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That seems pretty silly. Why keep your wealth as cash in a safe? (And why not use a fraction of the money to buy a second safe, if you really have to keep it
by eru 1y ago
That seems pretty silly. Why keep your wealth as cash in a safe?
(And why not use a fraction of the money to buy a second safe, if you really have to keep it in a safe at home.)
- prerok 1y agoThat was probably just their pocket money.
- eru 1y agoWell, there might have been some weirdness about South Africa at the time. Perhaps financial institutions had some weird weaknesses.
- tonyedgecombe 1y agoTo keep it away from the tax man.
- eru 1y agoMaybe. But wouldn't you rather hire a good accountant and lawyer instead of bothering with cash at home?
- tonyedgecombe 1y agoA good accountant or lawyer would tell you to pay the taxes you can't avoid.
- eru 1y agoThe trick is to make as many taxes as possible avoidable.
- LanceH 1y agoI know nothing about this specific situation, so I'm not speak to that. I am speaking to "why keep your wealth as cash in a safe?" I'm old enough that grandparents lived through the great depression. I know they kept wealth in a safe. A lot of their kids did as well. The grandparents had their gold money taken away, or their cash disappeared in banks. A lot of their kids followed along. Being gen X, Elon has parents/grandparents that lived through the great depression and world war. That along with any other local factors makes keeping wealth in a safe not that unusual.
- eru 1y agoElon Musk grew up in South Africa.
- wnevets 1y ago> That seems pretty silly. Why keep your wealth as cash in a safe? Was it during the apartheid boycotts?