Who Stole My Pension
Hello! It’s me again, your friendly, neighborhood Recovering Bankster.
It’s finally time for the third Recovering Bankster Book Brief, bringing you books with insights and ideas that disrupt the Ivory Tower thinking on all things money, markets and investments. It’s that which you see shunned in the mainstream that you will find here.
For this instalment, I reveal the book I briefly mentioned in my Bankster Playing Field post. Another area of my advocacy is in the unveiling of shadowy business dealings when it comes to financial matters for people such as you and me. So, when I heard there’s something afoot in the pension industry, I knew I had to read more about it.
And with that, I came into possession of “Who Stole My Pension? How You Can Stop The Looting”, co-authored by Robert Kiyosaki of Rich Dad fame and Edward Siedle, a former attorney at the U.S. Securities and Exchange Commission (SEC). This book was published in 2020 by Plata Publishing.
I think it’s fair to say that it’s almost two books in one. Not necessarily because of the length or size of the book, which checks in at a manageable 398 pages. With two authors tackling two tangential topics, one would not blame them for putting forth two books. But they realized the importance of amalgamating their writing together as a better way to complement and enhance their positions with their corresponding topics.
Let’s take a look at a statement made on the back cover of the book, which well summarizes the positions taken within the covers:
“In the decades to come we will witness hundreds of millions of elders worldwide, including America’s Baby Boomers, slipping into poverty.
“’Too frail to work and too poor to retire’ has become the new normal. The looming global pension crisis doesn’t affect only active workers and retirees – entire families, young and old, will bear the financial burdens of an aging world population.”
With a quick introduction like that, who wouldn’t want to read such a book?
Naturally, I can sense the push back from many Baby Boomers, who are adamant their defined benefit pensions, especially coming from the public purse, are safe and sound. But by avoiding the realities brought forth by one half of this book, such people may be burying their head in the sand and ignoring some damning realities and truths which are brought forth by Edward Siedle.
As a former SEC attorney and expert in pension looting, Mr. Siedle has studied and critiqued many well known international defined benefit pensions for teachers, firefighters, police officers as well as other public servants and military personal. He brings together his wealth of knowledge and experience to both issue a warning to the general public but also provide recommendations on how to better evaluate one’s own pension fund to ensure a reduced likelihood of surprises into your golden years.
As for those breathing a sigh of relief at this point because you finally think you’re safe with defined contribution plans such as RRSPs, don’t worry as you haven’t been left out of this book’s party.
Robert Kiyosaki takes on the problems associated with defined contributions plans. And yes, there are more problems than “just” you having to be responsible for meeting your own retirement targets. While those contributing to defined benefit contribution plans don’t necessarily have the problems of keeping tabs on pension providers, the issues around today’s defines contribution plans are just as periled for future prosperity.
I won’t ruin the surprise by revealing any of the problems Robert Kiyosaki has identified but I think reading and understanding them is vital to taking control of and defending one’s wealth for generations to come. This is a core tenet I center much of my own work with my clients. If, after reading this book you would like to take steps to better fortify your finances but feel overwhelmed in the process, get in touch with me and I’ll see if I can help you.
But, back to the book. As is usually the case in many facets of the financial industrial complex, much of our troubles are centered on a lack of financial education, which leads so many people down a path of long-term financial despair. This has been Robert Kiyosaki’s lifelong mission, which is respectable, regardless of your views on him.
Here’s the thing. I know many people would rather ignore the financial dangers ahead of us and then just blame others when the financial “fit hits the shan”. And for some, reading this book would be an uncomfortable reality check. I think we’re at a juncture of having to shift of mindsets and shift them soon. As I continue to put out more and more information, and as this book adds to the testimony, the Banksters out there do not care about you. The sooner you come to this realization and accept it, the more likely you will be to save your family’s financial well-being and perhaps even prosper.
In terms of my five driving principles, I believe this book furthers my resolve in the area of Self-Reliance, which doesn’t necessarily mean cutting oneself off completely from the world around us. But again, as I just stated, anyone relying purely on others to ensure a strong and stable financial future for themselves and their families is in for a rude awakening.
Anyways, I strongly recommend picking up this book and reading through both authors’ arguments. You can add this book to your own library connection through by following this link.
Until next time, my friends, be better, keep your integrity and see you at the pinnacle!