So far in this series, we have taught on the importance of learning how to build wealth, but just as important, you need to spend some time learning how to protect that wealth through asset protection and tax savings. Because the two biggest threats to your assets are lawsuits and taxes.

I’m not going to gloss over and tell you there are no risks in owning real estate or operating your own business, especially in today’s litigious society, because a new lawsuit is filed on average about every two seconds of every day of the year. But you can be in so much fear about the "what ifs" that it’s easy to think of all the excuses why you shouldn’t get into any meaningful wealth-building rather than focusing on the positive reasons why you should.

However, the Scriptures say in II Timothy 1:7, "God has not given us a spirit of fear, but of power and of love and of a sound mind." Yes, there are risks in owning real estate or your own business, but if you set up appropriate entities and structures such as corporations, limited liability companies (LLC’s), land trusts, etc., instead of you owning your assets in your personal name, you establish a shield between you and your liabilities. So while you don’t have spirit of fear on you, you should indeed use wisdom in protecting yourself, and that’s what this teaching is about. Take advantage of the legal systems that have been put in place by the laws of the land. God himself even gave measures of protection to the Israelites through the six "cities of refuge" mentioned in at least five chapters in the Old Testament - Exodus 21:12-14 - Numbers 35 - Deuteronomy 4:41-43 - Deuteronomy 19 - Joshua 20

Without getting into a deep study of Scripture, these cities of refuge were basically used as a means of escape and protection by someone who had killed someone else unintentionally or ignorantly. Under these circumstances, it was considered an honest mistake and provisions were made for their protection.

It’s okay to take advantage of the law and take precautions even in cases of our negligence, as long as there is no malice in your heart. The Bible is extremely clear on the distinction between causing something to happen unintentionally and carrying out a malicious act with premeditated evil intent.

If you don’t protect yourself and your family, you are not being wise, and you know what the opposite of "wise" is, don’t you? Remember the wise man built his house on the rock, but the foolish man built his house on the sand, as you read about in Matthew 7:24-27. You should build your businesses and your real estate on a solid foundation that can’t be shaken when the winds blow.

Don’t put this aspect of the business on the back burner and get to it "when you have time." Don’t have the mindset that you will wait until you have more assets or income before you begin laying the solid foundation and implementing the strategies you can learn through the resources we have available.

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