How Do the Insanely Wealthy Actually Pay for Something Worth Hundreds of Millions of Dollars?
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- čas přidán 27. 02. 2019
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As we’ve discussed before, there are a handful of people walking around right now with a hyper-exclusive jet-black American Express credit card in their wallets that they could theoretically use to buy anything currently for sale, regardless of its cost. In fact, the current record we could find charged on such a credit card is $170 million charged by Chinese billionaire, Liu Yiqian, who no doubt is the world record holder for those sweet, sweet flight mileage points. But let’s imagine for a moment that a super-rich person didn’t have such a card or for whatever reason wanted to buy something worth millions of dollars not with a credit card, but cash.
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www.cleveland.com/business/ind...
www.thisismoney.co.uk/money/sa...
www.nytimes.com/2015/06/06/up...
uk.businessinsider.com/the-5-b...
www.independent.co.uk/money/sp...
www.theguardian.com/money/201...
newsfeed.time.com/2012/05/11/t...
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Today I Found Out Can you talk about civil asset forfeiture laws in the US?
People in the US will have their accounts and property seized because they avoided the reporting requirements by making multiple deposits under $10,000.
Wow!! Retail me not looking s good as advertised :) I like listening to your videos while I do other things (two birds and all that ;p) The app just saved me 10 bucks on my Amazon order! Thanks
Using this instead of honey to help support the channel
Damn! High finance is SO annoying 😠
I would, but I'm already using honey. Same thing but with way better privacy policies.
Have a Centurion card? We can get you Dead Sea sand for free
Have a normal card? We're charging you a fee to receive monthly paper statements
Tom did not say they did it for free. The hire of the courier and the delivery fee were charged to the card. Is just that the company has someone there for the rich guy to arrange such transactions. The assistant is free, the actual delivery of the sand is not.
@@iliatchaplinski The assistant isn't free - when I had my Centurion Amex 20 years ago it cost £600 / year
@@jiggely_spears , even better. Sounds like the card is just a set of services that rich people might find useful and are willing to pay for. Reasonable enough.
@@jiggely_spears mine is $1500 Canadian.
In fairness, that seems like a pretty easy request to fulfil. Contact someone within arms reach of it, pay someone to mail you a jar. Done.
It is quite amazing how the richer you get the more free stuff you are given
There is no such thing as a free lunch buddy.The bank give there rich clients assistants so they can keep there client hooked to there bank
@@amoghbv I know why they give them the money under the system we run under that has to be a reality
But it's just incredibly ironic when you think of who actually needs these things with all the poverty there is across the globe
So true. Poor people have to pay for every last paperclip. But if you're rich, you can get sand from the Dead Sea shipped to your house on a whim, at no cost. It's amazing how many businesses, from restaurants to car dealers, refuse to charge rich people. And, honestly, it's disgusting.
@@amoghbv There certainly is such a thing as a free lunch.
You just need to be valuable enough that companies are willing to soak the cost in exchange for the _possibility_ of you becoming a client.
I see someone's a fan of Daniel tosh
This is the longest American Express ad I have ever watched.
(≧▽≦)(≧▽≦)
🤣👌
And by far the most effective and interesting.
Ironically a Visa ad played for me before this video lol
I just walk into a store and throw gold bars at the cashier.
Assault, and settlement for the assault, in the same motion.
That could be assault hitting someone with something hard.
Wrap the gold bars around slices of lemon, and you could claim the cashier was drunk from a Pangalactic Gargleblaster.
I stole all of my gold from the national reserve
@@nowthatsjustducky *G A R G L E B L A S T E R*
Simon is correct. I own my business and when it became successful, I was surprised at what I did NOT have to pay for anymore. I had a personal concierge associated with my credit card. I never used him until we were skiing in vail and we checked to find out all the airlines were cancelling flights due to weather. Instead of doing all the legwork myself, I decided to call my credit card concierge. He did all the work of booking two more nights in Colorado and rebooking my flights home. Didn't cost me a dime. I'm still pretty small time but It made me think that the super rich and famous don't pay for almost anything. I'll be the first to admit that it just isn't fair.
Oh, it's not free, you (or at least your customer cohort average member) already paid for it with interest and fees.
There are plenty of issues with the elites and what they get away with, but as far as not paying for some things or even skating on tax laws, it's because you DO pay for a lot more than the average person. I assume you pay your employees, you paid for your house, you pay for all the suppliers or whoever else you do business with. Your success contributes to the economy and success of others far more than someone just working a standard 9-5 elsewhere.
Again, not saying you're wrong necessarily or that the rich in general don't have issues, but to frame it as "we don't pay for anything" leads to college communists, and those dopes never move past the first stage of calculations like this.
