Protecting your assets

"With the unemployment rate at 10.2%, the highest level in more than 26 years, Brett Arends talks with Kelsey Hubbard about what investors can do to protect their assets -- long before that pink slip comes."

Now, now this is a slight diversion from what we usually see, and hear from the media. While many are beleaguered about employment, we now deviate from that topic and instead, discuss about how we can actually prepare ourselves for the possible unemployment, even for those who still have a job right now.

The key here apparently is to keep your money is the 401(k), to secure your securities, so that it is untouchable by the creditors. You will have to keep saving and talk to counsellors and banks on how they can possible help you.

Everyone's case is Sui Generis so to speak, you really have to strategise your own plans, your own way of saving such that it will benefit you. For example, people who are in marriage have a different saving plan as compared to people who are single. Similarly, those people who live in bigger houses have to sign up for a different plan as compared to people living on rented flats.

In addition, some people are working part time and some are working full time. All in all, you need to look at steps to protect what you have now and your homes, not against mortgage creditors but against the unsecured creditors.

For more information on how to protect your assets, do read up on marketwatch.

Credits -marketwatch