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Are We Headed Downhill Like A Snowball Headed For Hell?

By Rob Lambert - Email Editor

Date: 04 May-2005

I am sitting in a recording studio in Los Angeles listening to a bunch of great musicians play some very old country favorites. Somehow, they ended up playing the old Merle Haggard song about the snowball heading for hell. Why did these guys spontaneously end up playing this song? Well, I think it had something to do with a conversation over lunch…or maybe they just liked to hear my wife Kelli ( www.kelli.com ) sing it.

These guys are regular folks, most struggling to support their families; and, they are pretty convinced that we as a nation are going in the same direction as the “snowball.” The conversation started with a minor rage about the cost of gas (across from the restaurant was a Mobil station selling gas for $3.55 per gallon which didn't help matters). The conversation then turned to the dreaded and expected real estate downturn, higher interest rates, and finally, our never ending war in Iraq and the possible new battle in Iran. To top the mood off, we had all driven by several thousand illegal aliens demonstrating in Los Angeles to demand their rightful place as non-tax paying American citizens in our government sponsored gravy train.

I am not here to advise on investments or to forecast our economic future. The reason I am pointing this out is only that these regular guys are convinced in their hearts that we are heading for bad times. They work for a living, and they feel that they are treading water at best and maybe going backwards. I think their attitude is reflective of many hard working Americans. Their money is not going nearly as far as it used to, and they do not think that we have a bright future as a nation.

Well, I have been through this several times (one of the benefits of being so damn old). I understand their feelings and have some illogical but deep seated belief that we as a nation will weather these storms and survive as a great and relatively safe place to live. I am personally optimistic and expect greatness. Even so….

My illogical almost Pollyannaish outlook doesn't change one fact: We are heading for some hard times. What do hard times do to the Asset Protection world? SIMPLE. When people run out of money and times get hard, they file suits. You can and SHOULD expect more litigation.

If I am right (and, trust me, I am) each and every reader should take the time to look at their personal Asset Protection health. Please, make sure you do the little things and the big things we talk about in these newsletters. Make sure you are protected.

Here is a simple checklist.
            -Adequate savings?
            -Homesteaded home(s)?
            -Adequate insurance?
            -Each business or liability generating asset in a separate entity?
            -An appropriate Asset Protection Plan in place and implemented?
            -A proper estate plan?
            -A plan to provide for yourself and your family in your old age?

I always say, you should spend 10% of the time you spend accumulating money protecting it. Sage advice, especially if I am right.

I expect hard times in the short run. It's honestly time to tighten up your belt and put that Asset Protection wall around your hard earned assets.

Now, I am going to turn off this computer and listen to some more great music. I think I will have them play “Crazy”…an appropriate song for this day and age. Even though these guys think lots of things in their daily life are going to hell, they still make a living playing music…which brings me to another aspect of Asset Protection: Watch out for your health and your heart. If you can live a satisfied life pursuing your dreams, you are certainly not going to hell. These bitchy musicians, even though they are right about the short term outlook, live a pretty good life. My comment to them was that they were pretty fortunate to make a living (albeit perhaps modest in some cases) doing what they love. Who could ask for more?

I wish you the same.

Have a healthy and protected week.

Rob

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