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How Do We Help People?

I’m an educator. I teach people how money works. Hi, I’m Steve Minnich host of the very popular SmartWealth Radio show heard via podcast and on various radio stations throughout the continental US and Hawaii.
Did you ever get advice that sounded right but turned out later to be a big mistake?

 

The lessons we remember are the

 lessons we learn the hard way.

Seth Godin, entrepreneur, blogger, and marketer

 

Advice from an attorney is something you’d think you could depend on. Advice from a business coach should be accurate, helpful, and profitable. Advice from a licensed agent or advisor (mortgage, realtor, insurance, financial, etc.) can make a big difference in your life and money.

 

I’ve made some mistakes following other’s advice. But, I must admit, I’ve learned more from my mistakes than I ever could have learned any other way. So this story is not a complaint but a caution. A warning if you will. Allow me please to share an embarrassing story. Hopefully you’ll avoid the same mistake that I made.

A Real Life Case Study

Back in the fall of 2012, Bob and Sally Smith (not real names) bought three annuities from me. They chose the companies and the amounts they wanted to invest. Bob was turning 70½ in summer 2013 and wanted to start a guaranteed lifetime income stream he couldn’t outlive. The right solution was a fixed indexed annuity with a lifetime income rider. The annuity they chose gave them a 10% bonus and 10% growth for a year and then they would start the income for life.

 

But they got cold feet, buyer’s remorse, or something. A financial adviser friend warned them to get out of these annuities as quick as possible. He told them having all your money tied up in annuities is unsuitable. He coached them to complain to the WA State Office of the Insurance Commissioner (WA OIC).

 

I worked behind the scenes to ensure they did get ALL their money back. Even though it was past the “free look” period (when anyone can return the annuity and undo the deal), I worked with the 3 companies to get this couple back all their money. I also paid these companies back all the earned commission. One of the companies cut me off from ever doing business with them again. Sad but true… it was the same company my mother-in-law used to create her lifetime income stream.

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