Stop donating to charities.

0 Views· 15 May 2022
Frank Carew
Frank Carew
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You have so much money coming in that you're gonna have to pay way too much to the tax man. You need a way to avoid taxes. And one of the ways to do that is by starting a “charitable foundation”.

In 2014, the CEO of GoPro, Nicholas Woodman, had just taken the company public and was all of a sudden worth $3 billion. He was giving away $500 million of GoPro stock to charity. Every news channel praised him as what they called one of America's most generous donors and put him up there with people like Bill Gates and Michael Bloomberg. He was gonna have to pay tens of millions of dollars in taxes anyways, so by simply “giving away” $500m worth of stock, he saved himself from that giant tax bill. And if you want to do the same, then it all starts with step #1: starting your charity.

The type of charitable vehicle our friend Woodman used is called a DAF. DAF’s or Donor Advised Funds are basically a charitable savings account used by the rich and powerful, like Mark Zuckerberg, Paul Allen, and the founders of WhatsApp, to control where their money goes and when. So DAFs are basically a charity savings account that is a very powerful tool to influence the world to work in your favor, while maintaining complete anonymity - and saving you taxes.

The other great option is starting a family or private foundation. Donate not just cash, but ****ets like shares, real estate, cars, houses, yachts and not pay capital gains taxes on those ****ets.

And now that your charity is set up, it’s time to fund it! Donate To Your Own Charity. Once you’ve funded your charity with your own money, why stop there? Why not get other donors involved so you have even more charitable dollars to play around with?

Donors are the lifeblood of your charity. But at some point in this process, you’re gonna need help running your foundation.

Hire Your Friends and Pay Them A Hefty Salary. Now that you’ve taken care of your friends, you’ve staffed and developed you charity, now it’s time to reap the benefits

Spend your charitable dollars lavishly - for the cause, of course. Whether you donate to political organizations or decide to donate to legit charities you support, your choices are endless

And boom - you got to make good use of your money that would’ve gone to the tax man.
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