You know all those experts “guiding” you to your retirement? You know, Suze Orman, Dave Ramsey, “Jake” at Wells Fargo Wealth Management, and even that holy retirement grail, the 401(k)? It’s all hooey, a bunch of BS, what we call the “Great Retirement Lie.” Kind of like one of those horror movies, where everything seems calm and normal but as time passes it gets eerier and darker. And the terrifying ending in this one is your empty retirement fund.
I am your Retirement Whistleblower, here to call out these scammers.
What I am NOT is a conspiracy theorist.
There are some bad actors out there you should know about, both in and out of the money game. It is not crazy to tell you that the financial planning industry is out to make themselves money, not you.
Just like Big Pharma controls Western medicine and is more interested in selling drugs than curing ill people.
Or how so-called cancer ‘research’ by the American Cancer Society has no intention of curing cancer and putting themselves out of business.
Just like the Atkins Diet developed by the Beef Council to sell red meat, not to improve your health.
If you follow the “experts” one thing is certain: you make them richer.
What’s in it for the “Money Experts”
You shouldn’t be surprised that these “money experts,” along with the 401(k) scam, are in it for the money.
They are money experts, all right. Experts at raking in the cash at your expense.
I mentioned earlier Suze Orman, Dave Ramsey, “Jake” (with Wells Fargo Wealth Management), and the 401(k) plan as false prophets, snake oil salespeople, con artists, and I stand by that claim.
But don’t just take my word for it. Here’s the proof …
Why All The Books, Suze?
While she has a reputation as a no-nonsense, hard-hitting, no-holds-barred investment advisor, Suze Orman is an author and celebrity, not a financial wizard.
There is a simple formula for building a solid and healthy retirement portfolio, let me assure you. And it is not through buying a new book on investing every year or so. If Suze really has the answer, why does she keep writing more books?
Here are some of her titles:
- The Money Class – published 2011
- The 9 Steps to Financial Freedom – published 1997
- Financial Freedom (Creating True Wealth Now) – published 2002
- Women & Money – published 2007
- The Courage to Be Rich – published 1999
Need I go on? Book after book explaining how to manage money, be rich, and become financially stable at retirement.
Even beyond the books, her advice is ridiculous.
For instance, her claim that you need a minimum of $5 million dollars to retire. That’s a RETIREMENT LIE, Suze!
You need an income stream for retirement, not a mound of cash to chip away.
Why Baby Steps, Dave?
Then there is Dave Ramsey, another author making a living, not by investing, but by writing books on money (surprise, surprise!) and hosting the Dave Ramsey Show, where he talks about money and why you don’t have enough.
Just for the heck of it, let’s peek at a few of Dave’s book titles:
- Financial Peace Revisited – published 1992
- The Total Money Makeover – published 2003
- Complete Guide to Money – published 2011
- Dumping Debt: Breaking the Chains of Debt – published 1993
- The Money Answer Book – published 2004
Once more, the list seems endless, but he drones on about money and how to manage it.
Perhaps my biggest gripe with Dave is his 7 Baby Steps.
Before he wants you to start investing (that is Step 4!), you have to:
- Sock away $1,000 for emergency purposes,
- Pay off ALL debt (except home mortgage), and
- More emergency money, this time 3 to 6 months worth of expenses
Really, pay off ALL debt before planning your retirement?
That’s a RETIREMENT LIE, Dave!
For many Americans, they will never pass Step 2. Which means not even reaching Step 4, which is to save 15% of household income for retirement.
Nice try Dave, but completely backward.
That’s All You Can Do, “Jake”?
Now there’s “Jake” with Wells Fargo Wealth Management. (There really is someone named Jake working with Wells Fargo Wealth Management).
He did a real job for the trust fund of my 24-year-old niece, scraping out a 2.3% return during the year the S&P 500 shot up 16%.
Sadly, there are a lot of “Jakes” working for Wells Fargo Wealth Management. And I mean they are working FOR Wells Fargo Wealth Management, NOT for you!
Not meaning to pick on Wells Fargo, by the way (except for what they did to my niece!). Every big bank has a similar “wealth” department that keeps their profits sky-high.
It’s another RETIREMENT LIE, Jake, Wells Fargo, and all you other money institutions!
Your 401(k) is NOT Okay!
You’re probably thinking, “At least I did right by setting up a 401(k) retirement plan.”
I hate to be the bearer of bad news, but your 401(k) retirement plan won’t go very far towards meeting your retirement needs.
I even have a whole article on the 401(k) hoax and how it’s hurting you. It’s a money trap, not a retirement sanctuary, as you will discover in the article.
And who profits from your 401(k) retirement plan? Brokers, administrators, and even investment funds charge fees and commissions when you set up your 401(k) and as you keep putting money into it.
If you’re lucky, maybe you too will profit from that 401(k).
Yep, the 401(k) is yet another RETIREMENT LIE, brought to you by the American government, lawmakers, and all the “experts” who have their fingers in your retirement plan.
So What Do I Do, Whistleblower?
First off, I am not just a whistleblower. I don’t pose problems without bringing you solutions.
What do all of those “experts” above have in common? They want to be your hero, your savior, your sole money manager.
I want you to be your own hero, your own savior, your own money manager.
With me, you are the boss, you are in control, and you are on the true path to income security.
You must think for yourself because no one else will. The cold truth is no one cares more about your money than you. Don’t let anyone try to tell you otherwise.
Another plain fact is that the formula for building a successful retirement plan doesn’t change every year or so. Meaning you don’t need to keep buying books to find the latest “new” trick to retire without worry or fears.
And here is that formula …
Invest for income. Always. For life.
Because the propagandists won’t be around when your retirement fund dries up.
Nor will they return their fees when their advice goes sour. Owning an income-generating retirement fund gives you options, peace of mind, and freedom.
So if you are ready to take charge, make adult steps, and invest for yourself (not for your “experts”), you are in the right place.
Start building your retirement plan the right way.
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