How Money Works

Why Billionaires Are Desperate To "Live" In Florida

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#billionaire #florida #business

Last month Jeff Bezos settled on this ninety MILLION dollar [$90,000,000] mansion on Indian Creek Island in Miami. That is the THIRD eight figure property purchase the Amazon founder has made in Miami in just the last 12 months. But the billionaire migration to Florida is making even Jeff's two hundred million dollar portfolio of properties look downright modest. According to the New York Post, Citadel Securities CEO Ken Griffin has purchased SEVENTEEN oceanfront estates, some worth as much as a hundred million [$100,000,000] individually.

He is now knocking them all over to make way for one for one single beach house for his retirement, that is estimated to be worth more than a billion dollars once complete. None of these billionaires are native Florida men, but it’s not the sand and the sun that’s bringing them down there. So why are billionaires scrambling to get into Florida all of a sudden? While other parts of the country are cracking down on billionaires and their extravagant lifestyles, Florida is trying to make itself the perfect hideaway for them and their money.

According to the LA Times the Mayor of Miami actually personally courted Elon Musk encouraging him to move his primary residence and businesses to the city. South Florida WANTS to be the perfect place for you to live… IF you're extremely wealthy. Miami has always been a popular destination for the ultra wealthy to spend their summer vacations. According to data collected in a study by the global wealth management firm Henley and Partners, and compiled by Visual Capitalists, Miami is the most popular vacation destination for the world's twenty five thousand [25,000] Centi-Millionaires.

Those are people with a net worth of one hundred million dollars or more… In the past most of these ultra high net worth individuals would return back to their REAL jobs in REAL cities like Seattle, New York, San Fran or LA. BUT NOW they are moving to Miami for good, and they are doing it for three surprising reasons.

The first reason is that Florida is a safe haven for wealth.

But using Florida as an asset bunker is just the first reason, so it’s time to learn How Money Works to find out why so many Billionaires are desperately rushing to make Florida their home.

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The (Idiotic) Rise of Billionaire Doomsday Bunkers

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Douglas Rushkoff's Survival of the Richest: https://rushkoff.com/books/survival-of-the-richest-escape-fantasies-of-the-tech-billionaires/

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#business #billionaire #money

Doomsday prepping has been around since prehistoric mammalian creatures stuffed some extra nuts into a tree to survive the winter…

Humans and ESPECIALLY American humans became particularly fond planning for the end of the world during the Cold War when nuclear Armageddon was a very real possibility.

Ever since, it has become something of a utilitarian hobby for millions of people spawning a multi-BILLION dollar industry selling bunkers, ration kits, bug out bags and hunting supplies.

The demand has grown so quickly that top of the line air filtration systems have become collectors’ items because there simply aren’t enough for everybody who wants them.

What is interesting (or maybe a little bit concerning) is the particular group that is planning for the end of the world in higher numbers than basically anybody else… billionaires…

In a game of Survival of the richest, people like Zuckerberg, Peter Theil, Sam Altman and the former CEO of Reddit have all reportedly invested tens of millions of dollars in lavish accommodation to wait out the end times…

These are just the ones we know about, in a game where discretion is obviously a big advantage.

So why the fuck has there been such a boom in doomsday bunkers for billionaires? And is this all… just… really stupid… ?

Well it’s time to learn How Money Works to find out why some of the world's wealthiest people… are actually looking forward to the end of the world as they know it.

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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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The American Dream Isn't Dead... You Just Can't Afford It

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#business #finance #realestate

How much money would you need to buy the American Dream?

Not how much would you need to make in order to afford the REPAYMENTS on the American Dream… how much would you need to buy the house, the two cars, the family and a basic vacation every year?

Probably a lot more than you have, right?

I know it’s not going to blow your mind to find out that these (supposedly) vital ingredients to a good life have gotten kind of expensive… but it has reached a tipping point.

The American Dream is not dead, so much as it’s an extreme luxury that in many parts of the country can now cost as much as TEN MILLION DOLLARS to afford… that’s more than most of us will ever earn in our lifetimes BEFORE taxes, interest payments and basic essentials like… food…

Sorry to be the bearer of bad news, but holding onto the traditional financial wisdom of what you AUGHT to have in life is now permanently out of reach for most people and as more Americans realize this, it’s fundamentally reshaping our economy…

According to data from the US Fed and the Census compiled in the Cas Shiller Index, the average cost of a home in the US is now more than seven point six times [7.6X] median COMBINED household incomes.

That’s now significantly higher than it was in the leadup to the Global Financial Crisis, an economic meltdown enabled by… housing speculation.

If you think that’s bad, spare a though for the UK, which has lower wages but similarly priced homes or Canadians who according to data compiled by financial samurai have on average ten percent less [10%] less disposable income but live in houses SEVENTY FIVE PERCENT [75%] more expensive

New mortgage rates are also at the highest point they have been since 2000, when home prices were only four times household income.

The average person even IF they have a full-time working partner cannot reasonably afford to purchase an average home at current prices with current interest rates without paying more than HALF of their BEFORE TAX income in INTEREST.

That’s before principal repayments on the loan, and before income tax. In reality, the average bank wouldn’t even write this mortgage because it would be financially irresponsible.

So it’s time to learn How Money Works to find out why it might be time to let go of the American Dream…

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Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks

Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works.

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You Suck at Investing.

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Investing is the most important thing you can do to reliably build wealth during your life. The only problem is… you inevitably suck at it…

The S&P 500 has a historical average return of 10.4% over the past 100 years, even when including all the major stock market downturns during that time. $10,000 invested in 1972 would be worth $1.7 Million today. But look around, and you will be hard pressed to find anybody who has made themselves wealthy EXCLUSIVELY through diligent investing practices.