I've seen so many of them throw out childish examples such as yachts and private jets or whatever other rich people toys they are jealous of as if to purchase one of those just means one rich person paying another single rich person, rather than the entire army of workers, maintenance people, salesmen, and all the smaller employees below them that keep the facilities involved with such a product running. They completely eliminate the dozens of not hundreds-to-thousands of people that are REQUIRED to build, market, sell, register, clean, fix, and transport something as massive as a plane or ship from their equation and just walk away with such a reductive assumption such as, "the rich never pay for anything." Simpletons.
@@Psychonautical89 I didn't say that the rich don't pay for anything. My only point is that the rich don't pay for many things that normal people do, and you might be surprised at what those things are. I know I was.
@Arthur Morgan I own a small product development company in the medical field. Mine is a small fry company compared to many, but it did open my eyes to what the more wealthy do NOT pay for. Because I have my business account at my bank, I pay no interest on any credit cards or checks, I pay no fees for any bank services, I do not pay for taking money out of ANY ATM. ( I'm reimbursed fees for any foreign ATM withdrawals) and I pay zero for cashiers checks. We also went on a vacation trip recently and paid nothing for airfare, nothing for a suite at a top notch hotel and nothing for high end restaurants. It all came from points and benefits from doing normal business. And I'm small fry. That just makes me think what some of the big boys get away with.
I didn't get it. You mean everything was for free? Can you explain it again pls
Interesting. I know of a guy near me who had a decent job for about 20 years, but lived modestly in an apartment. Every payday, he got paid more than he needed, so he started collecting hundred dollar bills and keeping them in a box in his apartment, just for fun. He also had investments, but his extra cash he kept in literal cash in a box. At first, this was fun for him, but as time went on (we're talking 20 years here), he amassed a huge amount of cash. Amazingly, he didn't get robbed, nor did his apartment building burn down (Nor did he collect the amazing interest he could have been earning over all that time).
However, when the time came (he was in his 40's) that he finally wanted to buy a house, he found an appropriate house, and decided he would like to pay 50% as a down-payment. In cash. He took his cash box into the bank to make his down-payment, and was stunned when the bank told him that much cash was going to be a big problem. I can't remember the reasons they told him, but there was more than one (possibly money-laundering, drug dealing, counterfeiting, etc. all had to be ruled out). It took him a week or two to sort through the problem, but eventually it got solved, and he got his house.
Worked as a teller through college. We were told in training that most people wanting HUGE amounts in cash, the largest concern was that they were being blackmailed or kidnapping payment.
I take cash with me when I go overseas for 5 months at a time. The exchange rate for cash at non-bank exchanges, and the lack of various bank fees saves me about 10-12% compared to using an ATM. I always have to book the withdrawal from the bank a couple of days before, and have to declare at the airport because the amount is well over the $10,000 declaration limit. Other than that I have no problems with cash and prefer having it to using a card and ATMs. I do, of course, still carry a couple of cards in case of emergency or if I am caught short of cash when out on the town.
@@sbalogh53 Odd. I get a better exchange rate withdrawing cash from my checking account at a foreign ATM than I get exchanging cash at the best rates in Los Angeles. So I hit an ATM as soon as I walk off the plane. Maybe that's just my bank tho.
@@james-p ... That might be the case if I converted dollars to Thai Baht in my local bank in Australia, but I take Australian dollars with me and convert to the Lo oval currency overseas. Much, much better rates that way. Also I don't convert at any of the banks but at a franchise called SuperRich who have the best rates in Bangkok. Anyway it works for me. :)
@@chadwillett619 ... Not $500 to a random person but $50 a few times. I did give US$500 to a charity that was supposed to help families of the 911 event in New York back in 2001. Why do you ask?
@@sbalogh53 you sound rich, I could use 500 dollars, that's why I gave you my address it's a joke.
Guy 1: What are you in for?
Guy 2: Murder. What about you?
Guy 1: I paid for a yacht in cash.
Guy 2: ???
LOL
the person BUYING the yacht wouldnt go to jail, the SELLER would
Athenaa, bet u that even if the buyer did go to jail, they would In a different prison. At home or club fed; all rich peopled perks aside, most murderers get regular jail/prison. Anything $ is usually federal.
Athenaa, funny comment tho. It's crazy what people get jailed for nowadays
Blac youngsta got arrested for taking out 200k lol the bank gave it too him an still called the police just for being black.he was trying to buy a new Mercedes So it could probably happen.
I downloaded it.
I worked for an accountant in TX. We had a doctor client who wanted to buy a million dollar house with his Amex because he wanted the miles.
Clueless Homesteaders sounds like my grandparents, they have planned their funerals and paid and paid for them with their amex for the miles.
They have multiple houses already but im sure they’d do the same thing.
Tbh that's what I’d do. I need my miles.
@@rileyfenley522 Better stay in their good graces. It will be worth it to you some day.
xD Please post this to Dave Ramsey.
He's always ranting about millionaires not caring about "miles and points" when it comes to credit cards.
