Take Back Your Money
Forbes.com contributor and veteran financial adviser John E. Girouard asks: "It's your money, but who controls it?" If you’re like most Americans, he says, the answer is everyone but you. It wasn’t always so. Until the 1970s, people who were planning for their golden years said they were saving for retirement, not investing for it. There’s a big difference and the Great Recession punished millions for forgetting that a bird in the hand–saving–is always worth more than two in the bush–investing. So what do we do now? How can we get back control of our money? How can we avoid the same trap next time, since history teaches us there will always be another next time?
The Ten Truths
Investment pioneer John E. Girouard exposes how the investment industry (Wall Street, mutual fund companies, banks with CDs, online trading houses, and so on) offer investors hope, but not much more. Misleading statistics and hidden conflicts of interest are common and help rob people of opportunities to create wealth and achieve financial independence, however one defines it. The solution, he shows, is to always invest in things you own, including old-fashioned participating whole life insurance. Girouard mathematically and entertainingly explodes a series of myths, proving, for example, that it can cost more to pay cash for a car than to finance it and invest the money elsewhere.
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