Tip of The Day: Never Buy Financial Products You Don’t Understand

by Dual Income No Kids on March 23, 2009 · 0 comments

Hi All,

A few years ago my wife and I were in a Washington Mutual branch in Eugene, Oregon. We were waiting in line at the teller window. While we were chatting, we were asked if wanted the chance to buy some variable annuities. We read the fine print and saw that buy the annuity would have cost us 6% annually – a very high rate.

The moral of the story is, don’t get suckered into a complicated financial product you don’t understand. They generally will not allow you to build wealth, which is your primary goal! Sometimes the complexity can camouflage a high fee structure – or worse.

Best,

James

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