Protecting and maintaining is not the same as accumulating, therefore this is a fantastic question.The following is a list of resources:
Put cash to use: Any retirement calculator that compares investing in stocks, cash, and bonds will show that your money will run out in cash. Even if you dodge a currency crisis like the ones that have recently occurred in Turkey and Russia, inflation will eat away at your savings.
Make sure you’re not putting all your eggs in one basket: The old adage “don’t put all your eggs in one basket” is something we’ve all heard. Concentration is a high-risk strategy that can help you develop wealth. Many super-rich people have started a business and then sold it or continued to receive a dividend from it.
Putting all of your eggs in one asset class, business, currency, or market, on the other hand, is extremely dangerous. If you want to keep your money safe, the goal shouldn’t be to maximize your profits. The goal should be to maximize the risk-adjusted return while limiting the downside risk. That does not imply extreme caution, but it does imply common sense.
Debt and liquidity should be handled with caution: Debt isn’t always bad, and many wealthy people use it to grow their fortunes. Debt is typically used to finance illiquid assets such as buy-to-let properties and businesses, but it is dangerous. You face two risks: you won’t be able to sell the assets, and your leverage/debt will become excessive. This must be kept under control.
Make sure all of your ducks are in a row: No one like paying fees to lawyers, accountants, or trusts. Buying insurance isn’t really appealing to most individuals. It can, however, be a necessary evil in order to secure wealth, lawfully minimize taxes, and more readily pass assets on to future generations.
For expats who may be dealing with various jurisdictions, the latter aspect is extremely significant. Expat wills aren’t as straightforward as some people make them out to be.
