subject: The Traditional Financial Industry Has Screwed Us Long Enough! [print this page] The Traditional Financial Industry Has Screwed Us Long Enough!
Let's rant. Let's talk about the traditional financial industry. Because I see a big problem that's been going on for the past 100 years or so. And there's no signs of it letting up anytime soon.
Let me ask you a question, why are most familiesunder-insured? Why are biginstitutionsprofiting in the billions while we're in the worst recession in decades? Why do banks hit record profits when most people lose their homes?
I have nothing against the institution making their buck, it's a capitalist economy. But shouldn't we be getting apieceof the pie also?
Folks, the financial industry is screwing us! It's gone on for too long, it's time we educated ourselves and stopped going to mom and dad for advice on finances. It's time we stopped continuing a losing tradition. It's time we stopped thinking of the American Dream as either making a record in Hollywood or getting a mortgage and 3 kids at a young age, that we cant afford. It's time we quit doing what's always been done. It's time to break the rules, like rock 'n roll broke the rules, like McDonalds broke the rules, like success breaks the rules time and time again.
Products like mortgages and GICs...when will we learn that they're all just a waste of time and money? When will we quit taking advice from the financialinstitutionsand start making our owndecisions? When will we stop pretending that 2% ROR is high and startrealizingthat they're loaning it back to us at 18% anyways in the form of credit? When will we learn to add and subtract, and stop blindly hoping that we're going to retire without planning for it? Why does retirement sound so good, and yet most seniors are struggling?
Most families are not financially prepared to deal with a death. Having some group work life policies, an RRSP and few dollars of savings isn't preparation. Hopping that your policies will cover any expenses at death, is sloppiness. Not thinking about what could happen because you're afraid to think of your own death, is cowardice.Let me ask you a question, if you were to die today would your family have enough to get by?Most people are 3 months away or less from bankruptcy as it is, what happens when the next paycheck doesn't come in and the provider no longer exists? Does the house get sold, does you spouse have enough time to get another job, CAN your spouse get a job? This is something you need to get right, and something you need to think about today, not 30 years from now.
We need to be told how much life insurance we need because most of us have no clue how to find that out. We don't need an insurance salesperson selling us a policy, just to find out that on death there's not enough to take care of everything. We need someone who canrelieveus of our ignorance and give it to us straight. We needpeoplewho are there to help us out, not solely themselves. And last but not least we need advisors who will talk to the "little people." We're sick of institutions that turn us away because we don't meet their personal income standards. Most of us don't have $100k cash layingaround to invest, we need someone who will show us how to get started on our wealth plan.
There's something wrong with the picture. Now days, we save less then we did 20 years ago. We spend 140% of our earnings and wallow in debt, debt that will take too many years to pay off, and seems to be growing monthly.
We want to be free of financial burdens, we want to breathe easy. So far, the traditional financial industry hasn't helped the common man do that. Their job isn't to make you breathe easy, their job is bigger profits. If you're wealthy already, they'll help you. The problem is, most of us aren't wealthy and, for most, a way of getting there is slim, unless we educate ourselves.
It's time this has stopped. Lots of us get mad at banks and financial institutions, but really, who should we get mad at? We should be mad at ourselves for letting this go on so long. We need to take charge of our own money, our own time and quit blaming everyone else butourselveswhen it gets time to pass the blame. Get educated on your money. Learn how to prepare, learn how to get out of debt and so on. Read books, articles and have conversations with people who can offerknowledge. Have conversations with your spouse aboutcautionsthat should be taken should you or the provider die. Too many families sufferunnecessarypain because of the lack of education, planning and preparation--a lack of attention and priority setting in general.
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