VIDEO ON MSN MONEY
This article brings up some good points but if you don't feel like reading it all please check out my youtube video series if you're at all interested. Don't listen to the "get rich overnight with penny stocks using my amazing stock market system!!" guys and don't listen to the "the stock market is rigged and you will lose all your money trust me I know because it happened to me!!" guys. Neither extreme is always the case.
Investing is a long term thing and it can be easy. My videos are free (obviously, it's youtube) and I'm not looking for any clients, email addresses or phone numbers. The link is below. Thanks for reading.
MSN just posted this piece over the weekend. Now it is back, with all the comments deleted. Sweet.
Want to know how to avoid a pension disaster? Don't give your money to anybody. Whether it is the government, these fool idiot money speculators on Wall Street, or the professional money grabbers in companies like Fidelity. Eventually, they will come to believe that your money is their money, and that will be that.
Just look at the blind trust your tax dollars were supposed to go into with Social Security. Broke and busted. All those 401Ks that lost 40- to 50-percent of their value during the Crash of 2008. And the falling value of all that money held in those negative interest rate savings accounts thanks to ZIRP.
The worst mistake you can make with a pension is believing all this crap about how you will ever have a retirement.
If you want REAL news without the lies. If you want the truth of what is REALLY going on in our great country. Do not come to MSN! They are deceivers. Want the TRUTH? Go to Fox news and Townhall.
MSN is pure garbage!!
I was fit to be tied, not only did she get the half that really shouldn't have been hers but she stole the other half while I was going to get a lawyer to get the other half back.
Here we go again! This tripe is getting real old. Knowing your choices for investments in a company 401k does absolutely nothing for you. You are still hamstrung and forced to invest in a bunch of funds that are not making any profit. When they do make a profit it is quickly eaten up by the fees. Speaking of fees, there you go. Again, there is no choice in a company 401k. You are going to pay fees regardless. I would really like to hear from any readers of this article. Are any of you making 10 to 15 percent??? The market is killing all of us small investors. It always will because it only exist for the big investors who can actually ride out any bumps and not lose all of their investment! The only ones making money in the market are brokers and large scale investors! What BS this is!
Then in late 2009 I lost my 30-year career due to declining eyesight, and at the same time, my employer's broker went under, and our funds were taken over by a different broker which did not offer the money market safety fund.
Then in the summer of 2010 with the Greek economy allegedly dragging our economy down, with my income only 60% of what it was in 2007, and having trouble making ends meet, I decided to liquidate my 401K even though I had to pay a penalty, as I just needed the funds and was really tired of seeing the value that it had taken 10 years to build collapse due to events completely outside of my control. I suppose that I could have filed bankruptcy but I tried and managed to avoid it. Perhaps I should have applied for a bailout instead?
I am still not certain that I did the right thing, but prices keep rising and my income hasn't. Just since 2008 the price of a certain brand of cottage cheese here has risen from $4.79 to $7.29 for a 48-ounce tub, the price of choice ribeye steak has risen from $6.99/lb to $11.99, my utility bills have more than doubled, and the cost of my health insurance was up by about half since 2008 before the ACA dropped my cost by 22%. At least my wife and I were able to hold onto our house which only has 12 years left to go on the mortgage as rents locally have been skyrocketing too.
At this point our retirement is largely our home equity, some precious metals that I had accumulated over many years, though which I have already been forced to dump half of what I once had, a $20K trust fund that my stepdad left my sisters and I, and in just another 5 years I'll be old-enough to collect my Social Security if I don't go legally blind before that. I am only 57.
One more thing that I would like to point-out about a 401K. If you die, your survivors will be forced to liquidate your account and they will be forced to pay whatever the tax rate is on the entire lump sum. When my dad died he had over $200K in his 401K, and even though all of his survivors would have paid lower tax rates we were charged the full income tax rate on the lump sum, which was much higher than our own incomes individually.
What a great idea a 401K is! You get to "invest" your retirement savings in a rigged game making brokers and robber barons rich, with zero guarantee that the value of your "investment" won't tank overnight, and if you really need your own money badly before retirement, you will have to pay a substantial early withdrawal penalty too. Worse yet, today with QE Infinity still ongoing your money is worth less every day, and if you die early your survivors get reamed paying the highest possible income tax rate on your entire life's savings too. I have a better idea! Don't buy a 401K. Let the big boys of Wall Street lose their own money instead!!!
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[BRIEFING.COM] The stock market finished the Thursday session on a higher note with the S&P 500 climbing 0.5%. The benchmark index registered an early high within the first 90 minutes and inched to a new session best during the final hour of the action.
Equities rallied out of the gate with the financial sector (+1.1%) providing noteworthy support for the second day in a row. The growth-oriented sector extended its September gain to 1.9% versus a more modest uptick of 0.4% for the ... More
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