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Episode 2966:
Wanderer from Millennial Revolution exposes the deceptive practices of financial institutions, highlighting their resistance to index funds due to the threat they pose to their fee-based business model. Learn why financial literacy is crucial to avoid falling victim to misleading advice and how to take control of your investments with low-cost, efficient options.
Read along with the original article(s) here: https://www.millennial-revolution.com/invest/why-the-banks-are-out-to-get-you/
Quotes to ponder:
"Anyone can buy index funds. You don’t need to be licensed, and you don’t need anyone’s permission. All you need is a brokerage account."
"The finance industry is here for one reason and one reason only: to take as much of your money as they can."
"If your bank lies to you, leave! This is a great rule to follow in general: I refuse to do business with liars, and so should you."
Episode references:
Quit Like a Millionaire: https://www.amazon.com/Quit-Like-Millionaire-Radical-Wealth/dp/0525538690
Learn more about your ad choices. Visit megaphone.fm/adchoices
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[00:00:30] This is Optimal Finance Daily. Why The Banks Are Out To Get You by WandererofMillennial-Revolution.com
[00:00:39] So over the break, we opened up our email and saw this. Quote,
[00:00:45] Hello and Happy New Year. I'm very much enjoying your book, Quit Like a Millionaire, and have a question regarding Chapter 10, specifically on the ability to purchase index funds without a fund manager.
[00:00:57] Was this setup and purchase of the index fund referenced in Chapter 10 conducted within or outside of Canada? That is under the How to Steal from Wall Street section, page 98 in my book.
[00:01:10] I am in Canada and have been informed by my financial institution that I'm unable to purchase index funds individually as I need to be licensed in order to do so.
[00:01:20] Or the fund was not offered for personal purchasing without a fund manager. Perhaps this was specific to a banking institute named index funds or I did not fully understand the information they provided me.
[00:01:33] When you have a moment, can you kindly provide further details on how you were able to purchase index funds or what types of index funds would not require a license to purchase?
[00:01:44] If there's a specific name or general descriptor I may use to more accurately describe them when inquiring about purchase, that would be appreciated. Thanks in advance. End quote.
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