1. The taxes wealthy people pay is both higher in amount and higher in percentage that non-wealthy folks.
2. The way the tax money is spent is inefficient
3. Because it is legal to minimize taxes, and to waste money is bad.
Lots of wealthy people are charitable. It's preferred to spend money through charity versus give it to the government to spend in their preferred way, which can often include buying votes.
At Buck's Restaurant in Woodside, CA there's a postcard on the wall (or there used to be) from a lady somewhere "else" who said since everyone there is wealthy - could they send her some money.
Let me ask you, shifto, if I can.. Why would you like to have, or as you say 'need' rich friends?
It was a tongue in cheek remark. I'm pretty well off as I at least have decent job in IT. I try and make life better for friends and family by spending my money. I just wonder how it would be to be on the receiving end of it all.
Also, my very rich friend will bootstrap my company no strings attached. He/she's the best! :)
That's very kind of you to suggest it won't change me. I hope you're right and expect you are.
Totally love the idea about buying time. Not entirely clear about what to buy access for, but I'll ponder that.
Agree re: confidentiality. Age is 40, and expect to work for another 5-20 years or more.
Working w/ an RIA so things should be good there, totally agree they must be fiduciary.
Agree long term planning; not exactly sure that giving kids money is a great idea. Perhaps some/all college and help w/ house down payment - but life is a struggle (jihad - I'm not Muslim but that's the analogy I use). Agree learning how to teach them is a good goal! The Silver Spoon book looks good for that!
You seem to have it figured out- I'd love to talk with you privately. I like your point of view.
One of my advisors said one of his clients spend $30k on an A/V room for playing video games. And although that seems excessive it's so much less than other things.
I love your approach on charity and will dwell on it.
1. The taxes wealthy people pay is both higher in amount and higher in percentage that non-wealthy folks.
2. The way the tax money is spent is inefficient
3. Because it is legal to minimize taxes, and to waste money is bad.
Lots of wealthy people are charitable. It's preferred to spend money through charity versus give it to the government to spend in their preferred way, which can often include buying votes.