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Don’t worry about the taxes, stay where you are, and focus on making money – says Chamath Palihapitiya on the All-in podcast, the supposed billionaire, who immigrated to America as a child from Sri Lanka, and made his wealth in Silicon Valley.
When I think about all the very wealthy people I deal with, they all seem to have one thing in common – they come from the US.
This is especially the case if we’re talking about deca and centimillionaires. Most people who call me from Europe are not in this income bracket, and that made me wonder. Why are there so many exceptionally wealthy people in America?
Well, traditionally this is where the opportunities were. If you wanted to make money in tech, you needed to be in Silicon Valley, as there was no place in the world like it.
This is what Chamath was referring to – the cost of opportunity is way greater than the taxes he paid in the process. Simply, if he wasn’t in the States he may have not built even remotely this much wealth.
What do I think about this? Is this out of line or is there some truth to this?
Well, both I guess.
The reality is that the world is becoming more and more global, and opportunities that you historically could get in one place are now in other places as well.
The US is far from the only place where you can make a lot of money, especially if you consider the fact that it will take you twice as long because you will have to be paying high taxes along the way.
Taxes make a huge difference, especially in the building phase, and paying high taxes every year will definitely slow down your progress and make the accumulation much more difficult. This is especially the case if we’re talking about location-independent workers that can make money from everywhere.
So do you need to be in America to make money? No!
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Author: Michael Rosmer
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