Email Article Print Article

News From Las Vegas

By John Dietz - Email Editor

Date : 02-Oct-2007

Dear Subscriber:

After two solid days of rain in Vancouver, Canada at the American Bar Association tax conference, it is especially nice to land in Las Vegas for the Asset Protection Society Forum. Well, it looks like the seminar is a huge success, as we are at standing room only. Yikes.

It makes me realize how important topics like Asset Protection, tax planning and estate planning really are. It’s good to see our colleagues, friends, business associates and clients in attendance. So far the speakers have been fantastic. More information will be forthcoming. Rob Lambert's section on “Real World” Kinetic Asset Protection was a big hit. For those that could not make the seminar, we will have video coming soon. As co-founders of the Asset Protection Society, it is our commitment to always give you the latest, up-to-date Asset Protection information.

A short thought while here in Las Vegas.

I can say with fortitude that I am not a gambler. The reason is very simple: The odds of winning are not good. In some games, the house has a 36 to 1 advantage. I am disturbed to throw my money at those stats. If you are a diligent student of the sport you can master gambling systems that increase your odds by reducing the house advantage. However, these systems add only a small advantage to the player, and to utilize a system like this, it takes patience, money, time management, a bit of lady luck, and most importantly, knowing when to walk away.

It is interesting that even gambling needs a business plan to have a remote chance of ever coming out ahead, and of course, if you stay at the tables too long, it is mathematically impossible for you to win. You could say there is a direct correlation to the size and scope of the Las Vegas hotels to their monthly intake of cash.

To gamble properly you need to implement the same techniques as you employ in everyday business. I already have a career, so it makes no sense to start another. In essence, for me it’s not much fun. I like to make decisions in control, and calculate the results that are the most likely and hopefully favorable. It’s not that I don’t like to win; it seems more that I emphasize the importance of winning consistently rather than buying a lottery ticket.

Frequently, I write and try to advise our clients from a position of stability and advise you to make your critical decisions from this same position. Your lifestyle, your business, your money and your assets, all need the protection of your stable mental processing. You control them, or at least this is the goal.

A certain amount of loss consumption is acceptable, but protection lies in your ability to decide the bottom line for your tolerance of loss. In gambling as well as business, ask the question: How much can I afford to lose in a tangible sense and in an emotional sense? The answer is your gambling boundary.

Lastly, what to gamble on is answered by what not to gamble on. You can bet that if you live an affluent lifestyle and your assets are visible, you are the impressionable deep pocket that places your assets at risk. The more prepared you are denotes the less damage control you may have in a tough situation.

Based on my gambling volume, I suppose I will not deserve too many room comps in the future, but next time you are in Vegas, I recommend you see a show. Most are terrific, and you will have a great time!

Until next time,

John

RELATED ARTICLES:

• Protect the equity in your home
• Asset Protection Plans
• C.A.L.M. Introduction
• Get educated on Asset Protection

ABOUT THIS EDITOR:

John Dietz is a strategic advisor at Trustmakers.com with a passion for client solutions that can encompass your business, your real estate, and your personal assets. Mr. Dietz serves to educate you on the latest in asset protection planning.

Full Bio - Email John