An interesting article by Cindy Krischer Goodman in the Miami Herald provides some excellent examples of how fortunes today can change in an instant -- due to social media. For example, racist comments in a private phone conversation between the Los Angeles Clippers’ then owner, Donald Sterling, and his girlfriend went viral and literally cost him ownership of an NBA team. Private behavior can become almost instantly public through social media – and can result in almost instant financial disaster.
Certain exposure on social media is certainly not bad. I am simply offering a reminder that in today’s world, your fortunes can turn almost instantly. And protecting your assets before some unexpected disaster strikes is more important than ever.