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Wealth Means Never Having to Lose Your Freedom

Buck

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#1
https://www.chron.com/business/tech...-friend-get-no-jail-plea-deal-in-14486437.php

LAS VEGAS (AP) — A billionaire California technology firm founder and his friend took no-jail plea deals Wednesday that had them donate $1 million to charities while not admitting guilt in a Las Vegas Strip hotel room drug investigation.

Henry Thompson Nicholas III and co-defendant Ashley Christine Fargo stood with their attorneys in court and entered so-called “Alford pleas” to two felony drug possession charges. Their pleas acknowledged that prosecutors could have presented evidence of guilt if the case had gone to trial.

Nicholas’ and Fargo’s criminal cases can be dismissed in one year if they do not commit crimes, fulfill 250 hours of community service and undergo twice-monthly personal drug counseling, according to the plea agreement their attorneys negotiated with prosecutors.


Multi-Level Legal System, America IS Broken and there are not enough Patriots to right this wrong
 

Ensoniq

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#2
https://www.chron.com/business/tech...-friend-get-no-jail-plea-deal-in-14486437.php

LAS VEGAS (AP) — A billionaire California technology firm founder and his friend took no-jail plea deals Wednesday that had them donate $1 million to charities while not admitting guilt in a Las Vegas Strip hotel room drug investigation.

Henry Thompson Nicholas III and co-defendant Ashley Christine Fargo stood with their attorneys in court and entered so-called “Alford pleas” to two felony drug possession charges. Their pleas acknowledged that prosecutors could have presented evidence of guilt if the case had gone to trial.

Nicholas’ and Fargo’s criminal cases can be dismissed in one year if they do not commit crimes, fulfill 250 hours of community service and undergo twice-monthly personal drug counseling, according to the plea agreement their attorneys negotiated with prosecutors.


Multi-Level Legal System, America IS Broken and there are not enough Patriots to right this wrong
Just another reason to work hard and build wealth ;)

It’s like this in the micro as well. A $400 speading ticket really stings to someone on a week to week budget. It’s who cares money to a millionaire
 
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Buck

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#3
and it goes on and on

Bronfman, financier of Nexium get's 6 years
the bum gets over 100

Huffman, the entertainer who's kid got special college treatment, gets a few months in jail
student who lost their position in line during admittance, gets a waitress job, for life ( who can really say what the damage was, if any, i'll add )

we get bill cosby
because no one else wants him either

Epstein just escapes, er, dies...generals judges politicians educators janitors
the bums come in all colors shapes and sizes and we're just supposed to tolerate it
 

D-FENZ

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#4
Nicholas’ and Fargo’s criminal cases can be dismissed in one year if they do not commit crimes, fulfill 250 hours of community service and undergo twice-monthly personal drug counseling, according to the plea agreement their attorneys negotiated with prosecutors.
Reminds me of the story about the cattle rustler found not guilty- as long as he returns the cattle.
 

Zed

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#5
I dunno that rich Chinese pre Mao would agree post Mao.
 

dacrunch

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#6
I think that it's the other way around in Finland.
Read an article about speeding fines there. Calculated accordingly to income.
Some millionaire got fined $100k+ for not much over the limit if my memory serves me..
 

Ensoniq

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#7
I think that it's the other way around in Finland.
Read an article about speeding fines there. Calculated accordingly to income.
Some millionaire got fined $100k+ for not much over the limit if my memory serves me..
Finland is nuts. They also have a first time use of roads tax for all new cars. About 1/3 of the cars value
 

Buck

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#8
are their roads paved with gold?

no?

Q:
Why Not? they have the money
 

Ensoniq

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#10
I’d imagine collectors would be regularly creating potholes
 

Silver

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#11

Casey Jones

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#12
Just another reason to work hard and build wealth ;)

It’s like this in the micro as well. A $400 speading ticket really stings to someone on a week to week budget. It’s who cares money to a millionaire
Wealth, and working hard, have nothing to do with each other anymore.

