Jerry Fetta – The Danger of the Financial Industry
For many years now, I have been actively fighting against the dishonesty and unethical practices of Wall Street, large banks, and the rampant amount of damage done by the financial services industry. The biggest problem is that people do not realize the danger posed by the financial services industry due to the amount of advertising, legislation, and false information being circulated. As one of the largest industries in the U.S. it is not hard to release propaganda that covers the black eye of financial services. I want to share information with you today that could very well change the course of how you build wealth.
1. Advice. Advice simply means opinion. If you ask for an opinion, you will get one. Period. It does not mean that the opinion giver is qualified in any way. You just have to believe for a split moment that they are credible and listen. In my 7 years in the financial services industry, I can count on one hand the amount of people who are qualified to be sharing their opinions about money with others. The funny part? Every single one of the unqualified persons have a financial license and some even a CFP. It does not mean they are qualified. Here is a piece of wisdom to live by: Competence is only represented by results. Do you know how many broke financial advisors there are who, just like their clients, are only trying to make it to their next paycheck? Imagine the damage that can be done by taking advice from someone like this.
2. Products and services. The services sold by most of these firms are what I consider to be “retail” financial products. Essentially that means it is a product that was plotted out and determined to be profitable for the firm selling it, promoted with advertising dollars, and marketed to the middle class, the largest and mostly unsuspecting market available. Many of these products have steep fees on the front end, the back end, or annually and sometimes all 3! In fact, studies show that just the annual fees on your 401k, eat up over 28% of your overall balance! Just think about the scam that this is: you give your money to a stranger, who works for some of the historically most dishonest groups in our country; this group of strangers charges YOU 1-2% per year for the privilege of borrowing YOUR money, and they are going to speculate with it. And if you don’t make anything, you still pay them 1-2% per year. Want proof that the products suck? Go into a bank and ask for a loan so that you can open an IRA with it and buy their mutual funds. They will say “no”. Go into a bank and ask for a loan so you can buy income real estate. If you’ve got money and good credit, they will say yes. Even the firms creating retail financial products know their products aren’t valuable.
3. Cash flow. Go to your financial advisor and tell him you want to plan for cash flow. 1 of 2 things will happen. #1: he will think you are asking for a budget, because in his industry, cash flow isn’t a subject that is talked about. In fact, it isn’t even included on the financial licensing tests. #2: he will try to sell you a diversified portfolio of mutual funds, stocks, bonds, ETF’s, annuities, and various other products. These products after fees will produce on average less than a 1% annual dividend (imagine buying a real estate deal with a 1% NOI). But his plan will not be for you to live off the dividends, his plan will be for you to accumulate what his software determines to be “enough” of a nest egg and then sell it of over time and hope you die before the money runs out.
The financial services industry is broken. Do not put your money there. I have spent the last 7 years creating an alternative. My company Wealth DynamX believes you have the God-given right to create a life of abundance and prosperity. The only way to get there is to make more money TODAY, keep as much of it as possible, and then multiply the money you’ve kept by investing it into real, income producing assets. You need a plan, you need a coach, you need education, and you need a community. I can provide you with exactly that! Click here to learn more about Wealth DynamX.
Own Your Potential,
Jerry Fetta believes everyone has the God-given right to own their potential. Most of us don’t because we spend 40 hours per week serving the 40 year to life sentence, trading our precious time for worthless paper called money.
We live on an economic planet and time and money do need to be exchanged. But it doesn’t need to be your time or your money. Jerry teaches his clients to secure income producing assets that make the time and money exchange for you so you can buy your freedom back and live a life of abundance and prosperity. To get there we must know how to make money, how to keep it, and how to multiply it.
Jerry provides coaching, education, accountability, and community to help you build wealth. Join the Wealth DynamX coaching program, get educated on Wealth DynamX University, and begin networking with the Wealth DynamX Mastermind Group today.
To get started, go to www.WealthDynamX.com