{"id":18597,"date":"2021-09-10T12:32:26","date_gmt":"2021-09-10T16:32:26","guid":{"rendered":"http:\/\/privacyfight.io\/?p=18597"},"modified":"2023-06-26T05:40:24","modified_gmt":"2023-06-26T09:40:24","slug":"u48-bashing-the-ira-401k-etc-2","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u48-bashing-the-ira-401k-etc-2\/","title":{"rendered":"U48 &#8211; Bashing the IRA, 401K ETC"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18597\" class=\"elementor elementor-18597\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5726b66 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5726b66\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-04082f0\" data-id=\"04082f0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d88281 elementor-widget elementor-widget-text-editor\" data-id=\"5d88281\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"vidseo_wrapper\" style=\"width: 100%;\">\r\n\r\n    \r\n    \r\n        <div class=\"vidseo_vimeo\">\r\n\r\n            <iframe title=\"vimeo-player\" src=\"https:\/\/player.vimeo.com\/video\/727837631\/?\" width=\"100%\" frameborder=\"0\" allowfullscreen><\/iframe>\r\n\r\n        <\/div>\r\n\r\n    \r\n    \r\n    <div class=\"vidseo_collapse\" style=\"\">\r\n        <div class=\"vidseo_btn\" style=\"\">\r\n            U48 &#8211; Bashing the IRA, 401K ETC\r\n0:02\r\nI\u2019ve talked to a lot of people over the years and I tried to be neutral many times.\r\n0:06\r\nAnd if I\u2019m not, I explained that I\u2019m not, so there are times when I talk about the individual retirement account type situations, IRAs, 401 K S, things like that.\r\n&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U48 &#8211; Bashing the IRA, 401K ETC<br \/>\n0:02<br \/>\nI\u2019ve talked to a lot of people over the years and I tried to be neutral many times.<br \/>\n0:06<br \/>\nAnd if I\u2019m not, I explained that I\u2019m not, so there are times when I talk about the individual retirement account type situations, IRAs, 401 K S, things like that.<br \/>\n0:18<br \/>\nAnd I\u2019m doing this video because I\u2019m really intending to to bash these things. All right, and I don\u2019t, I\u2019m doing this separately, so I\u2019m not talking to someone individually.<br \/>\n0:27<br \/>\nI\u2019m just gonna give you my opinion on these types of investment accounts.<br \/>\n0:32<br \/>\nUm, and so I\u2019m gonna continue in my one-on-one consultations.<br \/>\n0:36<br \/>\nI\u2019m still going to try to tell you that I\u2019m biased, but I want to try to honor the purpose for which you decided to put your money aside in an IRA or a 401 K?<br \/>\n0:47<br \/>\nBecause you\u2019ve probably had some pretty good plans, and most of the time, I tell people, stick with your plan, unless you\u2019re too young or OK.<br \/>\n0:55<br \/>\nSo, that means if you have so many years, I don\u2019t know how many that would be for you. It could be 10 years could be 15 years before you\u2019re going to retire.<br \/>\n1:04<br \/>\nYou may want to consider not putting, you know, committing so much to an IRA, and I think those days are coming to a close, but just let\u2019s assume they\u2019re not for the sake of this conversation here.<br \/>\n1:15<br \/>\nBut, generally speaking, an IRA is a trick, It\u2019s a trick, an individual retirement account, is not, I mean, I know the word investment is associated with the IRA, the 400 K when I say IRA, I mean all of them for one, K, all these 4, 3, B, whatever.<br \/>\n1:33<br \/>\nIf someone else is making decisions about where that, that money, that you, that came from you? That came from your labor?<br \/>\n1:41<br \/>\nThat came from your idea, OK? If someone else is making decisions about where to re-invest or invest or manage or how to manage that money, then it\u2019s not really yours.<br \/>\n1:48<br \/>\nIt\u2019s not your investment. It\u2019s someone else\u2019s investment. Someone else is making those decisions based on whatever criteria. And chances are, it\u2019s going to be for his or her own interests or the interests of an another institution. Not your family\u2019s OK, that\u2019s the, that\u2019s the first thing.<br \/>\n2:01<br \/>\nBut if you make a decision to set aside cash, you\u2019re saving cash. You\u2019re setting it aside in an economy that you\u2019ve seen for the last, the last 40, or 50 or 60 years. You\u2019ve witnessed this now.