Clueless Homesteaders a million dollar limit on amex I know they have that black card but wow
I used my black card when I bought my 4 Lambo's and 3 Ferarri's. It was easy and they had no problem. Then I woke up.......
Surprised you didn't take an arrow to the knee. If you know; you know. lool
Excuse me Larry, but where is my Bugatti?
A better dream than mine. I dreamed I was eating marshmallows and when I woke up I couldn't find my pillow...
I dreamed I was eating chocolate pudding. Then I woke up with a spoon in my ass 💩
@@YJ0AUF I see what you did there...
"Don't get us started on Nicholas Cage?" What about Nicholas Cage? Don't just leave us hanging. You brought him up. Spill the beans.
Jim Inverness he is famously infamous for buying bizarre things like fully assembled dinosaur bones & has been bankrupt (cash-wise) while still having several homes & eventually making some REALLY crappy movies just to generate some cash flow. I believe he is the reason that the old "he must have massive student loans" meme came into being.
Jim Inverness He earns millions of dollars and still spends money way beyond his means. He bought multiple European villas and other outlandishly expensive things to the point where he went broke like Mike Tyson
More like spill the bees
czcams.com/video/QjtlJgK-PXc/video.html here
Scott Gardner lol! NOT THE BEES!
I'm having a lot of fun watching this, currently unemployed and living with my parents..
Bro same 😂
Never too late to change that
Currently unemployed and living in a very shitty apartment.... so yea i should also get on that
How do you do it? How or why do they support you? How do you get laid or buy things or enjoy your life? How old are you?
What I'm seeing is that you have no expenses and no stress. Good for you!
Imagine the disappointment being George Clooney's 15th closest friend...
I have a suspicion that Clooney wanted to bail one or two of them out in particular and figured that being singled out the guys pride would get in the way. It was worth 14M to him to help the targeted ones.
Just a guess, mind you. Plus its good PR.
@@redwolfexr You can buy a lot of Nespresso capsules for that
@@Minotaur1975 heh, I have a superautomatic.. no capsules.
@@spock7945 czcams.com/video/g9e23eH2svM/video.html (Clooney shills Nespresso)
Nespresso are pre-ground in pressurized capsules. Superautomatics are like what they use at Starbucks and fresh grind coffee every cup.
@@spock7945 you're on CZcams. Look up "Clooney Nespresso" and watch the videos. They should absolutely be here.
I withdrew $17k in cash to pay my carpenter and concrete subcontractors. The bank gave me all sorts of a hard time. Multiple forms had to be filled out. I did get an escort to my car though.
Good thing you went through the trouble. Some people are tempted to make multiple withdrawals or deposits for under the amount that requires reporting it to the government which is illegal under federal law and will put you in prison. I personally know a man who received 17 months in prison for it.
I like that, pointing out the annoying part but also looking at the situation in a positive light, "I did get an escort to my car.."
DJRonnieG a couple forms was an inconvenient but it was only around 10 minutes. they let me use one of their private rooms to divide it up into envelopes. I felt really rich....for about 4 hours.
Chump Johnson I did ask as i was doing the paperwork about that. they said the systems look for that type of activity. true? I don't know. they did have to give me a stack of twenties as I didn't know I should have called ahead.
@@andrewbrown7976 I gotcha, it seems that a minor inconvenience outweighed the ensuing convenience of being provided a relatively secure space to count and sort. Definitely way safer than doing it in the car, or in a messy kitchen.
Not saying your kitchen is messy, just saying.. it's easy to be frazzled counting lots of cash in anything room that isn't neat.
I'd definitely watch a TV show about one of these "personal assistants" and the antics they get up to while trying to fulfill requests for the super rich. Seems they can "get things done"..
"Those guys got Al Capone, they can get anyone" Actually made me laugh out loud ! :D
Even The Joker is scared of them.
Used to work at a payments (visa/mastercard etc) provider, there was an in house story where one particular scenario where a very rich arab prince decided he would like to buy the entire inventory of an exclusive jewelley shop in dubai. The number of bits allocated in the transaction file was not sufficient to carry the number of digits in the transaction and failed, the arab prince was very displeased at this scenario as this was the first time in his life his card had failed him.
hahahaha
Last time I bought a car I wanted to make a $10,000 down payment but they wanted it to be $9,500 instead. I figured the $10,000 rule was the reason and didn't push it.
All 4 cars I've bought come to about that.
The 2 cars i'll owned came to 1050.@@pgoeds7420
The US is 20k I believe
@Frank Roquemore watch the video
@Frank Roquemore Some checking accounts have a daily spending limit regardless amount in you account. That spending limit is usually $10k anything over that is refused by most places because of instances as fraud and money laundering.
What Mr. Clooney did almost made me cry. To be able to give such a gift, even a fraction of that, to the people who truly helped me go from an a**hole jerk to where I am now would be so awesome.
