How can you enlist the help of the law for the benefit of your financial success?

"The ultimate guide to economic success - living well and getting rich before the age of 40" - the book by the entrepreneur and attorney Paz Weinberger Yitzhaki - is intended for anyone from the community who wants to get out of the middle class and get rich despite their economic status.

Hila Tzur-Shinzi, in collaboration with Zap Legal

10/05/2022

Tuesday, 10 May 2022, 09:50

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"The ultimate guide to financial success - to live well and get rich before the age of 40" - The book by the entrepreneur and lawyer Paz Weinberger-Yitzhaki - has been distributed in Israel and around the world for about five years in Hebrew and English (in English under the heading "Rich Before 40"). - A developing market in which the author strongly believes.

In his book, Adv. Weinberger-Yitzhaki encourages the reader to take only calculated steps and invest in personal initiatives that advance him to the dream, and states that anyone who knows the rules and follows the rules will greatly improve his chances of getting rich with the help of the law. In an interview with him, he expands on the subject

.

It is not intended for those who have won the lottery, but it appeals to anyone from the locality who wants to get rich despite their economic status.

In his remarks, Advocate Weinberger-Yitzhaki describes how government policy in most countries shapes the reality of the "ordinary" person

who belongs to the middle class.

They have a roof over their heads, food on their table, health services and occasionally they can rest and rest from the hardships of life - this is the life of a middle-class class without wealth, and this situation is dictated and sometimes perpetuated by political economic systems to which they are subject, and the difficulty of breaking The glass ceiling is large and sometimes even seems impossible at all, "explains Adv. Weinberger.

"A middle-class person faces high expenses and various persistent temptations that often cause him to lose or reduce his potential for enrichment. Sometimes, he will prefer to take out financing loans or credit to finance a particular purchase, while more modest alternatives may be sufficient.

"The system not only encourages these acquisitions but also produces a defense mechanism that prevents it from sinking, and so it turns out that it enjoys a certain level of security but regularly maintains a lifestyle in which it works from heat to soul, until it reaches retirement age "He has to reach passive income at an early age - this is true both in significant capitalist societies and in socialist societies."

However, Adv. Weinberger-Yitzhaki emphasizes that the glass ceiling can be broken: "People who meet the requirements of the law, and it does not matter what their education is and what professional field they are in, can achieve economic well-being.

They should not follow the dubious paths of 'easy money' and, God forbid, crime.

The book also details the barriers that the law places on this path. "

In fact, says

Adv. Weinberger-Yitzhaki, "the law in many cases works in the best interests of the citizen and protects his economic and property interest, especially when the citizen wants to create, invent something new, research and develop products and services that promote the common good."

And the company defends economic interests and presents a number of examples that illustrate the issue.

Patent protection, copyright laws

"If I developed a special product and registered a patent for it, then for the next 20 years I will enjoy legal protection in Israel and around the world and I will enjoy all the fruits of my invention and be granted a 'monopoly' for the patent period," explains Weinberger-Yitzhaki.

"Patenting or protecting a trade secret is a classic barrier for competitors because the law allows me to conquer the market and take over it for those 20 years, and even then when the competitors arise (a good example is the generic drugs market) they can indeed bite off my share or my profit margin. "But their power will be limited."

In the end, says Weinberger-Yitzhaki, "even after these 20 years, it will be possible to enjoy income for additional decades due to the establishment of the market during the 'monopoly years.'

Another practical example: "I get royalty payments thanks to the sales of my book and my family will be able to enjoy these royalties even decades after my death."

Protections under the Companies Act

There are also additional protections under company law, explains Adv. Weinberger-Yitzhaki. For example, the name of more than one company is a significant part of its reputation, and there are additional protections under minority rights protection and company law "

In

this way barriers are created for other businesses, and a business that offers the most competitive bid can protect it through the transparent process in which the tender is conducted, so that the various bids can be compared and even if legal remedies are required if the best or highest quality bid is not approved." .

Professional requirements that produce barriers

"In addition, there are professions that create barriers," explains Adv. Weinberger-Yitzhaki. Internships, exams, obtaining a license and more.

It is the particular path that creates the barrier for others and also for the person himself, who invests many years of his life in his training program and does not move from one profession to another so easily. "

According to Adv. Weinberger-Yitzhaki, what can be done at 20 is not always possible at 50 due Circumstances of life, so that the same routes actually protect not only the quality and service of the consumer but also those engaged in the craft and their legitimate economic interest.

