What makes someone think that a list of five steps can radically change a person’s life and assets? Well, that could be because the five suggested steps form a basic structure that can be followed and expanded upon as time and circumstances change. Big and significant changes can affect all other decisions, and the sooner action is taken, the faster the benefits will emerge. And the results will be even better if diversification goes beyond the geographical limits of your country of citizenship.
Uncertainty is the calling card of the day
From an economic point of view, no one can be sure of the future, and Social Security retirees certainly cannot expect their benefits to be extended in the long term. It has been said many times that only death and taxes are true. And with current advances in medicine, death is probably easier to postpone than additional taxes. Today’s money printing in the United States and many other countries will lead to additional inflation and taxes. With many states on the brink of bankruptcy, even the never-before-seen possibility of a national bankruptcy looms as a distinct possibility.
Certain circumstances may be beyond our control, but we can control our preparedness and response to them by visiting https://www.dailyreckoning.com.au/. Based on current circumstances, we can reasonably predict that taxes will increase, food stocks will decrease, personal freedoms will be further restricted, currency controls will be introduced, and even our ability to move from one part of the world to another will be limited. With the passage of the hate crimes law a few years ago, the early stages of a police state began, with crimes based on your thoughts, not your actions. So if my predictions are only partially correct, it is still helpful to start applying your own corrective actions.
What we can do? We can begin to take steps to counter some of these anticipated events on a personal and family level. Here are five ways to get you started.
- Start paying off your debts, save more money, and move some assets abroad. Even the poorest of us could protect our minimal assets by moving some of them abroad. Any asset is the subject of bad faith cases and its export from the country limits legal investment through frivolous lawsuits.
- Consider getting a second passport from another country. The world is full of people with two or more passports. This makes it possible to travel in case of travel restrictions in the main passport.
- Consider establishing an offshore corporation in a country that does not record income earned outside of that country. A business base outside your country of citizenship provides another layer of protection in turbulent times.
- Obtain a residence permit in another country. At worst, it’s always nice to be able to spend time elsewhere.
- Spend more time outside your home country. The ideal way to diversify your life is to spend time in different countries. This is especially easy if you rent in your own country. It is so easy to rent in other countries, many of which have a lower cost of living than in the United States and European Union countries. Take advantage of this.
You probably noticed at the beginning of this article that I am primarily focusing on expat strategies to diversify your life and assets. There is a good reason for this. You don’t want to be tied to strategies that depend entirely on the decisions of a government. Don’t wait for an economic and social crisis. Start your diversification process today.