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The Wealthy Accountant discusses tax and legal issues. Tax laws change frequently. Material published here should not be construed as legal or tax advice. A competent professional should be sought before taking any action.
Everything you read here is true “. . . from a certain point of view,” as Obi-wan would say. When it comes to money and taxes always verify. Tax laws and regulations change. Tax Courts can clarify with an answer different than mine at a later date or Tax Courts can disagree among themselves. (Where you live can determine how a tax law applies to you.) As a human being I can get things wrong, too. I know! I find it hard to believe too.
Many blog posts discuss risks to your money. Every attempt is made in pointing out scams. However, it is impossible to guarantee every issue is revealed. If something seems too good to be true, it probably is. Always take precautions. You can always part with your money, but when it is gone, it is gone.
There are so many risks when it comes to money. Caution, at very step, is required. Special situations heighten the risk.
1.) Investing involves large amounts of money compared to your net worth. It is easy to see why the unsavory target investment accounts or attempt to sell bogus investments. Extra caution is advised before you move money into an investment. Due diligence is required for all assets you own, including investments. If there is any downside to wealth it is the need to safeguard assets.
2.) Traveling is a time to relax and have fun. But you are also in a new environment. While on the road there are special risks to your wealth and safety. It can come from any direction. A thief can steal your money, passport, or other valuables. Businesses can scam travelers. Even something with an environment as controlled as a cruise ship have rampant scams, some even are part of the itinerary.
3.) Age presents special risks. Our health or cognitive abilities may decline and scammers have no soul as they prey on the defenseless. You need a team of professionals protecting you as you get older. Your net worth will be at its highest (for most people) when they enter retirement. A lifetime of work can be destroyed by the lowest form of life on the planet. You also need to stay vigilant with older family members so they do not become a victim of a financial crime.
The worst part about a disclaimer is admitting it is impossible to cover all contingencies. And even if all contingencies were covered, scammer would develop new ones before you close the page.
Risk is always present. There is no 100% guaranteed way to prevent loss. Protecting yourself and your family is a vital part of wealth creation and retention. Experts and professionals are no guarantee either! The newscasts are filled with instances where the expert or professional was the instigator.
What you need to take away from this disclaimer is that this blog receives compensation at times. We do not control which ads appear here. But we try to moderate the categories of what can be shown. Yet, even appropriate ads that can be useful to readers, can also belong to an inappropriate wealth creation or retention model.
And the absolute worst risk of all? Bias. Yes, even I will have biases that later prove less than hoped for. Every day I grow. Still, biases are an ever present risk. Use the work in this blog as part of your due diligence process. And please, before you part with any of your money, seek out additional resources to verify you are getting what you want and expect.