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A #thread on the largest wealth transfer in history

This comes from the notes that I took in August when attending the Private Wealth Forum in Palm Beach this year

#wealthpreservation #wealthcreation #investing #familyoffice
- US$48 Trillion are going from Baby Boomers to Gen X and Millennials

“People worry more about not having enough money more than taxes” - Vincent Munno

- US$122+ Trillion in UNFUNDED liabilities (USA)

- 328 Million population (USA)
- 122 Million taxpayers
- 116 Million benefits recipients

This means that taxes MUST rise.
There are 3 types of money:

1. Taxable
2. Tax-deferred
3. Tax-free
Warren Buffett’s advice to his heirs is:

Put 10% of the cash in short-term bonds and 90% in a low-cost Index Fund and you will beat most money managers.

#wealthcreation #wealthpreservation
HNWIs (High Net-Worth Individuals) focus on minimizing taxable income and investing tax-deferred income.

Regular Americans can do the same but most do not have the knowledge.

401(k) and IRA plans exist. There are also plans for public service and govt employees.
The difference between investing before and after taxes is massive over a 10-year period.

Especially if in an Index Fund.
My notes are finished but I close with this article about minimizing taxation that most wealthy people I know completely understand and know about but most Middle-Class people do not:

Wealthy people are not smarter than anyone else. They have more financial knowledge and spend time to better understand money.

Knowledge and how you apply it makes a huge difference in life. We learn that in school very early.

What financial knowledge are you seeking out?
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