Recently I was asked to write a full-length article for the Forbes website by one of their regular columnists, who I’ll call “Pat” to protect the guilty.
Pat had taken my Financial IQ Quiz and found it very insightful. So Pat asked me to answer ten questions in writing for publication in Pat’s column.
The questions indicated Pat knew full well that I have a contrarian take on Wall Street and that I’m an advocate for consumers and investors.
They included questions like…
- “What are some of the scams in the mutual fund industry?”
- “What’s the shocking truth about 401(k)s and IRAs?”
- “How can investors protect themselves?”
So I painstakingly answered Pat’s questions, supporting each statement with highly credible, unimpeachable sources including Morningstar, the Securities and Exchange Commission, Government Accounting Office and the Department of Labor.
As requested, I made no mention of Bank On Yourself or the asset it is based on (super-charged dividend-paying whole life insurance).
About two days later, Pat thanked me for sending the article, but declined to run it “because there’s just too much controversy” surrounding my work.
Pat even suggested I repurpose the content for my blog (a good case for “be careful what you wish for”…).
So below are Pat’s questions with my answers in full, which I think you’ll find very interesting. Some of these questions I’ve never addressed publicly before. (Check out question #5 about “what mutual funds do you recommend?”) [Read more…]