This simple mistake could cost you $20+ million

I met another investor recently who had it completely backward.

Super smart tech exec in CA - built a seven-figure Roth IRA (thank you, $NVDA).

But here’s what I found:

❌ Private equity and venture funds sitting in his taxable brokerage.

❌ Public equities inside his Roth IRA.

Right assets, wrong accounts.

Here’s the fix:

✅ Put private investments in the Roth IRA → growth is completely tax-free.

✅ Hold public stocks in the taxable account → defer taxes until you sell, and harvest losses along the way.

Why it matters:

📉 California’s long-term capital gains rate is ~37%.

💰 Making this switch can save over $20 million in lifetime taxes.

And yet, most people spend all their time debating which stock to buy next…

while ignoring the tax structure that actually determines what they keep.

Smart investing isn’t just what you own - it’s where you own it.