Mark Miller, President and CEO of Hilton Tax and Wealth Advisors, shares insights on the wealth management strategies employed by the ultra-wealthy, including the famous Hilton family. He explains how these strategies can be now adopted by average investors.
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Transcription
Introduction to Low Volatility Investing
Mark Miller: Most people don’t know that, and they have no clue. If you look at low volatility stocks, meaning stocks that don’t have massive swings, and you look at the S& P 500 over the last 30 years, low volatility investing beats investing in, quote, the best stocks, or the best growth stuff. The problem is growth stocks are extremely volatile.
So in the years that they’re down, you have to sit around and wait till they make up the losses or how they went down. And you just lost valuable time where you could have been making returns.
Ben Fraser: A lot of people are investing really haphazardly, randomly investing in things with no kind of. system, buckets, frameworks for percentage of allocation and portfolio.
The next level of investing is how does that impact your tax situation, right?
Mark Miller: Most retail investors, they have a short term mindset, whereas really good wealthy investors have a 10 or 15 year timeframe. Overarching is safety and patience.
Welcome to the Podcast
Ben Fraser: Welcome back to another episode of the Invest Like a Billionaire podcast. This is your host, Ben Fraser, and today I’m joined by Mark Miller. Very excited for this conversation.
Meet Mark Miller: Tax and Wealth Advisor
Ben Fraser: Mark is the President and CEO of Hilton Tax and Wealth Advisors, and brought him on because you may have heard of the Hilton name before, but he actually has written several books for investors, been in the investing world for many decades, and has worked with high net worth families.
It’s helping them do tax planning, investing, the whole approach and wanted to bring him on as an expert because this is exactly what we talk about all the time of this podcast is understanding what the ultra wealthy are doing and maybe what they’re doing differently than a lot of, I’ll say everyday millionaires and the access to things that these families have been doing for a long time has really expanded to a broader audience. Set of people.
This is the Invest Like a Billionaire podcast, where we uncover the alternative investments and strategies that billionaires use to grow wealth. The tools and tactics you’ll learn from this podcast will make you a better investor and help you build legacy wealth. Join us. As we dive into the world of alternative investments, uncover strategies of the ultra wealthy, discuss economics and interview successful investors.
Mark. Thanks so much for coming on the show. Super excited to have you.
Mark Miller: Thank you, man. It’s a pleasure to be here.
Ben Fraser: Yeah. So you’ve written a few books and you just released one. I literally got it in the mail this morning. So I was hoping I could read it before, but super excited to, to look through that later.
Called Hilton wealth, how to invest like an American dynasty. You’ve written another book called the tax free business owner. Give us a little background mark on yourself, on what you do with your practice, how you started working. With the Hilton family and really what you’re doing now, give us the whole background here.
Mark Miller: So you did hit on, I’ve been in the business consulting, financial consulting business for about 30 years now. So a lot of experience and O over the course of years, I’d be fortunate to meet some individuals that are more on the trust side or institutional side of the business.
We worked through a lot of different trust companies and so forth.
The Hilton Family’s Approach to Wealth
Mark Miller: And several years ago met a few of the Hilton’s and did. A lot of things with them. They’ve made me money. I’ve made them money. And Hilton Tax and Wealth Advisors is a spinoff of the Hilton Family Office, which I’m the manager of.
Brad Hilton and I. Brad Hilton is Conrad Hilton’s grandson. So for those that are still a little confused, yes, it is the Hilton family, but it has nothing to do with the Hilton hotel thing. This is not about hotels at all. But Brad and I had a real passion for how we can.
How can we bring some of these more advanced ideas more, a little more down to Main Street so you didn’t have to have 20, 30, 40 million dollars to, to be able to participate in some of these things. And that’s where Hilton Tax and Wealth Advisors came from and now we still deal with very high net worth individuals, but we’re also people that have a 5000 million to 5 billion portfolio and work with them also and just give them access.
