A Very Personal Note…
I was not sure I wanted to use this story as my article since it touches upon a very personal incident that happened to me not too many years ago. But this incident is just the kind of thing we’ve talked about within our asset protection workshops, so I’ve decided to share my experience with you.
When my wife and I first started protecting our assets several years ago, it was done in response to the terrible sue-crazed attitude that has been sweeping across America.
Every day you pick up the newspaper, you can read at least a couple of stories about somebody going after somebody’s deep pockets for some real or imaginary grievance. But, as with most people, this all seemed very remote to me until…
I was driving back from Lake Tahoe during a snow storm in late December, 1988 and hit black ice. I lost control of my vehicle and had a head on collision with a ‘57 Chevy.
Those headlights haunted me for years! I was traveling at 35 mph and so was the Chevy. When two vehicles collide head-on, with each one traveling at 35 mph the combined speed equals 70 mph.
As a result, I broke my right knee cap and hit the windshield so hard that I bent my steering wheel in half causing a herniated disc in my lower back. The broken glass from the smashed windshield gave rise to severe gashes on my face and neck.
Through the grace of God nobody died. I had two people in my car with me that night. My friend to my right, who broke her right ankle, and our neighbor in the backseat who broke her left leg. I was subsequently sued for $400,000 in damages. Needless to say, I lost my business, and everything I owned. I was forced into personal bankruptcy. If you ever want a humbling experience, go to your own bankruptcy auction and see everything you’ve worked so hard for being sold for pennies on the dollar.
It is incidents like these that strike terror in the heart of anyone who has worked hard all their life to build a nest egg, only to have it stripped away. Even when you are totally innocent you could lose everything you own in one fell swoop.
What I’ve learned about asset protection I learned the hard way, and you learn things faster when your neck is on the line. I never thought it could happen to me. So here it is: If you think disaster won’t strike you, think again. Then, be ready for that time because once it strikes… it’s too late!
Our next free asset protection workshop is May 29 at the Broken Top Clubhouse, 9am — 11:30am, breakfast buffet included and it is open to the public! Compliments of Leaders Without Limits Inc. Call 1-877-652-1868 to secure your reservation. Seating is limited.