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The Books2Wealth Book of the Month: July 2015
Safe Money Millionaire by Brett Kitchen and Ethan Kap / Book Review by Joe Mosed
Guaranteed retirement income is the name of the game. I think the financial industry has done their best to destroy trillions of dollars of wealth for a commission. I am fine with people getting paid for rendered services but there should be no fees in a loss market situation. We need to be thinking about preserving our capital as well as building it and NOT gambling our future away.
Why is this important to me?
I always want to ask this question as if I am sitting in your shoes. I don’t want to waste your time. How are you doing in your retirement? Have you made money in the last three years or are you still in a rebound from the 40% haircut that Wall Street provided in typical 401K plans?
The great housing burst was partially created by derivatives. Perhaps 100 people actually understand these instruments. Our economy was on the verge of collapse because traders needed to get their year-end bonus. Selling financial instruments that can take down a banking institution with a simple 3% price movement is not the smartest way to go. Lehman Brothers, Bear Stearns and Merrill Lynch all proved this in 2008. Traders leveraged billions of dollars for millions in commission. I guess you need to go to Harvard or MIT to understand these trades but the math does not look to smart even to a 3rd grader.
Safe Money Millionaire is a good book that you need to read if you are interested in having a retirement. Rule #1 simply states don’t lose money and Rule #2 states – don’t forget Rule # 1. This book adheres to these rules.
Safe Money Millionaire is a quick read that covers several topics. For the sake of time, I will cover three key takeaways. The end goal is financial freedom and independence.
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