That they wouldn’t normally have to be advanced. Planning concepts, Hilton’s are some of the best in the world at tax mitigation. So we have a whole bunch of proprietary Hilton strategies and the Hilton financial network, and just be able to, and just, we just had a passion for this. How can we just make these types of things more readily accessible to even folks, just even with 10 million often don’t have access to these types of strategies.
So that’s what and. My most recent book Hilton Wealth that you just talked about is how the wealthiest of the wealthiest invest and how they tap into things that they normally can’t, unless they have this huge, vast sums of money.
Ben Fraser: Yeah. That’s a very very cool background and I love what you’re sharing there.
I think we’re very aligned in that goal.
The Shift in Investment Opportunities
Ben Fraser: I haven’t been in space as long as you have, but even in my time, it seems like a pretty big shift towards access or more of these types of investment opportunities, that were historically limited to. The ultra wealthy and the country club members and those that had access to the right people and the right opportunities.
But other than that, it was pretty hard to get access to and, from most of my study and reviewing a lot of, the wealthy families, the endowments, they generally have heavy allocations into private equity, into direct ownership of real estate into. Credit and lending type of things.
And obviously they have a capital in the public markets and most investors do, but it usually makes up not the whole thing that we’re most, you would say everyday millionaires are, in a 60, 40 portfolio and set and forget it, which nothing is really wrong with that, but there are some disadvantages that you have.
Talk about from your perspective being in the wealth advisory, wealth consulting business for 30 years, what have you seen as a shift? And do you resonate with what I shared? Have you seen something different? What are you seeing from just a shift of the industry towards some more of these kinds of alternatives, private access, et cetera.
Mark Miller: I think it probably has to do with the information revolution. Yeah. And just that people are getting more access here. They’re learning more. And I also, I think the industry has changed and realized before it the institutional side was ignored. The retail side because they felt like there wasn’t enough money there or it’s not in big enough chunks, you might say, and I think they just opened up their eyes.
Financial crisis had a little bit to do with it in 2008 and said, Hey, there’s a big market here. And so more like when we work with issuers now, I will tell you, 10, 15 years ago, when I would work with issuers, they wouldn’t even consider doing a minimum of less than a million dollars or 2 million or five even.
And now we’ve got offerings that sometimes are at 50, 000, which is incredible. And I think, the industry, the institutional side just realize, Hey, there’s money to be made there too. And how all we had to do, and that’s one of the things actually that Brad Hilde and I are working on when we talk to a lot of these issuers, vendors, and everything is to say, some of them still think we can’t do that because we don’t have a mechanism to be able to have lots of clients or whatever.
And then when we walk through with them, they’re like, Oh, wait a second. We can’t do this. So I think it’s just more people realizing it on the institutional side that it’s okay to wade over into that retail side. They’re still going to do very well and be profitable with it.
Ben Fraser: Yeah, that makes a lot of sense.
And. It probably coincides with some of the regulation changes too, with Reg D and 506C offerings that actually allow public marketing to where it’s, before when you’re going through the broker dealer channels or pre-existing relationships, it’s probably harder to get meaningful Very good points.
Very good point. Smaller check riders. So yeah that’s very interesting to understand from the issuer standpoint of it. Seeing the opportunity for bringing in a broader set of capital with maybe small dollar amounts, but if they can aggregate it more, it makes sense and provides more access.
Talk a little bit about, so the name of your new book is, or sub subtitle is How to Invest. Like an American dynasty. So talk a little bit about just your experience with working with some ultra wealthy and specifically the Hilton family. What have they done differently or what has stood out to you in learning their approach, learning their frameworks and strategies that maybe is different than what most people think about when they’re investing.
Mark Miller: Yeah.
The Importance of Safety and Patience
Mark Miller: Overarching is safety and patience. And which we’ve heard before, okay, Warren Buffett talks about this. There’s a famous story about him going into a meeting at Wall Street. These hotshot young guys that were, had had these investment portfolios that were killing it and they were making 60 percent per year and one of the kids got up there, maybe he was 30 years old and he starts going, Mr.
