Historian James Truslow Adams introduced the term “American Dream” in his best-selling book Epic of America. First published in 1931, Adams described it as, “that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”
The American Dream has long been equated with building a life through economic achievement and wealth, usually implied to be better than the previous generation. Historically, it’s been about owning your own house, starting a family, providing opportunities for your kids to succeed in the future, having a stable job, or starting your own business.
Over the years, Adams’ definition has changed to mean different things to different generations of Americans. However, the belief that the American Dream is achieved through sacrifice, risk-taking, and hard work still exists today for many people.
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Owning property, running your own business and being your own boss, and carving out a life of your own making are all still part of the American Dream. There are innumerable stories about individuals who started out with nothing but a dream of becoming successful and providing a life for themselves and their families, better than the generation that preceded them.
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Take Do Won Chang and his wife, Jin Sook, for example. Founders of the hugely successful clothing chain, Forever 21, they arrived in California from South Korea in 1981 with only a high school education and not much else. The couple worked at multiple jobs for minimum wage until they had saved enough money to open up a 900-square-foot apparel store they called Fashion 21. After a successful first year, they began opening a new store every six months and eventually had a nationwide chain of stores, which we now know as Forever 21. The couple are now worth about $3 billion.
If you have started a business, you know how challenging and overwhelming it can be. It requires a lot of planning, hard work, and dedication. You will take risks, make difficult decisions, and deal with a number of financial and legal issues, including asset protection.
Asset protection planning involves making well-thought out decisions to protect yourself, your business, and your hard-earned assets from loss resulting from lawsuits, creditors, divorces, or bankruptcies. Proper risk management strategies to protect your assets should be given careful consideration. These include:
- Protect property from creditor claims
- Reduce liability for business debts
- Transferring risk through insurance
- Defend against professional lawsuits
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When it comes to asset protection for business owners, Hatley Law Group, APC specializes in this field of the law. They will listen to exactly what you want to protect and devise the strongest possible asset protection strategy. When working with Attorney Rod Hatley, he will figure out which assets are already protected by law and which assets you need to take steps to protect. Then he will guide you through the process of creating and using various asset protection tools to protect your success, your legacy, your “American Dream”.
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