I have a serious problem with advice to common mom and pops to Gamble in the market. Banks replaced word "gamble" with "invest". I as a trader know full well just how inadequate this advice is for average person. Thanks for explaining it in detail. Telling people to not pay off mortgage and invest/gamble into mutual funds is a predatory advice.
What is the name of your Bank so i can focus my disgust on a particular bank... Crike they can't even be nice to you...
My dad is a CFP/CRPC and I have never heard him utter anything like that. Sounds like you have received bad advice from someone looking to take advantage of you unfortunately.
Citibank I could be wrong. Maybe the new business model is to be "robots". Maybe they teach these new managers "be a robot". The new way of business, be a robot
Yepper... They have all the Employees listen to this song 8 hours a day on headphones while dealing with customers... worked out REALLY well for CitiBank over the last 3 years... :eek: http://www.youtube.com/watch?v=rcCS8AK6csg
I am sure that there are many ethical financial advisors--I apologize if I insulted anyone. A small minority of the best financial advisors are paid solely for their advice and have no inherent conflict of interest. However, I believe that the majority are either paid commissions for selling securities or receive a percentage based upon the dollar amount of your funds under management. Unfortunately, they have a financial incentive to encourage you to invest your funds rather than pay off your mortgage.
I don't think the advice is too terrible, because governments tend to want to inflate their currency. You can't realistically save your earnings anymore, so you -have- to take risk. If Congress wanted to control speculation, they'd have to respect the purchasing power of our currency. They don't, and that's why it still makes sense to speculate heavy and hard, and to avoid being "house poor."