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Why put a gadfly on your team? January 12, 2009

Posted by shaferfinancial in Finance.
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In the world of finance, most people either do what the big Wall Street companies, insurance companies, and banks want you to do, or do nothing.  Let’s take a look!  Here is a simple question to ask.  What is the purpose of these finance businesses, to create profit for their shareholders and large bonuses for their management, or to give you great advice?  It is probably best to keep that answer in your head at all times.  So with the idea of creating a profitable situation, these companies design products to sell to you, mutual funds, insurance, certificate of deposits, etc.  They hire some really smart folks who design these products with one thought in mind, can it create profits for our company?  Next, they hire some other really smart folks to market and sale this product.  Here they come up with advertising campaigns, psychologically attuned to push your emotional buttons to the point of you purchasing their product.  And they team up with other folks, like the government or other businesses, to encourage you to buy their products.  Then they hire an army of sales people to talk to you in terms of safety, risk, retirement income, protection, creating wealth, etc.  These sales people throw charts at you showing how much  money you could have if you only buy their product.   Many times they create the impression of wealth, seriousness, by bringing you into a really nice office, or by driving nice cars.  These sales people point to the large companies behind them that own large buildings, have a ton of money, etc.  All this is to create the impression that they know how to take care of your money for you, how to help you have a comfortable retirement, etc.

Now here is another question for you.  Who is getting rich from these products?  In order to cross over into the top 10% of net worth in this country you need to break $800,000.  The median (half above and half below) net worth is  less than $100,000.  The vast majority of people own at least one of these financial products, yet that is the result?  Now here is another fact, most of the retail sales people for financial products are not anywhere near the top 10% of net worth.

Is this system working for you?

It wasn’t working for me, so I designed another system for myself, from the ground up.  And even in these troubling financial times, it is working for me much better than the last system. 

But first, I had to become a financial gadfly.  A gadfly is described as a person who persistently annoys or provokes others with criticism, schemes, ideas, demands, requests, etc.  That’s me.  I know I am because occasionally I get a message (usually anonymous) disclosing their annoyance with me, or even better picking out one small part of all I have written and telling me I am a liar.  Not that I expect everybody to believe everything I write, but even if you don’t believe I can help you create a better wealth system, get your head out of the sand and start questioning.  You have to learn to become a gadfly!

And that sales person trying to sell you mutual funds, remember they are on the bottom of a very large system which produces incredible profits for itself, not for you.  Shouldn’t you have a system that produces profits for you?  Shouldn’t you be in charge of your money?

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