If you work hard, and make some money...the Progressives are standing right there with a 70-percent tax on your effort.

The way to riches is CRONY CONNECTIONS. BIlly Gates was once in the Left's sights. They were gonna grab his business and break it up, for being big, bad, and, mostly, successful.

Well, a RINO moderate (W) shut that party down; but Billy learned what he needed to know. He got a Snowflake wife (interesting that a man as rich as he was, even then, didn't get married until his mid-forties) and set up the kind of "Foundation" Lefties so love. Money for crypto-Marxist initiatives, worldwide...and R&D for high-tech control of the Little People. And ways to keep nasty whites with less than he, from becoming "Breeders."

THAT is how you become rich. The Gates Foundation way. Bezos almost failed, ten years into Amazon's history. But he expanded from books into everything Wally World sells, undercutting it (selling at a loss) and sold stock in his profit-free firm, and saw his own shares' value jump. I guess nobody told the Snowflakes that businesses are SUPPOSED to make money, not burn cash.

Gates; Bezos; Musk; whatever the WeWork genius's name was. Crony Connections, and/or Too-Big-To-Fail. Jamie Dimon and other corrupt money-changers with their PAC-purses.

Honest schlubs can forget it. Henry Ford, today, would still have been milking cows in his fifties.
 

Ensoniq

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#13
Wealth, and working hard, have nothing to do with each other anymore.

If you work hard, and make some money...the Progressives are standing right there with a 70-percent tax on your effort.

The way to riches is CRONY CONNECTIONS. BIlly Gates was once in the Left's sights. They were gonna grab his business and break it up, for being big, bad, and, mostly, successful.

Well, a RINO moderate (W) shut that party down; but Billy learned what he needed to know. He got a Snowflake wife (interesting that a man as rich as he was, even then, didn't get married until his mid-forties) and set up the kind of "Foundation" Lefties so love. Money for crypto-Marxist initiatives, worldwide...and R&D for high-tech control of the Little People. And ways to keep nasty whites with less than he, from becoming "Breeders."

THAT is how you become rich. The Gates Foundation way. Bezos almost failed, ten years into Amazon's history. But he expanded from books into everything Wally World sells, undercutting it (selling at a loss) and sold stock in his profit-free firm, and saw his own shares' value jump. I guess nobody told the Snowflakes that businesses are SUPPOSED to make money, not burn cash.

Gates; Bezos; Musk; whatever the WeWork genius's name was. Crony Connections, and/or Too-Big-To-Fail. Jamie Dimon and other corrupt money-changers with their PAC-purses.

Honest schlubs can forget it. Henry Ford, today, would still have been milking cows in his fifties.
I do agree it’s hard to build wealth with the taxman taking his rake but the way to wealth is ownership, not highly paid employee

Start a business, grow it over the years and sell it after it’s built up.

20% capital gain and the rest in your pocket.

This is step function wealth building and it works. Once you have some capital you can buy commercial property without mortgage and practice rent seeking behavior.

The first step is the hardest because so many start ups fail.

This formula works
 

dacrunch

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#14
I do agree it’s hard to build wealth with the taxman taking his rake but the way to wealth is ownership, not highly paid employee

Start a business, grow it over the years and sell it after it’s built up.

20% capital gain and the rest in your pocket.

This is step function wealth building and it works. Once you have some capital you can buy commercial property without mortgage and practice rent seeking behavior.

The first step is the hardest because so many start ups fail.

This formula works
This formula does work unless you go under, for a multitude of reasons, some predictable (competition, market changes, changed technology, fraud by associates) and others UNPREDICTABLE (forced shutdown for pandemic, changes in legislation, zoning, taxation, economic/employment/production standards, demographics (there goes the neighborhood), possibility of being able to sell without taking a loss, etc.)... Imagine owning an office building in St Louis, Portland or Kenosha today... or a chain of restaurants or movie theaters in NYC, or a shopping mall pretty much anywhere...

