So because we all want this to happen, but almost none of us ask what then. Lets look into how to cash out so much money.
Note taxes and loopholes:
So in most countries when you cash out you are taxed. However, in most countries there is loopholes like if you get a loan against your crypto. Then that isn't taxed.
What to ultra wealthy does is get a very very very low interest loan against their stock and assets. At least in the USA loans aren't taxed so it's more than less like if you cashed out without actually cashing out.
For the rest of this I'm assuming you aren't able to get a loan against your crypto.
How much to liquidate?
So the obvious way to do this is simply cash out. Now the thing to keep in mind is each exchange has it's own cash out limit. But something most don't know is each exchange has it's own liquidity amount.
What happen during the last bull run someone tried to sell off $600k all at once. If I remember right, it was in Binance. Instead of selling off and getting $600k or close to that. Selling off all at once the price dropped so much that they gotten less than half of the value.
Most when they sell out large amounts they sell something like $20k-$40k at a time. Many times $20k per day until they sold out however much they wanted. In some cases it is per hour or so. It's best to test the system to figure out how much and how quickly you can sell. Anyways, to sell out all at once it can massively lower the amount of money you could've gotten.
Time:
Note if you pick this method then note it takes time for your money to go into your bank. And note your bank will need time to approve your money. It might also trigger something which might get it quickly investigated to make sure it isn't illegal money.
It is best to give it a good month for large amounts above $10k. Even more if you pushed a million into your bank account.
Do you still have too much money?
Something you can do at this point is get some crypto cards. These are basically cards more and more exchanges are getting where it will automatically sell your crypto to allow you to buy whatever with a pre-paid debt card.
Note you can swap your crypto to stable coins to prevent it from losing value. Just pick your stable coin carefully.
And note, you don't have to cash out. Like for example, with me if say I magically got a value of $100m+ I would most likely only cash out $3m to cover taxes and to live off the rest.
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments