SOSCAST with Adam Sosnick SOSCAST | EP 16 | Will Smith Avoids Taxes, 4-Day Work Week, Why To Rent
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Feb 9, 2022 Discover the financial lessons learned from Will Smith's tax troubles, including his $2.8M IRS debt and comeback story. Explore the potential of a four-day workweek in the U.S. and how it could reduce burnout, along with employer strategies to attract talent, including the elimination of drug testing. Dive into the debate on renting versus buying a home, with smart strategies for maximizing savings and flexibility. Adam breaks down the price-to-rent ratio, offering insights on when it's savvy to rent or buy.
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Will Smith's Early Tax Crisis
- Will Smith borrowed $10,000 from a neighborhood drug dealer after owing the IRS $2.8 million early in his career.
- The IRS garnished his wages and took possessions until he paid down his tax debt over three years.
Work Ethic As A Differentiator
- Will Smith studied Tom Cruise and tried to emulate his work ethic to become a top movie star.
- He concluded he couldn't outwork Cruise, highlighting relentless effort as a rare competitive advantage.
Try A Compromise Four-Day Week
- Consider a four-day, 32-hour week if productivity gains can maintain full pay and reduce burnout.
- Test hybrid compromises like Fridays remote/check-in to balance flexibility and employer needs.