almighty Bless and Help us move safely in this new venture.

  11. Joe,thank you very much for drawing our attention to all these points,we are all very excited that the ship is now reaching its destination,proper planning is needed at this time,it is important to think about the right investment of your assets and legalities.

  12. Very sound and intelligent points you brought to your 1st blog Joe — many ways and many more thoughts are included in this– but have to admit am getting a little more real with each week passing by — and forgot about the spreadsheet — but when you fail to Plan you plan to fail — making great food is a Plan / Recipe just the same as enjoying financial business security success — thanks for great read —

  13. My path will be firstly to make sure it is legal with tax provisions in place Then initially be selfish to pay of my debts and my families debts. after that it depends to a degree on the vrus situation. I will look to my health issues new specs and hearing aids. My major wish is to move house but that will depend on the withdrawal protocols and the speed at which everything moves. Then take a deep breath and find a deck-chair

  14. Reminds me of a statement, lack of planning is planning to fail, you got good points there that all of the need to put into consideration and act on them the soonest. Thank you.

  15. Thank you for the review of what we all need to prepare for in the coming days. It is so easy to think that we can do it all when the time arrives, but knowing me, if I wait, I would be crazy trying to get it all done in crunch time.

  16. Plan, plan, plan. Excellent advise Joe and great first blog. It’s best to put those things in place now so when the CDAP opens we won’t forget the pitfalls of not planning. Most of us have had these ideas but I think we have not been focused, maybe just me, on how we will execute our plans to keep everything legal and to plan pay our taxes. Thank you for reminding us of the importance of planning ahead of time.

  17. I have a great many lists and prepared documents at the ready. So many thoughts and ideas about best ways to help create more security and comfort for family, friends and those truly in need. No crazy spending here!! Thank you for the reminder about a crypto-knowledgable accountant, I have held off doing anything definite until we are up and running! Maybe now is the time to start searching!

  18. Great advice Joe, thanks for the reminders as it is easy to be complacent or too reliant on others. I heard of a man who found that his two sons who had basically ignored him over the last twenty years of his life until he became ill. The old man knew they just wanted his money and made them promise to cremate him buried in his best dark blue velvet jacket. After the funeral when the sons went expectantly to the solicitor’s office for the will to be read out. They listened in horror as they were told that before his death, their father withdrew all his money and put the cash inside the lining of his blue velvet jacket which had been cremated with him. He must have been smiling to himself seeing their faces.

  19. The beginnings of how to be wealthy. PLEASE all the folks that are NOT US citizens also heed this advice, but use the laws and authorities in your jurisdiction to your advantage. Takes discipline and thought to handle large amounts of money. Look to Warren Buffet for a great model and enjoy your coming life.

  20. Great Blog Joe!! All ready got my thinking cap on. I already have an accountant who is familiar with Crypto and already does my taxes. Now all I have to do is make an appointment to talk with him. When and if I need I will fill out a form for estimated taxes for individuals and
    do it quarterly. Actually, I think I will have my tax person to do that! Thanks for the info that I have not thought about yet.

  21. This article was very helpful and helped answer many question that I have been confused about. These articles help us realize and know what to do when Compumatrix goes through and changes our lives. I think it is important to have a plan in place on how to manage and work with money, like what we see in this article.

  22. Plan, Plan, Plan is key to success. If you fail to plan, plan to fail. You bring up ideas that could be problems if not thought about ahead of time. Keeping up with a monthly budget can be important for those that have a very tight budget to a very large budget. Thanks for this great reminder. I cant wait to build that new budget!!

  23. Great blog Joe. As we all know Planning is essential to success and keeping what we worked for. I will also add the word “Proper”. Discipline is also necessary to monitor our progress. I would suggest also not to wait until funds come in because ones thinking might be a bit bit different then. Thanks Joe for the excellent information.

  24. Thank you, Joe McKay, for pointing to some things we need to think about. We will be forced to take responsibility for our businesses and not think that somebody else will tell us what to do. Like Jeffrey Phelps, I am going to welcome all these new problems that I have never had to think about before. 🙂 Looking very much forward to the big opening.

  25. I have already started some procedures a few years back it will be nice to follow through with these plans. I hope everyone else will do it to, it is the most important thing to do with your new business by all means, keep it all legit and all else will follow.

  26. In England we have a saying “Slowly slowly catchee monkey” and that is the approach I will take. Get did of debts, help my family and then just possibly a spot of indulgance or an extra bar of chocolate. Nothing rash but a genle climb not too much of an up up and away but a step by step approach. I am waiting to engage the clutch and move through the gears

  27. The daily announcements and comments throughout our community are so exciting. Maybe this will be an excellent 2020. It looks like our ship is slowly sailing towards us all. I can’t wait to relax and work from home and help a lot more than what I am doing now.

  28. These are great avenues to stay organized in light of potential financial tax stress. These are all great tips and much appreciated. We will make good notes and begin to put them in play. Hopefully all of these tax challenges will present themselves in the very near future.
    Warmest regards
    Corey

  29. Thanks Joe. It’s a very exciting time to be a part of Compumatrix. Your cautions are well founded and hopefully heeded by most. Excellent advice and good to be focused on the side of moving slowly. When the moment comes for implementing some of your suggestions, I plan to be deeply breathing and comfortable with taking one step at a time.

  30. Wonderful blog, Joe! Bodes well for your future writings! I appreciate the reminders to set goals and to plan. I am learning to do that more and more. Fortunately, I already have minimum needs covered in my life, so I can relax and know that all is well, no matter what. I see my Compumatrix money as a chance to offer back to the world and to expand my sense of purpose here. I am excited to play and learn within our new ecosystem!

Leave a Reply

Your email address will not be published. Required fields are marked *