For those familiar with the title this is not a review of the book by Bill Bonner of the same title (although I highly recommend you read it). This is about a day of financial reckoning for a lifetime of decisions that you have made financially. In other words, the day where you finally realize that all (or most) of the decisions you have made about money over the course of your life either worked or didn’t work.
The following appeared on April 28th in the online edition of the Wall Street Journal
If You’re Under 40, Don’t Bank on Social Security
If Plan A in your retirement scheme is Social Security, it’s time to start working on Plan B.
Based on reports last week from the folks responsible for the Medicare and Social Security Trust Funds, Americans—especially those under age 40—need to reconsider their retirement plans.
Watch as MSNBC host calls 401(k) plans a scam on her television show and breaks down the Wall Street lies and our crumbling retirement system. . .
This article appeared online at www.johncolanzi.com
Why I Don’t Invest In The Stock Market
by John Colanzi
I’m tired of hearing everyone from the President on down telling me to invest in the stock market.
If you want to help build America, invest in your business. This country was built by small business men and women.
I don’t invest in the stock market because it’s out of my control. I don’t determine how the company is run or where their profits are placed.
I have not written at length about the mutual fund scandal as of yet but this press release from 2009 I happened to come across and thought I would offer quick remarks. Having followed mutual funds for many years, I have come to the conclusion that most (not all) are simply a part of the scam I coin as “Wall Street Greed.” The media entices people to invest in mutual funds saying they are great vehicles because they offer professional management, built in diversification and convenience.
15 Reasons Why Your 401(k) May Be Your Riskiest Investment
By Garrett Gunderson, Author Killing Sacred Cows
Financial institutions are genius marketers. They are able to get millions of Americans to hand over their money with very little thought taken, very little knowledge of the so-called investments offered, and even less control of their investments.
When the evidence is plainly presented, it becomes overwhelmingly clear that putting money into 401(k)s and similar qualified plans is not investing at all — it is one of the riskiest gambles for most individuals. Read the following reasons why I say this, and ask yourself if it’s time to reconsider your 401(k).
The following is a transcript and video of a speech Michael Moore gave to workers in Wisconsin…definitely eye opening
America is not broke.
By Michael Moore – 3.5.2011
Contrary to what those in power would like you to believe so that you’ll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It’s just that it’s not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.
By TERESA GHILARDUCCI – New York Times – 7.21.2012
I WORK on retirement policy, so friends often want to talk about their own retirement plans and prospects. While I am happy to have these conversations, my friends usually walk away feeling worse — for good reason.
Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. The specter of downward mobility in retirement is a looming reality for both middle- and higher-income workers. Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.
Now that I have your attention, did you know there is actually a benefit to killing your spouse? Now of course I am speaking hypothetically but have you tried it? From a financial planning perspective it is wise to know what would happen to your life (financially) if you or your spouse ever died or suffered a disability. So take a moment and think about what life would be like if you, your spouse or both were no longer around.