Re: What would you do with 11mil dollars per year?

Tax bracket is 41.39% in SC at 11 million a year. That’s $6.189 take home a year. To get into a lower bracket it can’t be investments per se. It would have to be charitable donations or legit business expenditures. Even donations would only lower your taxable income.

The way real wealth is built is to invest a large majority into businesses. Many coaches and players own multiple franchise restaurants or invest venture capital for residual income.

You can’t just creatively write off investments. Only a small percentage are qualifying. I’ve fought the fed for many years trying to create more write offs and have failed for the most part. I’m not making 7 figures a year but I have paid more than 35% almost every year sans one year I had health issues and paid a ridiculous amount of money out of pocket. They looked at and verified every single receipt on the state and federal level. The tax man is hard to beat. Unless you’re a billion dollar Corp bringing thousands of jobs to a state.

DougKingsmoreCrusade

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Nov 6, 2024, 4:53 AM

I would make good note of the fact that 8 million plus 3 million equals 11 million, but not 12 million. If you were 19 million dollars in debt, and you could only pay it off in increments of 3 million, 6 million, 7 million, or 8 million, it would probably behoove you to attempt to pay 8 million first, that way you would cut the deficit to 11 million, which would give you the option to pay the rest off with another 8 million and then a 3 million.

Paying 7 million would be poor strategy because that would still leave you with 12 million, making it so that you'd need 2 payments of at least 6 million to pay off the debt. Even if you tried to pay 8 million but were only able to pay 6 million, you'd still be in basically the same situation being 13 million dollars in debt. You'd still need at least a 6 million dollar payment and a 7 million dollar payment to resolve the debt.

Either way, you'd need two payments of at least 6 million, with no option to cover the cost with a payment of 3 million. Meaning there's no reason not to go for the 8 million dollar payment in that situation, and in fact you should, because going for 7 million effectively gains you nothing over what you'd have if you only paid 6 million, but if you did manage to pay the 8 million you'd put yourself in a much more flexible situation. I think if I were making 11 million dollars a year, I'd want to understand this.

(I'm interested to see if anyone picks up on what I'm talking about.)

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What would you do with 11mil dollars per year?