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I keep trying to develop the habit of having wealthy parents but they keep being poor. Also, those articles about getting rich keep telling me to utilize my as
by nemacol 6y ago
I keep trying to develop the habit of having wealthy parents but they keep being poor.
Also, those articles about getting rich keep telling me to utilize my assets to earn additional income but that is illegal in my state.
Please send help.
- andreilys 6y agoutilize my assets to earn additional income but that is illegal in my state What state would make investing illegal?
- newsclues 6y agoIt’s a prostitution joke
- lowercased 6y agoPossibly the poster was referring to a different set of assets.
- dagw 6y agoI keep trying to develop the habit of having wealthy parents If you really cannot manage that, then your second best option is to have a wealthy spouse. It's not ideal, but it's better than nothing.
- jnwatson 6y agoReminds me of The Onion: "McCain pointed to his personal success in marrying a wealthy beer heiress to prove how the plan could benefit every American."
- adventured 6y agoThe same plan John Kerry went for. It's a tremendous strategy. If you can't earn it, marry it.
- raducu 6y agoOr at least be born at the exact right time in the right country when a new market emerges. Bonus bragging points if you're born with a certain ethnicity that has no options but to enter in that niech market because the mainstream ones have high moats around them.
- SuoDuanDao 6y agoYou can still leave wealth to your children! Multigenerational wealth has to start somewhere. Not sure about the second part of your question - buy different assets maybe?
- jopsen 6y agoPutting some stonks your kids name when they are born might not be a bad idea.. There's probably some tax benefits. And a good chance they won't touch it for the first 18 years -- By which time you might have given them a taste for compounding interest :)
- lotsofpulp 6y agoThe only tax benefit is if your state offers one for 529 plans.
- jopsen 6y agoI live in Denmark where the first 10k USD capital gain is in a lower tax bracket. And there is a scheme with yearly taxation of unrealized gains, but at a much lower rate. However, it has a per-person cap around 16k USD.
- RhysU 6y agoNot true. Realize capital gains each year in a UTMA account up to the kiddie tax limits. File a return for the kids instead of putting their gains on the parent's return. It can be significant over 18 years.
- lotsofpulp 6y agoThanks for the correction! Although, would this make a difference if you were just investing in an ETF and not selling and then gifting it to the child, assuming it’s less than the lifetime gift tax exclusion?
- 6y ago