The 4 Financial Scam Artists You Need to Avoid at All Cost
Channel: Payne Capital
Date: 2020-06-03

Our economy is in a recession and a lot of so-called financial “experts” are plying their advice. The last thing you want is to make really bad financial decisions that could ruin your investment portfolio. Beware of the 4 financial scam artists that Bob and I expose today.

For our spotlight segment, we have Certified Financial Planner™, Courtney Dominguez to give us a rundown of how she helped a couple retiring early to achieve a boost in their income.

Make better decisions with us here on the No Payne, No Gain podcast!

► Financial Propaganda of the Week
Just as we’ve predicted, the news has continued to get worse. We think it’s important that you listen to investors and not financial propaganda.
[04:45] – How does investing work?
[05:45] – The market is forward looking.
[06:42] – Dividends on a diversified stock portfolio  have grown at an average annual rate of 5% per year.
[08:51] – Your purchasing power in the next 20 years is going to be cut in half.
[09:22] – You need to have an inflation hedge built in so that your money is growing net of inflation.

► Avoid Mistakes From the Past
Many people are still making the same mistakes they made in past recessions and stock market downturns. Are you going to make the same decisions you made back then?
[11:36] – During the Great Recession, you may have kept your cash because the news was bad.
[13:11] – The interest rates now are the lowest we’ve had. You’re losing cash sitting on your money. 
[13:37] – The other mistake you may have made is taking more risk than you need. 
[14:21] – Don’t have an investment forget strategy.
[15:42] – It’s critical to make an all-weather portfolio that makes sense with your goals.
[16:21] – Have an income plan.

► Financial Charlatans
Take care not to listen to what is preached by these “experts”. They could cost you your financial health. Know who they are so you can avoid them.
[17:48] – The perma bears — always negative.
[19:19 ] – The negative naysayers are never called out for being wrong 9 out of 10 years. As they say, even a broken clock is right twice a day.
[19:38] – Don’t take advice from a perma bear, especially one that’s an economist.
[19:57] – The perma bull — for them, everything is going to be great forever.
[20:16] – Don’t believe that things will always be rosy. Make sure you have protection in your portfolio.
[20:46] – Beware of the dangerous annuity salesman.
[21:55] – If your financial advisor is getting compensated for selling you something, then that’s a conflict of interest.
[22:36] – The biggest red flag is when the first thing someone does is recommend a product and not go over your financial goals.

► The Mailbag
Do you have questions related to your financial planning? Send them over to us via email at questions@bebullish.com.
[25:10] - Question #1: “I want to start building passive income primarily using dividend stocks. How would I go about doing this inside an IRA or Roth?”
[27:50] - Question #2: “Is it time to move into cash to reposition for potential drop in the market? It seems crazy that it is back this high again this quick. Let me know.”

► Spotlight Segment
Make sure your retirement plan is free from flaws or what we call Payne points. Certified Financial Planner™, Courtney Dominguez, gives us a rundown of how she helped a couple get on the path to financial freedom.
[32:19] – An early 60s couple is looking to retire soon. Their main source of income would be social security.
[33:30] – Not only will they be retiring before the retirement age for social security, they will also be retiring before Medicare age.
[34:11] – The couple needed enough interest and dividends to not worry.
[34:29] – Through simple repositioning, Courtney was able to boost the couple's cash flow.
[35:15] – The couple was heavily invested in large company growth stocks that pay little dividends and had too much in cash.
[36:30] – We’ve been in a low inflation environment. Cash is a negative return.
[37:50] – Through simple changes here and there, Courtney was able to boost their income from $40,000 a year to $100,000 a year.

“It’s okay to be wrong. It’s not okay to stay wrong. It doesn’t matter what happened the last two months, only what happens every month for the rest of your life.” —Bob Payne

To download our Coronavirus Portfolio Survival Guide, text BULLISH to 555888.

If you have saved over $500,000 for retirement and need a plan based on your retirement goals, Bob and Ryan will create a 360 Financial Portal just for you! Text or call 844-752-6692 to check out the 360 Financial Portal with no strings attached.

Do you need a game plan for these volatile times? We’ll make sure you’re making the right decisions for your retirement plan. Schedule a call with one of us at  https://paynecm.com/game-plan-call/

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