The truth falls on its sword in the face of the Wall Street Hype Machine

Sometimes I go out into the internet world to see what others are saying and advising. It’s interesting that the Wall Street hype machine, regardless of what people really feel about Wall Street gets reiterated all over the net. Now that we are 5 years into a bull stock market, and last year we saw over 32% rise, everyone thinks they know how to become a millionaire retiree. Yep, just keep putting money into that 401K and you will retire wealthy.

Every CFP or whatever letters they have by their name, almost every newspaper or magazine finance writer, all the mutual fund companies, etc. are out in force telling people just to keep buying those mutual funds. And that is repeated as gospel by folks on the various websites. You can’t go wrong!

Yet, the studies don’t change that illuminate that people aren’t becoming millionaires with their 401ks. No, they are just putting money into their 401ks/mutual funds now that they are at a high value. Guarantee, that will reverse itself after we get a correction. Happens every time, when the stock market goes down, people start to sell [many because they need the money when they lose their job].

And Wall Street loves it all the way to the bank. Never mind those pesky Dalbar Studies, never mind the government studies, never mind that people are having to work longer because they have few, if any savings. No, just stay on the program. Don’t know if this is “Alice in Wonderland” or “The Wonderful Wizard of Oz,” but folks who believe in the impossible will pay the price.

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