If you think education is expensive, try ignorance. DereK Bok
The trouble with people is not that they don’t know,
but that they know so much that ain’t so. Josh Billings
Smart is believing only half of what you hear. Brilliant is knowing which half. Robert Orben
The General Accounting Office (GAO) concluded in a 2009 study that tax preparers may actually be part of the problem after finding that 71% of S corporations that used a paid preparer submitted returns that contained errors.
Yet making the yachting lifestyle more affordable - Net Worth Neutral- does not happen in a vacum. As advisors and advocates for the affluent we are tasked with providing the yachting lifestyle while preserving our clients' net worth. We must therefore be prepared with strategies to counter various economic challenges and other potential financial threats to our clients' net worth.
Unfortunately, there are many other, and substantially greater threats to one's net worth than yacht ownership.
Increasingly, it seems society places little value on the contributions successful people make and has little regard for the personal, family, and health sacrifices it often takes to be successful.
Even though research suggests the more affluent are up to three times more likely to kill themselves than those with less money, there is little sympathy for the well-being of the wealthy. Rather than viewed with compassion, the affluent are often considered by many as mere financial resources to be exploited, their personal life struggles – just entertainment.
Mistakenly, many seem to think all wealth is ill-gotten or accumulated only by taking advantage of others. Much of society believes the affluent are simply “getting what they deserve” just reaping what they sowed. Besides - the wealthy can “afford it” as evidenced by an increasingly disproportionate tax burden.
That if your current advisors knew, surely they'd have told you already- wouldn't they?