How the Wealthy Pay $0 Taxes (Legally) : Tax-Free Wealth Strategies | Carter Cofield & George Acheampong E426

The Rich Somers Report

Rich Somers

Business, Investing

5.0 • 1K Ratings

🗓️ 20 November 2025

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most people think taxes are unavoidable — but the wealthy know better. In this episode, Rich sits down with Carter Cofield and George Acheampong to break down the exact frameworks high-net-worth individuals use to legally shrink their tax bill to zero. No shady loopholes. No gray-area tricks. Just straight strategy backed by the tax code itself. You’ll learn why self-rentals are one of the most slept-on write-offs for business owners, how the buy-borrow-die model keeps billionaires from ever ...

Transcript

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0:00.0	Hey guys, real quick, I'm going to be giving away a $1,000 built gift card and a pair of free tickets for you and a plus one to attend our holiday party this December 13th and an exclusive invitation to our private opening ceremony on the water, private chef, live music, and an opportunity to come hang with me and the team.
0:18.0	To enter to win, all you need to do is drop a five-star review and
0:21.3	rating on Apple Podcasts or Spotify, send a screenshot to giveaway at somerscapital.com,
0:27.3	and we'll be selecting lucky winners Monday, December 8th. Now back to the show.
0:31.6	The difference between poor people, middle class people, and wealthy people is not how much money
0:36.7	they make. He's the difference between poor people, middle class people, and wealthy people is not how much money they make. He's the difference
0:38.3	between poor people, middle class people, and wealthy people is what they think the purpose of money is for.
0:44.0	Poor people think the purpose of money is to give it away. So they make just enough money to pay all
0:48.4	their bills. Middle class people think the purpose of money is to buy things that they can't afford
0:53.0	to impress people that they can't afford to impress people
0:54.2	that they don't like. So they buy expensive cars, buy expensive houses that put themselves in debt.
0:59.2	Wealthy people understand that the only purpose of money is to use your money to make more money,
1:04.3	period. So they take all their money and they invest it in assets. Then they borrow against
1:09.0	those assets, tax free, and then live off that, and then they buy
1:12.7	life insurance and then die and then repeat the process.
1:15.6	But what do you think the purpose of money is for is going to keep you rich or keep you poor?
1:20.4	Welcome to the Rich Summers Report, where we talk real estate, business, and wealth building,
1:24.5	all while keeping it real.
1:25.9	No fluff, no BS.
1:28.8	I hope that you enjoy the show.
1:40.5	All right, guys, welcome to another episode of The Report today. I got a couple guys that specialize in tax strategy, business wealth management, and doing big things in their
1:44.6	perspective spaces. I got Carter Colfield, and my man, George, At Chiang, in the building.
	...

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