3. “I want to keep things simple.”
I hear this all the time and I believe keeping things simple is an honorable goal. However, growing your assets and running one or two businesses tends to be anything but simple. I realize your goal may be to simplify the process through systems, of which I am a big fan. If simple means to you, cutting steps and not adding different layers of protection, that is a problem. Keep in mind, when it comes to your net worth, simple and asset protection are inversely related. I am all for outsourcing areas that are not your expertise to accomplish the result of a more efficient and effective system. Too many people lose their assets and financial net worth because they want to stay in one entity or sole proprietorship because, it’s easier or simpler.