<br \/>\n2:12<br \/>\nIf you\u2019re 30 years old, you can you have a chance to go back and look in in the seventies and sixties, through history, you can see what\u2019s happened in 60 years. I don\u2019t care for 30, You can still see what\u2019s going on for the last 60 years.<br \/>\n2:24<br \/>\nSo the IRA is this concept that you can put money aside and save it for retirement.<br \/>\n2:33<br \/>\nYour assumes you\u2019re gonna get a certain return on the money, and you just have to know that.<br \/>\n2:40<br \/>\nI mean, you can go look and check the numbers yourself, but you\u2019re pretty much getting negative return. You\u2019re pretty much giving money away.<br \/>\n2:45<br \/>\nNot only that, You\u2019re missing opportunities. So, for example, if if you\u2019re gonna get, let\u2019s say you\u2019re gonna get 12% of a year, which is outrageous. No, one\u2019s getting 12% a year on an IRA, I don\u2019t think correct me if I\u2019m wrong.<br \/>\n3:00<br \/>\nUm, that\u2019s nothing compared to what you could get on your own, including making mistakes.<br \/>\n3:06<br \/>\nI can tell you, my friends can tell you, that we could take 10 grand, 50 grand, and we can put it somewhere.<br \/>\n3:14<br \/>\nWe\u2019ve done this before, we, we\u2019ve lost it, OK, and then, we go and figure out how to get another 50 grand, or 25 grand, and we put that somewhere else, and we make a million bucks out of it.<br \/>\n3:23<br \/>\nOr, we make 500,000 out of it, and we do that again, and we keep doing that again, and you have all these chances to keep doing this, and so you just have to use traditional principles, alright? Don\u2019t invest the rent money, right? Use other people\u2019s money.<br \/>\n3:39<br \/>\nUse other people\u2019s resources, joint ventures, you know, these are traditional principles that you\u2019ll want to follow, and it\u2019s exciting, and yeah, it takes them learning. And it\u2019s, sometimes you lose sleep over it. Especially when you\u2019re new at it. You know, you think the world is over.<br \/>\n3:56<br \/>\nIf you, if you lost money, then, maybe hopefully in a few months, you look back and you decided that that was your tuition, all right, that\u2019s what we call it. If you lose money in something that\u2019s your tuition, but I would much rather have the freedom of using my own money.<br \/>\n4:11<br \/>\nAnd I think most entrepreneurs, and people who become investors would want the freedom of using their own money and not solely for the purpose of putting their money aside For a tax benefit way, way, way down the road.<br \/>\n4:22<br \/>\nWho knows if you\u2019re gonna live that long, right?<br \/>\n4:24<br \/>\nSo, it\u2019s just, it\u2019s a trick.<br \/>\n4:26<br \/>\nIt\u2019s a way to get you to have less cash, set it aside, and keep it out of play, right?<br \/>\n4:36<br \/>\nNot only are you keeping it out at play, but the people behind the IRA scheme, as I call it, are using your money for their own purposes.<br \/>\n4:46<br \/>\nWhere you are thinking, you\u2019re told, this is for your retirement. This is a responsible thing to do. My dad would say, that is the responsible thing to do. Put money aside for your retirement.<br \/>\n4:56<br \/>\nAnd I remember in, gosh, I think I was, I think it was 20 years old, and I had this job, as it tell it, credit, and it was a Division of Equifax. I think it ultimately became, but anyways, it was kind of like a risk management insurance type industry.<br \/>\n5:12<br \/>\nAnd I was promoted, and I went to the orientation for all the new full-time employees, and I was the youngest guy in the room with Alzheimer\u2019s like 20 I think everyone\u2019s like 35 or something like that and there\u2019s like eight of us and we\u2019re being told about all these different things we can get into like life insurance and IRAs and all this stuff, and even then, I didn\u2019t even have a clue back then. But I just knew, I\u2019m not going to let these tools use my money for anything. I don\u2019t care what you promised me. I would rather give my whole check, and it\u2019s I\u2019ll just barely let you take out Social Security. I didn\u2019t know how to, you know, get out get around that back, then.