Learn From The Smartest Millionaire Minds in Business

3 Important Steps for Protecting Your Assets

One of the biggest lessons in your journey to success lies not just in creating your fortune, but also in protecting your assets and wealth.

Every rich individual who has learned how to develop a millionaire mindset has cultivated excellent money habits to make this possible.

Take it from multi-millionaire and Author of Secrets of the Millionaire Mind, T. Harv Eker, who has amassed a handsome collection of assets to protect.

While looking at what Harv suggests for you if you’d like to start protecting your assets, consider where you fall short and bridge those gaps if you’d like to leave a millionaire legacy.

Every self-made success story realizes that no one is invincible, and as such, smart planning is essential to ensure that your assets are protected even when you are no longer around.

In essence, Harv is saying that protecting your assets allows you to leave a legacy behind once you have made your fortune.

How to Preserve Your Legacy by Protecting Your Assets and Wealth

There are three important steps, according to Harv, to begin the process of protecting your assets.

These steps are essential for anyone who wishes to ensure that the wealth you have worked so hard to develop is protected long after you are gone.

Follow Harv’s Steps:

1 – Create a Will

The first step in protecting your assets that Harv talks about is to get in touch with an attorney and create your will.

If you have one already, you will need to ensure that it is updated on a regular basis.

Your will should include intentions in regard to guardians for your children, points on how you would like your assets to be distributed, any donations to charities, medical procedures, executor information as well as arrangements for your funeral.

While these may seem a little morbid, Harv emphasizes that it is essential to state your intentions to ensure that your final wishes are carried out.

2 – Develop an Asset Fact Sheet

The next step, Harv says, is to develop an asset fact sheet.

This sheet will indicate where to discover your assets if your executor or beneficiaries need to find them.

Included on this sheet should be the names of various financial institutions, plus account numbers, the location and details of security deposit boxes, property records, and deeds along with additional investment account details.

Harv suggests that specific figures should not be mentioned in this list, however, he insists to ensure that your asset sheet is secure.

3 – Communicate Your Will To Loved Ones

The final step in Harv’s lesson on wealth protection is to let your loved ones know that you have created a will and asset fact sheet.

You should let them know that you have placed these documents in a deposit box, entrusted these documents to the family attorney, placed it in a safety box at home, or taken whatever other measures you have chosen to protect these documents.

Your loved ones should know that you have a plan to ensure that your wealth will be provided to them in the event of you not being there to support them anymore.

This will ensure peace of mind for all, says Harv.

Taking these steps will not be a very lengthy process, but the value you and your family will get from putting them into place is impossible to measure.

Conclusion: Your Legacy Echoes Long After You're Gone

In many cases, we don't build wealth only for ourselves to enjoy.

Our reasons vary from being in a position to help others to preserving landmarks, names and places, or from introducing the world to something new to ensuring generational wealth meant to sustain a bloodline.

Whatever your reasons, the responsible action to take is to ensure that your wishes are honored when you're not around to see to it yourself and that your legacy lives on.

Build it, draft an inventory, leave instructions, and entrust your lasting message to someone with integrity.

This way, you're not only protecting what you leave behind, but you're also providing protection to those who benefit from what you've grown.

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Frequently Asked Questions About Protecting Your Assets

Has your Mind ever wondered...

What is the best way to protect your assets?

By means of failsafe solid planning that has been well researched, proven, and documented by the relevant authorities, qualified advisors, and trusted institutions with legal appointments of individuals in place.

What does it mean to protect your assets?

Taking responsible action to protect the wealth you have already generated so as to ensure your legacy is honored. 

Why do you need to protect your assets?

To leave behind your legacy, your narrative & what you intended and worked for all your life.

How can you protect your wealth and assets?

By creating a will, developing an asset sheet & communicating your will to loved ones, and updating it upon change of circumstances.

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