Did you know waiting to save will cost you much more in the future. By waiting just 5 years on saving 100 dollars a month with a 5% return over 20 years, you will give up $14,000 dollars after the 20 years by waiting 5 years to save. |
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"This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk."
Timothy Geithner
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The Big Con
The Big Con
| The Financial Con Game |
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| Written by Administrator |
| Saturday, 06 February 2010 04:47 |
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In general, the financial industry is a big con game. First of all, big financial firms want to manage your money so they can sell you proprietary products and so they can charge you a quarterly management fee and so they can take a cut of the mutual fund management fees. Another real issue is these financial firms receive what they call revenue sharing on their non-proprietary mutual fund offerings. These firms get a kickback from the mutual fund companies for selling their mutual funds. Basically, the advice you receive is determined by whoever pays the financial firm the most to list their funds at the top of their recommended list. Secondly, these big firms don't even train their advisors on how to invest as they're more concerned on traning the advisors on how to get people into the door so they can be pitched over-priced proprietary products. |
| Last Updated on Saturday, 06 February 2010 18:09 |