The Finance Buff - 2021年10月17日
今年早些時候，ProPublica 對超級富豪如何繳納相對較少的所得稅進行了曝光。 他們的技巧之一是靠借來的錢生活。 當他們不出售升值的資產時，他們就不會實現資本收益。 沒有實現收益，沒有稅收。 與此同時，他們的資產不斷增長，銀行越來越願意借給他們更多的錢用於他們的支出。 《華爾街日報》將這種策略稱為“買入、借入、死”（音頻從 7:27 開始）。
我們小投資者也可以通過同樣的機製做到這一點。 我們的餘生不能靠借來的錢生活，但是當我們使用基於證券的借貸時，我們可以暫時使用借來的錢。
Earlier this year, ProPublica did an exposé of how the ultra-rich pay relatively little income tax. One of their techniques is that they live on borrowed money. They don’t realize capital gains when they don’t sell their appreciated assets. No realized gains, no taxes. Meanwhile, their assets keep growing, and banks are increasingly comfortable lending them more money for their spending. Wall Street Journal called this strategy “Buy, Borrow, Die” (audio starts at 7:27).
We the small-time investors can do it too through the same mechanism. We can’t live on borrowed money for the rest of our lives but we can use borrowed money for a short while when we use securities-based lending.
什麼是證券借貸？
當您使用基於證券的貸款時，您使用您的證券（股票、債券、共同基金、ETF 等）作為抵押品借入資金。 原則上，這與使用您的房屋作為抵押品獲得 HELOC 並沒有什麼不同。
由於您的投資比您的房屋更具流動性且更容易估值，因此與 HELOC 相比，您可以獲得貸款更快、利率更低。 你不需要證明你的收入。 目前的利率可能略高於 1%，而 HELOC 的利率通常接近最優惠利率，即今天的 3.25%。
What Is Securities-Based Lending?
When you use securities-based lending you borrow money using your securities (stocks, bonds, mutual funds, ETFs, …) as the collateral. In principle, it’s not that different than getting a HELOC using your home as the collateral.
Because your investments are much more liquid and easier to value than your home, you can get the loan much faster and at a lower interest rate than from a HELOC. You don’t need to prove your income. The current interest rate can be a little over 1%, whereas the rate on a HELOC is usually close to the prime rate, which is 3.25% today.
您什麼時候需要基於證券的貸款？
人們以沒有債務為榮，但在許多情況下，使用借來的錢比使用自己的錢更好。 這裡有一些例子：
充滿信心地進行非流動性投資
您有一些現金，準備以高利率購買債券，但您擔心 12 個月的鎖定期。 絕對沒有辦法在頭 12 個月內出售債券，即使您願意支付罰款也是如此。 如果你在那段時間需要錢怎麼辦？ 出售其他投資會觸發資本收益，使您超出收入限制，並使您失去這樣做或那樣的資格。
當您有可用的備用信用額度時，您可以繼續用現金購債券。 如果前 12 個月沒有任何進展，您的債券現在是流動的。 如果您需要錢，您可以點擊信用額度，直到鎖定結束。 您出售債券以償還貸款。 您的 Bonds 將獲得比您為貸款支付的利息更多的利息。
When Do You Need Securities-Based Lending?
People pride themselves on having no debt, but using borrowed money can be better than using your own money in many scenarios. Here are a few examples:
Make Illiquid Investment with Confidence
You have some cash and you’re ready to buy I Bonds for the great interest rate, but you’re concerned about the 12-month lockup. There’s absolutely positively no way to sell I Bonds in the first 12 months, not even when you’re willing to pay a penalty. What if you need the money during that time? Selling other investments triggers capital gains, throws you over income limits, and disqualifies you for this or that.
When you have a standby credit line available, you can go ahead and buy I Bonds with your cash. If nothing comes up in the first 12 months, your I Bonds are liquid now. In case you need the money, you tap the credit line until the lockup is over. You sell I Bonds to repay the loan. Your I Bonds will earn much more interest than the interest you pay on the loan.
停止預留現金
人們經常問“我可以將一筆現金存放在哪裡，以供一兩年之用？” 答案通常是儲蓄賬戶或 CD，因為時間範圍太短。 如果你幸運的話，兩者現在都支付大約 1%。
當您有備用信用額度可用時，您可以將資金保留在您的多元化投資組合中。 當您需要這筆錢時，您的投資組合可能會獲得超過 1% 的收益，但如果出現虧損，您可以利用信用額度。 當您的投資組合恢復時，您還清貸款。
Stop Parking Cash
People ask quite often “Where can I park a sum of cash for a year or two?” The answer is usually a savings account or a CD because the timeframe is too short. Both pay about 1% right now if you’re lucky.
