Jew PakFactor...
Lol, that's how you keep them in check.
The Jewish community is well-read and versed in-laws; you'd be surprised. Their re-education course they take very seriously while going through the same process desi makes the bare minimum effort to renew his license, and that's about it. He'll more so than not find a place where he can get the book, complete the questionnaire, and fax it in.
My first experience with a desi was on Peterson Street in Chicago, IL. I go in for my Business, and he advises not to run payroll and pay in cash, so I do not have to pay Worker's Compensation and employment tax. Me being raised practically since three years old and studying Business with a Master's immediately checked my mental library of books I read, and Business Law 101 said do not screw with Uncle Sam's money. So I walked out and never looked back at a desi face.
My grandfather told my father there are two things you need to have to make your life easy a good accountant and a lawyer. He retained one of the most expensive lawyers in Sahiwal almost 40+ years back, and people asked why he would pay so much for basic things. He pointed to his head and said its peace of mind and proficiency in his task; what does that mean? It means you do not get an attorney who's all-in-one; because one can only do so much, he would have one for real estate, fighting in court, and dealing with tenants. The same is true for accountants who are experts in business tax, personal tax, etc.
The new factor added into the mix is Insurance -- you build your wealth now you have to protect it from litigation if you get dragged into it. Most of our community will purchase the minimum limits required by state law, and when things get out of control, they lose what they've built from the ground up within days of court trials and then bankruptcy. Had he only spent $ 25 more monthly, he probably could've saved his assets and had something to pass down to the next generation?
Then comes life insurance, appropriately structured could become a tool for wealth generation as you pass it along. Purchase a policy on a newborn a $ 1,000,000 would most likely cost around $ 25-$ 40 monthly and builds cash value as long he lives, so they'll get death benefit and cash value. I have some Jewish insurance clients that have 2-3 policies on each of their kids and themselves at $ 1,000,000 each. They die, and the next generation can take the funds and purchase or build assets, and they accept a life policy and rolls over.
This, my friend above is what Jewish communities do and accumulate wealth. As my accountant and attorney said, you build a fortress around yourself.
