WEALTH SKILL #4: Protecting Your Money
Once you have the millions, you know how to budget and you keep the money working for you, the next thing that you should do is to protect your money. Protecting your money is important for you and your grandchildren to enjoy the luxurious life. Without appropriate guarding, you can be a one-day millionaire and live in poverty the next day.
Insurance guards your investments and money. Like when you insure your house and other assets, you safeguard your properties from misfortunes. When you invest your money, keep them in banks with good insurance policies. Most banks guarantee deposits up to $100,000 per person. In that amount, it is wise to spread your money across many banks to get the best from insurance. The insurance does not only hold true to your money in banks but also to your other assets.
Be a Wise Investor
Your millions are your hard earnings. It is the fruit of your precious time and effort. Therefore, before you invest your money, understand the market where you will put it. A wise investor makes a research of the in and out of the business. You can do direct observation or work with a person known to be expert in the field.