8th Principle of Biblical Wealth Management: Asset Protection

These are the last three of the Ten Commandments. I find it interesting that they have so much to do with wealth and how God knew the nature of man is to covet the wealth of others and to steal, lie and cheat to get it.

You shall not steal. You shall not give false testimony against your neighbor. You shall not covet your neighbor’s house. You shall not covet your neighbor’s wife, or his male or female servant, his ox or donkey, or anything that belongs to your neighbor.

Entitlement. We’ve all heard this word a lot over the past 5-10 years. Personal injury lawyers are infamous for their TV commercials: “We will get you what you’re entitled to if you were in a auto accident even if its your fault or if you slipped and fell on a rainy day in a parking lot!”. It makes me wonder if these attorneys are more concerned about their own slice of the “lawsuit settlement pie” than they are about their clients’ needs! Then there are the politicians who run for office with promises that they will redistribute the wealth of those who have worked, saved and earned it. These attorneys and politicians appeal to the sinful and selfish nature and it is why you must learn asset protection techniques for wealth like a shepherd learns them to protect his flock.

If you have been hard-working and responsible, chances are you’ve obtained savings, created a nest egg, or acquired investments. Unfortunately, this can make you a target. Too many times, I’ve seen dishonest people bully others by going after their finances through lawsuits and the like. Just because there are legal loopholes, doesn’t mean people should be bullied into giving up what they have managed and grown for years.

If we believe God owns it all and we are the manager; then we need to protect what has been entrusted to us, just as a wise shepherd protects his flock. A wealthy person who is wise builds a moat of protection around his financial castle utilizing all the tools available today. This is ultimately achieved through proper insurance and risk management planning.

With the increase of governmental and legal policies and restrictions today, protecting assets has become extremely complex. Unfortunately, the insurance industry hasn’t helped much either as they portray protecting assets as a mundane process that doesn’t require much expertise or knowledge. “It’s so easy, even a caveman can do it!”. The fact is that serious exposures that exist in an individual’s financial plan never get resolved but rather just transferred from one company to another!

The good news in all this is that if structured properly, you can protect the wealth that has been entrusted to us by God. Seeking wise counsel from a well qualified and experienced risk adviser or insurance professional in order to build a risk management plan around your assets is part of Biblical Wealth Management. At CFAA, our Risk Advisory & Insurance Services division will do a thorough in-depth analysis of your risk management insurance plan, and make recommendations to assure your castle moat and walls are as strong as possible from those that feel entitled to the wealth you have raised following Biblical principles.