Over just a few decades, the Behemoths’ clever public relations firms and their ill-informed minions managed to move almost every dollar that belongs to you and every other American into either debt or equity over which you have no control. There’s just no room for savings in this scheme of things so the Behemoths sell you term insurance to keep you from putting your money in whole life insurance and local savings accounts where you control it.
As I have said on many other occasions, Behemoths—big government agencies like the IRS, Fannie and Freddie, big investment firms, mutual funds, and stock insurance companies, big insurance agencies like AARP posing as advocates, big unions, big community organizations like ACORN—have misled Americans about the how-to of creating wealth and managing personal finances. This is [...]
The financial principles that have made America’s economy and people the envy of the world are clear and simple.
In the Declaration of Independence:
“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are life, liberty and the pursuit [...]
Mystery…No. 5 Volume Is More Important Than Rate
Every major product in the financial services business - every type of mutual fund, annuity, variable insurance product, bank CD, treasury bill, note and bond - proudly trumpets its rates. If 2% is good then 5% is better. If 6% compounded is wonderful then 8% compounded is [...]
Mystery…No. 2 You Know Best What’s Right for You
The Debt Paradigm preaches that you cannot fully comprehend your own personal economy. It implies that the professionals who subscribe to the Debt Paradigm are in some way wiser, more knowledgeable about your situation, better informed about your needs, and perhaps even cuter than you.
BUNK!
You do not [...]
The Seven Mysteries - aka Wealth Builders
Moving from Bad Habits to Good Practices
Prologue
The difference between a habit and a practice is awareness.
If a habit relies on thoughtless performance, a practice relies on thoughtful performance. The behavior can be the same, e.g., locking the doors at night. Awareness makes the difference.
Conventional wisdom means that [...]
Myth…No. 6 - My Financial Advisor Knows
This may be the biggest myth of all. Some of my best friends and clients are financial planners and advisors. They perform a valuable service, especially those who are specialized and focused on one particular aspect of the market and have an open mind toward the processes that [...]
Myth No. 4 - I Have A Retirement Plan From Work
Myth: my company has a pension/profit sharing/401k/other plan that promises me a secure future income.
Reality: Enron, MCI, US West/Qwest, Mutual Benefit Life, United Airlines, and many other well known and superficially reputable and stable companies have defaulted on retirement plans in the past and many [...]
Seven Myths and Seven Mysteries of Personal Finance and Personal Economics
For the past half century, the hubris-laden financial industry has led Americans to believe that the individuals and organizations on Wall Street - renamed Dull Street by the author - and their minions on Main Street know more than we do about our personal finances [...]
America needs neither the terrifying tsunami of new programs overwhelming it from the White House nor the violent volcanic eruption of legislative magma and ash under which the Congress is burying us…can you say “DEBT?”
Some Americans voted for “change” during last years presidential sweepstakes - clearly a gamble. However, a very small but not inconsequential minority of far left politicians, union bosses at the [...]