The Money in Banks

Dec 19, 2014
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New Zealand
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If it's for pensions why isn't that money being invested in aged care now. So by the time you retire or can't work anymore, the facilities available will be top notch. I'd put it into the grandparents fund and it would go toward creating gardens for everyone to enjoy, libraries, and those chess tables you can sit on outside cos you have heaps of time to play chess.
 
Dec 19, 2014
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I've changed banks several times cos they kept taking more money from me than I was giving them. For no reason!

The one I'm with now is really good.

I don't know about those Swiss banks though.

Some people join a co-op where you pool your money in a mutual fund and you all decided what to do with it rather than the bank who doesn't really tell you. Some banks are just glorified loan sharks who view their customers as easy prey for insurance salesmen. And if you are a sucker for credit...compound interest.
 
Mar 27, 2010
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17
8
Florida
Well, just to give you some insight into how they work, my father put over 100k in Charles Swabb along with CD's in the banks while the economy was going up as well as in real estate. We thought it was a sound investment strategy as they assured us they would take good care of it. Well, Charles Swabb pumped the money dry, and when he passed away suddenly they had taken almost 70% which they charged for in fees, charges and for 'reinvesting' costs. He didn't tell them to make any of the changes, they knew it was for retirement. So I guess they though they could use it to rack up their profits, and then hope it got back to the initial amount when he retired, but they were caught as they say redhanded. Don't even want to talk about the CD's....

As for the real estate, we just sold some of it for over quadruple the value.
 
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Feb 10, 2015
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Maryland
Well, just to give you some insight into how they work, my father put over 100k in Charles Swabb along with CD's in the banks while the economy was going up as well as in real estate. We thought it was a sound investment strategy as they assured us they would take good care of it. Well, Charles Swabb pumped the money dry, and when he passed away suddenly they had taken almost 70% which they charged for in fees, charges and for 'reinvesting' costs. He didn't tell them to make any of the changes, they knew it was for retirement. So I guess they though they could use it to rack up their profits, and then hope it got back to the initial amount when he retired, but they were caught as they say redhanded. Don't even want to talk about the CD's....

As for the real estate, we just sold some of it for over quadruple the value.
To give another side to our insight...

When the economy had problems in the 2007-2010 time period, I was laid off. Since I was approaching retirement and was trying to put as much money aside as I could, losing my income really caused financial concerns. Two years later, health problems and associated expenses took much of what I had put away apart from my 401K, as well as making it clear that I was now retired and would not be earning more.

I took that retirement fund away from company management and invested it thru an investment company. I diversified across several kinds of funds. Over the years, I kept watch and re-balanced between funds according to their overall returns. I did this at times when the market was fairly stable (not rising nor falling) since these are the times when overall returns are most clearly seen.

This had served me well and I have been taking disbursements to augment Social Security and making a few larger withdrawals when I made larger home repairs or changed cars, avoiding loans. Even after taking out a few% per year, my balance is many times the original value.

While others may have made more, I am satisfied with the results of the investment. I doubt that I would have done better buying and selling individual stocks or funds directly from the market.

I am not having the retirement I was planning before the economic problems (and my particular problems) The Lord has blessed me thru my investments, as well as in other ways. I value the opportunity the investment company afforded me.
 
Dec 19, 2014
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New Zealand
www.literatelibrarian.com
Yep I know people who invested in finance company schemes and they thought they were 'blue chip' whatever that means, and then it all turned to custard when the finance companies took their money and ran.
But people are willing to take the risk.

The only advice I would give is don't put all your eggs in one basket.
 
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Mar 27, 2010
97
17
8
Florida
To give another side to our insight...

When the economy had problems in the 2007-2010 time period, I was laid off. Since I was approaching retirement and was trying to put as much money aside as I could, losing my income really caused financial concerns. Two years later, health problems and associated expenses took much of what I had put away apart from my 401K, as well as making it clear that I was now retired and would not be earning more.

I took that retirement fund away from company management and invested it thru an investment company. I diversified across several kinds of funds. Over the years, I kept watch and re-balanced between funds according to their overall returns. I did this at times when the market was fairly stable (not rising nor falling) since these are the times when overall returns are most clearly seen.

This had served me well and I have been taking disbursements to augment Social Security and making a few larger withdrawals when I made larger home repairs or changed cars, avoiding loans. Even after taking out a few% per year, my balance is many times the original value.

While others may have made more, I am satisfied with the results of the investment. I doubt that I would have done better buying and selling individual stocks or funds directly from the market.

I am not having the retirement I was planning before the economic problems (and my particular problems) The Lord has blessed me thru my investments, as well as in other ways. I value the opportunity the investment company afforded me.
My buddy in the 1980's told me to look in our computer lab in college and check what we were using, HP, IBM, Microsoft, Oracle, etc.. as that was the future, and many did but you had to dedicate a lot of time, money, knowledge to do it. The average person really doesn't have that as they are working 24/7 trying to make ends meet and pay the next set of bills and mortgage. Real Estate allowed us a simple way to build up equity which then could be used to buy more real estate, and build up good investments which we helped the family with including my father. But he then turned it over to what he thought was 'safe', the banking and financial retirement experts. Unless you have time to manage it constantly, it can quickly wipe out your nest egg. I would say you have to find family or close confidant who does that to assist you as I find most of the 'experts' are just there to make money off you, not for you...
 
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Sep 7, 2019
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North Carolina
The world is a different place today, and the majority of our educated youth will struggle to pay student debt well into their 40's. Most I know have over extended themselves, and struggle to survive. The fortunate ones have families which paid their college expenses, and they can afford to purchase a home. Most however cannot, and are thankful when they are working in their fields of study.

I know my 401K was spent years ago paying off my own student loans, major medical bills, and it kept me from being homeless. Social security will not be enough for me personally, and I understand the appeal of a reverse mortgage. A home still remains a sound investment, thank goodness. It is one Im very thankful to our Father in heaven for.
 
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