Asset protection is just as important as making wealth. As you begin your journey it is important that you have the right tools, structures and systems in place to protect what you created.
I am not saying it will happen to you, but you are better off setting yourself up the right way than finding that you lost everything in a law suit.
- Before you buy anything check with your accountant as to what the best structure is . Is it a trust, a pty ltd, partnership etc. You need the best option for asset protection and taxation purposes. Don’t assume, get advice!
- Start asset protection from early on, not when you think you are ready as that may be too late. Not to mention that if you want to change entities further down the track it can cost you!
- Make sure you have a will. No matter how old you are, anything can happen! A will sets out where your money goes and prevents family arguments. You can also plan who your successor will be in your business, if you have one.
- Make sure that you have a clear exit plan for all your investments. Like the investment plan, this needs to be reviewed frequently.
- Remember the lessons you learn along building your wealth. Take time to stop and refocus.
- Make sure that you contribute to making the world a better place. It’s for a reason that most wealthy contribute at least 10% of their income to worth causes. They understand that money is to be shared and they understand the importance of contribution.
Creating sustaining wealth is a long and often challenging journey, you don’t want to lose things overnight because you didn’t have the right asset protection in place.
Are you up for the challenge? Join our FREE 7 Day Money Mindset Makeover to find out.