When you have a standby credit line available, you can keep the money in your diversified portfolio. Chances are you will earn more than 1% in your portfolio by the time you need the money, but if it has a loss, you can tap the credit line. You pay off the loan when your portfolio recovers.
彌合差距
你在買房。 在競爭激烈的市場中，使您的購買報價取決於出售您當前的房屋，將使其對賣方沒有吸引力。 首先出售您當前的房屋並獲得回租，這會使您在回租用到期之前出價過高。 如果先出售後，出到外面租屋，意味著您必須搬家兩次。
當您有可用的備用信用額度時，您可以在閒暇時輕按它來購買新房。 你搬家，賣掉你的舊房子，然後償還貸款。 值得以低利率支付一些利息以使其一切順利。
Bridge a Gap
You’re buying a home. Making your purchase offer contingent on selling your current home will make it unattractive to the seller in a competitive market. Selling your current home first and getting a rent-back makes you overbid to buy before the rent-back runs out. Renting after you sell means you have to move twice.
When you have a standby credit line available, you can tap it to buy the new home at your leisure. You move, sell your old home, and repay the loan. It’s worth paying some interest at a low rate to make it all smooth.
降低賦稅
您想出售一些投資以幫助您的女兒買房。 今年將它們全部出售將引發大量資本收益，但如果您將收益分成兩個日曆年，則收益的每一半都將落在 0% 的稅率範圍內。
所以你賣一半，借一半。 你女兒現在回家了。 你明年一月賣掉另一半並償還貸款。 節省的稅款遠高於您支付的利息。
Lower Your Taxes
You want to sell some investments to help your daughter buy a home. Selling them all this year will trigger large capital gains but if you split the gains across two calendar years, each half of the gains will fall in the 0% tax bracket.
So you sell half and borrow half. Your daughter gets the home now. You sell the other half next January and repay the loan. The tax savings are much higher than the interest you pay.
您從哪裡獲得基於證券的貸款？
你從持有你投資的經紀人那裡得到它。 如果您當前的經紀人沒有以有吸引力的利率提供它，您必須願意將您的賬戶轉移到一個有優惠的利率。 一些銀行還通過其私人銀行部門提供此類貸款。
您只能通過您的常規應稅經紀賬戶借款。 IRA 和其他稅收優惠賬戶不能作為貸款抵押，但經紀人在確定您的利率時可能會在整體關係中考慮它們。
Charles Schwab、TD Ameritrade（現在由 Charles Schwab 擁有）、E*Trade 和 Merrill Edge 分別通過其附屬銀行實體——Charles Schwab 銀行、TD 銀行、E*Trade 銀行和美國銀行進行。 附屬銀行正式向您在經紀人處持有的應稅經紀賬戶發放貸款。 他們的程序都有不同的名稱：
Charles Schwab 稱其為Pledged Asset Line.
TD Ameritrade 將其稱為Collateral Lending Program.
E*Trade 稱之為 E*Trade Line of Credit。
Merrill Edge 稱之為Loan Management Account.
Where Do You Get Securities-Based Lending?
You get it from the broker that holds your investments. If your current broker doesn’t offer it at an attractive interest rate, you have to be willing to move your account to one that does. Some banks also offer this type of lending through their private banking departments.
You can only borrow against your regular taxable brokerage account. IRAs and other tax-advantaged accounts can’t be pledged for loans but the broker may consider them in the overall relationship when they determine your interest rate.
Charles Schwab, TD Ameritrade (owned by Charles Schwab now), E*Trade, and Merrill Edge do it through their affiliated bank entity — respectively, Charles Schwab Bank, TD Bank, E*Trade Bank, and Bank of America. Officially the affiliated bank is making the loan against your taxable brokerage account held at the broker. They all have different names for their programs:
* Charles Schwab calls it Pledged Asset Line.
* TD Ameritrade calls it Collateral Lending Program.
* E*Trade calls it E*Trade Line of Credit.
* Merrill Edge calls it Loan Management Account.
The Finance Buff : (資訊來原）
來源：https://www.facebook.com/794648900700097/posts/2052130548285253/?d=n