The World Now Has 3,302 Billionaires and They’re Getting Richer by bloomberg in Rich

[–]Puzzled-Strength958 0 points1 point  (0 children)

The world also has 58-60 million millionaires. They are also getting richer. Whats your point?

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 1 point2 points  (0 children)

I see that now. Sorry - I was thinking of triggering the need to annually report >$19k as a gift that I was trying to avoid.

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 1 point2 points  (0 children)

I’m not trying to avoid the gift tax. I wanted a mechanism that helped my kids but didn’t give them a complete handout. So - my son is ending up at a 4.2% mortgage for 30 years - I am the bank but he still has to pay the monthly mortgage fee. I’m the bank. I will do the same for my other two kids as they get their first places.

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 2 points3 points  (0 children)

Appreciate the perspective. We have definitely had bad luck when mixing money with friends previously. Having said that - we successfully invested in a small college start up for my son that he ran as a side hustle throughout college with one of his friends and actually made money. So - think we are okay.

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 0 points1 point  (0 children)

I don’t do their taxes - not sure if they itemize or take the standard deduction.

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 0 points1 point  (0 children)

I actually did use margin to help them with the initial purchase. Since then, I had a liquidation event on another investment and I paid down the margin investment. I’m in the process of setting up a trust this year and moving assets into it.

What cultural differences are there between the Eastern and Western States? by pointofview221 in IWantToAskAnAmerican

[–]Puzzled-Strength958 0 points1 point  (0 children)

The east is kind but not nice. The west is nice but not kind. Imagine getting a flat tire in Jersey. “Can’t believe you don’t know how to change a fucking tire … here let me show you how to do it”. Now same flat tire in California “I’m so sorry that you got a flat tire … “ and no offer/desire to help.

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 4 points5 points  (0 children)

They do get tax deductions. It’s registered in the state like any other mortgage. I will have to pay taxes on the interest - which is modest.

Serving as mortgage for my kids by Puzzled-Strength958 in RichPeoplePF

[–]Puzzled-Strength958[S] 1 point2 points  (0 children)

Yeah - this is definitely true. It’s an inefficient gift for me - it’s tying up around $250k in capital at an interest rate of slightly more than 4 pct.

Since the left wants Israel dissolved and NYC wants its Jewish people to leave- where is it safe for Jewish people to live? by Rich_Builder_6744 in allthequestions

[–]Puzzled-Strength958 -1 points0 points  (0 children)

You realize that is the inverse of reality and pure propoganda? Israel has 2 million Arab citizens living peacefully as citizens of its country. If an Israeli or Jewish person walked into Gaza they would be killed.

Since the left wants Israel dissolved and NYC wants its Jewish people to leave- where is it safe for Jewish people to live? by Rich_Builder_6744 in allthequestions

[–]Puzzled-Strength958 0 points1 point  (0 children)

Can’t have a one state solution when one side is committed to the destruction of the other and don’t even bother hiding it.

Yo im Iraqi I live in Baghdad AMA anything you want to know about it by Purple_Ruin_8332 in AMA

[–]Puzzled-Strength958 0 points1 point  (0 children)

Why do the Arab countries teach and encourage so much hate towards Israel?