Thank You Simon for including that in this video. Made my day and then some. 💖
A small group of wealthy people are in fact supported and financed by entire countries. These men and women effectively have the GDP and wealth of an entire country at their disposal.
I think there are a couple of other points worth mentioning when it comes to making large payments in cash. The first is that cash does take up physical space, and above certain amounts it's simply difficult to carry that much money. The estimate I saw was that an average briefcase can hold about 2.4 million in $100 bills, or 6.35 million in euros. This is further complicated by the fact that banks and merchants will typically want to hire security and counters when dealing with such large amounts. Secondly, banks are under no obligation to accept any particular deposit and they will generally refuse if they're suspicious of its provenance. So while George Clooney's friends may have felt touched in the moment when he presented them with briefcases full of millions of dollars, they may also have wished he had written a check while they were trying to explain where it came from to their bankers the next day.
write a check?! who in their clear mind has ever written a check after about 1960/65 when bank accounts for everybody and money transfer came along? Iam over 50, and apart from the time I worked in Ireland, I have never seen, let alone written a check in my whole life!
@@peterkoller3761 dude i am french and there using check is normal
@@peterkoller3761 dude, up until I started paying my bills online, I wrote about a dozen and a half checks a month, mostly utilities, house payment and credit cards.
@@jdrancho1864 I don´t know anyone in my country here in central Europe who has seen or written a check in the past 40 or so years: before online banking came along, it has been and still largely is direct money transfer from account to account (in particular regular payments like rent, car payments etc) or cash payment.
george cloony is literally the only example I've ever heard of a rich person repaying their appreciation like that.
There's a lot more than him. George Lucas puts Clooney to shame when it comes to percentage of wealth given away.
Most such cases probably never make the press since its a private and personal matter between friends.
And to be fair, at least I personally would not advertise it much when a rich friend of mine hands over a small fortune to me :D theres bound to be a shitstorm that kicks loose and it's easier to just not mention it outside of your circle of close personal friends and family.
Gotta give it to him though. A coffer full of cash has a certain style to it. Far more fun than a bank transfer
JK Rowling gave away millions of her money because she didn't really know what to do with it.
@Davvy Jannes where do you live?
Bill Gates has donated litterly billions.
least now we know the price cap for future smart phone. 10k.
Banks are going to start doing phone loans at that point
If somebody ever pays 10K for a phone, I'd rather never know about it.
Wow, this is such a great question and definitely something that I've never thought about before. Thanks for answering this. I love watching your videos cuz I always learn something new from your videos. They are not only very entertaining but extremely informative as well, so thank you for this.
Im still waiting for my $10 Billion dollar cheque from a Nigerian prince.
Uhhuhuhuhuh.... you said nigerian
I got mine yesterday, takes 30 days to clear due to international banking laws ... 🤪
Wow, you are lucky, I'm only waiting on 1.4 Million dollars from a Nigerian Prince.
A while ago, the "Chinese Minister of Mines and Heavy Industry" was trying to get mr interested in a smuggling operation. The enterprise was underwritten by a "Kim Jong-Il."
Excellent!
Amex black card! No limit but you have to pay in full when the bill comes. I came across one working at a gas station before. That thing is heavy compared to a normal card.
thats the updated version, my ex's dad had one and it was plastic. but yes, you have to pay the bill within 3 months.
I knew a guy who had Business cards covered in gold. They were made of standard steel or something but painted with gold. He owned a fleet of private planes and was very flirty but very respectful and an excellent tipper
A card made of gold would be to soft. Gold plating wears off over time. Jewelry is mixed with other metals to harden it. 18 carat gold is used for jewelry not exposed to daily wear. 14 carat gold is less gold and more other metals to harden it for daily wear. 24 carat gold is so soft it can be scratched with a thumbnail. Plastic is harder than gold and cheaper to manufacture in many colors and designs.
It does sound kinda cool, even if it violates the earn quickly, spend slowly rule for most ppl.
Only if they want to flex. You get a standard plastic card with the titanium one. The only reason not to use it is to show off
Explains why a car dealership refused my cash offer to buy a car. It is kind of amusing. You get punished in society if you dont play along with the banking system.
Hmm, must find a way to agree to buy a car, sign it over then pull out the cash, once your indebted, they are legally obligated to take it.
Many dealerships makes more on the interest from financing a car than the price. #debtslaveryscam
100% correct, contrary to popular belief, paying cash will actually hurt your pricing often. Many of the rebates, and deals on NEW cars especially require that you finance with the dealers preferred lender.
Yeah just buy a car from an individual. Much less depreciation.
@@mattdavidson535 only stupid people buy new cars and throw away 25% of the car value just by signing the contract, without even having turned the key yet to start it. My rules: 1. only buy used cars; 2. only pay cash - if the seller doesn´t like it: bad luck for him, I´ll buy somewhere else.
"...or to make it rain especially hard that day." i love the way you speak slang its so great to listen to.
