By Zach Scheidt
This post I Got Robbed Last Week… And You Could Be Getting Robbed Right Now appeared first on Daily Reckoning.
I got robbed last week.
No, it wasn’t a violent crime and I was never in danger.
But they took something that meant a lot to me!
I traveled for work last week and parked my car at the airport. The Saturday before I left, I got a chance to play golf with my brothers and my clubs were still in the car. Unfortunately, when I got back from my trip, the clubs were gone.
Now, in the broad scheme of things, golf clubs aren’t that big of a deal. They can be replaced.
But one club in particular was special. It was a customized putter my little brother gave me for my 40th birthday. I can’t just “buy another one” when it comes to that gift.
The worst part about the whole situation was that I didn’t even know I had been robbed at first!
No Report, No Crime, No Claim…
It wasn’t until the day after I got home that I realized my clubs were missing. I don’t usually leave them in my car, so when my flight landed and I drove home, I wasn’t really expecting to see them in the back.
But the next day, I had a conversation with my brother and suddenly realized that I hadn’t unpacked my clubs!
Of course I hadn’t filed a police report at the airport…
Which meant there was no crime on record. And my insurance company told me it would be really tough to file a claim without one.
Now I’m frustrated…
Something important has been taken from me. I have to tell my brother that I can’t go golfing with him until I replace my clubs. And I feel bad for not taking care of the special gift he gave me.
But as disappointing as my situation is, it’s nothing compared to the frustration that many seniors have when they find out they’ve been robbed out of a stable retirement.
And just like me, most retirees have no idea they’re even missing something! (Not until they run out of income that could have been theirs if it hadn’t been stolen from them.)
That’s why I’ve made it my mission to help you build your wealth strategically, and keep from getting ripped off by the Wall Street swindlers who can take from you without you even knowing.
Two Big Ways Investors Get Robbed
Are you getting robbed by Wall Street?
If so, you probably don’t know it. Because just like the guys who took my golf clubs, the Wall Street thieves don’t leave much of a trail.
Most brokers and financial advisors are ripping Americans off in one of two ways. (And in many cases, both of these two ways!)
The first is by charging outlandish fees — fees that are totally unnecessary and ridiculous compared to the amount of work they’re actually putting in to “help” you.
Financial advisors typically charge you a percentage of the money you trust them to invest. And that percentage rate gets taken out of your account every year — over and over again.
But what are you really paying them to do?
I’ll tell you. You’re not getting personal investment service. That’s for sure! Instead, these “advisors” invest your money according to a “model” that they’ve already come up with.
It’s essentially a “one size fits all” type approach — or maybe they have 2 or 3 sizes — and a computer simply automatically buys the stocks in their model. Your advisor only has to press a button!
And for that lack of service, you could wind up paying an advisor tens of thousands (if not more) over the course of your retirement. That’s nothing short of highway robbery!
Another way that Wall Street steals from you is to put you in funds, annuities or other financial products that really don’t meet your needs. Maybe they’re too conservative, or maybe they’re too risky.
Basically, they don’t help you make the most of your retirement. But they DO help the brokers make the most of your fees as their clients. Some of these products have big EXTRA fees that steal more money that you actually need to retire.
Fight Back By Taking Control
The bad thing about being robbed by Wall Street is that you can’t usually see it happening.
But the good thing is that you can protect yourself!
If you take matters into your own hands, fire the crooks that mismanage your money and invest your own retirement funds. You can do a great job for yourself and you’ll save all of those fees you would be paying your Wall Street crook — er, advisor!
Best of all, I’ll be around to help point out the best market opportunities that I’m seeing. And with corporations growing profits and the market moving to new highs, there are plenty of those opportunities available.
One of the best ways to keep up with those opportunities is to follow me on Twitter. (Just click on that link and then click “follow” on my Twitter page). From there, you’ll be able to see my thoughts on the market, specific areas that I’m watching, and even strategic thoughts on how you can grow your retirement.
I hope I find that putter my brother gave me when the thief lists it on Craigslist. But much more importantly, I hope you get your assets away from traditional Wall Street managers and keep more of what rightfully belongs to you.
Here’s to growing and protecting your wealth!
Zach Scheidt
Editor, The Daily Edge
Twitter ❘ Facebook ❘ Email
The post I Got Robbed Last Week… And You Could Be Getting Robbed Right Now appeared first on Daily Reckoning.
From:: Daily Reckoning