5 Strategies for Stay Rich

Most people believe that getting rich instantly solve all your financial problems forever. However, as the rich are well aware Stay rich, can be equally difficult to hang on his wealth was going to win first place.

There are countless stories of lottery winners, the highly paid professional athletes, and celebrities that show the journey from rags to riches often proves to be a trip back to misery.

If you have aspirations of becoming rich in the future or fate of long gone, there are steps you can take to avoid becoming another story of rags to riches to rags Stay rich. This is mainly to protect their money five murderers common fortune.

Challenge 1: fighting the IRS.

The threat: high-income people pay higher rates on their taxes. Also, after his death, the IRS will be waiting to collect their share of your estate with inheritance tax rates currently up to 40 percent for those with assets of more than 5 Stay rich, $ 25 million Stay rich.

The solution: Enjoy retirement accounts with tax advantages as IRA and 401 (k) s of income in the tax haven. They also seek planning attorney can help you structure your legal issues to minimize the amount of inheritance tax you owe Stay rich. A good professional can lead to a combination of grants and complex financial strategies to get the most out of your money as possible for your family Stay rich.

Challenge 2: stay away from the Fortune Hunters legal obligations.

Threat: The more you are rich, you have more to lose from a potential lawsuit. Individual incidents, such as accidents or slip and falls domestic car can become a search for a destination with a lot of money Stay rich.

The solution: Make sure you have adequate insurance coverage Stay rich to manage the entire damage. At a minimum, make sure your auto insurance policy gives more than the legal minimum coverage your state, and look at the limits of your insurance policy to make sure they are suitable. Also, consider a liability policy extended to cover additional overtime demands Stay rich.

Challenge # 3: Do not be tempted by exotic investments.

The threat: the rich are often the access to high-risk investments that offer the promise of greater wealth. Too often Stay rich, however, these investment opportunities are found to be excessive or fraudulent, resulting in large losses.
Solution: Try to get rich is a hard habit to break, even for the rich. But if you have enough money to meet all your needs, do not pay to take big risks with your wallet. Rein in risk taking and provide a core of safe investments to meet their financial needs. If you have money to spare and can afford to lose, then dabbling in high-risk opportunities is always excited about their investments without putting your life in danger Stay rich.

Challenge 4: pay these notes.

Threat: How many rich people borrowing money is cheap and make a big profit on it. However, instead of paying their debt once they reach the rich, successful people tend to keep using the same strategies to find even more wealth Stay rich, the indebtedness of its newly acquired assets and put their assets at risk.

The solution: The reorganization of your finances once you feel comfortable is essential to avoid losing everything you've won. Reducing debt and establish a baseline of wealth below which even the worst scenarios will not take Stay rich, you can avoid the trap of using too much leverage and suffering huge losses as a result.

Challenge 5: Plan to live forever - or at least maintained during much good.

The threat: With a longer life expectancy than ever and large medical expenses, even the wealthy may outlive their money and end up spending all your assets in the nursing home and hospital care in their old age. Even basic living expenses increase more often after retirement Stay rich, and if you spend too early to retire Stay rich, you may be in a downward spiral with little money Stay rich.

The solution is a combination of strategies can help you maintain at least a basic income, no matter what the future holds Stay rich. Sure long-term care refers specifically to the costs of nursing home care and home health care while buying an immediate annuity converts a lump sum of wealth in the monthly rent that is guaranteed to last the rest of your life Stay rich.