Paramount Suitor Meets With FCC Chairman, Seeking OK for Deal
The transaction has 'significant public interest benefits,' according to a letter to the FCC signed by Skydance attorney Matthew Brill recapping the meeting. Ellison, the son of Oracle Corp. co-founder Larry Ellison, his family and RedBird Capital Partners, 'represent fresh leadership with the vision and experience' needed to drive the new company's long-term growth 'in a changing media landscape,' according to the letter that was made public on Friday.
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The average middle-class person is lucky to have retirement accounts and maybe a high-yield savings account or money market account. Millionaires can invest big money because they have the financial buffer to incur 'little more than slight hardships instead of severe life-transforming effects, a situation that normally applies to most families holding middle incomes,' London explained. Find Out: Tax-Loss Harvesting Practice in Private Equity Tax-loss harvesting — essentially where investors reduce their taxable income by selling investments that have lost value — is another strategy millionaires use because they have 'substantial taxable investment portfolios and sophisticated tax planning,' London said. For the average person with a 401(k) and limited brokerage activity, the benefits are small and often not worth the complexity. Private equity, in general, is typically reserved for high-income earners because you have to commit large amounts of capital over longer durations, London explained. Millionaires have the kind of liquidity that allows for them to extract big sums of money without suffering to pay for their basic expenses. To a middle-class earner, liquidity might just mean a slim buffer 'to take care of unexpected situations, educational expenses or retirement goals which makes this investment strategy risky and often undesirable,' London said. Financing Through Debt Not only do millionaires have the ability to borrow against investment portfolios or real estate at low interest rates to reinvest or defer taxes, 'They have the liquidity and safety nets to handle downturns,' London said. A middle-class investor just isn't likely to have the financial buffer or willing to take a risk refinancing a home to invest. 'If the market moves in the wrong direction, they may not have the flexibility to recover.' Higher Risk Tolerance In a nutshell, millionaires can absorb losses without major lifestyle changes. 'They are able to take on high-risk, high-reward opportunities with patience and backup plans,' London pointed out. Middle-class investors usually cannot afford that luxury; a major loss could delay retirement or put essential life goals at risk. Using Tax-Friendly Instruments While almost anyone can get some kind of tax benefit for making a charitable contribution, where the benefits really kick in is at a level of money the middle class is unlikely to have. 'The tax benefits that are available for donor-advised funds and other sophisticated trusts are relevant more frequently in situations that involve large charitable gifts or intergenerational transfers of wealth,' London said. For most families, the administration and maintenance costs of setting up such funds and trusts alone would be worth more than their potential savings. Postponing Revenues and Lowering Current Period Profits Most middle-class people live, if not quite paycheck to paycheck, not far ahead of that, with a small emergency fund or buffer, and with every dollar of income counting. Millionaires, on the other hand, can actually delay income to affect their taxes. 'They may delay bonuses, use stock options, or receive investment returns structured to maximize long-term capital gains rates,' London explained. That's a flexibility the average person earning a fixed paycheck simply does not have. Suggestions for the Middle Class So maybe you're not a millionaire — yet. You still can and should continue to invest. London suggested that the best strategy for long-term investment success for middle-income investors is as follows: Building a diversified investment portfolio Participating in frequent contributions Reducing fees Avoiding emotion-driven decisions As compelling as these millionaires' big moves may look at a distance, London warned that it's 'often counterproductive' for the middle class to try to replicate them. 'Time-tested and simple investment methods often provide the most predictable results.' More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on 6 Investing Moves That Benefit Millionaires, but Can Hurt the Middle Class Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
