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Investing in film production tax credits can provide substantial tax savings, with the potential to receive a significant deduction for the amount invested. The strategy involves financing movies to benefit from tax incentives, such as being able to write off the film's entire cost before production even starts. These tax credits can help offset taxable income, resulting in substantial tax savings, making it an attractive option for wealthy individuals looking to reduce their tax liabilities.
Diversifying investment strategies beyond traditional assets like real estate and cars can offer unique tax benefits. While real estate is a common choice for generating deductions, investing in film production can provide alternative avenues for tax write-offs. By exploring unconventional investment options like financing movies, individuals can access tax credits and deductions that may not be as readily available through more traditional investment avenues.
State-specific tax incentives play a crucial role in financing film productions and attracting investors. States like Georgia and Alabama offer up to 30% in tax credits for movie productions, incentivizing film financing in these regions. By leveraging these tax credits and rebates, investors can not only fund movie projects more effectively but also benefit from additional financial incentives and support from these states, contributing to economic growth and job creation in the local film industry.
Harvard, known for its massive $50 billion endowment, operates as a tax-exempt entity reaping significant revenues. With a diversified income stream, Harvard obtained $5.8 billion in total revenue, where only $1.2 billion came from education. The bulk of their revenue, notably 80%, is generated from sources other than education, such as their endowment profits, grants, donations, and publishing arm sales.
The hosts reflect on the importance of establishing a system like 'My Nine' for personal documentation in case of unforeseen events. Stimulated by the challenge of managing assets and contacts post-death, the concept entails listing nine significant individuals for a will or trust solution, ensuring transparency and clarity for inheritors to locate and manage personal investments and possessions effectively.
Episode 447: Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk about the rich people tax credit scheme, Andrew Wilkinson's Tiny goes public, Harvard is a multi-billion dollar tax-free revenue, and Shaan's latest business idea - My9.
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Show Notes:
(01:22) - Rich People Tax Credit Scheme
(11:45) - Ramit Sethi debrief
(15:15) - Martin Shkreli debrief
(20:32) - Deep Dive on Andrew Wilkinson's Tiny Going Public
(36:50) - Harvard's revenue
(47:45) - My9
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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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• #209 Gary Vaynerchuk - Why NFTS Are the Future
• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
• #218 - Why You Should Take a Think Week Like Bill Gates
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