It Happened to the Rich and the Middle Class?

Zsa Zsa Gabor, Steven Spielberg, Kevin Bacon and Kyra Sedgwick were part of the crowd.

Dreamworks Animation chief executive Jefferey Katzenberg, actor John Malkovich, Holocaust survivor Elie Wiesel, and broadcaster Larry King were more of just the bigger names.

There were pension funds, non-profits, charities, the rich and the middle class that were all seeking and basically promised a reliable hand’s off, 10% return on their money.

All of them couldn’t hand their money to the magic money manager fast enough.

He’d been in business for over 30 years at the time and this Wizard of Wall Street had “A List” clients and companies basically begging to give him their money to manage.

In December 2008 word was getting out that the Wizard of Wall Street was more like the Wizard of Oz, all smoke and mirrors hiding behind the curtain.

When the dust settled a year later, all of these folks, close to 37,000 of them had lost a collective $65 BILLION dollars in the largest Ponzi scheme in U.S. history connived by Bernie Madoff.

Most of the celebrities recovered. A lot of the rich became middle class.

The middle class, a lot of them already retired and living from their investment, were devastated. Now forced to try to find work in their 70s and move in with the kids when they could.

What happened? Why?

It happened because they were lured in with the promise of a hand’s off near guaranteed return.

Why did it happen? They violated the single most basic money management credo.

No one watches your money like you do.

And in a world that’s constantly changing, you want to retain control over as much of what directly affects you as possible.

Get and keep control over your life and your money.

If you need help doing that…

and to see if I can help...

Join the FREE Private group Short Window Retirement Planning

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Dr Fred (focused for retirement) Rouse, CFP

The REAL Money Doctor