<br \/>\n5:44<br \/>\nAnd I remember after the meeting, I felt really out of place at the meeting because I was I kept being presented with these contracts. The sign-up sign here, sign here. And they were sending all these documents out on this big boardroom table. And I would just not do, I would just read them, and I go, yeah, I\u2019m not going to do that.<br \/>\n6:00<br \/>\nAnd when the person conducting the orientation realized I was participating, like everyone else was, she started focusing on me and asking me, Hey, are you sure? John? Don\u2019t you want to you know, consider this? It\u2019s going to be a good thing, And I was like, no, thanks, I\u2019m fine. I just want to get my paycheck, and I could decide what to do from there.<br \/>\n6:19<br \/>\nI\u2019ll figure it out, and I went back, I remember it was like a four hour orientation.<br \/>\n6:23<br \/>\nI went back to my, um, my area and my boss called me in her office.<br \/>\n6:28<br \/>\nAnd, apparently, the person doing the orientation had called her now. My boss is great. I love her. She just did a great job, she\u2019s one of my favorite people to work with, and so, I really respected her. So, she called me in the office.<br \/>\n6:38<br \/>\nAnd she said, You know, Joan, these things are for, you know, she was 20 years older than me, too, and so she\u2019s trying to tell me, just like. my parents would tell me. You know, Do these things and sign up for this life insurance and all this, which, I\u2019m not saying, life, interest is a bad thing but when you\u2019re 20, You\u2019re invincible right. So, what who cares about life insurance. When you have no dependents or anything like that? So as she tried to get me into it too, and she meant, well, she meant well, but I never did that. So, I just remember that. And I, you know, since then, I\u2019ve never really gotten into the stock market. I never have actually gotten to the stock market ever bought stock. I feel like that\u2019s gambling always did. I always knew there was something wrong with it. Now, don\u2019t get me wrong. People have made lots of money in the stock market, and you can certainly make lots of money in the stock market. It just takes a certain knowledge base.<br \/>\n7:16<br \/>\nFor me, for myself, I would just rather develop a knowledge base that I found more challenging and interesting, which involves joint venturing, taking my cash or trying to get someone else to use his cash for my idea. And just, it\u2019s a lot of fun. I mean, use my cash for someone else\u2019s idea. Joint venture. Take my knowledge base to a contract. You know, I\u2019ve just found that to be a lot more rewarding over the years. So back to bashing IRAs. Again, an IRA is someone else\u2019s investment. Your funding, it, that does not make you the investor. Whoever decides what is being purchased with the IRAs is the investor.<br \/>\n7:55<br \/>\nUsually it\u2019s an institution, OK, these evil ones, you\u2019ve been even lighting all these years. You\u2019ve been not logging, I should say, used to be. You\u2019d be criticizing all these years OK for causing the financial collapse or witnessing right now. These are the creatures that have been using your IRA money.<br \/>\n8:13<br \/>\nThe IRA Pension Fund idea, that\u2019s worldwide, OK.<br \/>\n8:17<br \/>\nAnd it\u2019s similar in all the countries So let me just point something out to you.<br \/>\n8:24<br \/>\nYou guys talked about the mortgage foreclosure crisis.<br \/>\n8:27<br \/>\nWe\u2019ve had a series of those, there was a big one I think it was in 2008, 2009.<br \/>\n8:35<br \/>\nWhat\u2019s behind that?<br \/>\n8:37<br \/>\nWell, what do you have? Here are the players.<br \/>\n8:39<br \/>\nYou have pension funds, the largest collections of people\u2019s wealth. Let\u2019s call it cash, billions and billions of dollars, hundreds of billions of dollars.<br \/>\n8:48<br \/>\nThat\u2019s being set aside by consumers that work, that they are productive, it\u2019s being set aside all over the world in different countries for those individuals\u2019 retirement.<br \/>\n8:59<br \/>\nWell, it\u2019s being parked so that they don\u2019t get to use it.