Today, few advisors, and too few consumers understand the unbridled speculation occurring within their retirement savings plans. Regrettably the majority of the population has been bamboozled by the media, the government, Wall Street, and the asset management industrial complex that the value of their 401(k) s always go up. Stock markets do not always go up. The truth is that attempts to predict, forecast, or model returns has confounded academics and mathematicians for decades. Take a brief look at Japan. The Nikkei 225 in Japan, which is similar to our S&P 500 index of stocks crashed in 1990 and was one of the most spectacular stock market collapses in history. Over the past 30 years the Nikkei in Japan has mostly gone backwards and barely moved upward. In the U.S and worldwide, 2022 was a bloodbath for retail savers in 401(k)s, mutual funds, and ETFs. The S&P 500 Index, the main barometer of stock market performance lost -22%. The Dow Jones Industrial Average, which consists of major industrial companies lost -9%, while the tech heavy NASDAQ lost -33%. For thirteen years the excessive money printing by the Federal Reserve pushed markets up. But now that party has come to an end. There is plenty roadkill and collateral damage. Silicon Valley Bank, First Republic, Signature Bank and Silvergate Bank have collapsed and gone into receivership, causing tens of billions of losses to the FDIC, backed by the taxpayer.
These banks were supposed to be at the vanguard of finance and wealth management but in the end they were some of the worst risk managers in U.S. economic history. Like the South Sea Bubble or Holland’s tulip craze, crypto currencies were the latest financial mania and bubble. FTX/ Alameda, Celsius Network, Coin Cloud, CoinFLEX, Compute North Holdings, Digital Currency Group, Three Arrows Capital, Voyager Digital, all companies whose core business was crypto currencies 2 Get Me to Zero are now in bankruptcy. Surviving companies in crypto currencies are hanging on by a thread. What confused the retirement saver even more was that major financial institutions such as Fidelity, UBS, Wells Fargo, PayPal, Morgan Stanley, MasterCard, Credit Suisse, Citigroup, Charles Schwab, BlackRock, Barclays, and others were all embracing crypto currencies in some major way. Regrettably in world league tables, because of this excessive speculation, American’s retirement systems resemble that of a third world country. In terms of retirement and savings preparedness, according to the Mercer Global Pension Index, in 2021 the U.S.A ranked #19 in the world’s top twenty sandwiched between Hong Kong and Uruguay who were #18 and #20 respectively. Worse still, in terms of financial integrity, the U.S. ranked dead last. It is time to get off the crazy train of speculation, leave Disneyland and get serious about planning your financial future. Now more than ever you need a well-informed, honest, independent advisor and author who will guide you and help you prosper in the days ahead. You need someone who will help you preserve the assets you have, insulate you from the Wall Street casino and give you an inflation hedge. Phil Gallant’s new book, Get Me to Zero is sage advice for most Americans. In the days ahead, you need to strengthen your personal balance sheet, and develop proven strategies for a successful retirement plan. Phil is a man of integrity, compassion and intelligence who goes the extra mile to help educate his clients and fellow advisors. In the days ahead, we all need to get to ZERO. Zero debt. Zero Taxes. Zero risk. As you strengthen your personal balance sheet, and develop strategies for a successful retirement plan, you can get to ZERO. Zero debt. Zero Taxes. Zero Risk. If you take Phil’s advice to heart, you will become more independent, escape financial bondage and open up opportunities when you Get to Zero. After writing three best-selling books on finance and retirement planning, I am convinced that the best thing one can do is probably do the exact opposite of what banks, mutual funds and other giant asset managers frequently recommend. As an advocate for the common man, Phil Gallant’s Get Me to Zero is welcome sunlight to a financial industry that loves to keep 3 their clients and prospects in the dark.
Good luck and God bless.
Barry James Dyke North Hampton, New Hampshire www.barryjamesdyke.com May 25, 2023
