Malla Jubal, IRA, Ohio Bureau Of Worker discussed on Rich Dad Radio Show
Apply to state and local pensions. The next big issue is that the boards of these pensions have no there's no requirement that the board of directors of these pensions have any training matters. So most state and local pensions, the board consists of policemen kindergarten teachers tation workers people who are not at all Malla Jubal about financial matters. And then they, you know, higher Wall Street to watch over their money. So you've got a board of of. Civil servants trying to do business with some of the craftiest sharks in the world and article I saw you wrote you say law, the more exotic investments like private equity, and then hedge funds they come to town that they wine and dine these lack of sophisticated managers. So they get free trips booze women fund and all this which influences them to buy the bankers products is that correct? Unlimited checkbook to wine and dine clients and in pursuit of what's one hundred million dollar count. So I've gone with these board members and Wall Street guys on hot air balloons, rides over the Kirke on helicopter ride over Maui to Benny hana's steakhouse in Honolulu Ruth, Chris you name it. And that is what Wall Street does they wine and dine state workers who are on these boards and show them time of their lives. And that's how they get the contract read that one of these guys one of these boards invested in beanie babies or something. Yeah. That was the Ohio bureau of worker's compensation invested in being baby. And so I think any kind of ridiculous investment, you can imagine one of the most popular is right in your your realm. Real estate. Generally pensions off of local pensions often invest in local real estate projects. So you'll have a pension. That's financed a football stadium or a convention center. Or, you know, something that's supposed to be economically targeting the locality. So ted. I mean, this is a very interesting we come back got gone to more into it. But if you wouldn't mind, I think the issue is what does the average person do especially if you are one of those pensioners in a public pension plan yet you have enough trouble. If you're in a private like, a 4._0._1._K are IRA. But if you're in a public one like Cal on a California the Rhode Island system, what can you do? So once it goes is Robert kiyosaki. This has been one of the reasons we formed the rich dad company is because we have no.