Your business, investment and estate plans that you paid a lot of money for are likely long-forgotten documents just stuck in a file drawer or a safe-deposit box. Inconveniently for you, these are being severely impacted by tumultuous new times and how people react to these new pressures.
The reality is that the growing worldwide economic crisis, new tax laws and the normal dysfunctions of human beings — especially in times of stress — can wreak havoc on all prior planning structures.
Whatever business, investment, or estate plan you have in place needs to be severely rethought and likely re-scrubbed. And that work needs to be done right now.
The government has plans for you even if you think otherwise.
Tax-wise, their plan is to take basically 50 percent of everything you have while you’re alive and take the rest when you die.
Your creditors are looking to collateralize their risks even if this will break you financially. And with all the pressures and fears that are just piling on every day, your business associations or your family may do some crazy things out of real or imagined fears for themselves — and out of panic.
Wealth management and wealth protection have always been serious matters.
But with what is happening today, much more effort and attention must be given if you expect to survive (with yourself, family, business, and others dependent on you) intact and financially secure.
Success most often comes to those who plan for it. There is no master strategy that once put in place works without any further changes or adjustments.
Planning is a serious endeavor which should utilize the experience and expertise of those who have been through the ups and downs of many cycles and circumstances. This isn’t something that you can buy a computer program to figure out. It takes a smart human who has life experiences to understand how to analyze the facts accurately, determine realistic goals, and can figure the strategy and tactics necessary to achieve the goals successfully.
What you have to decide is whether you want to be a winner or just another loser in these game-changing times.
Winners are going to take the time and effort to do three things:
• Be brutally clear as to what there is their current position as to both the ability to make money and their ability to protect it from legal liabilities, divorces, business disasters, and from what may seem like crazy actions that may be taken unexpectedly from other associates and partners.
• Be absolutely clear in what you want as your goals. In today’s climate, it is OK to be selfish.
• Make the total commitment that starting right now they are going to do what it takes to manage their wealth correctly and to protect it from being lost to what may seem to be the unforeseen risks of today's life but those risks, unintended or not, will happen. They are happening.
I know you are busy with whatever concerns you right at this immediate time. However, the world has changed rapidly and will change likely at an even faster pace.
Whatever you thought you had planned — and perhaps paid for dearly — for your wealth management and wealth protection needs to be completely rethought.
The reality is that a lifetime of energy, enterprise, and thrift can still be the achievement of financial security, for yourself, your businesses, your investments and your loved ones in these times of financial upheaval.
The question is: are you ready to make the commitment right now to rethink and revise all your prior planning to achieve success under what is now the new normal?
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