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Protect Your Money

August 27th, 2009 Joe Leave a comment Go to comments
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These days in the headlines we hear about recession, and depression. It seems everyday that you hear about someone scamming people or ripping them off. There are really more ways to lose your money than there are fish in the sea. Money can be there one minute and gone the next. I was recently reading the article here on the New York Times talking about the fall of some of the nations super wealthy. The part of the article that interested me the most was about John McAfee the mastermind behind McAfee Security Software. His wealth was at one point over $100 Million Dollars, due to the free fall of real estate and wall street he is down to $4 Million. That is a 96% fall. You here this story all the time. You even hear this story in good financial times. _____ lost all his/ her money in a matter of seconds after he worked his whole life building his wealth.  This brings me to my point. Protecting the money you have is step two of getting rich and staying rich. You do not want to spend your time building your wealth just to lose it to a scammer or market downturn. To avoid having your name associated with a story like this you want to make sure you are educating yourself about the investments you are making. There were many people screaming at the top of their lungs that we were growing too fast in the real estate sector. In fact there are stories of guys making millions because they knew the fall was coming and they invested in a way to take advantage of a fall.  Many people put their trust in “financial experts” to invest their money.  This unfortunately is not always a good option.  I am not saying that their are no good financial advisors or money managers out there, I am just saying that if you are getting advice from one make sure to thoroughly investigate the advice given.  The days are gone where you can put a percent of your paycheck in a diversified portfolio and expect decent returns.  It is important to work and educate yourself about your investments on your own.  John McAfee made $100 million dollars investing in a business he knew inside and out.  Many people get complacent once they have made a little money.  They put their money into investments and relax.  Insert story here.

Protect your hard work through educating yourself on your investments.  Always have investments that are on the ultra safe side.  I keep about 30%-40% of my net worth in ultra safe investments.  This way I know that if everything else goes to zero I still have a third of my money.
Education is the reason I started writing here. I want to hash out information and ideas with you, as well as share anything I have that might benefit you. In the mean time I would love to hear from you in the form of questions comments and information you would like to see discussed here on Average Joe Millionaire. I have a back log 50 posts long so stay tuned, I am writing as often as possible. Better yet subscribe to the blog! That way you get updates when I post.

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