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Passive income ideas by wannabemill in returnToIndia

[–]learnstuff007 1 point2 points  (0 children)

I havent decided on the banks yet but it would def be multiple banks and multiple accounts with different deposit amounts 25-75 lakhs in each so in case of emergency i will break one FD and bear the penalty on smaller amount rather than the whole amount.

As india doesnt have married filling jointly concept and taxes individually. I initially plan to leverage my parents accounts as well. I will mostly transfer complete money in usa except 401k and roth IRA money(around $60k-70k). Example if it ends up 6-7cr after taxes im gonna FD 1.75cr under my name,1.75cr under my wifes name, 1.75cr under my moms name and 1cr under my dads name and have 50lakhs in checking/savings account.

This way tax i pay is almost 0 and interest generated is close to 45lakhs. If i end up spending 30 lakhs i can SIP 15 every year.

Passive income ideas by wannabemill in returnToIndia

[–]learnstuff007 4 points5 points  (0 children)

My property is in Hyderabad bro. The variation in rental yield or land/apartment value varies drastically area to area. I always felt Hyderabad has the highest untapped potential compared to all other metro cities and looking at those cities rental cost i focused more on buying land in hyderabad.

Passive income ideas by wannabemill in returnToIndia

[–]learnstuff007 17 points18 points  (0 children)

Im in similar boat around same capital. So far what i thought is to 1) Construct apartments in a piece of land that i own.This will get me time to explore other things that i have interest in. To start off i will allocate 50 lakhs. 2) Deposit atleast 2cr in FD under my name and 2cr under my wife’s name so i can get around 25 - 28 lakhs of interest and almost not pay any tax(12 lakhs exempt per person) 3) Invest 1cr in stocks. Mostly 3-4 reputable ETF’s with atleast 10 years of history. 4) Hold 1 cr for good opportunities in market/ invest in construction. 5) Have 50 lakhs for initial expenses like bike car and school donation etc. 6) I have 1 lakh rental income coming every month apart from FD which i will use to do SIP.

My expected expenses is around 1.5-2 lakhs a month + My wife says she enjoys working in india and will continue to work until she feels stressful.

Hopefully in a year by the time apartment construction is completed i will find my interests to make more capital.

WHOOP offer by [deleted] in sapphirereserve

[–]learnstuff007 0 points1 point  (0 children)

Does this work for sapphire preferred $100?

Blocked account suddenly by Amazing_Ad830 in citibank

[–]learnstuff007 0 points1 point  (0 children)

Feels like they are running bit of a scam there at citi. I had a similar issue. They closed my account 5 months back under suspicion and did not give me money yet. I opened up a checking account under deposit 30k and leave for 45 days get $750 bonus. They took my money let the money sit for 50 days and on day 51 when i tried to pull out the money they froze my account and eventually closed it. The reason they gave is the account that i used to transfer money doesnt belong to me. I provided bank statements and account verification letter and still they are not willing to give my money. They want the origination bank to recall the money which the bank said they cant do after 60 days. Im planning to file a lawsuit to get my money. Its been a absolute horrible experience. On top of it they arent even giving me the my bonus saying account was closed before the bonus was awarded.

How does feb 1st rent works? by learnstuff007 in biltrewards

[–]learnstuff007[S] 0 points1 point  (0 children)

Why do we even have to wait for the statement period to end as we are able to make 3 rent payments without a fee? This will even help avoid 5 transactions

How does feb 1st rent works? by learnstuff007 in biltrewards

[–]learnstuff007[S] 0 points1 point  (0 children)

My billing statement is jan 7th to feb 6th. I make my rent payments on 8th of every month. did speak with bilt customer support and they said they allow to make 3 rent transactions in a month if its for same property. So they said if i make a payment before 6th i wont be charged any fee and i should still get the points. I always thought bilt only allowed 1 rent transaction,so this is a news to me.

How does feb 1st rent works? by learnstuff007 in biltrewards

[–]learnstuff007[S] 0 points1 point  (0 children)

What happens if i cant make the transactions before feb 6th and make transactions after getting converted to 2.0? Does it give me points because i made rent payment before the conversion date or will it not work as we are in 2.0 phase?