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The James Altucher Show

713 - Oscar Mayer Heir Chuck Collins: How Billionaires Pay Millions to Hide Trillions

The James Altucher Show

James Altucher

Society & Culture, Talk Radio, Writer, Philosophy, Comedy, Chess, How To, Entrepreneurship, Jay, James, The James Altucher Show, Altucher, Author, Jay Yow, Education, Jay The Engineer, Business, James Altucher

4.62.7K Ratings

🗓️ 6 May 2021

⏱️ 55 minutes

🧾️ Download transcript

Summary

Have you ever wonder how billionaires and millionaire, old or young, hide their rich? Specifically, what did they do, so that they can "hide" their money? In this episode, we have The Heir to Oscar Mayer, Chuck Collins, on to talk about his book, Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. In the episode, Chuck talks about his take on passing down the wealth to the next generation, and also, all sorts of techniques that riches use to "hide" their wealth! From moving assets around, having trustees, to digital assets like cryptocurrency and all! My new book Skip The Line is out! Make sure you get a copy wherever you get your new book! Join You Should Run For President 2.0 Facebook Group, and we discuss why should run for president. I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to “The James Altucher Show” and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter Facebook

Transcript

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0:00.0

This isn't your average business podcast and he's not your average host.

0:06.8

This is the James Altiger Show.

0:12.8

Today on the James Altiger Show, guess who is the richest family in the United States

0:19.4

worth over a trillion dollars and whatever your guess is, it's probably not who you think.

0:25.4

This also, all the many ways, the rich and wealthy, hide their money, whether they're

0:32.0

new rich, whether they're foreign corrupt rich and they're trying to get their money into

0:36.4

this country, or whether they're dynastic rich, meaning generational wealth.

0:41.9

So I talked to the heir of the Oscar Meyer fortune.

0:45.9

Remember, Oscar Meyer Weinerz, the Hattogs, four generations later, Chuck Collins inherited

0:51.8

some money and essentially gave it all away.

0:55.8

But in the process, he found all the ways in which the rich hide their money and he describes

1:00.2

it in detail to me.

1:15.8

Let me just ask you, I'll start off.

1:18.2

You wrote this book, The Wealth Horders, How Billionaires Pay Millions, The Hyatt Trillions,

1:22.8

and I was amazed at all the different techniques.

1:25.1

I've in a small way experienced a little bit of this, but no other people have experienced

1:30.2

it quite a bit.

1:31.7

Let me start off by asking, and you mentioned this in the book, but when you first heard

1:38.0

that you were going to inherit, you probably always knew you were going to inherit money.

1:40.9

When you first heard how much, what was your reaction?

1:44.6

I think I was a little bit shocked, actually, wasn't anticipating anything.

1:49.7

I thought, well, my parents are affluent, but that doesn't necessarily mean anything to

...

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