There's a picture currently going around (probably fake). Some guy asks "What Apple product could you buy with the money in your bank account?" Bill Gates: "Apple"
Most likely fake, bill gates net worth is only about 1/10th of what apple is worth
Apple is worth over $1 trillion, bill gates still couldn’t afford to buy Apple if he multiplied his wealth by 50 lmaooo
@@fridaycars9029 I see someone can't do simple Maths.
"WHY COULDN'T I HAVE BEEN ONE OF THE PEOPLE THAT LET GEORGE CLOONEY SLEEP ON THEIR COUCH IN THE LATE 80s?! WHYYYY?!!!"
Imagine being the guy that let him sleep on his couch but the wife came home and made him kick him out
On my couch? Bloody hell, no!!! I'd have let him sleep IN MY BED!
@@behaviorhandwritingrevealt3949 with u 😳
Because I wasn't born yet
My dad used to let his buddy crash on his couch when they were both in their late 20s. The dude became rich years later, and a billionaire years after that. They probably haven't spoken with each other in 40 years.
Wow! The burden of being filthy rich...... breaks my heart
Downloaded. Love your channel by the way.
With nuka-cola bottle caps of course..
Those are worth one seventy-sixth of what they use to be worth. If you saved enough they might get you a one way from West Virginia back to New Vegas if your luck is special.
Yes! I knew I was hoarding mine for a reason.
Just downloaded and installed the extension, it sounds great.
Awesome video.
literally thank you sir for solving all my high thoughts
Am i the only one that hears faint 8-bit video game music in the video? Like someone was playing pokemon in the background while he was recording?
Some subliminal shit man.
i heard it too. it was making me nuts, i'm glad it wasn't just me!
They're definitely in a fierce battle with Sgt Surge for the voltage badge
I thought that was my roommate!
I can only imagine George Clooney's friends going to the bank and having to explain how they got a million dollars out of nowhere.
It's not the bank's business, and if the IRS had, likely, gotten involved, they could verify exactly where it came from and why. I'm sure George was thorough in that and probably discussed it with his tax attorney before doing anything.
czcams.com/video/Vn9BeN8NBaA/video.html
@@GeorgeVCohea-dw7ou The bank needs to be aware that the $1mm was not gained from illicit activity (drugs, terrorism, other black-market activities) so they'd still need to verify the source of funds. They could hold the deposit and not disburse funds if they suspect illegal activity. I trust Clooney had a "gift letter" and a contact number the bank could reach out to verify the source of funds but the bank has a right to investigate so that illegally procured money does not enter their bank.
@@deltavega9203
It would have been awkward for any of those people to have been victims of civil asset forfeiture. czcams.com/video/zRakAuHQguo/video.html “But I got this cash from George Clooney!”
...
“Sure, you did (rolls eyes).”
Clooney also took care of the taxes.
Thanks for the heads up on link. I love it
This guys voice I could listen to for hours he has such a nice voice it reminds me of Tom Hiddleston xx
I’m a realtor and 15 yrs ago I cashed a $18,000 commission check at the bank with no problem - but two years ago I tried to withdraw $5000 in cash out of that same bank and they didn’t have the cash on hand to do it.
Mason Valenzuela two possibles the armored car with the money had not arrived yet or the vault is on a timer.
So you gave them a cheque, and they didnt have cash? What are you on about. Should they write you a cheque for your cheque? Most money isnt in cash. Shocking.
Ofc they didn't do it, what kind of bank has 5000 pennies on demand?
Wow? only 5G’s ? Was it some small, backwoods town type bank?
Banks use deposits to fund their investments. Depending on what the said bank has available in the vault, including what they have available to do that days transactions, banks will "order" money from other banks, which is a loan that they pay back
I've processed black amex cards never realised they were that exclusive made of metal too if I remember right.
Loving this channel man t gives me inspiration
I appreciate your view and honesty and delivery thereof!!!
"How Do the Insanely Wealthy Actually Pay for Something Worth Hundreds of Millions of Dollars?"
Ok, I'm not an expert or anything. But I'm just gonna guess they use hundreds of millions of dollars.
@Henrik Wallin Also government subsidies, pension funds, and good old fraud. Can't forget fraud.
Ugly Weirdo It’s a joke u nerd get a life.
@@canag0d Oh dont worry. I am a living human nerd.
Edit: Your concern for my wellbeing is greatly appreciated. You are a gentleman and a scholar.
i think they mean the process of getting that amount of money from buyer to seller with a 100% guarantee that said seller gets the money.
I'm assuming a wire transfer? Seems obvious idk.
'us peons' ...
thats the best compliment I've extracted from a random sentence thus year. thx mr whistler.. for lumping your success w my shame.
Thanks for this and all the great videos on your channel! By the way, you should be hired as a voice over artist as you have a great voice as well!
