| Preserving wealth in tough times can certainly be | | | | only focus on the little bubble around us, we're |
| a challenge. This is especially true for those of us | | | | trapped in that circle. Getting outside is a whole |
| that live in so-called "developed" nations. We're | | | | new world with a plethora of options for |
| subjected to constant government scrutiny of | | | | residency, tax breaks, and lowered costs of living. |
| our spending patterns, saving patterns, and | | | | Preserving wealth in tough times can be as simple |
| financial choices. | | | | as moving some of it offshore and into another |
| Much of it is done in the name of preventing | | | | currency. It's basic diversification of a style that |
| fraud of one kind or another. Tax fraud is used to | | | | many investors overlook. We get to thinking that |
| pressure banks into reveal customer account | | | | we're clever because we have money in different |
| information, and to scare other countries away | | | | places, but if it's all denominated in the same |
| from accepting foreign direct investments. | | | | currency we actually haven't changed our risk |
| Identity fraud is used to justify round the clock | | | | profiles. |
| monitoring of purchases and funds transfers. | | | | Instead, we need to realize that in tight times, we |
| Yet every time it seems as though this fraud | | | | can't always trust the home team. The |
| prevention turns into a way for an outside party | | | | governments of many first world nations are |
| to get their hands on our wealth. Governments | | | | falling short of ready money, and they have their |
| tax interest income on savings accounts, banks | | | | eyes firmly trained on our pocketbooks as a |
| charge service fees, and credit agencies bill for | | | | source of cash. They can easily destroy our nest |
| watching it all happen. It can make protecting and | | | | eggs by devaluing the currency and raising the |
| preserving wealth an uphill battle for those | | | | tax rates as they attempt to balance their |
| determined to take a conventional approach. | | | | budgets and raise tax receipts. |
| For those of us who are willing to think a little | | | | Thus, the key to preserving wealth lies in planning |
| more unconventionally, however, there are a | | | | for the worst, expect a cash grab, and moving |
| growing number of options. These aren't shady | | | | assets into another currency in a protected |
| pyramid schemes or suspect tax shelters. These | | | | investment zone in advance. It's easily done, and |
| are perfectly legal and perfectly legitimate ways | | | | international basket CDs are even available online. |
| to protect our assets from greedy fingers. | | | | There's no reason not to get out there and take |
| A cornerstone of many of these options is the | | | | the first steps to saving our own assets before |
| need to have an international mindset. When we | | | | it's too late. |