Self-employed people can also improve their economic situation with the help of the law

Adv. Weinberger-Yitzhaki also devotes a chapter of his book to the self-employed who sometimes stand at 50% tax ceilings (and more in addition to other taxes that apply to a profession such as health insurance payment, social security and so on) and find it difficult to maintain a high "net" income threshold. This he proposes to enlist the help of the law and move to a lower tax ceiling.

"Even in aspects of taxation, whether it is a company or a licensed dealer, you can use the provisions of the law. A self-employed person in Israel can be defined by law as a licensed dealer and reach a tax level of over 50% - when it comes to income tax, social security and health insurance. High income. However, explains Adv. Weinberger-Yitzhaki, "If the self-employed person started a company and withdrew a salary from it, he would move to a level of 23% tax and if he invests in a field that is encouraged by capital investments and recognized as an 'approved enterprise', he can "Also to reach a level of only 11% tax - and this is because the law protects actions that benefit society and the general public. The state will prefer investments in required areas and the establishment of companies that will employ workers and accumulate property and reputation over several generations.

He added: "Someone needs to finance the state and the systems that operate it, and precisely in this respect it can be seen that the tax rates are very reasonable if conducted correctly. For this reason I recommend to every person, whether employed or self-employed, not to save on professional services. "Especially when it comes to positions of trust such as tax consultants, accountants and lawyers."

"The law protects you - use it to your advantage. Remember that sometimes the same business that is simply incorporated or operates differently or seeks and receives the benefits it deserves, will benefit several times more from the same parallel business that simply operates without professional guidance."

Conservatives are getting richer

Adv. Weinberger-Yitzhaki advocates a conservative line of maintaining collateral and spreading risks, and these are his suggestions even for those who prefer to avoid financial risks:

"If you want to succeed in life, you have to take risks, so a person who hates risk His enrichment.

It is important to emphasize that sometimes these are not far-reaching risks but risks involved in life circumstances, for example: ask for the salary increase you wanted, diversify the investment portfolio and spread them and not invest in only one channel, and of course create disposable income for these investments. The

book produces and offers an intermediate path, where one can take a risk but still maintain what is important in life so that one can be prepared for unexpected events.

"I suggest examining the expenses, what are the luxuries and what is necessary? Is it really necessary to invest in a prestigious office or is it possible to settle for a more modest and traditional office and still work efficiently? Usually the more conservative person also gets richer. Than to buy a new car that loses quite a bit of its value within a year. "

Enrichment is an internal and personal matter

"The ultimate guide to financial success - living well and getting rich before the age of 40" was first published in Hebrew about five years ago after several more years in which "he waited in a drawer for the right time".

"The book was written to convey the right message, and I'm happy to see and see how its rules stand the test of time and prove themselves even in an unexpected era that includes the corona plague, the crisis in Ukraine and the accompanying economic events," says Adv. Weinberger-Yitzhaki.

"Consistent conduct is a correct conduct that proves itself, and whoever follows the rules in the book will also be able to survive periods of crisis, because he will be able to create a backup plan and also benefit from an unexpected event. Of the one is the period of enrichment of the other, as the famous saying of Baron Rothschild, according to which the right time to buy is 'when the blood flows in the streets' ".

The book is spiced with many ancient Latin sayings, "Because I love Roman law very much, and if you go back to periods of 2,000-1,000 years back (including the period of the Byzantine Empire) you see that the same principles that were true then apply even today. There is nothing new under the sun," emphasizes Adv. D. Weinberger-Yitzhaki.

One of the Roman sayings in the book is "Luck helps the brave", which means that one has to take a risk and without taking it will not succeed (in Hebrew the similar saying is "Dare to win").

"My addition," explains Weinberger-Yitzhaki, "is perseverance, because sometimes we fail and failure is a part of life, but what matters is that if we fall, get up, shake the dust off our clothes and try again and again until we succeed - the daring and persistent always wins."

"Enrichment is an internal and personal matter and is related to self-confidence. It is important not to doubt yourself and to pursue your dreams, to strive harder to gain the knowledge and important connections that will advance you. Anyone who wants to can create opportunities for themselves through internal initiative."

Adv. Paz Yitzhaki-Weinberger's book can be purchased at the book chains and is suitable for people of all ages, but especially for young people who are at the beginning of their journey and calculating their route.

"The ultimate guide to financial success - living well and getting rich before the age of 40" - available for purchase on the Amazon website including the Audio Book version.

For purchase in other channels: English version - Amazon, digital Hebrew version, Thai version, at Sefarim Junction and Steimatzky.

For advice on legal issues and issues of investments in high-tech companies with the author - contact us by phone - 077-2303726 or by email - paz@piwlaw.com

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