Concentrated power has always been the enemy of liberty. - President Ronald Reagan
I don't want to be political, but I can feel a change in our Nation and it struck me how it applies to what I do for a living. I have discovered Politics will never make you friends or clients - I will keep the political commentary brief. Whether we like it or not, the society we live in is changing dramatically or at least our view of society is. On the front page of USA Today, June 17th, they noted a story about an agency that is being created by the current Administration from the Office of Consumer Finance. The article stresses how consumers need financial protection; Big Business has made some major mistakes that have cost us all financially.
For example, giving a credit card to every college student (90% of whom don't have jobs) was probably not Citibank's best move. Every time I go to a Florida Gator football game and I see the credit card companies giving out a free Gator T-Shirt if you sign up for a card, I am amazed by the number of students and non-students lined up to get a free T-shirt. Either they have no clothes or they are really hurting with the economy the way it is; that same shirt is $7 at the corner vendor.
By creating this new department, what we are doing is saying that consumers don't need to think or take responsibility for their financial actions. Uncle Sam will save them and the new department will only cost 100 Billion Dollars per year to run. It would probably be cheaper to send the money to everyone that does not want to take responsibility for their financial actions. As a society, we have decided that consumers don't want to read the fine print, so the Government will do it for them. I am sure Former President Reagan turned over in his grave at thought of this new agency. God rest his soul.
Government does not solve problems; it subsidizes them. - President Ronald Reagan
One of the things our government has done right is to allow for Self-Directed Retirement Accounts. The spirit of Former President Reagan lives in Self-Direction. Self-Direction is independence, free thinking, control and most of all risk-taking. This is your retirement and it is your responsibility.
Self-Direction allows investors to buy alternative assets like real estate, private notes and mortgages, private LLCs, hedge funds, small community bank stock and gold. What is more American than an investment in gold? You can also buy more traditional assets like stocks and bonds with a Self-Directed IRA. With Self-Direction you must do the research, read the fine print and decide what is best for you.
I think the government does not realize that most of us want to take risks; it is in our nature, we are Americans. If some individuals don't want to read the fine print on their mutual fund statement and find out they are getting charged an 8% load fee a year, they need the suffer the consequences. They do have options with Self-Direction.
Thank you President Reagan for your inspiration and the opportunity you gave us to think for ourselves and control our own lives.
Government's first duty is to protect the people, not run their lives. - President Ronald Reagan
Dave Owens, CPA, CES is the managing member of Entrust Freedom. Please feel free to contact him at 239-333-1031 or owens@entrustfreedom.com.
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