Dad, can you tell me something that sounds illegal but isn’t? Of course. Every year I shelter 30% of my income from the IRS. Is this just for rich people? Not at all. Anyone can use and take advantage of section 4 9 4 2 of the US tax code. All you need to do is create a private family foundation. This has to be illegal. What’s the catch? There is, but it’s not that bad. Every year I have to pay 5% of our family foundations value to a qualified charity of my choice. So you don’t pay like half of your income to the IRS? Oh god no. I end up paying like 2% in gifts to charity. I am so doing this. Great, you’re hired to run the foundation and I’ll give you the family foundation when I die. Oh, so that’s how the rich stay rich. Now you know why the rich do philanthropy. Click follow if you want to build your wealth. I’m a self made millionaire and I’ll teach you everything I know.