In 1974 the US Congress passed ERISA and began convincing Americans that saving money was a bad idea.  The law they passed convinced us that investing [aka gambling] in an IRA or 401(k) was better than putting our money into guaranteed return savings vehicles.  Americans listened.  Wall Street and the IRS rejoiced.

In 1977 a high school coach convinced thousands of naive amateurs that they were financial advisors and taught them to strip every penny possible from secure whole life insurance policies and – you guessed it  – buy term insurance and invest [aka gamble] everything else in mutual funds.  Americans listened.  Wall Street and the IRS rejoiced.

A few years later one of the Wall Streeters invented a new kind of life insurance that took the money that whole life insurance saved in guaranteed accounts and moved it into accounts that were not guaranteed but that the Wall Streeter could profit from even if the policy owner didn’t.  These kinds of policies destroyed dozens of successful insurance companies and cost billions in  lost savings to American families.  Americans listened.  Wall Street and the IRS rejoiced.

In the ensuing decades Americans listened to advice to invest [aka gamble] in dotcoms, invest [aka gamble] our home equity in all sorts of schemes.  Americans were convinced that carrying debt equal to their investments [aka gambles] made some sort of sense.  Americans listened.  Wall Street, the IRS, and money lenders rejoiced.

BUNK – A THOUSAND TIMES OVER – BUNK!

“THE FACT THAT AN OPINION HAS BEEN WIDELY HELD DOESN’T MEAN THAT IT’S NOT UTTERLY ABSURD.” Bertrand Russell.

America has been listening to the wrong people for almost 40 years.  The results are apparent.  American families and the American government are bankrupt.

You and I can’t stop the Dolts in DC and the IRS from trying to convince us that they can handle our money better than we can, or the wonks on Wall Street from trying to sell us products that make them wealthy and us poor.

We can stop listening to them.  Please, stop listening to the wrong people.  Find old ways of creating wealth, preserving assets, and taking care of your families.

By Jeffrey Reeves MA – youBEthebank.com

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