Summary – Transcript
Hey Mike Wolf from Mike Wolf Mastery today coming to you from the second smallest country in the world and that’s Monaco. I’m in Monte Carlo right now. If you’ve never been here, this place is just like loaded with yachts. This is a playground really for the rich and the famous and lots of luxury vehicles traveling around and just an absolutely beautiful place. One of the reasons why rich people like to come here isn’t just because it’s beautiful. It’s also a tax haven. I just want to make this thing right. I’m not an accountant, I’m not a lawyer, but this is really an invitation to give you some general ideas that you might want to discuss with your accountant or a lawyer.
One of the things I like to do is I like to watch what the rich people or the wealthy people are doing and how not only how did they get that way, but how do they keep their wealth?
Because a lot of people are very good at making money, but they can’t hold onto it. They burn through it. What you want to do is you want to follow some of the richest people on this planet, see what they’re doing and emulate it. You don’t have to be able to hire the brightest and the best legal team, the brightest and the best accountants. Just see what they’re doing and emulate it. If you look at Warren Buffet, for example, he openly admits that he pays less tax as a percentage than his assistant does. I don’t know how much his assistant makes, but I know he’s a billionaire and I’m guessing that his assistant is not.
One of the things that he does, he didn’t really make his money in real estate, but his accountants tell them to buy lots of real estates so he can bring down his taxable income from his other businesses so he could pay less tax and keep more of what he makes. What I recommend is once again, emulating what you see other people doing that are maybe in the position you want to be in. Once again, you don’t necessarily have to have the most extensive accounting team. You don’t necessarily have to come here and relocate to Monaco to lower your tax bill. This is stuff you can do while you’re at home. You can buy properties, buy rental properties, hold onto them, and appreciate each year against your taxable income.
If you found that this helpful, please make sure you share this with your friends that might benefit from it. Please like this video. Also, if you want to learn more about passive income and how you can get in the real estate game without being a real estate expert, click the link below and get my passive income master class where I’m going to talk about how you can get started right now and have me and my teams help you to do that. Once again, I’m Mike Wolf. Thanks for tuning in. We’ll see you soon.
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