Today is another time-out episode where Aziz and Alex discuss a recent news headline about a soccer player who hid his net worth from his wife. The response to this story has been divided among men and women, with some seeing it as an intelligent move and others as unfair. Aziz and Alex delve into gaming the system and the motivations behind the soccer player's actions. While they don't condone the behavior, exploring how people try to avoid taxes and protect their assets is interesting.
Knowing the System
[00:03:29]
It's interesting to understand the idea of knowing the system to maximize benefits and minimize liabilities. Anderson Business Advisors is an example of a team that helps people structure their business in a way advantageous for taxes and protection against liabilities. Alex also highlights the importance of seeking expert advice in managing assets, as it's unlikely for a 19-year-old to know to funnel millions of dollars outside the country. He is also amazed by the net worth of over $70 million and the earnings of a few hundred thousand dollars a month of the person being discussed. He thinks it's ridiculous that the person's wife might have to pay him half of her money.
Alex’s Student Loans
[00:06:42]
Alex had over $200,000 in federal student loans after law school. Instead of paying it all out of pocket, he registered under the loan forgiveness program and paid the bare minimum, which allowed him to invest his money elsewhere. He knew how the program worked because he had previously managed student loan portfolios at the federal Department of Education. Last year, his loans were forgiven, which he framed as his best day ever. He believes that most people are not aware of these possibilities and that knowledge is power when it comes to working the system.
The Takeaways to Try and Be Smart
[00:10:15]
To be competent, we must acknowledge that we don't know what we don't know. One takeaway is to find an advisor knowledgeable and experienced in the field. Networking with others who are navigating similar areas can also be helpful. Look at successful people and learn from their strategies and loopholes. Finding a professional who is also an investor is another good idea. Ultimately, it's crucial to know the system and surround yourself with creative advisors who will structure things in a way that benefits you and your business.
Screw the Stock Market Podcast: Screw the Stock Market
YouTube: YouTube
Instagram: Instagram
Audible: Screw the Stock Market
Knowing the SystemAlex’s Student LoansThe Takeaways to Try and Be SmartResources:Spotify: Spotify
