POLL: How do you Protect Your Assets

Discussion in 'Trading' started by rcanfiel, Feb 6, 2008.

POLL: How do you Protect Your Assets

  1. I have a friend who keeps most of his money offshore

    6 vote(s)
    20.7%
  2. I have a friend who buys gold or other valuables and safeguards them

    2 vote(s)
    6.9%
  3. I have a friend who has a cash safe hidden in his home

    1 vote(s)
    3.4%
  4. I have a friend who uses LLC or other legal entity

    3 vote(s)
    10.3%
  5. I have a friend who moved out of the country

    0 vote(s)
    0.0%
  6. I have a friend who has a very good lawyer & CPA

    0 vote(s)
    0.0%
  7. I have a friend who keeps most of his assets in IRAs/SEPs/etc.

    1 vote(s)
    3.4%
  8. I have a friend who spreads his assets all over the place

    8 vote(s)
    27.6%
  9. I have a friend who has his assets tied up in real estate or other complex assets

    2 vote(s)
    6.9%
  10. I have a friend who looks poor on paper

    3 vote(s)
    10.3%
  11. I have a friend who uses trusts

    2 vote(s)
    6.9%
  12. I have a friend who co-owns everything with their spouse

    0 vote(s)
    0.0%
  13. I have a friend who moved to an asset friendly state/province

    0 vote(s)
    0.0%
  14. I have a friend who knows how to use equity stripping (creative debt)

    1 vote(s)
    3.4%
  1. POLL: How do you Protect Your Assets

    Everyone is worried about the bogyman coming in and making our $$$ disappea. So you feel comfy about answering honestly, all choices are phrased as "I have a friend who"
     
  2. It's about time we got a massive amount of polls from rcan again!

    I was getting worried about you rcan!

    :p
     
  3. well, if the presidential polls can dominate the news...
     
  4. Brandonf

    Brandonf ET Sponsor

    I have a friend who looks pretty poor on paper, and also another one who keeps most of his assets in offshore corperations and in non dollar, non yen, non euro based hard currency assets.

    If none of those where available my friends would probably keep under $100,000 in any number of banks, however with the fed stealing your money by default (low rates, inflation, declining dollar) that's not the best option available, athough IMHO the dollar is about done declining Vs the Euro. Farm land owned by said offshore corps is probably not a terrible investment if I was to give advise to a friend. If you have friends worried about asset protection (and anyone with money should worry about it) I'd suggest them seeing a good attorney, and then using a lot of their own common sense, which assume hopes and assumes they have some. Of all your above mentioned options owning stuff with your spouse is probably the dumbest, although the dollar has fallen nearly 50% in the last year or so, so in that regard Uncle's Al and Ben have already done to you what the courts would if your sig other leaves you.
     
  5. doli

    doli

    I have a friend who bought some high ground -- commanding view of land approaches. He poured concrete -- nice bunker. Also installed an anti-aircraft gun, then SAMs to forestall an aerial assault. Stockpiled much ammo, food and water.
    All the guns and missiles are remotely controlled from the bunker. He is worried that he doesn't have any ICBMs.
     
  6. Brandonf

    Brandonf ET Sponsor

    So how long till the ATF and FBI come to burn his house down?
     
  7. doli

    doli

    Not a problem. Remember he's got the high ground and robot shooters. Their only hope is to strike -- nuke him -- before he gets the ICBMs.
     
  8. Buy farm land
     
  9. what's it with farm land?
     
  10. I should have said "quality" farm land. Land I paid $3K an acre for 3 years ago is now almost $9k.
    Have you looked at grain prices lately?
    Besides, they don't make it anymore.
     
    #10     Feb 7, 2008