<br \/>\n9:02<br \/>\nBut the bankers are using it because the bankers tricked everyone into setting aside their money for an investment that\u2019s not an investment for a tax benefit that might come 40 years from now maybe.<br \/>\n9:16<br \/>\nSo, if you\u2019re a pension fund manager, that\u2019s managing $27 billion or one point five billion dollars, you\u2019re a prospect for investing in funds that are making money, right?<br \/>\n9:30<br \/>\nYou\u2019re the fund manager, let\u2019s say, or your firm is the fund manager for all these pension funds, IRAs, whatever they call them in Ireland and England. I don\u2019t know, they have all these different IRA type, you know, retirement accounts.<br \/>\n9:42<br \/>\nSo, someone is managing those funds.<br \/>\n9:44<br \/>\nAnd that someone is accountable, and he has to make decisions about where to spend that money. He has to take those pension fund, that pension fund account, that money, and he has to allocate it into assets.<br \/>\n9:55<br \/>\nWell, if an organization, let\u2019s say Wall Street over there and America, is creating has created a return on investment that\u2019s higher, gives more yield than most other investments as a pension fund manager in the United States and other countries. It behooves you to take your pension money and put it in that fund.<br \/>\n10:21<br \/>\nBecause if you don\u2019t, you might get fired.<br \/>\n10:25<br \/>\nMakes sense, right?<br \/>\n10:26<br \/>\nSo, Wall Street sets all this up, creates this world where in which pension fund managers around the world have to get into it well, in order for Wall Street to get other governments to let Wall Street offers securities offers come into those countries. Those governments have to approve it. Well, What\u2019s in it for those governments to approve it? Well, they got tax money, all this stuff, right?<br \/>\n10:51<br \/>\nWell, the other part of it is that if governments are going to let a foreign government business organization come into in a highly regulated financial market, let them come into their country.<br \/>\n11:02<br \/>\nThey\u2019re going to say, well, if you\u2019re going to let you come in here and get a piece of the action here, you\u2019re going to make good on it.<br \/>\n11:10<br \/>\nYou are going to pay, if we\u2019re gonna let you do that, oh, and by the way, we want a piece of the action, which they get, right.<br \/>\n11:17<br \/>\nSo, the Wall Street funds are sold two foreign pension funds.<br \/>\n11:24<br \/>\nSo, the foreign pension funds buy into the Wall Street funds, they have to mortgage backed securities, asset backed securities, they have to, your IRA has two.<br \/>\n11:33<br \/>\nThis is, I\u2019m talking from the, really, from the seventies, but seventies, eighties, nineties, 2000 up to 2010 or so, start changing.<br \/>\n11:42<br \/>\nSo now you\u2019re in there, right?<br \/>\n11:44<br \/>\nSo now what\u2019s all this money is, all these pension funds are invested in this fake market, mortgage backed securities, or whatever, this consumer stuff.<br \/>\n11:53<br \/>\nConsumer debt really, um, it can be stolen, poof.<br \/>\n11:59<br \/>\nAs it has happened so many times, right?<br \/>\n12:02<br \/>\nThis is what they did.<br \/>\n12:04<br \/>\nThe mortgages.<br \/>\n12:06<br \/>\nWe\u2019re used to steal pools of money where they couldn\u2019t have done it without the pools of money.<br \/>\n12:10<br \/>\nYou have to promise somebody something that he thinks is valuable before he\u2019ll make that financial decision, right, Which they did retirement.<br \/>\n12:18<br \/>\nYeah, it\u2019s the right thing to do, and this thing will get you\u2019ll get out of it.<br \/>\n12:22<br \/>\nAnd so, you will then put your money aside, then that money can then be accessed by the people, the same people. That sold you on the idea of putting your money aside. You see how this works?<br \/>\n12:32<br \/>\nSo you take your money out of play, the evil people that convince you of doing that, are playing with your money.<br \/>\n12:38<br \/>\nAnd, yeah, they\u2019re going to steal it.<br \/>\n12:41<br \/>\nSo, the IRA, it\u2019s just a mechanism that was part of the mortgage backed Security scam, crisis, whatever you wanna call it.<br \/>\n12:51<br \/>\nThere\u2019s another segment of the market called Asset backed Security. You guys can look this up, asset backed security, basically, is consumer debt.