ilmscore | Prediction Details
"as you start building your wealth you need to start thinking about how do you protect your wealth that means now talking to the right people talking to the right advisers that means on the legal side how do you have lawyers there to protect you because when people realize you have money they're going to try to take their hands put it in your pocket and take some of the money for themselves I told you earlier in this video that I started investing in real estate earlier on and when I started investing in real estate I had no idea what I was doing and as I started getting involved with real estate I had a not so good tenant in my first property and the not so good tenant ended up suing me well actually she sued my real estate company and the reason why she sued my real estate company was because she claimed that the bathtub was too slippery when the water was on true story and she wanted to go after the quote unquote Rich landlord for some money by getting one of those free attorneys I had no idea what was going on I was a young kid I think it was 20 years old or 21 years old at the time when the lawsuit came in and I didn't really know how to handle it but I had insurance insurance worked to settle the claim and the other party didn't actually win anything because we found out that they didn't actually slip and fall in the bathtub they slipped and fell at a friend's barbecue but all this to say you want to make you have the right advisers because guess what in this world people will try to come after you when they realize you have money so you want to make sure you have the right legal protection there you want to start thinking about estate planning even though you might be young you want to start thinking about what happens if you were to pass away how do you get the right Estate Planning in place talk to an estate planning attorney you want to make sure you have the right Financial guidance get a good tax adviser guess what the IRS tax code is a tax code it is a rulebook and you want to make sure you have a good advisor that can guide you on how to use the rule book to pay the least amount of money in taxes legally so you want to start investing in this asset protection as you start to build that wealth"
By Minority Mindset | February 15, 2024 | Pending
From video
My 10 Step Checklist To Become A Millionaire 00:34:23 - 00:36:01
Interpreted Prediction
As wealth is accumulated, it becomes essential to implement asset protection strategies, which include engaging legal counsel to guard against potential lawsuits, establishing estate plans, and consulting with tax advisors to minimize tax liabilities legally. This is crucial because individuals with wealth may become targets for claims.

Prediction Details

Topic
Asset Protection

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