Research done by Dalbar Inc an investment research firm found that the average equity fund investor only made average annualized returns of 4.25% over the past 20 years. To understand how big a difference this truly is, the same investor getting those returns would only turn their initial $10,000 investment into $83,000 today over the same 50 year period.People are terrible at investing, YOU are terrible at investing, and even finance industry professionals are buy and large… terrible at investing.

The only real solution is to stop trying.

#Investing #PersonalFinance #HowMoneyWorks

Edited By: Andrew Gonzales

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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

Follow to learn How Money Works.

Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks

Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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10 Ways Billionaires Avoid Tax On A Massive Scale - How Money Works

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Rich people didn’t get rich by paying a lot of taxes and for some of them avoiding uncle Sam has become their favourite pastime.

Say what you will about billionaires, but they can be a very creative bunch where their money is concerned.

Last year ProPublica a non-profit investigative journalism organisation was leaked a cache of IRS files that contained tax information about the richest people in America.

Dozens of journalists and forensic accountants were able to reverse engineer a number of systems that the billionaires used to pay much lower rates of income tax than most regular working Americans.

#tax #billionaire #howmoneyworks

ProPublica Articles:

https://www.propublica.org/article/billionaires-tax-avoidance-techniques-irs-files

https://www.propublica.org/article/a-massive-oil-spill-helped-one-billionaire-avoid-paying-income-tax-for-14-years

Edited By: Andrew Gonzales

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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

Follow to learn How Money Works.

Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks

Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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Have Car Companies "Innovated" Themselves Out of Business

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#cars #business #finance

Over the last 2 decades very few major markets have seen changes quiet as widespread (and expensive) as the car industry…

A push towards electrification, new major competitors from China and South Korea, self-driving technology, tighter regulations, and hundreds of billions of dollars in investor money has made it EXTREMELY difficult for companies to adapt to every single last change while ALSO delivering a product that’s not… terrible

Technology is changing so quickly that cutting-edge cars today might be COMPLETELY redundant in a few years’ time, meaning the right thing to do for most drivers is to sit back and wait.

The investors on the other hand are realizing that if you invest billions of dollars to “DiSruPt” a market… you shouldn’t be surprised... When the market gets… disrupted…

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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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The Great Corporate Extinction

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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

#business #finance #money

2023 saw a record number of new businesses being created here in America, with five and a half MILLION new companies being registered within the year.

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Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks

Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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Well... At Least We Aren't Canada

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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

#canadaeconomy #realestate #finance

Covering business, finance and economics every week can be a little bit depressing.

In just the last 2 years personal savings have been evaporated, consumer debt has hit record highs, the job market has been defined by anti-worker trends such as ghost jobs, broad sector layoffs and gigification, all while asset prices have ballooned far faster than household incomes, or even their intrinsic fundamentals.

The results have been pretty simple, it’s getting much harder for people who work for a living to keep up with those who already have assets…

Even the most diligent and career focused people are finding it tough to make ends meet let alone accumulate assets so that they too can one day achieve financial security…

But if ever you are feeling like it’s all a bit hopeless, just remember, it could be worse… you could be from Canada…

Follow to learn How Money Works.

Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks

Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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Why Most People Are Actually "Too Good" For Their Job

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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

#career #finance #college

I have some bad news for you…

You probably won’t ever be a tech worker at a FAANG company, a bulge bracket finance bro or a high-powered corporate executive.

Society needs people to do the real jobs that keep us housed, fed and safe, and it needs them a lot more than it needs another McKinsey consultant.

This is a problem because no matter how you put it, a job where you sit in an air-conditioned office making six figures a year in your first year out of college is way more desirable than doing roadwork in Arizona for 20 bucks an hour.

The problem is that everybody is trying really hard to pretend this isn’t true, and the system that has sprung up to maintain this dream has caused more problems than you realize.

Follow to learn How Money Works.

Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks

Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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The Tax System is Broken... In Just The Right Way

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Edited By: Svibe Multimedia Studio

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For sponsorship inquiries, please contact [email protected]

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All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.

#tax #finance #money

The Federal Tax Code when written out from beginning to end is about two thousand six hundred [2,600] pages long.

Depending on who you ask it can be as SEVENTY THOUSAND [70,000] pages IF you include all of the relevant legal rulings on the contents of the code itself.

This snowballing complexity would be a big enough headache by itself, BUT the biggest problem of all, is that the Federal government only collects about a dozen different taxes…

The guidelines on what these taxes are, how they are calculated and how they are collected take up a total of about 250 pages… everything ELSE in the code is allowances, credits, deductions, offsets, incentives and deferments.

And that’s just FEDERAL taxes, things become EXPONENTIALLY more complicated when local and state taxes are included as well.

Now it doesn’t matter if you believe that all taxes are theft, or if you think that the rich should be taxed out of existence, the CURRENT system is broken in JUUSSTT the right way.

Ok so it’s no secret that tax loopholes benefit the rich… and that’s for TWO reasons… HOWEVER most people choose to just focus on one.

The first reason is because wealthy people can afford to pay the billable hours of accountants and tax lawyers to set up their personal finances and business structures to take advantage of these loopholes.

According to the National Association of tax professionals the average cost to prepare an individual tax return in America in 2023 was two hundred and forty eight dollars [$248].

That’s ALREADY more expensive than it should be BUT tax services go way up from there.

Tailored tax services that submit the paperwork required to take advantage of some of these loopholes can cost tens of thousands of dollars every year to put together. That means that it’s only worth it for people that can save hundreds of thousands of dollars in tax by diligently structuring their affairs.

The SECOND reason that tax loopholes only benefit rich people is because… they are the ones that pay tax.

But distorting already highly problematic markets is just the first problem with the loophole arms race.

So it’s time to learn How Money Works to find out why our taxes are so hard to fix.

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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works.

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