<br \/>\n12:57<br \/>\nMortgage backed securities is a specific kind of consumer debt which is secured, secured debt, and so, in order for Wall Street to promise this, yeah, we\u2019ll make good on it.<br \/>\n13:08<br \/>\nThey had to make arrangements with our court system here in the United States, and I\u2019m not talking about other countries.<br \/>\n13:12<br \/>\nI\u2019m just saying, as it turns out here, the mortgages, the instruments, themselves, are fraudulent, the whole market is, it\u2019s all fake, There\u2019s no money out there.<br \/>\n13:25<br \/>\nThere\u2019s just labor, there\u2019s just people that actually work in the real world, and so, we can speculate on that. In order to do that, we have to create all these documents, which is what the game was bought. To make good on it, you actually have to take the property. so when you when you rob the pension fund, or when you you create an economic situation, that causes the foreclosures that\u2019s in fact, that\u2019s what happened.<br \/>\n13:43<br \/>\nThey created a market situation, the bankers, creating economic situations that cause foreclosures, OK?<br \/>\n13:52<br \/>\nThe courts have to be on board with this, and the courts have to agree to, uh, honor, the mortgage instrument, whether it\u2019s fake or not, whether it can be proven, valid, or not, they are going to allow the mortgage holder, whoever claims to be the lender.<br \/>\n14:12<br \/>\nThey\u2019re going to allow him to foreclose no matter what.<br \/>\n14:15<br \/>\nAnd I can tell you firsthand, I\u2019ve had cases where we caught them.<br \/>\n14:18<br \/>\nWe caught red handed and they just ignored us and went on and took the house.<br \/>\n14:25<br \/>\nSo this is me bashing, IRAs.<br \/>\n14:28<br \/>\nIRAs are a way to make consumers chumps so that the other evenness that we all like to criticize can be carried out.<br \/>\n14:38<br \/>\nSo we\u2019re criticizing something that we\u2019re participating in.<br \/>\n14:41<br \/>\nThat\u2019s what your IRA is doing.<br \/>\n14:46<br \/>\nUm, yeah, so let\u2019s see.<br \/>\n14:50<br \/>\nThe time value of money.<br \/>\n14:52<br \/>\nIf you just set aside money, and this is what I figured when I was 20, I didn\u2019t know exactly how I was going to do this.<br \/>\n14:58<br \/>\nBut I figured, If I\u2019m, if I would normally contribute $150 a month, let\u2019s say, to some of these funds, and I paid myself $150 a month, I think I could make a lot more money than the fund could ever promised me or ever even come out to be, right? I just thinks, I just thought that. And I did, It actually worked out that way. I didn\u2019t have any plans.<br \/>\n15:17<br \/>\nI just figured, well, OK, maybe it might take me some work. Or whatever, some new learning and I\u2019ll figure it out. So, I kinda did that, and I really, to this day, I believe that you can make a lot of money. Like, you could pick a 10 year period.<br \/>\n15:30<br \/>\nLet\u2019s say you just goof around here at 35. You don\u2019t even take finances, seriously. And then, when you\u2019re 35, you say, OK, I\u2019ve learned enough, I\u2019ve looked around, I have some experience here.<br \/>\n15:38<br \/>\nI know some people, I\u2019m going to start trying to build something and my goal is to create a cash flow for myself that equals cash flow that triples what I need to live on.<br \/>\n15:50<br \/>\nThis is very easy to do.<br \/>\n15:52<br \/>\nLet\u2019s say I need $4000 a month to live on.<br \/>\n15:55<br \/>\nI can easily create $12,000 a month with the same effort, as it takes me to get $4000.<br \/>\n16:03<br \/>\nDoes that appeal to you over saving money for a whole career lifetime, Just to get a tax break in a pension fund that someone else\u2019s You\u2019re the chomp, and someone else is using your money for whatever crimes they want to commit.<br \/>\n16:16<br \/>\nJust because you lack knowledge, well, you lack knowledge about the IRA.<br \/>\n16:20<br \/>\nBut you went in that direction. You don\u2019t know what the sinister underbelly is of the IRA industry or whatever. But you went into it? You, you bought into it, right?<br \/>\n16:29<br \/>\nWell, I didn\u2019t know, I didn\u2019t know anything about being doing joint ventures and being an entrepreneur.