The Financial Victimization of Americans
Karl Schilling
Karl Schilling is Author of Middle Class Millioniare... helping financial services professionals build 7 Figure incomes.
History is ignored and it has also been bastardized over the last 30 years. The American public has been faced with a media that long ago stopped reporting news and now pushes policy. While politics always has played a part in American development, it now has become an ideological campaign to indoctrinate societal norms. There is no greater daily fundamental to life then a surrounding economy.
People at all economic levels have been directly impacted by the severe lack of financial literacy education. Based upon our elected leaders it appears they also are subject to financial illiteracy. (Just consider the concept of a $20 min wage).
The talking heads often resort to class discrimination. They seem to beleive that success is not real important but some flawed concept of fairness is the most important deal. That simply leads to mediocrity and actually creates more wealth imbalance. The greatest maniplulation of American's financially is the US government. Here are several methods the government has used to financially victimize it's citizens.
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In the 1980's the government created ERISA which was the second worst financial victimization of Americans. Another government handout (beware when the government is givimg you something) In this play Uncle Sam incentivized you to put away retirement dollars in exchange for a tax deduction. But the small print also demanded you put that money into certain investments, all of which favored Wall Street. So you entered into a partnership which was totally controlled by the government. This partnership sees the government determine the tax rate you must pay upon distribution of your savings, it determines when and how you can distribute your money. And in truth the government through regulatory powers can take total control of your money. This deal was akin to teaming up with a vampire and thinking you won't end up living eternally. In short the government got you to put money away with lower tax rate and a discounted deduction, in order to pay a future higher tax on the dollars you saved. Of course that higher taxation could easily eat up any gains you may made, yet those were probably already eaten up in fees and penalties. 401K BAD DEAL! It's financial victimization.
Is there a better way? Of course there is and you know who has long known about it? The wealthy, that's who. There are many tactics and strategies used by the wealthy which are also available to the middle class. But the education system, the lack of financial literacy education and the lack of advisory for the middle class has kept these strategies hidden. I have unlocked the formula and can show any middle class earner how to become financially independent. It does exist and it can be done. You do not have to continue being financially victimized. You can bet on yourself and break through.
Retirement/Legacy Planning Professional Serving The Small Business Community and Member of The Breakaway League
8 个月You are exactly correct.