My Dad is Hoarding $500,000 CASH!

james is with us in nashville hi james, welcome to the dave ramsey show thanks dave, how are you doing better than i deserve? Savings have grown above 500,000, so I wonder what I do with 500,000 100 bills when it passes. He's 87 now and you know he earned it legitimately. He has run a business his entire life. He has given back a little money each month. and I never spent it and here I am in this dilemma, yeah, who do you bank with? I think with the regions, okay, okay, go to them and talk to them about a private banker and, um, go ahead and set up your bank with a prompt for this. and ask them how to best process this money and well in advance, so let's start talking about it now.

The ATF requires a report. I think it's more than ten thousand dollars. The

cash

comes in. It informs about you. To prevent drug dealers. Passing money through the banks is fine and then a report is sent, but to the feds, but that's not the end of the world, it just shows that it's there and, yeah, you know, I don't know what a bank will require. to process. so much

cash

, I know what he would need, he would need an armed guard to come out of his house, uh, and it would certainly be better if you could convince him that he's sitting on hundred dollar bills.

Wow, yeah, James is your 500, yeah, does he have it? All of his mental faculties are still, well, that's another problem, but I mean he's probably 90 percent fine, I mean, for his age, would he allow you to open a bank account and start putting this in? Oh geez, no, okay, and the only reason I asked the faculties too is this is what you know about the 500,000. I'm, seriously, I'm all over the backyard with a medal in the backyard, just I would ask him and then he would speak up and say dad, you know where else? Did you use to put money in and just so you could have a trail? uh you'd be surprised if there could be closer to 750 or something like that you know everything is totaled or once you find it all um yeah it just becomes home. go ahead, yeah, passing by his house after he passed will surely be, oh yeah, i guess he probably accumulated other things, uh, not so much, he loves his money and that's all he cares about, okay, and you know where this. he has a lot of real estate and you know some other properties and things like that, but mainly this is my big concern, because I'm always worried about civil asset forfeiture and you know something when you do it.

You're an only child James uh yeah, okay, okay, well, yeah, I hope he has a will and whatever you can do. I'm just worried about his safety, yeah, um, and it obviously hasn't affected him so far in 87 years, so it's Okay, I'm not panicking, but could you get a safe Dave and at least try to put something in there to block it? It wouldn't be a bad idea. You know, if you can convince him. Yes, and there he is. He may have already done it, yeah, he may have done it or who he's told, so just keeping him safe, yeah, that's the idea, um, gosh, but yeah, you're going to have to do it somehow, Usually a private banker would help you. uh within your branch and regions, as a reasonable bank, they should be able to provide that and they can help you process the cash.

I'm sure there is a reporting mechanism. I'm sure they have to follow it, but I don't know. how much it changes between ten thousand and five hundred thousand, I don't either, so that's when I say uh at the beginning of the show, cash is king, that's not what I meant just for clarity, okay, just for clarity , I do not do it. I have 500,000 in cash stored in my house. I can promise you that, yes, that money needs to work for you, it's not just in the hammock and that's what just sitting there does.