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The great American tax haven: why the super-rich love …

I roll my eyes whenever someone says that “their mind was blown” by something… because it’s rarely true. What they learned might be a little surprising but it’s not nearly on the level of seeing your amygdala ooze out of your earholes.

BUT… I think I’m going to share with you something that I think will come close.

There’s a state in our union that is rapidly becoming the “go-to” place to hide wealth. Last year, a Chinese billionaire transferred $4.5 billion into the state. And in the past decade, hundreds of billions of dollars have left more traditional havens (like Switzerland) to move to this state.

Want to give it a guess?

The great American tax haven: why the super-rich love South Dakota [The Guardian, but redaction in the title is mine] – “The money of the world’s mega-wealthy, though, is heading there in ever-larger volumes. In the past decade, hundreds of billions of dollars have poured out of traditional offshore jurisdictions such as Switzerland and Jersey, and into a small number of American states: Delaware, Nevada, Wyoming – and, above all, South Dakota. “To some, South Dakota is a ‘fly-over’ state,” the chief justice of the state’s supreme court said in a speech to the legislature in January. “While many people may find a way to ‘fly over’ South Dakota, somehow their dollars find a way to land here.””

Why I Change My Voicemail Weekly Though Nobody Ever Calls [Financial Pilgrimage] – “Like making my bed, setting my voicemail every week is that simple task that helps jump start my work week. […] Once my voicemail message has been recorded, our system requires us to listen back through our message in full before finalizing. Like most everyone (except psychopaths) I hate hate hate listening to the sound of my own voice. (Seeing myself on video is infinitely worse.) Yet, every Monday I put myself through this tiny bit of mental anguish. Why? […] The periods in my life in which the most intense growth has occurred have been during times where I was most uncomfortable. While there is a fine line of when too much discomfort could result in extreme anxiety or even failure, we often need to be placed outside of our comfort zone to grow.”

Financial Freedom Mindset [Handful of Thoughts] – “At the age of 32 and a half, (I know a weird age to reflect on), it hit me. If I was going to work until the traditional retirement age of 65 then I would have to work for as long as I had currently been alive! Just the thought of that depressed me. My job was enjoyable, but it’s not what I wanted to devote the majority of my time and energy to for the next 30+ years. I wasn’t ready to just up and quit my job but something had to change – I needed a mindset shift. So after a lot of thought and reflection I adopted a financial freedom mindset.” Maria shares her approach to establishing her financial freedom mindset and working towards making it a reality in her life.

Before you go, do you love LEGOs? If so, it probably comes as no surprise that there’s a robust secondary market of collectors, investors, and resellers:

Brokering Bricks: The World of Lego Investing [Medium] – “In 2000, you, enterprising investor, might have bought some index funds from the S&P 500 and, financial meltdown and all, ended up doubling your money by today. By contrast, if you invested in one (or several) collector’s edition LEGO Imperial Star Destroyers for $270, you would have made quintupled your money. Today, the same factory-sealed set can fetch over $1,500.”

!!!

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