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I mean, I agree, and think the law should be changed to have some limits, but I wouldn't have enough info to think the law should be changed if I didn't know sp
by jrochkind1 4y ago
I mean, I agree, and think the law should be changed to have some limits, but I wouldn't have enough info to think the law should be changed if I didn't know specific details about how some individuals are using it.
(Also, what this article only briefly touched upon but others get into more details of -- the way people like this get hundreds of MM in IRAs is by buying early stage stakes that aren't generally available to the public at "pennies per share". Banning these from IRAs would be one way to end this sort of thing).
- lotsofpulp 4y ago>the way people like this get hundreds of MM in IRAs is by buying early stage stakes that aren't generally available to the public at "pennies per share". Banning these from IRAs would be one way to end this sort of thing). They are pennies per share because they are huge gambles worth approximately nothing right now. Anyone can make their own LLC and contribute the max equity into their IRA right now. It just does not make sense for most since it will probably perform worse than buying SP500.
- jrochkind1 4y agoIf it's such a gamble, how do these already really wealthy people wind up with hundreds of millions in their IRAs? There was an article about how it's pretty typical for the mega wealthy. They would seem to have access to something others don't. Anyway I'd say turning $6000/year into hundreds of millions or billions tax-free is not the policy purpose of a Roth IRA.