Many people who have their financial houses in order wouldn’t think of themselves as wealthy. However, to the career criminals looking for their next marks, your net worth is tempting enough to make you a target. Here are three ways to avoid becoming a victim and losing what you’ve worked so hard to acquire.
Close Your Inner Circle
You’ve been smart about business to get where you are, but shielding yourself from nefarious individuals takes more than intelligence. A healthy dose of skepticism about new people is just good sense. You don’t have to mistrust everyone, but keep your guard up when anyone new enters your life.
Insure Yourself Properly
Owning rental properties or a high-value home instantly makes you a big fish that scammers will eagerly cast their nets to catch. Purchase high net worth personal insurance coverage that will protect the full value of your possessions and help defend you against claims and accusations.
Avoid Conspicuous Spending
You’ve worked hard, delayed gratification and behaved responsibly to get where you are, and you deserve to spend your money as you see fit. However, purchasing a luxury car and even making sizeable donations to charities can make you a target to criminals on the prowl. Consider alternatives like a sensible vehicle for everyday driving and making charitable donations anonymously.
Wealth protection is as important as wealth acquisition. Make sure your hard work doesn’t become an easy source of income for someone else.