Stop donating to charities.

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You have so much money coming in that you're gonna have to pay way too much to the tax man. You need a way to avoid taxes. And one of the ways to do that is by starting a “charitable foundation”.

In 2014, the CEO of GoPro, Nicholas Woodman, had just taken the company public and was all of a sudden worth $3 billion. He was giving away $500 million of GoPro stock to charity. Every news channel praised him as what they called one of America's most generous donors and put him up there with people like Bill Gates and Michael Bloomberg. He was gonna have to pay tens of millions of dollars in taxes anyways, so by simply “giving away” $500m worth of stock, he saved himself from that giant tax bill. And if you want to do the same, then it all starts with step #1: starting your charity.

The type of charitable vehicle our friend Woodman used is called a DAF. DAF’s or Donor Advised Funds are basically a charitable savings account used by the rich and powerful, like Mark Zuckerberg, Paul Allen, and the founders of WhatsApp, to control where their money goes and when. So DAFs are basically a charity savings account that is a very powerful tool to influence the world to work in your favor, while maintaining complete anonymity - and saving you taxes.

And now that your charity is set up, it’s time to fund it! Donate To Your Own Charity. Once you’ve funded your charity with your own money, why stop there? Why not get other donors involved so you have even more charitable dollars to play around with?

Donors are the lifeblood of your charity. But at some point in this process, you’re gonna need help running your foundation.

Hire Your Friends and Pay Them A Hefty Salary. Now that you’ve taken care of your friends, you’ve staffed and developed you charity, now it’s time to reap the benefits

Spend your charitable dollars lavishly - for the cause, of course. Whether you donate to political organizations or decide to donate to legit charities you support, your choices are endless

And boom - you got to make good use of your money that would’ve gone to the tax man.
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[johnrockefeller]

Jake always has the best advise for us Ultra wealthy Barons. Thanks to him I saved 350 million in my taxes last year.

[bad_money]

Most people are taught that "you only need a good job to become rich". These billionaires are operating on a whole other playbook that many don't even know exists.

[gyromecarter]

Omaze is a super scummy charity. I'll pay sponsors to advertise a charity, spend most of the money raised on the prize, keep some for myself as profit, and donate a slice to an actual charity. It's a high expense lottery.

[Pokeccc]

lol Omaze is a scam, almost nothing goes to charity, a lot of money goes to prizes and to sponsorships like this one plus they keep a lot to themselfs as a profit, almost nothing goes to charity, you'llbe better of giving some money to actual charity and buying a loterry ticket.

(please like this so everyone sees this, also jake don't promote it again pls)

[kingali]

Funny how Jake made a video about charities avoiding taxes, while then promoting a charity as the sponsor of the video.

[Ingcivilcarlos]

Funny how Omaze sponsors this video while being at the top of scummy charities, I would recommend looking them up, they use most of the money for profit or "expenses" while the actual charity receives a few cents of the dollars donated. There's There's reason they advertise so much

[キラキラくりくり頭]

I used to work for a "charity" company which made a lot of the bosses very rich. Rather than give money to any charities, I occasionally go around directly giving things out. Like walking around Tokyo and giving "heat pads" to homeless people in winter.

[TacticalToolbox]

Actually if you create a series of Irrevocable trust with one of them being a Charitable Trust. Then you can transfer 100% of your income to the trust then donate it all to the private foundation. That's how they get around the 60% donation cap. Also if you operate the foundation from home, you can use the funds to purchase a home and never have to pay property tax.

[victorgofron]

The meta thing about this is having omaze as a sponsor for a video about how the rich use charities XD

[averagejoe]

This man has a video dedicated to evading taxes via charity and then immediately promotes a charity, I love this channel.

[batprime]

Another way companies use charities to avoid taxes is when you buy something at a grocery store, they'll ask you if you want to donate your change to a charity. That is generous of you but the company does this because they get a tax break. So the company ends up making money off of your donations

[blackbatman]

It’s a wonder how you haven’t been in an “ACCIDENT”

[FRISHR]

Donating money to your own charity is basically like moving money from your personal account to your dog, by making a fake account with your dog’s profile that you control in the first place.

[jakejohnson_]

“One of those legit organisations is Omaze” 😂😂

[jankmaster]

Been telling people for years to research a charity before donating. Most are just glorified bank accounts.

[riddledriddler]

omaze is a perfect example of the topic discussed :D how ironic :D

[jonathanjohnson]

"We do NOT condemn or encourage criminal activity"
"We do NOT condemn criminal activity"

Lmao

[me]

A cool name imo would be the Seraph Foundation. Seraph is a type of Angel with six wings, and just the six wings could make a cool logo. And also, Seraph sounds similar to the Arabic / Persian word which means "Money exchanger"

[somebody]

“Omaze” 15% to charity, really! And 10-20% profit, what the hell!
“This doesn't sound like charity.”
Plus, they say 65% on marketing, that how they got you!

Lol! Only a fool will go and donate there, I would rather give someone poor direct some money.

And, by the way I like that you told how they use charity money.
✓Other than that sponsor everything was great!!

[Calebgoblin]

Hey if you figure out how us ultra low middle class can do it too, that would be dope