Our power went out recently after a bad wind storm which kept Shreya up at night. I slept somewhat soundly except for when she woke me up by asking, “what was that boom?” (To which I mumbled something and pulled my covers tighter).
When we woke in the morning to a bad power outage and a large tree blocking our driveway – well, that answered that question. We weren’t alone. Around 500,000 homes had no power. And since we live in a rural area, we know we are lower on the list to get things restored after the cities.
It wasn’t too bad though at first. We have a back up power source to run the essentials (meat freezer/refrigerator/coffee maker) and some battery-powered lights and candles. On day two, though, the novelty wore off and things got worse. Our water supply ran out since the well pump was out of action.
Facing the annoyances of no running water, two days in, the power company said we’d have to wait three more days to get service back. We gave up and booked a hotel.
I was hesitant to book, hollering out to Shreya that “As soon as I pay for the hotel, you know that the power will come back on.” And “I just don’t want to waste money!” I clicked confirm anyway.
Sure enough, less than five minutes after I booked the room, the power came back on.
A couple hundred bucks was gone, but I sure was happy to be able to stay home. I was happy I wouldn’t have to live in a hotel down the road for a few days. I was happy our quarter cow wouldn’t spoil as the backup power ran out and the freezer shut off.
Yes, the money was “wasted” but for those 5 minutes, I was grateful to have a back up plan.
Waste your money on an asset protection plan
Like with insurance, I hope the money you spend on asset protection planning is a huge waste. I don’t hope to become disabled, die, or have my house burn down. But I still buy the insurance. I don’t hope some a-hole attorney sues me, but I still pay for the asset protection trust and LLCs. It’s asset protection insurance.
A guy hired us recently to consult on the various asset protection options available. He had recently jumped into the real estate investment game. Thoughts of frivolous lawsuits have terrorized him for months. Months of worrying and anxiety.
Now he is terrified his asset protection spend will be a waste of money. “What if I never get sued? What if I instead invest that money and in 20 years through the magic of compound interest I have an additional $79,985.45 in my pocket??”
Although the odds aren’t in his favor, maybe he won’t ever be sued. I hope that’s the case for him. I hope that’s the case for you, too.
But what is a waste? If you never experience these perils in life have you wasted your money? Asset protection planning and insurance is about mitigation of losses. But there is other value to these investments. The other value besides mitigating potential losses, is mitigation of stress and anxiety. “Peace of mind” as they like to say.
We tell people to live more carefree. That is because having an asset protection plan in place lets you worry less about those potential lawsuits. You worry less about those potential damages. You spend more time with your family and people that you like doing the things that you like to do.
Like with insurance, I know if I slide off the end of a glacier, my wife will get a 7-figure check to fund her upcoming lifetime in mourning. If our house burns down, we’ll get to replace the outdoor gear, the quarter-cow in the freezer, and the coffee maker. I worry less about these things with insurance in place.
So, I hope you waste your money and worry less; instead of being racked with worry about the “what if’s.”
Colin Ley is an asset protection attorney and the creator of the PREP Trust® and Better LLC™. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you don’t have to worry anymore, happily knowing your family’s future is protected. Get started now by scheduling a free, 30-minute call at livemorecarefree.com.