I would suspect, in fact, that only a minority of people do that
general
Wednesday, August 19, 2026
if you have more than a $100k net worth, you should be
appak
you should, but I doubt most people are doing that
now, 100k net worth is 10% of the population
so not "most people"
I would guess its probably like, 1% of people with 100k+ new worth spooky
with the percentage skewing higher the higher your net worth is
So, I'm not arguing out of my ass here, but most financial advisors (which I feel like most people talk to once they have 100k, maybe 250k is a more reasonable cutoff idk) now open by suggesting you set up an LLC, and have that own everything in your name
it protects your privacy and potential liability, for essentially zero cost
and that's before you play any tax shielding games
I think most people who have 100k net worth are not talking to a financial advisor, 250k maybe, but I think if you changed it from net worth to "money you have, not including housing/car/etc" then the percent might become most people
most peoples net worth is going to be their house
Net worth to me is investments + car + house
which I think 100k is ~10% of the population
you aren't wrong Pika btw
the people who have a house, and thats it
are a group too
you should (probably) still do it, for the privacy and liability protections, but you're probably not paying too much attention to finances if you're in that group
Also I think if you remove all people above 65 from the list, along with houses, the percentage becomes vanishingly small for net worth above 100k
Which you should remove boomers, because they skew every single statistic like this
maybe I'm completely wrong about it being 10%, that feels right just thinking bell curve
No, AI tells me I'm right
it's actually a little higher, depending where you cut it off
I personally don't know anyone below 65 who has a net worth above 100k excluding house and car
so maybe my bias is in the opposite direction
you're in academia though
ik that's not everyone you know
I was moreso thinking family, friends of family, etc
I think if anything my university friends are doing better than them
I think I am biased too far in one direction, and I think you are probably biased too far in the other extreme because of the place you live/people you are around
real answer is certainly more in the middle
Replying to Phijkchu_Pikachu #klombak I think I am biased too far in one direction, and I think you are probably biased too far in the other extreme because of the place you live/people you are around
Can I be biased in the third direction?
Yes tiny, you can be biased in the 3rd direction
I thought an LLC was just for making a company and if it goes bankrupt you won't lose your house
If your not starting an actual business why make an llc?
There are a lot of reasons, that spooky would be better at explaining
I don't have one because technically speaking, I have functionally zero net worth and it would make zero sense to bother
but I agree with spooky that you should do it if you have stuff
and idk if its worth it for you personally Kribbles, but every government contractor around here sets up their own LLC or S-Corp and then runs their employment through that
I think basically everyone who is 1099-ing themselves is doing it now
Replying to CEO of Phijkchu #.komadi If your not starting an actual business why make an llc? (edited)
I think you could come up with a long list of niche benefits, but imo the actual reason to do it is for tax benefits
they are probably going to crack down on it, because it is getting silly at this point
Virginia had 150,000 personal LLCs registered last year
and that's not a tax-shieldy state like Wyoming or Florida
That's crazy, I wonder if its american phenomenon, I know people have LLP/C's in the UK but never heard of them being used in this way
oh, yeah it's 100% an American thing
I can lower my effective tax rate from ~50% to ~20%
yeah that is crazy, makes sense why its a no brainer then
when I actually paid 50% in taxes a couple years ago, that broke me and I was convinced there had to be something I was missing
turns out there was
(which is the same thing I yelled at Josh about for the record Pika, when he was last bitching about his stupid tax-lawyer meme)
other than taxes, it also is a privacy thing, gives you access to more healthcare options, and other business only services
and then people will tell you they also just want to be able to write "CEO" on their business card
You can just do that
you are kind of the CEO of Phijkchu
though "Cult Mother" is a better title
True
No I'm the CEO
We are a non profit
Also fire I payed your salary
it was the rent for that week
Can we be a research institution?
I want you to print me an accredited degree
to argue we should be allowed to be an accredited research intitute
maybe then we can get a research grant to pay heir
you strike me as a boy-dad
based on Steins;Gate child gender lore
(also, that came out today for anyone who wants to play the VN)
I'll wait for the gameboy port
wait actually