The Whole Financial System Runs on THIS Secret Keeping You Poor
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 8 October 2024
⏱️ 38 minutes
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Summary
Ken and Danille McElroy explore the reality of the financial system and how commissions drive decisions by financial planners, insurance agents, and realtors. Learn how to protect yourself, verify information, and make informed decisions that benefit you—not just those managing your money.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Your money is making other people money, and that's the trap. |
| 0:04.6 | Yeah, no kidding. |
| 0:05.6 | The whole system runs on commission, as you guys may or may not know, |
| 0:09.6 | but if you really think about it, it'll make a lot of sense. |
| 0:13.3 | It's funny, I kind of, people ask, like, you know, |
| 0:17.6 | where does other people's money or OPM come from? |
| 0:20.6 | Well, if you think about just a |
| 0:22.1 | traditional bank, let's say, and I've talked a lot about this, when you put money into a bank, |
| 0:30.0 | then that bank now owes you interest. So they have an expense to you, but they have your money. |
| 0:40.3 | Think about that. So when you put money into savings, that's like Kiyosaki says savings are losers. He doesn't mean that you're a loser. What |
| 0:45.9 | he's saying is you're losing the game because the whole system. Now, this is the same with |
| 0:51.9 | pensions. It's the same with retirement. It's the same with |
| 0:55.6 | insurance. And I always laugh because even real estate, the commercial brokers, you're selling |
| 1:05.0 | an office building, sell it a multifamily, or whether you're leasing, that's commissioned, |
| 1:12.8 | financial planners, commission, |
| 1:19.3 | realtors, commission, mortgage commission, title commission. You know, it's interesting. I think that the problem is that people look at these people as advisors and they trust them that they have their best interest at heart. |
| 1:31.3 | And the problem with commission structures and even salary structures, it doesn't necessarily |
| 1:36.7 | have to be commissioned, but even a salary structure is they don't have your best interest at heart. |
| 1:42.1 | They have either the money they're making or their job they're doing. |
| 1:45.0 | Because, you know, you can look at financial planners that work on commission, and then |
| 1:48.0 | there's financial planners that work on salary. |
| 1:50.0 | But the ones that work on salary still have goals to keep their job. |
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