I went to a "financial pitch in exchange for a steak dinner" thing on Tuesday.
Theme of the night was something about "security in retirement" and started off with a good thing or two about "sequence of withdrawal risk" during the early years of retirement.
Quotes from the rest of the pitch:
"Participate in market gains but never suffer market losses. (Small print: gains capped at ~20%)"
"Can easily roll over your 401K or IRAs -- with an immediate 46% gain. (A 100k IRA "instantly" becomes worth $146k)"
"Money is locked up for a year, but at the ten year mark you're free to do whatever you want."
Guy didn't say insurance once.
He never actually named the financial product he was selling.
Closest to a definition anyone got was "it is better than a Roth IRA."
Someone asked the question: "isn't a 46% gain on new money too good to be true?" His answer was "I don't want to get into the details and overwhelm you, but rest assured this is a guaranteed immediate gain and completely legitimate. Let's get together with your account information and talk."
Steak was good.
Was it some kind of "infinite banking whole life" insurance thing? Could it have been anything else? When he says "46% roll over bonus" what does he actually mean?
When he does his follow-up call... If I accidentally answer and can't easily end the conversation: what question(s) can I ask to nail him down?
Theme of the night was something about "security in retirement" and started off with a good thing or two about "sequence of withdrawal risk" during the early years of retirement.
Quotes from the rest of the pitch:
"Participate in market gains but never suffer market losses. (Small print: gains capped at ~20%)"
"Can easily roll over your 401K or IRAs -- with an immediate 46% gain. (A 100k IRA "instantly" becomes worth $146k)"
"Money is locked up for a year, but at the ten year mark you're free to do whatever you want."
Guy didn't say insurance once.
He never actually named the financial product he was selling.
Closest to a definition anyone got was "it is better than a Roth IRA."
Someone asked the question: "isn't a 46% gain on new money too good to be true?" His answer was "I don't want to get into the details and overwhelm you, but rest assured this is a guaranteed immediate gain and completely legitimate. Let's get together with your account information and talk."
Steak was good.
Was it some kind of "infinite banking whole life" insurance thing? Could it have been anything else? When he says "46% roll over bonus" what does he actually mean?
When he does his follow-up call... If I accidentally answer and can't easily end the conversation: what question(s) can I ask to nail him down?
Statistics: Posted by health_concerns — Fri Aug 09, 2024 12:52 am — Replies 7 — Views 776