Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 129: What if the Real Scam is Wall Street?

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In this episode, we ask:

  • Have you heard the saying, “When you point a finger at someone, you have three more fingers pointing back at you?”
  • What does Wall Street say?
  • Does Wall Street fit the definition of a scam?
  • What did Holly Johnson say in The Simple Dollar article entitled Four Reasons Whole Life Insurance Is Not Worth It?
  • What did a 2015 Consumer Reports article titled Is Whole Life Insurance Right For You say?
  • What about the advice given to eight-year-old Virginia O’Hanlon in 1897 by the New York Sun about Santa Claus?
  • How is life insurance the exact opposite of gambling?
  • How long are the insurance companies willing to make promises?
  • Does any other financial institution make this level of promises?
  • What other financial instruments offer these promises?
  • What is the primary purpose of whole life insurance?
  • What are life insurance companies doing all day long?
  • What is whole life insurance’s not-so-secret promise?
  • What did the DALBAR study say in 2018?
  • What did Fidelity say at the end of 2017?
  • What about the buy and hold strategy?
  • What do mutual funds advertise?
  • What are mutual fund investors actually receiving?
  • Are you in a Target Date Fund?
  • Which is the scam?
  • How much will taxes eat up income from retirement savings?
  • What is the difference between risk tolerance and risk capacity?
  • How would you feel with a 40% decline in your portfolio?
  • What’s the problem with a risk tolerance questionnaire?
  • Do the questionnaires reflect reality?
  • What if we change out risk tolerance questionnaires with a risk capacity score?
  • When can investors afford to take risks?
  • What would fundamentally change the financial planning industry?
  • How might you take bias and opinion out of your financial calculations?
  • What’s the money that you cannot afford to lose?
  • Why does Wall Street seem to think that insurance has no place in a portfolio?
  • Are you risking money you can’t afford to lose?
  • What’s your magic number?
  • Would you like us to find your magic number? 
  • Is there a purpose for every financial vehicle out there?
  • Are you skeptical of your own risk opinion?
  • What’s a favorite or memorable money mistake?
  • Would you like to leave us a review?