America, East Africa, United States discussed on Rich Dad Radio Show

Automatic TRANSCRIPT

Father not been murdered. And then I had to investigate what happened to him. And ultimately went back to east Africa in nineteen ninety seven to find his body and to meet the people who killed him. So that the short story of how I ended up focusing on the forensic side of the money man, in general parlance, sometimes people call you a whistle blower. But also the word is forensic you go back in and you you look into the records of things, and that's how. How you became quote, unquote, a whistle blower. What does that mean to the general public? Well, being whistle blower means that you become aware of wrongdoing. Either within your company or around you either within the company, you work around you, and you know, honestly, most people when they are made aware of illegal along doing at their employer. They keep their mouth shut. It's not it's not human nature to want to piss people off by particularly your boss by confronting people about the wrongdoing. So, you know, nine out of ten people when being made aware that there's something really bad happening at their company. We'll keep their mouth shut with the blowers that people choose to do contact forty and tell the story about wrongdoing around a whistle blower. If you're proven correct, you're the water part of. The fines or whatever that the fraudulent companies involved in today that is the case I I became a whistle blower in nineteen eighty eight. When I was in -ployed at a large mutual fund company and has director of compliance. I became where illegal activity that I reported quietly. It's what's called blowing the silent with whistle. I did not go public back. Then there was there were no financial rewards for or few for whistle blowers. After Dodd Frank the SEC and other regulators financial regulators in Washington now have vibrant Lissa bore programs, and yes, you can be received financial awards for plug whistle. And the reason I you're on the rich dad radio show with unites share a common concern because when as you're investigating many pension plans and funds, you know, fraudulent activities going on corrupt. Davis going on. Would you say that the baby boom generation may not be able to afford to retire? The something's rotten in the pension programs of America. Absolutely. You know, if you look at the baby boom generation, and if you were to do a study of what what does your average baby boomer look like, you know, are they do they have health insurance? They have are they overweight or how much they have in savings. How much they have intentions. The picture that emerges is is very bleak. I mean, I could go through those those each of those issues, you know, your many. They say seventy eight percent of all Americans are living paycheck to paycheck. My research is that the average 4._0._1._K balance is about twenty five thousand dollars, and this is for people in their fifties. And sixties the lack of health insurance is a is a is a big issue. So to the future is very bleak for most baby boomers, you know, I think it's over half of Americans who are retired. They depend on social security predominantly on social security to live, which is not a lot of money. So that the demographic issue and then in terms of pensions, I tell people simple way to understand tenses that there's there three drivers to the health of one is how much money goes into the pension system to is how the money in the pension system is managed and three. He is how much money is paid out of the pension in the form of benefits for the majority of pensions in the United States. Certainly public pension state local pensions, there is not enough money going in the money is being invested terribly..

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