How to Protect Your Wealth
Don't broadcast your wealth., Don't spend more than you have to., Don't take unnecessary risks., Buy an umbrella policy., Don't be ignorant about your finances., Be kind to others.
Step-by-Step Guide
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Step 1: Don't broadcast your wealth.
By driving expensive cars, wearing flashy jewelry, talking about how much money you have, you are asking to be a target.
Always be aware of your surroundings, and who might be listening. -
Step 2: Don't spend more than you have to.
Just because you can afford the most expensive "everything" doesn't mean you always have to pay top dollar.
Wealthy people can still seek and appreciate bargains.
And you don't have to be wasteful.
If you no longer want something that is still useful, give it away to someone who will be delighted with it. , Diversify your investments so if one goes sour, you still have a cushion.
Invest in good security for your home and property.
Practice good safety habits and teach them to your children. , Most auto and homeowners insurance policies allow you to add a rider--sometimes up to several million dollars--that can protect your assets if you get sued as the result of an accident caused by your alleged negligence. , It may be tempting to turn tedious money management over to a professional, but insist on keeping informed.
Review your accounts, and if you don't understand a transaction, don't be afraid to ask for an explanation. , Don't forget to acknowledge those who have helped you along the way.
Avoid being a jerk without being a pushover. -
Step 3: Don't take unnecessary risks.
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Step 4: Buy an umbrella policy.
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Step 5: Don't be ignorant about your finances.
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Step 6: Be kind to others.
Detailed Guide
By driving expensive cars, wearing flashy jewelry, talking about how much money you have, you are asking to be a target.
Always be aware of your surroundings, and who might be listening.
Just because you can afford the most expensive "everything" doesn't mean you always have to pay top dollar.
Wealthy people can still seek and appreciate bargains.
And you don't have to be wasteful.
If you no longer want something that is still useful, give it away to someone who will be delighted with it. , Diversify your investments so if one goes sour, you still have a cushion.
Invest in good security for your home and property.
Practice good safety habits and teach them to your children. , Most auto and homeowners insurance policies allow you to add a rider--sometimes up to several million dollars--that can protect your assets if you get sued as the result of an accident caused by your alleged negligence. , It may be tempting to turn tedious money management over to a professional, but insist on keeping informed.
Review your accounts, and if you don't understand a transaction, don't be afraid to ask for an explanation. , Don't forget to acknowledge those who have helped you along the way.
Avoid being a jerk without being a pushover.
About the Author
Ann Price
Specializes in breaking down complex lifestyle topics into simple steps.
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