Brokarege accounts = scam
Stocks = scam
Bonds = scam
If any of you have brokarage accounts, or invest in stocks I suggest to get rid of brokerage accounts, and stop trading stocks & bonds
If any of you have brokerage accounts, or invest in stocks & bonds and haven’t heard of the “Great Taking” I suggest you look into it.
Here is an interview with the author of the book and a podcaster that did a whole series on it..
https://fountain.fm/episode/138mqirpZer9olKJWXIb
In related news, I’m currently executing the will of a loved one and it’s a mess..
Beyond just the family drama of it, the brokerage firms where they had IRA’s and personal investment accounts are making the process quite onerous and tedious- so fiat.
So if you plan on dying and have investment accounts I suggest you name a beneficiary, cause getting them to transfer funds to the estate has been a royal PITA (lookin at you Ally and Profunds). I know we all hate vanguard and blackrock but vanguard was actually super easy comparatively.
Lastly- if you have even one asset make sure you have a will. Don’t leave it up to the government.
And if you have kids- don’t put off making a guardian list, etc
I’ll get off my soap box now, thanks for listening to my Ted talk :)
#GreatTaking #GrowNostr #EstatePlanning #Adulting
Discussion
I wouldn't call them scams, but the numbers are bullshit. An 11% annual return looks great compared to 2% inflation, but the Chapwood Index shows a 13% inflation, not the lies they tell you on TV.
The main point the “great taking” is making is that if you have stocks and bonds in brokerage accounts you don’t actually own them, nor do the brokerage firms.
It’s all been obfuscated in legalese. So yes, they basically are a scam. If we have a true systemic financial collapse everyone will find out the hard way
Fair enough. Same is true with anything other than bitcoin. You can never own uour house. If you pay it off, you still owe ren...I mean "property taxes" to your landlord...I mean "the state".
Ha yea. I’m going to look into land patents deeper on my next property purchase. Seems like the only way