Buffett needs, of course Warren’s got all his posse with him and everything and and he said, Mr. Buffett, hey, look at these returns and dah, you’re going to make this and Berkshire Hathaway is going to do that and everything and then he let him go on. He’s a polite man and he said, okay how are you going to protect my money?
And the kids started going white in the face because they didn’t have an answer for that. No. We’re talking about all these great returns and everything. So the point I’m making is the difference between like retail investors and it institutional and this, what we call, what I call in the money in my book, the smart money guys.
They focus on risk first and in more holistic portfolios. And then they will focus on return and how Captain I illustrates that. If you look at how the retail side of the business is set up, like what are the biggest sellers, mutual funds, right? People understand them.
They’re simple to understand. How do they sell them? The one, three, five, 10 year performance. Pick a mutual fund that has the best 10 year performance, and you can find the best mutual fund. Institutional investors don’t work that way. First and foremost, they’re going to look for safety. Okay, I’m not saying that they don’t also take risks.
Many of the wealthiest, the vast majority of their portfolio. Portfolios are very safe and very secure in various ways, some traditional ways, but also some protect their portfolios in, in, in different ways that are only available on the institutional side. So they might have 50, 60 percent of their portfolio, very safe, very secure, or maybe even 70%.
And then they’re taking risk with that 20 percent or that 30%. And so if something really goes wrong, they haven’t dropped off the Forbes most wealthy list. That’s one of them, they always say, and you’ve heard this before. I’m sure Dan, and the rich get richer. Okay. And we see that in.
The business that we’re in is that all the wealthy people I work with, generally, don’t go backwards. Okay. It’s because they are very smart about risk and protecting good portions of their portfolio. And then they’ll let their winners run. with a portion of their portfolio where they can often it’s about diversification too, because you can have 10 percent of your portfolio.
If it’s a phenomenal investment, it can make you your entire portfolio. If 90 percent of it is only making 3 percent per year, but that 10 percent makes 30 or 40, that it massively boosts your portfolio performances and performance and gives you a good portfolio. Okay. Yeah. So that’s probably the biggest thing.
And then having patience in letting, putting well designed portfolios and letting the investments do what they need to do and they are supposed to, they’re supposed to do. And, most retail investors, they have a short term mindset. What can, what am I going to make in the next year or two?
Whereas really good wealthy investors have a 10 or 15 year timeframe.
But totally different from that.
Ben Fraser: Interesting. And how does that change the expectations or how does that change what they do, right? Because having a long range mindset is going to shift what you’re looking at, what your expectations are.
You don’t necessarily care as much about it. We’re in a unique cycle, part of the cycle right now in real estate, right? A lot of what we do in commercial real estate, where interest rates are much higher than they were a couple of years ago, puts a lot of pressure on values, a lot of pressure on just maintaining positive cash flow, et cetera.
But if you understand long term drivers, right? Of, I’m still a firm believer that we have an undersupply of housing as one example, right? To where, over the next few years, these things will even out and the rates will hopefully come back down at some point. And it’s more of a blip on the radar where it, versus where it feels everything is fundamentally changed.
Mark Miller: Yes.
Ben Fraser: Is that kind of how it impacts you? Or what other ways does it impact you when you expand your time horizons?
Mark Miller: Yeah, and I think it is. I think when you look at the most successful investors, they generally are not freaking out a lot and letting massive emotions get in their portfolio because they’ve already determined, hey, I’m looking at this portfolio, whatever I’m doing right now, I’m looking out eight, 10, 12 years.
So again, like you said, the little blips and even the freak out times, 2022. 2020, all of that, those times it’s okay, this is going to happen, but guess what? I’m still on track. Let it do what it needs to do over this time.
Designing a Balanced Portfolio
Mark Miller: But then also designing a portfolio and Brad Hilton and I have worked on this extensively.
We put together the Hilton TrueWealth portfolios that are. Our way of designing how the Hiltons have invested where we have some unique buckets. We have a lot of safety, security, and then we do have some kind of institutional based managed money. And then we have a bucket that’s private equity, alternative investments.
