Diversification of one’s life and assets has become an increasingly critical component of economic and social survival for today’s families. It has always been significant as an economic tool, but in today’s society personal diversification — up to and including obtaining a second passport — may be of equal importance. With this in mind, the option of diversifying one’s life internationally has never been a better option than it is now.
Today, even perennial optimists are realizing that most first world countries are in a political, social, and economic downward spiral that has the capacity to destroy any stability that presently exists. European Union countries like Greece, Ireland, France, and Spain are in need of an economic bailout, and in the U.S. governmental bailouts are becoming a way of life.
Real estate continues to go down in value; governmental intrusion into health care, businesses, and personal freedoms is expanding; and the promises of higher taxes to feed the wealth redistribution dreams of socialist oriented leaders leaves one wondering what to do next. “Quantitative Easing” (effectively printing currency notes unbacked by anything of real intrinsic value like gold or silver) portends a continued path toward an impending national bankruptcy. By following the present governmental economic policies, the question is not whether national bankruptcy will happen, but how soon it will happen.
Inflation and continued high employment seems to be the norm. The value of the dollar and many other major currencies is declining. Assets which hedge against inflation like silver and gold have gone up around 40% from January to December, 1910.
A major goal of many individuals is to try to retain their remaining assets after so many financial losses. The question I see is whether this can be done successfully by maintaining your assets within the very country that seeks to take them away from you. It may be time for even the average citizen to start considering international diversification. HULT PRIVATE CAPITAL
How do we diversify internationally? In the investment world there have been at least two major philosophies that relate to investment security. One, “don’t put all of your eggs in one basket.” Basically this calls for diversification of assets and the locations of those assets. Two, “put all your eggs in one basket, and watch the basket.” In this philosophy, you keep all your assets locally (like real estate), or in a category of asset that you know well, and carefully watch over it. My choice under today’s economic conditions would be number one, the diversification of assets and jurisdictions of those assets. I have personally tried number two, and ended up losing most of the assets I had been accumulating for years.
So in brief, what are some of the steps you can take to diversify your life and your assets?
- Move offshore yourself.
- Set up a bank account offshore
- Move some or all of your assets offshore
- Get a second passport
- Set up an international business
- Through your international business, invest in stocks, bonds, etc. from other countries.
To begin your life and asset diversification, choose and act today upon one or a any combination of these six steps. Each step completed decreases your dependence on one particular sovereign society and increases your chances of maintaining your desired lifestyle and investment gains in spite of other’s plans for your life. Get busy and start to create your own personal and economic stability.