Slate Money What the Hurricanes Cost
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Oct 12, 2024 The discussion highlights the economic impact of hurricanes and the challenges of rising insurance costs. A captivating tale unfolds about a Canadian carpenter who skyrocketed from $88,000 to $400 million through Tesla options trading, only to face financial ruin. The hosts explore the implications of climate change on home ownership and the troubling lack of flood insurance in high-risk areas. They also touch on the evolving perceptions of diamonds, comparing lab-grown to natural stones, and share thoughts on the benefits of taking a sabbatical.
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Carpenter's Tesla Fortune
- A Canadian carpenter turned $88,000 into $400 million CAD trading Tesla options, aided by advice from RBC.
- He then lost it all, raising questions about the advisor's responsibility and the carpenter's gambling addiction.
Tax Avoidance Strategy
- Avoid excessive tax avoidance schemes, as they can lead to undesirable financial outcomes.
- Losing all your money is a surefire way to avoid paying taxes.
Stock Market vs Options
- The stock market, over time, provides a positive-sum opportunity for wealth growth.
- The options market, being a zero-sum game, requires outsmarting others, which most people cannot do.