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Preserve Your Wealth

stay wealthy & enjoy your wealth

 

A general speculation rule: Wealth is made through concentration and wealth is preserved through diversification.

However you acquired your wealth the question is how do you retain and grow it?

The 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.

If 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.

A 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.

Wealth 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.

If you want concrete ideas on managing and preserving your wealth, investigate these five keys to financial success.

It 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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