Where did your grandparents/great grandparents hide their extra money?
Some hid it under the mattress. Others kept it in a jar in the freezer - always good to have "cold hard cash," many said. My grandfather kept stacks of money in the gun cabinet.
Why? Safety and control. Safety: Being protected from risk or danger. (Don't let mass media financial personalities talk you out of this one!) Control: The power to direct or influence. (Seems like each year government attempts to take more control.)
Grandpa's gun cabinet: the year -- 1963. Way, way, WAAAAYYY before the Enron scandal of 2001 and the Bernie Madoff investment scandal in 2008.
In Enron's case, as news reported Enron shares plummeting, top Enron executives sold their company stock prior to the company's downfall. But lower-level employees were prevented from selling their stock due to 401k restrictions and many subsequently lost their life savings.
And lest we forget Bernie Madoff, the former stock broker and financial advisor, who defrauded thousands of investors of billions of dollars. If you only remember one thing, remember this. Legislation does NOT make a financial advisor wise or honest! Although financial producers must be licensed and adhere to regulatory guidelines it is prudent to do your own research. Feel free to look at "What Others Say" on this website to read a few testimonies from longtime clients.
One thing is certain. . . we live in uncertain times. Instead of risking your retirement in the peaks and valleys of today’s economy, consider alternatives with:
- The guaranteed protection of your principal.
- A guaranteed rate of return.
- An optional guaranteed income stream in retirement.
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