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How Do Rich People Manage Their Money – In an interesting new article in National magazine, Mike Konczal, a fellow at the Roosevelt Institute, writes about a legal system that wealthy people can use to keep the IRS away from the money they leave to their heirs.
This is a story from beyond the grave, a horror story of how America’s richest people are able to keep their wealth tax-free long after they are in their graves, thanks to laws written to help the rich stay that way –
How Do Rich People Manage Their Money
In an interesting new article in National magazine, Mike Konczal, a fellow at the Roosevelt Institute, writes about a legal system that wealthy people can use to keep the IRS away from the money they leave to their heirs. Great for them, maybe, but it’s a drain on the revenue the country needs to spend on public services, maintaining infrastructure and staying strong.
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“Americans, historically, have a simple way of dealing with wealth after its owner dies: you can do whatever you want with your property, but not for long. It used to be. Remember that the dead cannot do these things themselves, because they are actually dead. Instead, the trust is empowered to carry out the last wishes of the deceased.”
Konczal writes that the trust “acts like a spirit, enforcing its wishes beyond the grave.” But there are built-in safeguards to prevent abuse: Trusts are governed by what’s called the anti-perpetuity rule, which puts a 100-year limit on how long they can exist. This prevents people who have no connection with the living world from imposing restrictions on the wealth of our country. “
But there is a type of trust that keeps the estate tax-free long after the settlor has died, called a “perpetual dynasty trust.” Twenty-eight states have them, and what they do should scare your socks off if you really care about the future of America. The reason is that royal trusts can avoid taxes as long as the royalties exist.
“And because the eventual death of the trust is not created, the estate can purchase real estate and assets held for interest, tax-free, from the trust indefinitely,” Konczal writes. “The rich can tie up their money, without public liability or oversight, forever.”
The Insane Ways The Ultra Rich Spend Their Money
We all know that America’s richest people already have too many tax breaks and that big corporations have ways to avoid them completely legally. But it seems that it is not enough. Corporate-sponsored lawmakers continue to give the rich extraordinary ways to avoid taxes without considering the damage they do.
If that doesn’t scare you, watch this truly shocking video to find out what the super-rich are able to accumulate during their lifetime, and what they can – thanks to a perpetual trust – leave to their heirs tax-free.
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No matter how much you earn, you will always be poor if you spend more than you make.
In the world of middle class people – and average income – most of us aspire to join the 7-figure club. Who doesn’t dream of being rich so they can quit working, go on debt-free shopping sprees and take endless vacations?
However, many rich people don’t do those things, and that’s part of the way they build and maintain their wealth. There is a difference between living a life of reckless spending (which will quickly empty a rich person’s bank account) and a long life of financial independence and wealth.
This Simple Chart Reveals The Distribution Of Global Wealth
Rich people are not necessarily smarter than anyone else, but they have learned important principles that help them get ahead and stay ahead. Above all, they treat wealth as a learnable skill – and something you can learn.
So, if you want to join the ranks of the super rich, try overcoming these 10 habits and lifestyle changes and see what financial freedom feels like.
Rich people are incredibly good at thinking about business and finding different ways to make money. Mega winners are different because they develop a growth mindset, which changes the way you look at money and helps you focus on seeing profitable opportunities.
This way of thinking helps successful and wealthy people believe that there are always bigger and better projects to work on and there is always more money to be made. They are open to exploring new ideas. They believe that they are always able to make changes and create positive results.
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Rich people understand the importance of surrounding themselves with other successful people. Rich people spend time socializing with other rich people but they have drive, talent and, most importantly, the drive to succeed. The rich spend time every month to get to know other like-minded people at conferences, events and meetings, or just to grab a coffee or a drink with someone interested.
This is time invested wisely because it keeps their minds focused on success and helps them meet new people with new and thought provoking ideas. Doing this also helps rich people fill their contact lists with relevant and influential people who can help them (and vice versa).
Rich people are successful because they have learned that success comes to those who accept a little discomfort. They understand that the only way to truly improve is to push yourself beyond your limits. If you want to get rich, you need to ignite your creative spark, come up with unique business ideas and then take action.
Wealth and success do not come from the security of a 9-to-5 job. They come from drawing your inner strength towards your biggest dream. All successful business leaders, visionaries and game changers have gone beyond their comfort zones to achieve ultimate success. People who entered history had the courage to face their fears and take that first step into the unknown.
Money Habits Of Self Made Millionaires
The more money you have, the easier it is to make more money. And the easiest and fastest way to make more money is to have more income. That way you can always have money coming in and you can use the excess income to invest in new income. This, in short, is the main way the rich stay rich.
There are two basic types of income: active income, where you work for the money you make, and passive income, where the payment is not directly related to the number of hours you work. Passive income includes rentals, stocks, index funds, writing a book or creating an app, all of which bring in a steady flow of income from sales or royalties.
Rich people make their money work for them. They know that investing is the key to growing their money. While saving money for a rainy day is important, your investments do the hard work of making you rich.
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Saving means keeping money in a safe place until you need it, but most savings accounts don’t pay high interest, so this pile of money stays – it won’t be worth much more than what you add. But a smart investment will give you a healthy return that you can reinvest. When you invest in something, you accept a certain amount of risk, so you never want to invest more money than you can afford to lose.
The Blurred Lines Of Private Wealth… And How To Manage The Risks
The rich don’t make big financial decisions; they do everything they can to reduce the risk. They do their own research and analysis, and decide which options are best for their financial needs and business aspirations. They weigh the pros and cons, and take calculated risks.
They make financial decisions by asking themselves, “Will this get me closer to my goals?” They avoid unnecessary risks that do not really benefit them, and never take a risk-taking attitude when it comes to money.
Rich people tend to be avid readers, but you won’t find many silly beach novels in their bookstores. The rich understand the importance of educating themselves and pushing themselves to be better in every way. In fact, if you look at the books lifted from their beds, you’ll find self-improvement titles.
While 85 percent of wealthy people read two or more self-improvement books a month, only 11 percent read for fun, compared to 79 percent.
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