Protecting Your Wealth from Your Government
Personal_Finance / US Politics Apr 16, 2010 - 08:39 AM GMTBy: DailyWealth
At DailyWealth, our major focus is on helping you grow your wealth as quickly and safely as possible...
For ideas on how to protect your wealth once you have it, I don't know anyone better than asset-protection attorney Joel Nagel.
I've known Joel for a long time. He's one of the nicest guys in the business... and he's spent over a decade helping some of the world's richest people protect their wealth from disasters.
As I mentioned yesterday, we're in a crazy situation right now in America. Instead of making the future brighter for our children, the government is making things worse.
That's why my publisher, Stansberry Research, recently held a private conference call with Joel... and he shared some great ideas. Given the problems I've written about recently, I wanted to share some of them with you today...
Stansberry Research: Joel, could you give us an overview of what you recommend folks do to protect themselves from the things we see happening in the next few years... whether they have $5 million in the bank or $50,000?
Joel: It really does come down to the level of financial wherewithal a person has and what they're trying to protect. The strategies are very different for somebody who has, say, $50,000 that they want to protect as opposed to somebody who has millions of dollars.
We advise our clients to consider opening up a foreign bank account based outside the United States. This will give you the ability to open CDs in foreign currencies. It'll provide you with insurance should something happen to the dollar or the U.S. banking system. And as you mentioned, in the event of future currency controls, you'll already have a nest egg outside the United States from which to operate.
Secondly, along the same lines, foreign currencies – most of our clients look to have some portion of their net worth held outside the U.S. dollar. And again, you don't have to be a millionaire to hold an account with some Swiss francs, New Zealand dollars, Canadian dollars, Australian dollars...
There are plenty of currencies that aren't based on the huge debt model the U.S. dollar has taken on, and therefore aren't as susceptible to the kinds of crashes the U.S. dollar is going to face.
Stansberry Research: How about gold and other precious metals?
Joel: You don't have to be that wealthy to consider owning precious metals. We recommend clients hold at least 10% of their net worth in gold, silver, platinum, palladium. And the precious metals should be located outside the United States.
Along with metals, physical metals, you have metal certificates, often referred to as "foldable gold" that you can quickly and easily move from one location to another and redeem either for physical metal or for cash later.
Stansberry Research: How about another idea?
Joel: Foreign real estate rounds out the bottom category – again, having not only foreign real estate as an investment, but also as a physical safe haven where you can go not only for vacation, retirement, or any other reason that you wish to leave the United States.
Steve here again... Joel outlined several easy steps you can take to safeguard your wealth. It doesn't take millions in the bank to make it worthwhile. So even though you might not have considered these before, you ought to now.
Good investing,
Steve
P.S. You can listen to the entire conference call with Joel (which covers a lot of other valuable stuff Americans "aren't supposed to talk about"), with a trial subscription to Stansberry Research's conference call service, Off the Record. If you want hear the world's best advice on investment opportunities and asset protection, this is a great place to find it. You can learn more about the service here.
The DailyWealth Investment Philosophy: In a nutshell, my investment philosophy is this: Buy things of extraordinary value at a time when nobody else wants them. Then sell when people are willing to pay any price. You see, at DailyWealth, we believe most investors take way too much risk. Our mission is to show you how to avoid risky investments, and how to avoid what the average investor is doing. I believe that you can make a lot of money – and do it safely – by simply doing the opposite of what is most popular.
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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