Trading My 401k for a Questionable Insurance Policy
It was once suggested to me by a “financial advisor” to cash out my 401k and reinvest it into a whole life insurance policy.
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Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
Trading My 401k for a Questionable Insurance Policy
It was once suggested to me by a “financial advisor” to cash out my 401k and reinvest it into a whole life insurance policy.
Margin Calls Destroyed My Early Success
I had set aside some money to invest into stocks. So opened an account with Internaxx bank and took out a cheap subscription under a special offer with the Porter Stansberry tipping sheet.
It was around 2010 and I did remarkably well, quickly building up a nice little portfolio and collecting dividends and watching as the values increased. What could go wrong? I had a phone call from some broker in the UK who specialised in pre IPO stocks and floatations so listened and the guy explained how using CFD’s you could leverage up your position and take control of a much bigger slice of the action and make a huge amount of money…….. I think some rich guy like Warren Buffet once said if you do not fully understand what you are investing in just give it a miss. So a new account was opened and I started off making my fortune.
Well no, I ended up with a black hole which had these things called margin calls which gobbled up cash like there was no tomorrow. I quickly realised that this was not working and bailed out pretty quickly but then got into leveraged trading on gold……… It was an interesting 6 months and taught me that I was not really understanding what was going on and I would never cut it as a trader so there was something positive at least.
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