<br \/>\n16:35<br \/>\nNow, I do, and it wasn\u2019t until I was in my thirties that I started making the money I want, you know, so, uh, here\u2019s a couple of rules to follow.<br \/>\n16:45<br \/>\nDon\u2019t make decisions, financial decisions, for the sole benefit of a tax, a tax break.<br \/>\n16:51<br \/>\nGenerally, that\u2019s not a good idea. I mean, you gotta run into problems.<br \/>\n16:57<br \/>\nIf there\u2019s something that you can get a tax benefit from in the matter of doing some other deal, by all means, do it and give it the tax break.<br \/>\n17:08<br \/>\nJust the same, If there\u2019s a way to get a higher return on capital or do some venture and make money with your money or make your money work for you. And it costs you in taxes.<br \/>\n17:19<br \/>\nDo it anyways because your ultimate goal, your priority, should be a return on capital, not avoiding taxes, it\u2019s just like this example.<br \/>\n17:27<br \/>\nIf I\u2019m going to start a business somewhere, let\u2019s say I want to, let\u2019s say I wanna open a donut shop.<br \/>\n17:32<br \/>\nI\u2019m not going to have a conversation with my investors and my suppliers, and my employees, and say, OK, guys, I\u2019m opening a donut shop, and our first objective is to reduce expenses.<br \/>\n17:43<br \/>\nThat\u2019s ludicrous.<br \/>\n17:47<br \/>\nYou understand that?<br \/>\n17:48<br \/>\nSo a business or an investment, is to make money return on capital.<br \/>\n17:55<br \/>\nIf I can have a tax break fine, But that\u2019s by this, by the way, if I can do that.<br \/>\n18:03<br \/>\nAll right, So, there are a couple exceptions.<br \/>\n18:07<br \/>\nI like to respect the decision that you made to get the IRA because, you know, you had a family discussion and probably, or there was a good reason.<br \/>\n18:16<br \/>\nThere\u2019s nothing wrong with that.<br \/>\n18:17<br \/>\nBut just know that you\u2019re missing opportunities. The longer you keep money set aside for a tax benefit, which is years down the road, you\u2019re missing many, many opportunities, but maybe that doesn\u2019t matter If your net worth is so high.<br \/>\n18:29<br \/>\nMaybe your net worth is so high.<br \/>\n18:31<br \/>\nMaybe you\u2019re been putting money aside, but you\u2019ve been also smart about being an entrepreneur, maybe you invested in some real estate, maybe did these other things, right. So no problem.<br \/>\n18:41<br \/>\nYou\u2019re gonna not even not even gonna miss it, like, for myself.<br \/>\n18:44<br \/>\nUm, I probably, I think, I think I paid about 2.25 into social security.<br \/>\n18:49<br \/>\nWas it 9, 9 years, something like that? I filed returns for nine years, I think. So I had withholding for about nine years in my entire life.<br \/>\n18:56<br \/>\nSo, I don\u2019t know. Maybe I qualify for $150 a month in social security when I finally retire, maybe in 20 years or whatever. When I reach that age and 20 years or so, No, I don\u2019t care. I\u2019m never gonna ask that money. I think it\u2019s blood money, and that\u2019s just my personal view on it, and they can have it. I don\u2019t want it.<br \/>\n19:14<br \/>\nSo, I\u2019m not going to miss that. And, same with no IRA money. I don\u2019t have any that I never did want it. I\u2019ve.<br \/>\n19:22<br \/>\nI\u2019ve done pretty well avoiding all those things.<br \/>\n19:25<br \/>\nSo that would be the only exception, though, if you\u2019re very close, and this is kind of fluid. It depends on what you think very close to retirement age means to you.<br \/>\n19:33<br \/>\nIf you\u2019re pretty close to retirement age a few years, within five years, let\u2019s say, I would say, don\u2019t change anything. Just go with the plan that you started 30 years ago.<br \/>\n19:44<br \/>\nThe other, there\u2019s a couple other things that go on to some employers they weren\u2019t doing, I don\u2019t know if they do this too much anymore, but they were matching funds.<br \/>\n19:51<br \/>\nSo that\u2019s almost like free money that you pretty kinda can\u2019t ignore. But still, it\u2019s 100% on your money, which is pretty good.<br \/>\n19:59<br \/>\nBut what\u2019s the guarantee that you\u2019re gonna get it?