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Missed Fortune – Are You Frustrated with Bad Financial Advice?

Posted on | August 16, 2009

The government is spending.

If you’ve been reading the Wall Street Journal or USA Today in the last week or so you may have seen articles about the soaring federal deficit.  This administration will have quadrupled last years federal deficit by the end of 2009.

We’re probably going to hit about 1.8 trillion dollars on top of the current debt, which is 11.7 trillion.

In other words, that is $38,500 for every US citizen, whether they are old enough to pay taxes or not.  And the next years is anticipated to be about 1.3 trillion (This information is from the White House).

Recently we’ve had about 2,000 people call us after listening to Missed Fortune Radio.

Many of them have been frustrated with the financial advice they have been getting over the years.  Many of them have lost 30,40, or 50 percent of their savings, but instead of new solutions their advisors are telling them to stay the course.

Sometimes it seems financial advisors give advice that benefits them and their families more than you and your family.

Make sure and listen to the song we played on Missed Fortune Radio (It is funny and you’ll be glad you did)

Why I don’t own an IRA or 401(k) and never will.

If you are like many Americans, you may have seen a loss of 30%, 40%, and 50% in the value of your 401(k). I predict the worst hit is yet to come and it isn’t what you think.

Recovering from losses can be tough. Did you know if you lost 50%, you need to get a 100% return to get your money back?

That isn’t everything that we need to worry about either. The biggest loss you may ever incur is the day you start to pull out your money from these accounts. You’ll be in a higher tax bracket and future taxes will be higher than they are now.

I’ve always put my serious cash such as college savings, retirement, and home equity into investments that will accumulate money tax free. And then when I access that money it is tax free, including the gain.

When I die it also blossoms and transfers income tax free. I make sure this money is liquid, safe, and earns a competitive rate of return. I choose to put my cash into Maximum Funded Tax Advantaged (MFTA) Life Insurance.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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One Response to “Missed Fortune – Are You Frustrated with Bad Financial Advice?”

  1. Evolution of Wealth
    August 16th, 2009 @ 6:13 pm

    How many people do you think spend because they learn it from the government? I wrote a blog post titled “Who’s Your Role Model” http://evolutionofwealth.com/2009/06/24/who-is-your-role-model/
    We learn a lot from the people we look up to or believe it. Unfortunately, we can pick up bad habits just as easy as the good ones.

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