‘We get the living daylights taxed out of us’: How billionaires like Elon Musk avoid taxes on their massive wealth

Core Insights - The article discusses strategies for minimizing tax burdens as a means to build wealth, emphasizing that tax avoidance is a crucial skill for wealth accumulation [2][3][4] Tax Strategies - Scott Galloway highlights the importance of reducing tax bills to build wealth, suggesting that wealthy individuals often employ strategies such as buying stocks and borrowing against them instead of selling [7][8][9] - The "buy, borrow, die" strategy allows investors to maintain asset growth while avoiding immediate tax liabilities, as they can leverage their investments without triggering capital gains taxes [8][9] Real Estate Investment - Real estate is presented as a powerful wealth-building tool, with strategies similar to those used in stock investments, such as leveraging debt to acquire properties while benefiting from tax deductions on interest payments [14][15] - Robert Kiyosaki exemplifies this approach, claiming to own significant real estate assets while legally minimizing his tax obligations [14][15] Investment Platforms - New investment platforms like Arrived and mogul enable individuals to invest in real estate with lower capital requirements and without the burdens of traditional property management, allowing for fractional ownership of rental properties [18][19][20] - These platforms offer opportunities for passive income and potential appreciation, making real estate investment more accessible to a broader audience [17][18] Financial Advisory Services - The article suggests consulting financial advisors to tailor investment strategies based on individual financial situations, emphasizing the importance of personalized advice in navigating complex tax and investment landscapes [23][24][25][26]