| Having more wealth gives you access to more efficient financial vehicles that generate (or maintain) wealth. When you're poor, you are taxed: - High interest loans - Remittances with high fees e.g. with Western Union - Using Cash (on average, you pay a tax on items which have the credit card fee priced in) - Access to banking (low interest savings/checking accounts) - Credit cards with high fees, low kickbacks As you get wealthier: - Credit cards with kickbacks (e.g. travel, cash back) - Access to bank accounts with higher interest - Access to international banking - Access to international stock markets As you get wealthier: - Ownership of businesses which allow you to store your wealth without getting taxed - Ownership of international businesses which allow you to find the best tax situation internationally As you get wealthier: - Access to private markets - Ownership of businesses where you can directly partner with other businesses - Running a financial institution - Running a business so large that you can influence governments - ... |