Money Skill #6 Shield It. Making money is one set of skills Keeping it is another. As you work toward your financial goals, you will need to learn how to preserve the wealth you are creating. The new millennium is an infinitely more dangerous environment for wealth creation that were the 60’s, 70’s, 80’s or 90’s. New kinds of street gangs roam the streets seeking prey…..hoards of attorneys looking for victims to represent. The worst mistake one can make today is leave large amounts of personal assets unprotected. You must learn how to get your homes, cars and business entities out of sight through corporations, trusts and family partnerships to build a financial fortress around your assets. This information, which used to be available only for the super-rich, must be put to use by everyone. Why? Because if you’re practicing your money skills, sooner or later there is a 100% probability that you will be sued….and any smart attorney will be able to look in the public record to find out what assets you have in your name. Therefore, the secret to smart money is to learn to live like a millionaire but be a pauper on paper legally. You used to be able to brag about your money. Not anymore. Today, you don’t want to be a millionaire…..just to live like one. You must protect yourself today against the catastrophes of tomorrow. Here are the eleven basic commandments of financial protection. 1. Thou shalt avoid conspicuous consumption 2. Thou shalt avoid putting assets in your name (Create Corporation). 3. The shalt never co-sign a loan for anyone, ever. (Family? You will lose it – just give ¼ of what they ask, enough for them to pull themselves out of the hole, unless is a tragedy) 4. Thou shalt carry adequate liability insurance. 5. Thou shalt not serve on a board of directors. (Waste of time, detouring you from your goals). 6. Thou shalt avoid all “recourse” debt. 7. Thou shalt operate thy business from a corporate entity. 8. Thou shalt not go into business without a detailed business plan. 9. Thou shalt never enter a partnership without a simple, fool proof plan for getting out. 10. Thou shalt never put all of thy eggs in one basket. 11. Thou shalt always assume the worst. You’ll probably be optimistic. Tomorrow our last Skill # 7 #drCR My husband is very wise, we are the major supporter of the Ministry the Lord has given us, give as God lead us, not longer emotions or high pressure, keeping good records is essential. He set up the Corporation another solid move. God leads him and taught him how to do all paperwork.
Posted on: Fri, 08 Aug 2014 01:11:44 +0000
Trending Topics
Recently Viewed Topics
© 2015