When you’ve spent years working hard, saving, and investing your money wisely, it’s important to secure what you’ve earned. If you want to be able to enjoy the fruits of your labor, protecting your wealth is an essential task. Learn more about these simple steps you can take today.
Look Out For Fraud
When you have acquired a significant sum of money, you become a more desirable target for fraudsters. It’s important to know what to look for and to only work with reputable banks and financial advisors.
Avoid scams and fraud including:
- Phishing emails
- Government impostor frauds
- Debt collection scams
Want to learn more about the 10 most dangerous financial scams? Check out this article learn how to protect yourself.
Consider Liability Insurance
This is an insurance policy that protects individuals and businesses from the risk of being sued. This would include lawsuits for malpractice, injury, or negligence. This type of insurance covers the legal costs associated with a lawsuit and any subsequent payouts that you would be required to make if found legally liable.
Businesses tend to utilize this type of insurance the most; however, they are also often used for individuals with a high net worth or sizable assets. A person with more wealth may use liability insurance primarily in cases of property and auto accidents, but can also be used for legal actions that involve libel, slander, vandalism, or invasion of privacy.
Make Smart Investment Decisions
A little risk is not necessarily a bad thing when investing, especially if you have a healthy savings cushion. However, if you want to keep your investments as safe as possible, consider ones that are insured by the Federal Deposit Insurance Corporation (FDIC).
The FDIC is an independent agency of the United States government that protects funds in banks and savings associations by insuring them in the event of the bank or savings association failing.
Accounts that are FDIC insured include:
Invested in Protecting Your Wealth
Union Community Bank is the local bank Lancaster County trusts. Visit one of our 14 convenient locations today to learn more about how we can assist you in protecting your wealth.