https://www.youtube.com/watch?v=TjuW5T7SFLQ
30 Jun 2025
A guide to buying luxury items like Richard Mille watches without wrecking your finances. The speaker lays out rules about passive income and taxes you need to understand first.
A guide to buying luxury items like Richard Mille watches without wrecking your finances. The speaker lays out rules about passive income and taxes you need to understand first.
My rule for buying is you got to be able to buy two of them out of passive income, though. If you want a Richard Mille, you need enough cash to buy two of them. One, you need the money to buy two of them. You need it in cash. Number three, you need it as passive income. Whatever cash you got should not have been earned income. I want passive income coming from some source independent of my efforts. Okay. That was recorded by the IRS as passive income. Fourth thing would be if it's tax deductible, even better. And the fifth thing, still admit that it's a thing to do.
