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Love to see I'm not alone in calling out the Buffet "tax the rich" switcheroo

If you need another topic for 'the uber wealthy tricking the masses', would be great to see you call out the 'give it all away to charity' trick where you

1) Set up a charity for tax benefits

2) Appoint your kids to be on the board of it for big salaries

3) Get other uber rich to donate to the charity

4) Charity never accomplishes any tasks

5) Get glowing write ups in news about how your are 'giving away all your wealth'

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founding

“3) a few rare cases of high-earning professions - Managing Directors at large investment banks for years, extremely high-end lawyers/doctors and other ultra rare professions such as CFO/CEO/Head of Sales at medium to large companies”

Emphasis should be on “few rare cases”. This does not mean most MDs, lawyers, doctors, CFO, head of sales, other c-suite make it to the highest levels of wealth (let’s say $10M+ net worth to be nice but really $25M+). I see a lot of these get stuck and cap out at $5M which incidentally is great for those who employ them. $10M is achievable but usually not till older in their 50s. It’s also fairly common to see “rich” c-level execs leave companies and not even be able to afford to exercise their vested stock. If you’re truly rich you never have to leave upside on the table.

Finally, it’s lost on many that none of the categories from the beginning of the post are mutually exclusive. You can and indeed should be trying to get rich so you fall into more than one of these - 1) biz owner; 2) real estate investor; and 3) top 0.5 percent W2 earner (forget titles; just get paid in large cash comps or large equity grants).

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Wealth tax as only solution implies inequality is a problem. Prefer world where Elon Musk has unequal wealth to buy Twitter and make rockets versus that $ going to the US govt for less productive uses.

Equal opportunity, inequal results. Being born in the US is a good enough opportunity for most.

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Thanks for the post Bull. As a 30yr old 75k W2 wage slave who started a small side hustle 3 months ago, this was an encouraging post to refocus and double down.

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Random q - what’s a good gift to get a mentor who has been giving me tons of guidance/advice in order to thank him for the initial success I’m now seeing. Something in the couple hundred dollar range. High end bottle of alcohol? I don’t know much about his personal interests other than he does BJJ and likes acid/shrooms.

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Excellent post

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founding

As someone who has major Fomo in all categories in the effort of “making it.” I DCA a small to medium amount of my monthly income to invest. Starting a business soon, and about 8-10% towards 401k. I will admit I leverage the credit card advantage. I take advantage of zero apr, move it around to other zero apr offers until it’s paid off. My justification? 1) too stubborn to tap friends who’ve made it 2) accountable to this process

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One way to catch up is to just simply outwork the competition. I know you're done with the banking game but take a look over at WSO. There's a lot of BS in banking for sure but you're hard pressed to find a job out of school that pays this much.

This thread in particular - they're basically just mentioning run of the mill office politics, nothing to warrant their label "trauma" lol: https://www.wallstreetoasis.com/forum/off-topic/venting-trauma-dump-megathread

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founding

I get all this but what do you recommend to someone who managed to get to a million in liquid net worth relatively young w/o a business? Still try to set up a business or take the bing swings investing?

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On Mutual Funds "This could be a full post in and of itself."

I hope you are planning on such a post. I think it could be pretty interesting

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Interesting. Mid 30's CEO of a natural resource company, ownership stake around 5-10%.

Also own small % of a very large natural resource company. while this is not option 3, (fortune 500), it can get interesting. i dont even care about salary, just want it to cover nut, swinging for the fences with the company....

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