Fdic, Robert Rich, Ted Sidell discussed on Rich Dad Radio Show

Automatic TRANSCRIPT

Has benchmark alert dot com. Please get us articles. He's very prolific writers great writer. You'll learn a lot more. So once again at the risk radio anytime anywhere on I tunes, Android, and all our programs are archived there. Rich, dad radio dot com. We are them. So you can listen. To this program again. And after listen to those you'll hear a lot more. You learn a lot more. But most importantly got your friends family business associates, the listen to this program and discuss it because trust me, this is the this is the next crisis, and it's on its way right now. And the worst thing is baby boomers, my age oughta time out of money. So even if a young person, you're going to say, well, what happens if my father, my grandfather has no place eleve-, whereas retirement has gone. What happens if his pension is bankrupt. What do I do? Then what do I do about kicking care of his health for health? That's why this Mitch tab program is critic at an insider view that Wall Street are bubble vision of the pup or the papers will never report. So anyway, thank you, Ted Sidell. And what's the first question? Our question today Robert comes from Sofia in New York favorite book, rich, dad, poor dad. She says Robert I hear you ringing the bell on the coming pension crisis. I'm nearing retirement age. But I'm fearful that something will. Happen and somehow not going to be able to access my pension in my retirement years. Do you know what happens to people's pensions, if a company closes or files for bankruptcy? First of all, thank you for paying attention to the rich, dad radio show, and I feel for your right now, as you know, the story of my rich dad and poor dad was my poor dad lost his job at fifty. And he never recovered yet. Nothing you spent his pension trying to start a business and had nothing. So if there's a compelling reason for me to create richdad, Portland Bush had company and talk and speak is because we're facing a crisis. I don't think anybody knows how big this crisis. I mean, I don't but as estimated to be over two hundred twenty five trillion dollar problem, unfunded. That's how much money they're short. So you think the last bailout was big that last Bill only like forty billion forty trillion. This is two hundred fifty trillion. So that's why I wrote rich dad's prophecy Krista companies form, but as your question. A big question is who is your insurance who has the insurance company behind your pension? If the PBGC the public pension benefit guarantee corporation is like the FDIC the federal deposit insurance corporation, so they FDIC backs up your savings. The trouble has FDIC is bankrupt. You know, if there's a run on the Bank, there's not enough money in the FDIC to cover that two hundred fifty thousand they promised me to get my money back so Kim, and I have a problem of excess cash and we and we started, bro. But we just kept following our plan as so we have two hundred fifty thousand dollars deposits all over different banks and all that. But what if FDIC is not there as a same thing with the PBGC benefit the pension benefit guarantee corporation. It's bankrupt. Also, the good news is you're early. You can do something about it before the crash comes. So again, that's why right. That's my talk. But my whole thing here is I I think it's important that you take responsibility for your education. Your financial education because our schoolteachers no nothing either as Ted Sidell talked about many of these pensions are run by managed by school. Tissues. Firefighters and all that people who know nothing and then Wall Street comes in with the private equity hedge funds and takes advantage of uneducated public public employee's, Selena, John I wish I some young lady. I wish a quick answer for you. But I don't, but I thank you for listening to this program in a thank Ted side elegant, and once again, you can submit your questions to ask Robert rich, dad radio dot com. Thankful this in the rich down radio show.

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