So we can limit that freak out too, because we talk sometimes about a teeter totter. And what I mean by that is, When you look at your investments, you need to look at them on a teeter totter as far as safe risk and reward is concerned. And you want to have less on the risk side where that teeter totter happens to, take you so down, you just sit down and you never pop back up.
And you still, again, you still have good. A potential on the return side on the upside, but you want to be able to go like this, but have, I want to see more and we always want to see more on the side of the teeter totter on rewards or returns long term and then minimize that rest risk and in general that has people keeps their emotions under control too.
So just having a well balanced portfolio and then having that emphasis on safety and security first, because the returns are just going to happen and this Ben, because you guys work on the institutional side too, that returns are just going to be there. We know there’s tons of opportunity.
There’s tons of types of different asset classes and spaces we can invest in. So let’s focus on. Our risk first, and then our reward, we know is just gonna come over time.
Ben Fraser: Yeah. Patients, it’s so simple, but it’s such a powerful reframing of how you’re looking at investments, right? Because I’ve seen this so many times, especially in what I call the syndication bubble, where all of a sudden, everybody and their mom became a cattle raiser a couple years ago, right?
In 2020. In 2021, and. What I saw a lot of investors do and it’s hard not to because it is investing can be emotional, right? And latch onto the headline returns. Here’s the projected IRR or the projected equity multiple on this investment. And that’s the primary decision factor that they’re bringing into that decision.
But the problem is you’re not adjusting that rate of return or the projected rate of return relative to the risk that you’re taking. And that is, so I always talk about. Returns are important to understand what the upside is, what the potential is, but you have to adjust that by the risk you’re taking, right?
A, a good 20 percent return, but a super risky, highly levered, risky business plan is very different than, low double digit, safe position, the capital stack, stabilized, asset at a big market or whatever it is. They’re very different. Things that you have to take into account when you’re adjusting for that.
So I love that you said that because I think it’s so it’s easy to say it’s hard to do, right? Because as humans, we’re naturally drawn to the, the sexy deal or the big upside and yeah, but you don’t always need to swing for the fences, right? And if you just get singles and doubles consistently, the power of compounding and really the power of not losing money.
Yeah. Patience, the power of patience. Yeah, patience. It’s such a powerful factor. Yeah.
The Power of Low Volatility Investing
Ben Fraser: Talk a little bit about, you talk about in your book embracing the power of low volatility investing. What does that mean? And what is the power behind that?
Mark Miller: So the concept is, so let’s just look at it from a stock perspective.
So if you look at low volatility stocks, meaning stocks that didn’t have mass ahead, don’t have massive swings, and you look at the S& P 500 over the last 30 years, low volatility investing beats investing in quotes, the best stocks or the best growth stocks. Okay. Now, most people don’t know that and they have no clue, but I’m talking about like of the old days when IBM was doing well, the IBM, the proctors and gambles, all of those type of things, those in those stocks beat the rest of the s and p 500 by about 2% per year.
Now why is that? Is because when you understand, this kind of goes back to the risk thing that I was telling you and teaching people about this and what the wealthy know. A really wealthy No. And probably the wealthiest of this. No, the best. It’s again about minimizing losses because when, like for instance, growth stocks, they seem like those are the runners.
Those are the ones that are gonna make us the best returns over time. The problem is growth stocks are extremely volatile. So in the years that they’re down, you have to sit why, or sit around and wait. Till they make up the losses or how they went down and you just lost valuable time where you could have been making returns.
You understand what I’m saying? Yep. So it’s a simple concept, but people don’t really understand it. So it’s really the concept with the Hilton True Wealth Portfolios. We want to massively minimize, in many cases, depending on how we decide it. eliminate the downside potential. So then we’re going to get more , we’re going to get a smoother portfolio return over time.
