8. Taxes Can Be Your Ally!
“Over the long term, benign neglect really does pay off.”
—Charles D. Ellis, Managing Partner, Greenwich Associates
It should come as no surprise to you that taxes rank as either #1 or #2 on the list of expenses for the wealthiest Americans. In 1998, for example, my family paid seven times in taxes what we earned in profits in one of our investment entities! Today, taxes are our second biggest leakage behind spending, and without careful planning they would be the biggest.
By comparison, many institutional investors—pension funds and endowments, for example—that have billions of dollars in investments don’t pay any taxes at all.
So what can you do to responsibly minimize your taxes?
While tax efficiency is a critical ...
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