Protect Your Wealth, Protecting The Assets That Make You Money
Bernard B.
November 11, 2008
Protect your wealth to ensure the safety and longevity of your assets. It's something that is seldom considered.
One of the models that our financial planner uses for us is the PS&G model. It stands for: Protection Savings & Growth. It's not a coincidence that it comes first. It makes sense.
Protect your assets. Then build your savings. Then grow your wealth.
Many skip the first two steps and go straight to growing wealth. But asset protection must happen in the beginning.
Why?
1. Your assets make you money. Without them, the goal of financial freedom gets harder to reach.
2. It's really about control. There is more power in control rather than ownership.
3. Mitigate risk. Whenever possible, don't carry risk. Transfer it.
The concept is simple: Protect what produces.
How?
1. Insurance - Transfer your risk to life insurance, disability insurance, and personal liability insurance.
2. Entities - Establish your financial freedom business (or businesses). Use entities to guard your assets. Learn how to protect yourself from lawsuits.
3. Education - Learn where to put your money to protect it and keep it working for you.
I'll say this now: This will take some money to set up. Insurance premiums cost money. Setting up a legal entity costs money. Yet, the returns outweigh the costs.
Take measures to decrease your risk. It's best to have these put in place and never need them, rather then suddenly need them when you don't have them.
When?
Now.
Protecting your assets should be one of the first things you do. Start with your greatest asset: You.
Think about it. You are the driver in this financial freedom journey. Without you, there is no journey. Start by protecting your ability to produce wealth from death, disability, and lawsuits.
Taking these precautionary steps is well worth the effort. Defend yourself from risk. Protect your wealth. Like they say:
Defense is the best offense.
Learn how to protect your wealth.
Visit us at Choose Financial Freedom.
One of the models that our financial planner uses for us is the PS&G model. It stands for: Protection Savings & Growth. It's not a coincidence that it comes first. It makes sense.
Protect your assets. Then build your savings. Then grow your wealth.
Many skip the first two steps and go straight to growing wealth. But asset protection must happen in the beginning.
Why?
1. Your assets make you money. Without them, the goal of financial freedom gets harder to reach.
2. It's really about control. There is more power in control rather than ownership.
3. Mitigate risk. Whenever possible, don't carry risk. Transfer it.
The concept is simple: Protect what produces.
How?
1. Insurance - Transfer your risk to life insurance, disability insurance, and personal liability insurance.
2. Entities - Establish your financial freedom business (or businesses). Use entities to guard your assets. Learn how to protect yourself from lawsuits.
3. Education - Learn where to put your money to protect it and keep it working for you.
I'll say this now: This will take some money to set up. Insurance premiums cost money. Setting up a legal entity costs money. Yet, the returns outweigh the costs.
Take measures to decrease your risk. It's best to have these put in place and never need them, rather then suddenly need them when you don't have them.
When?
Now.
Protecting your assets should be one of the first things you do. Start with your greatest asset: You.
Think about it. You are the driver in this financial freedom journey. Without you, there is no journey. Start by protecting your ability to produce wealth from death, disability, and lawsuits.
Taking these precautionary steps is well worth the effort. Defend yourself from risk. Protect your wealth. Like they say:
Defense is the best offense.
Learn how to protect your wealth.
Visit us at Choose Financial Freedom.