And then we’re just focused on how we can average returns on the upside and not focus on all these losses. Okay. So I was using the example of a stock, but in general, your portfolio, we believe. We apply that to portfolios, the low volatility, minimize the losses, and then you’re going to automatically pick up more return over the years because we haven’t had all those losses, the loss of those years where we couldn’t be making returns.
Ben Fraser: That makes sense. It’s again, going back to going for the home runs. It’s great to see stocks maybe up 50 percent in a year, but if it’s down the next year, 20%, then another year, maybe 30%.
Mark Miller: Yeah.
Ben Fraser: You’re not really getting ahead. And I think a lot of people don’t understand the simple math of losses.
If you have a 50 percent loss on an investment, it takes a hundred percent gain just to get back to your original investment. That’s even.
Mark Miller: Yeah. Yeah.
Ben Fraser: Back to even. So the losses are a more powerful negative driver than you just get those consistent compounding growth. Working for you it actually usually a lot you could be farther ahead than trying to go for these big swings and Having to take these big hits too.
Mark Miller: I was just working with a high net worth individual today And he just came on board with the true wealth Portfolios and what we talked about was boring.
Yeah, it really hey, it would be wonderful If we could count on, hey, you invest your money in one private equity deal and you make, on average 50 percent per year, and it’s fantastic, wonderful, but that’s not reality. Okay. And so what we’re going to do is design portfolios that are about patients.
that are a little more sleep at night, boring portfolios. They’re still going to make, depending on the mix, they’re still going to make, eight to 10, if not 10 to 12 percent per year, they’re still going to do great. They’re going to make great returns but they’re going to be somewhat boring.
Got it. Yep. And again, so diversification. Just look into some of the wealth of the greatest investors ever. You could just read a couple of Warren Buffett’s books, he’s great about this low volatility investing. Pick great stuff and just be patient and let it do its thing, okay?
And not to say, because Berkshire Hathaway definitely has their risk that they’re taking, okay? But most of what they’re doing is downright boring. And they’ve made billions and billions of dollars being boring.
Ben Fraser: Yeah, no, that’s a, it’s hard because again, go back to the emotional thing.
We want things to be interesting, but sometimes interesting doesn’t always equate to a good investment, right?
Mark Miller: Not with investing. And I’ve been around, I’ve been around the block with a lot up. I just do remember dealing with clients coming in off of 2000 and off of the 2000. com bubble and 2008.
And literally. People coming into my office had been down 60 or 70 percent of their portfolio and literally the blood had been drained out of them. And there is no reason why anyone should have to endure that. And on the retail side of the business, especially, they pound away, don’t worry about it, just keep, just keep buying.
And I’m not saying, because there are people that can make money over there, but most of the people can’t withstand that, can’t withstand that kind of volatility. And even some of my wealthiest clients, they just don’t want that. They want to live their lives. enjoy their lives, do what they do, their philanthropy, play golf, whatever it is, and not have to worry that they just lost 30 percent in three months.
Yeah so in general, that’s our philosophy, some people, we do have people that come in, some people are huge gamblers and they just want to gamble, but I just, my experience is it is just long term that doesn’t work. That’s why we do what we do and that’s why Brad Hilton and I are on this soapbox and just passionate about teaching people these concepts so they can like what the Hiltons have done.
So they can just have so much more peace in their life and focus on living their lives and not worrying about all their financial concerns.
Ben Fraser: Yeah. Talk a little bit about, you mentioned the true wealth. Portfolio or system that’s modeled after what the Hiltons have done. How is that different from maybe the traditional 60-40, stock bond portfolio?
What are you guys doing in that? How are you creating these buckets?
Mark Miller: I know you haven’t read my book yet, but there’s a chapter in there trashing the 60 40. Yeah. Yeah. And here’s the problem because it doesn’t work anymore. Yeah, it doesn’t. It doesn’t, but it sells. It still sells because it’s easy to sell.
The retail side is still using it. And I’ll be honest with you. Some of our money managers are really good. It can still somewhat design portfolios like that, but they’re very way aware of that. A portion in stocks and a portion of bonds is not, is a recipe for disaster now.