My wife works at the bank. If customer withdraw $2000 cash she is required to report that account. It's required by law in USA.
The George Clooney is so touching. Now i know why i love that guy. He is so cool for doing something like that.
Yeah but Clooney starred in Tomorrowland too.
the bitch is crying europe/usa should take "refugees".. fuck clooney
Paul Frederick we all make mistakes
I worked at a check cashing place. The largest check I ever handled was a little over $100,000.
Did you have that much on hand? Or if you did, would cashing such a check prevent you from serving other customers?
Handled papers worth billions and their worth is continuing to accumulate at rate of A few billion each year. Good thing I don't have that job anymore too much stress.
Got it! Useful, thanks
Downloaded it. Love it
i went to bank of america with a $4000 check and they didn't have enough cash on hand that day, "sorry, try again on friday"
then i went to walmart with a $50 bill and they wouldn't accept it bc it wouldn't scan in the automatic teller machine- had to call the cops.
then i tried to pay for gas with a roll of quarters and they said they don't accept coins, had to call the cops again.
tried to pay a doctor bill, "we're not set up to accept cash- we'll bill you, ok?"
had to pay a fine at the courthouse- they sent me to the gas station to buy a money order!
"legal tender" my ass! cash is quickly becoming the least accepted form of payment in the world
The B of A branch must have been a small one or you were not a depositor. If you had ASKED (nicely) to speak to a manager, it would likely have happened.
I call full shenanigans on the Walmart story UNLESS the bill had been tampered with. A friend of mine had the bad habit of pulling the security strip out of high value bills to collect. He has strips from about $5000 in bills. Hopefully, the bills he swiped them from were recycled a long time ago.
@@LordDragon1965 what the hell??? lol. Why?
@@Jimjolnir Why? Because he is a idiot. Such a bright person should know it's illegal. I don't accept large bill for this reason, people rightly could assume it is counterfeit. ***This is what he would use them for to try to pass fake money***
You sound like a bitch
Anyone else only see 'How Do the Insanely Wealthy Actually Pay for Something' and assume this was just going to be about a coffee or something?
This is what I'm actually interested in too! If you usually throw around thousands of dollars at a time, how do you go about your everyday cup of starbucks? Do you use your black card for something like that? Lol
So did I, actually. I thought it would be stories about rich people either throwing Benjamins around like they are going out of style, or going about their day with zero cash in their pockets, just a business card to let merchants know where to send the bill.
Cory Norell If you're curious, as someone who knows a multimillionaire, usually they'd just use a credit or debit card like you or me. It's the same process, just that if they ever check their balance it comes out as ???'s. If they need cash for whatever reason it tends to come in £50's and they don't bother with change. So y'know, a taxi driver owed £30 is getting a £20 "tip", things like that.
Nope. But since you mentioned it!
They use a credit card. The AMEX was really popular. The security of credit card, and global acceptance. The big stuff is dictated by the seller. Whatever he accepts.
Downloaded it, thanks :)
Downloaded. Thank you
Video starts at 1:00
da real MVP
Dude... Just let them have a one minute sponsor.
Thank you much!
@@deiosp13 they still have their 1-minute sponsor that doesn't mean we have to watch it
Would you consider doing a video on what happens to our waste or recycling? I am very into the environment and was just curious if there was something you can tie related to that with your informative videos?
I'd be curious to know the numbers on pollution emitted by shipping recyclable goods and the subsequent recycling process.
Matthew Stinar good point as well. I am trying to reduce my personal waste and do my part but, it is hard because companies are not forced to use sustainable packaging, and recycling is a joke here in NYC at least. With your question I think that is something we should learn about since that pollution may be adding to the climate issue, even though it may be less than same day shipping and other transported goods.
Fun fact:
Strangely, burning waste/trash counts as a renewable energy source in Europe...
@@MatthewStinar just think of the hundreds of extra miles these garbage trucks drive to pickup recycling. I heard something about one city, I'm think it was LA buying a couple hundred new garbage trucks to pick up recycling. Plus believe it or not, most recycling happens overseas. Places like China used to buy garbage by the ton.
Jake k not now for a while. The shit must be piling up somewhere 😕
Many places, outside of the US don't actually accept the American express cards, because the fees are too expensive.
Half the places in the US don't. Nearly every store stops at Visa and MasterCard. Discover is even more uncommon.
@@jbird4478
Most people I know use Debit-Credit. We only run credit when we don't want it taken out right away (which is rare) or when the store doesn't accept debit. It's checks that are going extinct on account of debit replacing them.
I've never met anyone that pays exclusively by credit. Paying exclusively by cash is much more common.
I downloaded the link and just started using the service. Thank you for making this service available.
Simon that is criminal. WHAT DO YOU KNOW ABOUT NICHOLAS CAGE?
