If you live simply, how will anybody know you have money? I drive a used car, live in a 1600 sq foot home. So, if I were in an accident, and I was found at fault, and I hit a car full of executives, how would they have the insight to pursue an expensive lawsuit against somebody who looks like they make $40,000 a year, but is worth a million or two?
Also, to what extent are your retirement (401k & IRA) protected from lawsuits? If 90% of my wealth are in these, would they be sufficiently protected from a random lawsuit?