It’s just, we live, we’re in a different economy, we’re in different markets. It just doesn’t work anymore. But I see, again, I see people that come in and that have 10 million portfolios. And guess what? It is 60-40. It is 60 percent stocks, 40%. Now, what I see is usually 80-20. Which is really bad, but what we do is, and we’re not saying because we take a portion of portfolios and we’ll put it in managed money, but sometimes we can put it in managed money where we can put it almost all in stocks because we have the rest of the portfolio very safe and very secure.
And then we’ve got really great money managers that are even pretty good at edging. Most everything we do, we’ve got this vein of safety running through it. Probably the two big veins are safety and tax reduction and everything that we do. But we can afford to do that, take say 10 percent or 20 percent of the portfolio and let it run because the rest of it is in buckets that are very safe, secure.
We usually have a guaranteed bucket, which has all kinds of different investment options in it that are guaranteed based on the institutional side. Some of them are on the retail side too. And then we have a guaranteed income bucket. Usually that’s private equity offerings that have some surety attached to them.
We might, they may be guaranteed income, but they’ll be backed up by assets or liens or whatever. So people wouldn’t lose their money if something goes wrong. Then we’ll have that Equity bucket that will manage money and then we’ll have a private equity and alternative bucket. That’s very simplistic.
That’s a high level. And that’s what we talk about in the book. But really, we could find those 4 different buckets tend to balance things out. And we’re going to put a pretty good chunk in those first 2 buckets. And make sure things are very safe and secure. And then the other buckets, we’re going to be very selective about what we put in those.
I didn’t even mention, because the olds are so averse to risk, they’ve learned their lesson over the decades, that often when we work with issuers, we’ve just developed and they’ve developed our relationships over the years where the issuers know that if they’re going to work with us and we’re going to bring funds on board, that they’ve got to figure out some kind of level of surety for us.
Meaning there has to be like, let’s say it’s a, we’re not going to invest in some startup business. Okay, if this is a business, maybe that needs capital, that’s right on the cuffs, but we only will only provide so much capital that they can back up with tangible assets or something like that.
So again, if something goes wrong and most everything we do it that way. Yeah. And we can still, we still have great upside potential with those things. It’s just that the majority of things that we put on our platform are going to have that basic surety attached to them also, but there’s still be in those buckets, they’ll still be at risk buckets.
But we’re going to try to make them. Let the winners run as much as we can, but get as much protection as we can too.
Ben Fraser: That makes sense. Yeah. And if you have a portion of your portfolio that’s in these safer, more secure, more boring vanilla type investments, you can afford to take a little more risks on the other things because it’s not gambling at that point.
It’s not putting all your eggs in one basket, hoping that this startup becomes the next Uber or whatever. And how did, how do you view the percentage allocations in these different buckets because you mentioned you work with people as small as 200, 000 net worth all the way up to ultra high net worth.
I would assume that the lower the net worth, the more. You want to build up until you start getting to bigger numbers to take more risks. When does private equity, when does real estate come into the mix and are you ever shifting more allocation to those over time or are you keeping.
Mark Miller: We generally have to have a minimum of a half a million dollar portfolio to well balance it out.
And it goes all the way. And it depends on what the clients want too. Depends on their risk level. Cause we do complete risk profiles on everyone. And we want to see where they are on the risk spectrum. Some people want to take more risk and don’t want as much as that foundational safety and security base.
And you will, and there is a risk reward. There’s no doubt. We have some portfolios where people are willing to take a little more risk. Quite a bit of safety in some of those portfolios too, though that will make 15 to 20 percent per year. Over time, okay. So it depends. It’s hot, but there’s no, and I’ve had this before.
What percentage should I put here? What percent? It really depends on the client. And it, but we prefer, we always prefer to go for a reasonable rate of return. And let’s put as much in safe and secure things in that boring part that we’ve talked about as possible.
Ben Fraser: Yeah. Makes sense.
Tax Mitigation Strategies
Ben Fraser: Let’s round it out here with tax mitigation.