He spent all of his money on a single string of purchases which included everything from 15 separate multi-million dollar homes, mansion, two castles, two islands, a 9 foot tall pyramid tombstone, a haunted house, the first superman comic, a really expensive octopus, albino king cobras, crocodiles, sharks, four yahts, a private jet, the shah of Iran's Lamborghini, and a stolen dinosaur skull. He also owes the IRS millions which is why he had to accept almost every role that was offered to him because he desperately needed money.
Pretty sure AmEx just went down the street for the dead sea sand.
true sand connoseurs can tell.
Don't mess this up, or they'll call "IT'S FCCKIN RAW!!" on you.
Honestly that task didn’t even seem that hard to me
I’m not rich so people don’t care what I do but if I’m ever rich and people start calling to see what I’m using my money for I’ll be mad. Mind your own business.
I downloaded the browser extension. Thx. And I love your channel!
Buy high
Sell higher
How do you always show up on videos I watch? 🧐
That's a cute idea
@@thoyo he likes you ♥️
Comment high-Reply higher
We gotta find Justin’s competitors and see whats up
Having been in business for more than 45 years, my experience is that very wealthy folks are reluctant to pay at all; because of their wealth, they expect things for free. Further, these same people know that if they don't pay, and you choose to take them to court, they can afford better lawyers than you can. I do what I can to avoid those folks - they just aren't worth working with. This does NOT apply to ALL wealthy people, but it DOES apply to enough of them that yes (God forbid), I profile and avoid them as a group.
I think it is safe to say it applies to most of them of not all of them. Most rich people are asses.
I just pay with a Discount Club card like John Candy in Planes, Trains, and Automobiles. Sometimes I throw in a Casio watch to seal the deal.
Does anyone have a department store card still. I had all of them.
This is the kind of content I subscribed for; quite interesting
FYI: As of 9-11 Banks are required to now report transactions of $5,000.
It is still $10,000 to the IRS, the SAR is a different regulation and triggered at an aggregate of $5000 when Banks have a reason to suspect something illegal or that it's something that seems out of the ordinary for the customer. There is a pile of more caveats with that too.
Feel free to correct this as I am not fully up to speed on the issue.
@@robertt9342 SARs only occur at the $5,000 level if it throws a money laundering flag related to the Bank Secrecy Act. There is another $5,000 cutoff if there is believed to be illegal activity and the subject can be identified, but that gets bumped to $25,000 if the subject cannot be.
There are other FINCEN reports for $10,000 cash or cash equivalent transactions, FBAR reports for foreign accounts, and IRS reporting for certain non-electric transactions over $10,000.
Kale Mercer is not quite correct. The $5,000 is not necessary just for withdrawing or depositing $5,000, and if they did report it you would never know as disclosing a SAR is illegal. The reporting cutoff for depositing or withdrawing being reported is $10,000. They may be referencing a bank-specific policy of informing a manager to ensure the transaction is not suspicious or structured.
It still is $10,000. I know from personal experience.
But what if they do it in $5,000 increments?
@ aycc-nbh72 If you do it in several increments in the same day in the same bank, it will be reported. It also applies when an individual receives several deposits totaling $10,000 or more over the course of 12 months from the same payer. Also, banks might report any transactions they consider suspicious, regardless of the amount.
The IRS has a big warning on their website that they never call people so. The accountant of that millionaire the paid in cash would get a strongly worded letter instead.
Downloaded the extension. Nice app. Thanks.
I added the extension... I love this channel by the way.
I remember reading a story (with a photo) of someone taking cash out of an ATM and looking at the receipt left by a previous person. The balance was $180 million dollars on the account....
Its sad really, how far off most of us are. I been to a house worth more than that to install directv, guy is richer than Trump and his security guards threaten they'll taze me if I took pictures of my work, thus his house. XD
I Tuurtley don't even care lmfao such lies!
I remember when I had to get pre-approved to make a payment on tuition because it was like 1000 bucks, that made me feel rich as all hell. Now I feel poor again, thanks Simon.
i added the retailmenot extension :) keep up the good work
Great video !!!!
The things I would have that assistant track down...
“Hey, ya know what would be awesome? “
*assistant sighs & throws back a shot of tequila*
Downloaded!
I was wondering, what differentiates RetailMeNot Genie compared to something like Honey?
Thanks for telling me about RetailMeNot it works a treat
In South Carolina, roughly 20yrs ago, I was almost arrested for carrying more than 20k cash on my person. The only thing that saved me was the cops allowed me to hand the friend I was with a stack, putting me under the threshold. Not sure if that law still stands, they told me it was a way to stop drug dealers and other assorted criminals.
Sotheby's is "Suth-a-bees". Everything else is perfect :D
How do volunteer fire departments work in the US?
I always lived in a town with professional firefighters. My grandmother lived in a suburb with volunteers. As the suburbs are heavy on commuters, I do not know how that can work. Do volunteers get a break on taxes or some other perk? There must he a lot of training and retraining involved.
