Preserve Your Wealth
& enjoy your wealth
general speculation rule: Wealth is made through
concentration and wealth is preserved through diversification.
you acquired your wealth the question is how do
you retain and grow it?
simple answer is that you need to be active in determining
the extent and character of your diversifications. Wealth
diversifications is plural for there are many forms of
opportunities and dangers you need to consider.
Unlike most wealth preservation resources we are not
talking insurance, although that may play a part. Nor
are we talking about taking a total hands on wealth
approach where you micro manage your own monies. We are talking
about not entrusting a major part of your diversification
efforts to one counselor, one asset class, or one country.
An important speculation rule: No one cares more
about your money than you -- unless they plan to use
or steal your money.
The wealth you now possess represents the time, your
life, spent acquiring it.
People change, attitudes change, even entire governments
change without notification or altering their outward
appearance. To preserve and grow your wealth you will
want to consider monitoring these changes yourself, reducing
your exposure where warranted.
your wealth was found suddenly, in a lottery, inheritance,
or by lucky investments; you have special risks to
consider. The tendency is to either hoard your sudden
wealth, since you can't replace it; or throw it away
on trivial desires, since you did not earn it. Let me
suggest that you view your fortune as an opportunity.
Spend a small amount extravagantly; learn how
to manage and give from the remainder. In a short time
your good management will have earned the right to such
a windfall and you will begin acquiring true wealth.
A first step may be to bank the money and take a pleasant
months vacation to think before you commit.
months vacation may also be a good move if you have
worked all your life building wealth and are now considering
divesting your business, exiting your ventures, and
liquidating your assets. The disinvestment process
affords great opportunities, you will want to consider
them closely and at leisure.
preservation is better understood as wealth survival.
The goal is to maintain a pleasant personal lifestyle
while challenging yourself with interesting ventures
and donating to important causes. Too
much clutter, say a dozen houses and several yachts,
may sound appealing - but requires time and consideration
that you may want to concentrate on
something more personally meaningful. It is your choice
- but do consider a simpler but more proactive
use of your life.
you want concrete ideas on managing and preserving
your wealth, investigate these five
keys to financial success.
comes down to how you define your success. That definition
will determine the best route to preserving your wealth.
Take time, or that vacation, to consider what it is
you really want from your life.
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