Depending on Someone Else Financially
Those living off of social security are not the only ones letting someone else take care of them.
Many older Americans believed social security was going to be there for them and today many are losing benefits, and many more know they will never see a dime of the money they paid in for many many years. One would think that social security is safe to depend on, however, nowadays it seems to be a foolish thought.
Many of these same people who think it’s foolish to depend on social security hand their money over to a stranger, family member or friend who manages their money. These same people do not have a clue how the stock market works much less their mutual fund or 401k investments.
Regardless if we are not aware of what we are doing and just handing out money over to a money manager we are allowing someone else to take care of us. Hoping they will do their job and there will be money there for retirement. We put up the money; they make the decisions based on a low to moderate, maybe potentially risky questionnaire we fill out. They may call and visit with us if we have enough money or express interest in learning. If not, they do what they like because we have given them full control of our money.
The average American is not any better for being criticized for depending on the government to take care of them. It’s time to learn how money works and put some of our sweat equity into the future of our finances. It’s easy to blame someone else when things go wrong, a lot easier than learning it ourselves.
On May 18, 2015, the Supreme Court made it possible to sue the 401K plans for excessive fees. Fees are excessive in most accounts; this is why participants need to put in some financial sweat equity and start learning what is going on in there plan and stop depending on someone else to do this.
We are proven day in and day out with 401k participants who are not ready for retirement and pension plans that are broke all because money handed over and entrusted to those who have no stake in the game.
Start there for the answers, it was short to the point and written for you to understand. If you have read the book, take the next step and give me a call, there is no way you closed that book without questions.
Don’t depend on someone else to take care of your future; it’s yours, not theirs.