Asset Protection Tip #1
Start your own business. I know this seems easier said than done, but I am not talking about starting the next Microsoft. Employees are at a disadvantage when it comes to wealth creation and accumulation. They don’t enjoy the tax advantages that entrepreneurs have. The number of deductions available to small business owners is rather large. Things like home office deduction, health insurance, office supplies, cell phone, vehicle expense, etc. I am not here to tell you what kind of business to start, but the opportunities are tremendous right now. Make your path.
Asset Protection Tip #2
For US citizens and residents, structure your business as a US LLC. By saying this, I really mean you need to make sure it is properly structured in the right state with a good operating agreement. I have discussed these things in the past so I won’t rehash them here, but a properly structured LLC is critical. If not done right, you are wasting your time. A US LLC gives you protection from both inside and outside creditors unlike a corporation. This means you are protected from the activity of the business as well as the business being protected from your personal activity.