Quote:
Originally Posted by GregWeld
Good info mike!!
Look up - Wesley C Rhodes if you want to read about what happens when you give the money to the "broker" without using a real brokerage! He might be in prison but my friends lost ALL their money!
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Oh man, that really sucks... How people could sign over their money I will never understand..
I watched American Greed last night and this guy had hedge funds putting in 100 million into the scheme... It broke the ponzi scheme's back trying to pay 20% payments on 100 Million.
The moral is, IF you need help, you must do your research, and you ALWAYS have a custodian(Schwab,Fidelity,ect..), who hold the money in YOUR name..
Never sign your money over to someone because they will spend it..
A Fiduciary is the way to go...
I have family that use Chase....WTF.....1.4% fees plus all the other fees, and ALL the Investments are Chase...Chase stocks, Chase Bonds,ect...
I try to tell them, but I have finally given up...At least they won't lose it all, but they are getting screwed..
Part of Investing is studying, and IF you need help, no sweat, just get the right help. Some people without help will read all these pages and they still won't do much because they are not sure.. You must get skin in the game or Inflation will eat your savings.
But always have the money set up in a TRUST in You and your Wife's name.. One , it is your money, and two, the Trust saves your Heir's when you die...