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Millionaire Money Habits

December 19th, 2011 at 5:09 pm

Top Security Concerns of the Rich

» by EmmaM in: Liabilities and Expenses

A lot of people gripe about the wealthiest 1%, assuming that people with that much money don’t have a care in the world.  But the truth is that everyone has problems and concerns in life, even if they don’t center on trying to make ends meet and get the bills paid each month.  And the problem with having wealth is that there’s always someone looking for a handout or even actively trying to take what you’ve got.  In short, money makes people into targets.  So the wealthy of the world are always looking for ways to protect themselves against those who would take them for everything they’ve got.  And here are just a few of the major security concerns that they face.

  1. Loss of investment.  A big part of security for the wealthy is ensuring that their coffers remain intact and that the inheritance they leave their children continues to grow long after they’re gone.  This means protecting not only capital, but investments, as well.  So in an economic climate like a recession, for example, the rich amongst us are finding ways to preserve their wealth (probably with safer investments).
  2. Identity theft/hackers.  While identity theft is a minor annoyance for most people (who may have to pay a small fee in order to recover funds from their bank or credit card company, and then wait for a replacement card), it can be a real nightmare if a wealthy person’s bank accounts are hacked, simply because only so much money can be federally insured.
  3. Kidnapping.  Plenty of high-profile people have been kidnapped for ransom simply because their families are known to have wealth.  Just look at the 1932 kidnapping of Charles Lindbergh, Jr., the “Lindbergh Baby” (in which a ransom of $50,000 was demanded by note), the 1975 abduction of Patricia Hearst (whose captors had a political agenda and demanded that her wealthy parents distribute free food to the tune of $6 million), or the 1973 kidnapping of John Paul Getty III (whose grandfather was the richest man in the world at the time, and was asked to pay $3 million in ransom).  The wealthy must be ever vigilant about watching their vulnerable children, it seems.
  4. Mugging.  When you walk around in haute couture clothing, wear a Rolex, and drive a Ferrari, you might start to get a bit worried about highway robbery, as well.  For this reason, many wealthy people forego these hallmarks of high-end living in favor of more modest apparel and transportation, especially while vacationing in foreign countries.
  5. Home invasion.  Despite the fact that cyber criminals run rampant, attacking high-profile persons and businesses alike, the security concerns that most rich people harbor are of the garden variety (i.e. home break-ins).  Luckily, there are all kinds of protections to be had, including gated communities, ADT, Brinks, or Vivint security systems, surveillance cameras, and even bodyguards, and the wealthy can afford them all.  The rich of the world may have different worries than the rest of us, but they can certainly pay to assuage them.
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