Young people and retirement

September 18, 2008

Here is the secrets to retirement your broker or banker won’t tell you.

1. Your broker job is to make money from commission, not to get you safely to retirement

2. Your banker wants to make money on the spread of interest rates, not promote your financial success.

3. You, alone are responsible for your money and no FDIC will protect you

4. FDIC does not protect you because it is backed by (not the government) but the fricking tax payers.  Anything this backed on the backs of hard working tax paying Americans comes at a cost (less health insurance, less credit liquidity, less money to buy goods and services, less education for our children, less healthcare for the mentally ill and elderly, a budget deficit, more taxes and fees and weaker dollar (Yep higher oil and stagflation) gotta love it.  Not to mention what is your rate of return on a FDIC product.  A whopping 3% on a CD backed by your and your children tax dollars.

5.  Your only hope for retirement is to be part of the upper middle class.  The group of people who have multiple investments (500K each spouse) plus in pensions or 401K, some form of passive income from commercial or residential property, on going business residuals (like insurance agents, Monavie, and other similar types of businesses) and a mortgage that is 80-90% paid off, and/or work way past 65+ like Ed McMahon.  People who depend on insurance products (like AIG type annuities), or stock market, or just real estate or lousy FDIC products for bailing them out on retirement need to get in the long line of people who count on government earmarks, the politicians, the bureacrats, the military, the lobbyists, the unions, the corporate bigs, the illegal immigrant population, the social security dependent baby boomers, the sick, the young and then guess what finally you.