So your first book that you wrote was the tax free business owner. Which that’s a pretty compelling title, right? How does that come into play? So you talk about safety , security, but also tax mitigation is a big part of this. And, what I see a lot is a whole lot of people are investing really haphazardly.
Number one, they’re just randomly investing in things with no kind of system buckets, frameworks for percentage of allocation of portfolio. So the next level of investing is how does that impact your tax situation, right? Because there’s different types of losses that you can get if you’re investing in private equity or real estate, but it only goes against certain types of gains or certain types of income.
And so you want to have a tax aware mindset when you’re investing because one investment might work really well for one person that generates X type of income. But it might not work great for you because you generate Y type of income, right? So how do you guys view tax mitigation and as you start to increase your net worth as an investor, how should that kind of play in the allocation of investments that you’re making?
Mark Miller: The Hilton Financial Network has over 138 different distinct strategies we use. Some of them are bulwark strategies that are deep in the codes and things like that. And there’s two sides to it. A lot of financial advisors you work with say we do tax planning because they’ll, make sure you’re in a retirement, put money in a retirement account.
Hey, it’s tax deferred, things like that. That really isn’t tax planning, okay? Real tax planning is actually working with current income and being proactive. All of our clients that come on board and do our portfolios, we do a proactive tax plan for them to reduce their current taxes, which is massive.
Yesterday I just worked with a client, we saved over a million dollars in their first year in taxes. Now we say the tax free business owner, generally we don’t get people to the zero tax bracket the first year, sometimes we do, it depends on strategies we use. But we might say people have 50 percent their first year and then over three or four years when they engage with us, we’ll get them to the zero tax bracket just with utilizing plans, not more money coming out of your pocket, not moving your investments around all of that, but just with the strategies we know and and ethical, moral strategies that stand up to IRS scrutiny that we could put in a designed plan, which is huge.
It’s an actual design, formalized tax plan for them. So that’s huge there. Then there’s the other side of it. When I say that the tax vein, and the Elton’s have been great about this because they’ve been, they’re some of the best in the world, the tax mitigation stuff on the investment side. Always having an eye towards how this is going to affect the taxes, not just this year, but 10 years from now, 15 years, 20 years.
And so we’re always looking at ways that we can shift assets, do things we need to do to put people in a position when it comes time where they’re going to need to draw a lot of income that we make as much of it as tax free as possible. And that’s not just, That’s with designing various plans and various ways to do that, not just putting your money in municipal bonds, which is what most people think about on tax free income.
So it’s having that vein run through everyone’s head and then design a portfolio to actually probably make, lessen the taxes completely once they get to a certain point, 15, 20 years down, down the road.
Ben Fraser: Got it.
Conclusion and How to Learn More
Ben Fraser: Mark, this has been really interesting and I love some of the things you shared.
What’s the best way for people to get hands on the new book, your other book and learn more about what you guys do at the Hilton Tax and Wealth Advisory?
Mark Miller: Real simple. They could just go to https://www.hiltonwealth.com/ and you can shoot us an email there. You can go to service@hiltonwealth.com and say, Hey, I’d like this book or that book.
I think we have some pop ups and I don’t pay a whole lot of attention, I probably should pay more attention. But there’s, I think there’s some pop ups there and so forth that you can order the books. They’re complimentary. We’ll send them out to you for no fee at all. And you can take a look.
And then the next step is if you’re interested, we can get together and chat a little bit. See if we might be able to help you.
Ben Fraser: Awesome. Mark, really appreciate it and it’s been really fun to have you on. Thanks so much for coming.
Mark Miller: Oh thank you, sir. Appreciate it. Thanks, Ben.
Ben Fraser: This is the Invest Like a Billionaire podcast, where we uncover the alternative investments and strategies that billionaires use to grow wealth. The tools and tactics you’ll learn from this podcast will make you a better investor And help you build legacy wealth. Join us as we dive into the world of alternative investments, uncover strategies of the ultra wealthy, discuss economics, and interview successful investors.