Paul Toomey in my area of rural PA it’s all volunteer fire dept’s. They apply and complete a training course (110 hrs), no pay exactly but reimbursed a little, tax free, for time on calls and training.
Whats this got to do with the video?
I though he was going to see my grandmother was a firefighter
Here, they aren't live in or full time. Basically, they always have a radio on them and are on call. Paid pretty well if they show up too. Something like 26+ an hour depending on training, and paid for showing up. I'm sure there is more to it, but I'd have to ask my buddy for any more info.
Interesting topic!
Thank you 💯
Everyone talks about the black card, but most rich people have an unlimited gold card to not look suspicious but to have all the perks needed like flight and hotel upgrades :P
@gilbert martinez It has not much to do with how much money someone has, but more about how old the family money is. Since its a cultural thing, but you are right, the wannabes and the new rich people have the tendency to go for such black cards, cause they got no class. :D
Funny statement, but you're right... I don't use AmEx, but I do have a black Mastercard and a gold mastercard in my wallet, black is the big one obviously but the one shows up mostly is the gold one, ha! Neither card is unlimited or anything, but they both generate same reward points for the same spending quantity and stuff, but I do need to show the black at airport VIP lounges and services like that if I want certain perks.
I downloaded Retail Me Not Genie before you had even mentioned the giveaway. LOL Bonus!
Downloaded it!
This is a question I didn't know I needed an answer to. Thank you.
Today I found out I've been mispronouncing Sothebys my entire life.
you better not watch his video about bidets, it's horrifying.
How exactly were you pronouncing it before? I've only ever heard it the one way.
j carry Lol, or a drinking game!
@@SunflowerSpotlight lordy, that's an idea.
His pronunciation wasn't quite right either. It's pronounced SUH-the-bees, with a hard th.
$10,000 in 1970 would be $65,000 today???
Inflation has more than pentupled in almost 50 years?
It must be nice to be super wealthy. Meanwhile, the cost of living is so high where I live, I might as well just die.
press f to doubt
Just think about what you paid for gas in 1970 ...
thanks for nice extension, downloaded and will save some money
Down the app cheers love all your channels very informative and fun as well keep up the good work
The insanely wealthy shop just like everyone else shops for a house. The scaling works out that the hundreds of millions are like buying a house. The super rich do not have that much cash available compared to their total worth. They only have a couple million or hundred thousand in liquid cash. They use the card so that as a guarantor of payment, the customer service department of the bank arranges the necessary securities and property transfer to move the cash and pay for what is wanted.
Paying cash is problematic when you are talking amounts that require forklifts and pallets... Most bank branches probably have an amount available depending on their depositors.
Me: I found a $10 bill in my purse I forgot was there! 😁
Simon: ....Floyd Mayweather has been known to walk around with more than a million dollars in cash on his person.
Always interesting Simon
Whoa, now I like George Clooney even better.
I seem to recall reading somewhere that after illicit drugs the 2nd most common place to launder money has been from high-end auction houses and art dealers.
D4md Cykey casinos too 😉
Step 1) Buy mystery crate at auction for cheap.
Step 2) "Discover" rare or expensive item in crate.
Step 3) "Sell" item for amount being laundered.
Step 4) [in this generation] Post selfies to social media while doing said laundering.
I'm confused the purpose of laundering money is to take the money you got from selling the illegal drugs or illegal what ever and make it look like you got it legally through a legitimate business. Casinos are great for smaller amounts of money go in buy a few thousand dollars in chips play awhile take the chips then cash out. It looks like gambling winnings. Or so I've heard. That would be impossible with large amounts of money though. Casino would definitely have their eyes on you because it would look like your taking them for millions of dollars.
@@shawnshurtz9147 You misunderstand. The customers of the casino aren't the ones doing the laundering....
What are the yearly fees like on the black card? Performing tasks for free, who is paying for that? I guess we know why our credit card rates are so high.
Possibly five hundred a year, one time fee.
Robert T I don't remember exactly what they were but they have a really high one time buy in fee plus a rather high annual fee of course these fees are high to us but if you're rich enough to get an invite it's probably pocket change
www.canstar.com.au/credit-cards/centurion-card/
In the US: "Initiation fee of $5000 and then $2500 p/a with minimum spend of $250k/year
I'm not sure what the interchange fees on the Centurion Card are, but Visa business cards can run as high as 2.95% and and Amex is known to run as high as 3.5% in some instances. In other words, $30K out of a million dollar purchase might go to Amex instead of into the merchant's bank account.
Cool video. I’ve thought about this question before
I really wish Fight Club would happen.
I sell cars, I once had someone from a family worth about $750 million buy a vehicle from me. He came in, looked at the car (it was a Challenger SRT8) said he wanted it, gave me a card and said "Contact my family office for payment" I did. They paid for the car.
Did you let him drive away in the car before receiving payment?
@@zappawoman5183 Same Question haha.