Your money is valuable. You put it to work for yourself by making smart investments, planning for your retirement, and always saving up for a rainy day. When thinking about protecting your money, it is important to consider all of the possible threats that could challenge your wealth. Be sure you have taken some precaution and identified ways to protect yourself, your family, and your assets from unexpected costs so you can continue to enjoy the fruits of your hard work well into the future. Let’s talk about some of the ugly threats that exist that could absolutely wreck the health of your personal finance.
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If you are a professional or own your business, you need to be prepared for a variety of threats. This list ranges from sexual harassment accusations, to trademark infringement. A product you sell is discovered to be faulty, breach of contract, worker’s compensation; any of these could be challenging if you are not prepared.
Personally, the list of threats to your money is different and is challenging to finance. Divorce, for example, could make it difficult to recover if you fall behind in payments. According to MoneyCrashers.com, your spouse could have you thrown in jail for not paying your child support and the debt your collect by not paying cannot be removed. Other issues like auto accidents or even unplanned medical expenses like having to fight cancer can take its toll. So, what can you do to help protect yourself from all of these threats?
- Take advantage of your state’s laws regarding homesteads and life insurance
- Don’t mix personal assets with business assets; may be worth creating other business entities to develop layers of protection between your assets and the assets of your business
- Consider getting a prenuptial agreement if you want to protect your money from divorce
- Purchase insurance for the things you need to protect, including yourself from potential lawsuits or accusations so you don’t lose your house or other major assets
- Protect yourself now…waiting is a mistake
Listen, we all aim to be great people, but sometimes we get ourselves into situations where we need some extra help. Having a criminal lawyer on hand is not a bad idea, especially with the triage of things you don’t expect. If you don’t want to finance another person’s million dollar lifestyle because of a mistake you made, reach out and find some help and see what protection is out there. You can find award winning law firms with just a quick search.
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You know your life’s work is worth protecting. It should be worth protecting from anything and you need to be ready to step into action if you find your personal finance at risk. Go out and be proactive, get what you need, and then live your life.