Asset protection: how it can help you recover from financial failure

It may hurt now, but falling into debt or having a business deal fail could just forge a new you. DG Institute Founder, Dominique Grubisa bounced back from a financial crisis and explains how it can reset your outlook and help with your asset protection strategies.

Many people believe that the road to wealth is paved with progressively bigger and better decisions and deals; that we start small and continue to grow until we are financially independent.

It’s a lovely thought, but the truth is that growing wealthy isn’t typically a linear process – it’s far messier. Successful people – just like the rest of us – take two steps forward and one step back. Sometimes it’s ten steps back! The secret is to be resilient, to see failure as an important part of your journey rather than something to be ashamed of, and to learn the lessons it has to offer you.

Don’t believe me? You’ve probably heard of Bill Gates – one of the richest men on the planet. Back in the 1970s, Gates and Paul Allen formed a company called Traf-o-data with a computer system to analyse the Seattle traffic data. But when a county representative inspected their work, the computer failed. Then their business model collapsed after someone offered to do the analysis for free. It was a devastating setback, but the pair overcame the experience to go on and form Microsoft. As Gates now says, “It’s fine to celebrate success but more important to heed the lessons of failure.”

Even US Presidents fail

Plenty have blossomed from being even lower: the US President Abraham Lincoln lost everything after a general store he bought failed. He was left repaying debts for nearly 20 years before he eventually became America’s best loved leader in 1861.

It is hard to beat the current US President Donald Trump for a comeback story. He was the punchline of multiple jokes in the mid-1990s when he owed hundreds of millions of dollars –but made survival his strategy. He hung in there although his companies went broke six times. His self-belief in adversity took him to the Presidency.

Henry Ford, Walt Disney, Lady Gaga and Larry King are among dozens of other famous names who went bankrupt before achieving huge successes. Ford, who was bankrupted twice while trying to establish himself as a car manufacturer, claimed his difficult experiences led to him becoming one of the richest men ever, with an estimated fortune of nearly US$200 billion: “Failure is simply the opportunity to begin again, this time more intelligently,” Ford said.

While I don’t place myself in the same league as any of these luminaries, I know the pain of financial failure, too. After going spectacularly broke during the GFC, I have gone on to rebuild my fortune and forge a wonderful career working with a wealth community I care deeply about. In retrospect, I wouldn’t be successful today without that experience.

Smarter asset protection strategies

For me, the road back from failure involved picking myself up, acknowledging what had happened and looking for ways to avoid it happening again. 

That’s when I started to ask myself, “What exactly is asset protection?

Answering this question could help me ensure that my wealth would be secured for myself, my family and our future. I was also determined to help other people avoid the same pitfall. My path back also involved finding a successful asset protection solution and a way to quarantine my good debt from bad debt.

So, maybe you’ve made a regrettable business decision and risk losing your home. Or life has blindsided you with a job loss or family illness and you can’t meet repayments. Or maybe, like so many, you simply signed up for a mortgage that was beyond your means.

Now’s not the time to run away. Maybe you can limit the damage you are facing. Maybe you can win extra time to get your affairs in order, perhaps save your credit rating. Maybe, just maybe, this event is what you need to reinvent yourself and set course for building wealth and realising your dreams.

For more information on asset protection, join Dominique Grubisa for this upcoming webinar and learn how you can stop creditors from touching your most important assets while you profit safely.

This column has been written for general information purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such.

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