21 Comments
User's avatar
DegenJ's avatar

Not a question but .. just spoke with top guy in my company .... “we look for guys with a high mortgage and 3 kids”.... that is literally what he said to me . BTB doesn’t miss . They got the excel sheet

BowTied Bull's avatar

Yes then they pay you less because they know you are stuck.

Nick's avatar

In the past you've advocated for not revealing your entire "financial situation" to your wife. What do you think is an appropriate framework for "lying down" in this case?

BowTied Bull's avatar

Do whatever you want this stuff is easy to figure out if you want to get married. If you can't figure it out and you are rich best to avoid and have kids out of wedlock

BowTiedBaboon's avatar

"While we wouldn’t be touching rental properties with a 100 foot pole at this point (outside of extreme examples)"

Do you mean at current prices or never again because of tax, insurance, tenant issues?

Leo's avatar

If we have an employer-match 401K....maybe stick that into a Fidelity bond fund or something? Doing the match for free money, doing bonds b/c close to the same rate as S&P 500 right now.

Maybe something like this?

https://fundresearch.fidelity.com/mutual-funds/view-all/316146596

If this is stupid someone please roast me

Nick's avatar

The thing that has always rubbed me the wrong way re: prenups is that for them to be valid, you have to disclose all of your assets. And BTB prescribes not disclosing your wealth level to your spouse.

BowTied Bull's avatar

If your mom and dad are rich you are not rich. If you can't figure out basics like this you can't get married.

https://hudsonreporter.com/sports/achraf-hakimis-ex-wife-denied-share-of-fortune-as-football-stars-assets-found-in-mothers-name/

Degenerjitz's avatar

Get a prenup. Be honest about all your assets. Pay for her to have her own separate lawyer

Nick's avatar

There are other strategies (trusts, btb’s link) that can protect assets without having to disclose all of them

Secrets of Privacy's avatar

Word of caution to the bowtied community on WY LLCs. As BTB noted, it needs to be done correctly. Which means operating the LLC biz from WY. Otherwise, if you live and operate the biz in say NY, a WY LLC doesn't provide legal protections.

Privacy? Yes. But if s@#t hits the fan, the WY LLC won't save you from legal troubles and liabilities.

BowTShrike's avatar

Isn't the structure to have the WY LLC hold the LLC in your state?

Secrets of Privacy's avatar

Correct.

I could be wrong, but I suspect some skip that second step.

boplicity's avatar

This is fantastic info. Why don't you try growing on LinkedIn as well? I think this kind of stuff would do great on there

BowTied Bull's avatar

Lol really doubt that our audience is the type to have a prolific linked-in profile

boplicity's avatar

Maybe not your current audience but you could convert a lot of the people already on there. Just food for thought since all it would take is cross-posting the article!

Mil's avatar

Having a permanent life insurance policy for UHNW for estate planning, living benefits and generational wealth building is a good tool to have in the arsenal.