<br \/>\n20:01<br \/>\nSo that\u2019s kinda too good to pass up, though, and I\u2019ve recommended that people over the years just keep it, just keep that matching funds, then going, grow your IRA. Keep in mind that maybe at some point, you can borrow money out of your IRA and use it for investing. So try to try to think of something like that if you can do that.<br \/>\n20:16<br \/>\nSo anyways, That\u2019s my, uh, bashing session on IRAs.<br \/>\n20:22<br \/>\nI will try to be neutral when I talk with you individually, but um, really, I just think you shouldn\u2019t be in IRAs. It\u2019s just another way to steal your money.<br \/>\n20:33<br \/>\nThanks for listening.<\/p>\n        <\/div>\r\n    <\/div>\r\n\r\n    \r\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4bb8cdc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bb8cdc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cb72e50\" data-id=\"cb72e50\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-32ecbf6 elementor-widget elementor-widget-spacer\" data-id=\"32ecbf6\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5518af7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5518af7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d63788e\" data-id=\"d63788e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8989172 elementor-widget elementor-widget-text-editor\" data-id=\"8989172\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Summary<\/strong><\/p><p style=\"padding-left: 40px;\">1. The speaker has been discussing individual retirement accounts (IRAs) and 401ks and intends to criticize them, despite trying to remain neutral in the past.<br \/>2. He believes that these investment accounts are flawed because they give decision-making power to someone else, potentially against the owner&#8217;s interests.<br \/>3. The speaker argues that these types of investments are not actually beneficial for the investor as they often yield negative returns, and they limit opportunities for other, more profitable ventures.<br \/>4. He believes that people could make more money investing their own capital in ways they deem suitable, including learning from mistakes, rather than committing to these types of retirement accounts.<br \/>5. The speaker suggests that IRAs and 401ks are a trick to get individuals to set money aside, often resulting in a loss of immediate financial control and the funds being used for other purposes by those managing the schemes.<br \/>6. He shares a personal experience in which he felt out of place at a company orientation, refusing to allow others to use his money for such investments.<br \/>7. The speaker argues that the system is set up to benefit Wall Street, not the individual investor, as these institutions use retirement funds for their own investment strategies.<br \/>8. He believes the entire mortgage market is fraudulent, and this corruption is made possible by the large amounts of money collected from individual retirement accounts.<br \/>9. The speaker criticizes the notion of saving for retirement, suggesting that it&#8217;s more beneficial to take control of your own money, and invest it in ways that generate income more effectively.<br \/>10. He concludes by stating that individuals should focus on a return on capital rather than avoiding taxes, suggesting this will lead to better financial outcomes.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-93419c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"93419c6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5e5a022\" data-id=\"5e5a022\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>U48 &#8211; Bashing the IRA, 401K ETC<\/p>\n","protected":false},"author":131,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[124],"tags":[],"_links":{"self":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/18597"}],"collection":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/comments?post=18597"}],"version-history":[{"count":6,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/18597\/revisions"}],"predecessor-version":[{"id":25623,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/18597\/revisions\/25623"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=18597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=18597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=18597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}