So if you DO choose the "business only" option, apply the "3 legged stool" approach by widely DIVERSIFYING your business(es),.or face the risk of LOSING IT ALL.

So, if "rental property", diversify by location, type of property, different pricing ranges (basic bare-bones and luxury)
 

Casey Jones

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#15
I do agree it’s hard to build wealth with the taxman taking his rake but the way to wealth is ownership, not highly paid employee

Start a business, grow it over the years and sell it after it’s built up.

20% capital gain and the rest in your pocket.

This is step function wealth building and it works. Once you have some capital you can buy commercial property without mortgage and practice rent seeking behavior.

The first step is the hardest because so many start ups fail.

This formula works
Did work.

When we were a nation of laws.

The post below this one, referenced the capricious nature of fate, and, especially, government functionaries. As in, an arbitrary martial-law lockdown without an expiration date.

Or, now, a grace period for renters...leaving those who own rental property to be just holding the bag.

Yes, those who buy with cash are in better shape than those who take a mortgage to buy rental property. But in our era of deliberate inflation of the currency...can anyone save fast enough to overcome the shrinkage of inflation to have money to buy, cash on the barrelhead?

We are hit with this lockdown nonsense, in a way our grandparents were NOT hit in the Great Depression. Because back then, most people had some savings. Yes, farmers and others with mortgages on their farms or homes, lost them. Others did not - they went hungry; they ate fried greens; but they owned their homes; and real-estate taxes were far lower then, and payable even by a destitute family, most times.

I'm not being critical; but times have changed, and partly because customs and morality (regarding savings and debt) have changed.
 

Ensoniq

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#17
Agree with you, particularly with the unpredictable nature of the business environment. I’ve had winners and losers in my life.

For example, the small business I started in the early 80s with 25k, to put cell phones in the hooker and drug sections of town (right before cell phones started to become popular). Doh

It’s about niche and barrier to entry with either geographic advantage or tech advantage. Important if possible to not “buy a job”, need to build value that can be harvested at exit

No disrespect to all who work hard. Taxation is theft and the first money earned is the most penalized. If you can just manage to keep some that you can put at minimal risk then the tax rate is half and no 15% fica tax.
 
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dacrunch

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#18
Agree with you, particularly with the unpredictable nature of the business environment. I’ve had winners and losers in my life.

For example, the small business I started in the early 80s with 25k, to put cell phones in the hooker and drug sections of town (right before cell phones started to become popular). Doh

It’s about niche and barrier to entry with either geographic advantage or tech advantage. Important if possible to not “buy a job”, need to build value that can be harvested at exit

No disrespect to all who work hard. Taxation is theft and the first money earned is the most penalized. If you can just manage to keep some that you can put at minimal risk then the tax rate is half and no 15% fica tax.
That's why, on top of my skilled pipefitter/plumber trade in the Union, back in the 1980s, out of work and facing foreclosure on my home and Cobra health insurance running out, I sold my home and bought a 5 unit rental ($125k with seller financing since my credit was shot), then upgraded each apartment myself nights and weekends then raised rents... 2 years later I bought a crack house duplex for $55k and did the same thing. Being a self taught craftsman made the improvements much cheaper since I bought real fixer uppers. It did make my wife and kids miss me since I was busy most nights and weekends.
Both in a college town, with prospects of urban renewal and gentrification.
But I kept my job which provided me with the 1st 2 legs of the 3-legged stool.
In the 1990s I messed with "gambling" on "out of the money futures options" (NO MARGIN), and did ok with 2/3 bets out of 5 bringing in profit. ZERO "fundamentals" just "charting". Until the dotcom bust and pursuant:high speed algorithm trading" by the "big boys".
So I had my 3 solid legs on my stool and that worked.
 
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