When you have been very successful in life and have made your first fortune, it is time to make your second fortune. Most people would just refer to this as making your wealth grow, but you are not working quite so hard this time to make money. Hence, you are using what you have worked very hard for (i.e., your first fortune) to make your second fortune, which will not be that difficult at all. Here is how you do that:
Hire a Securities Attorney on Retainer
There are going to be a lot of investments where you are going to need a lawyer. A securities attorney draws up contracts and makes sure every deal is on the up-and-up. To trade in securities, you have to have a contract for every transaction, or you could lose your shirt if things go sour. Even then, you will need a lawyer to sue and protect your investments or regain some of what you have lost.
Pursue Investments That Increase Personal Worth as Well as Wealth
You have heard people say that this actor or that musician is "worth" millions, right? When that person goes bankrupt, everyone is shocked. They should not be. In terms of financial worth, these people have invested their money in cars, houses, luxury items with value such as art and jewelry, etc.. They do not have "liquid" cash, they have a lot of debt, and they have "worth." Besides wealth, your investments should increase your personal financial worth. Look for those kinds of investments.
They include:
There may be a few others, but you should always consult with your attorney on the nature of the investment first.
Check up on Your Investments Often
An investor should always know how his or her investments are doing. Are they all turning a profit, or are there a couple that needs some work? Maybe there is one in particular that is not doing well, and you need to cut your losses and get out? While these particular kinds of investments are essentially "hands-off" investments that are meant to make money for you while you work on other things, you should still know what these assets are doing in terms of financial growth. If you do not have time to check up on them, ask your lawyer to verify the accounts or stats and report back to you or appoint someone who can, like a financial analyst.
For more information on choosing an attorney, check out this link!
Share10 December 2017
When I started my first small business, I had no idea how much I really didn’t know. I was fully prepared to deal with customers, sell product and even handle complaints and returns. What I wasn’t aware of was that there is so much more to it. I was lacking the legal expertise to protect the company and myself. I wanted others to benefit from my experience, mistakes and lessons learned, so I started this blog. From employment law to the legal business contracts you’ll have to sign when you form partnerships, business law is complex. I hope that the information here will help you to be better prepared when you start your business so that you’ll know when you need to call an attorney and when you can handle things yourself.
