Is WFG a pyramid scheme, a cult, or a legit business? (leased, lawsuits)

[TimtheGuy]

Originally Posted by rondo

Sun what kind of business you in? I'm a real estate agent in Minnesota and real estate investor. $7500 a month in expense is not excessive, or unrealistic. .

$7,500/month IS excessive and unrealistic. I live in MN and that $ amount would be basically unheard of for our middle class retirees. Try more like half that or less.

So this WFG cult is here in MN too?

[sunsprit]

rondo ...

the fallacy of your calculations comes through when you speak of needing so much money 25 years down the road for retirement, but now speak of overhead and expenses that are more commonly associated with people in their prime earnings years ... child expenses, elder parent expenses, large mortgage, car payments, high on the hog entertainment and recreational expenses, and so forth. It's an absolutely unreasonable scenario for one's retirement years after 25 years of accumulating assets and being past those major expenses in life ....

Yes, I make my home in a low cost-of-living state. But, if you'd been following my other threads/responses ... you'd know that I own a large 2nd home (free and clear) in Vail, CO. That's hardly an inexpensive place to live, let alone retire to ... and yet, as I indicated in my response ... I could still live there quite extravagantly on $7,500 per month even if I had to pay rent.

What do I do for a living? I'm an independent manufacturer's rep for industrial products (on straight commission) in a multi-state territory which pays for my organic farming and ranching habit ... where I raise alfalfa, lamb, cows, poultry, and horses. Yes, the farm is paid for in full.

I have no quarrel with your "need" to have such a large income ($400K per year) for your retirement. I just think it's absurd that you assert such a dismal outlook for others if they don't have a similarly large income for their retirement ... now, or 25 years from now.

[Buckhead_Broker]

Just keep in mind, Hubert Humphrey, the founder of WMA/WFG, is building an $85 million estate just north of Atlanta.

[magellan]

Originally Posted by Buckhead_Broker

Just keep in mind, Hubert Humphrey, the founder of WMA/WFG, is building an $85 million estate just north of Atlanta.

All the more reason to stay away from WFG. Who do you think paid for it? (all the minions)

If he were building $85 Million in affordable homes in inner city Atlanta, then I'd be impressed.

[sunsprit]

In the words of Fred Schwed, Jr ... "where are the customer's yachts?"

Where's all the wealth and benefit to WFG's customers, as opposed to all the dough that WFG's reps and top management are making helping others to financial solvency and prosperity?

[cdelena]

Just to bring some clarity to this issue...

$90K a year in expenses is not at all unheard of in upper income areas. And it would be realistic to need $250K a year to maintain that lifestyle in 25 years.

A middle class level of expenses may be half of that at $45K a year requiring $120K a year in 25 years.

Even though expenses go down in retirement I work with a few that had incomes in excess of $150K annually while working that still have expenses greater than $100K in retirement.

I know nothing of WFG and would probably never do business with them, but I do know a bit about retirement investments and feel too many are simply not factoring in the impact of steady 3% inflation.

[Bourney]

Originally Posted by truckingbronco

I'm sorry, but you are wrong. The only requirement to being a financial advisor is a Series 7 and 63 license. These tests are not extremely difficult and mostly deal with compliance.

I am speaking from experience, I am a CPA and I deal with FAs on a regular basis. Do not mistake a financial advisor with a financial analyst.

Perhaps in your country. I live in Canada fyi.

Think of it this way. When you were in grade school and did one of your first multiplication math tests, you were not allowed to use a calculator. The government has to make sure that people understand how numbers operate. YES, we can just log on to a computer and manipulate some numbers with software, however those users have to understand how numbers function.

[Bourney]

Originally Posted by rondo

I don't know if you realize that the inflation numbers do not include Food or Energy costs. This winter most people will spend several hundred dollars a month for their fuel costs, how about internet and cable, do you have a cell phone? What about your mortgage or car payment? When I go on vacation my budget easily exceeds $250 per day. Hotel room, rental car, dinners, activities.

Yes I have read the Millionaire Next Door, but it also talks about these people investing their money, not just saving. You might want to read some of the books by Marian Snow, Ric Edelman, Doug Andrew, Robert Kiyosaki.

Absolutely I agree with you to live within your means, however, what if your annual raise doesn't keep up with inflation. It makes it very difficult to live within you means when last years paycheck doesn't buy as much today.

Rondo, are you ignorant or just plain stupid?
Do you even know how inflation is calculated?
I know for a fact that food and energy is part of the CPI (the Consumer Pricing Index) which is where most macroeconomic financial decisions are made. The CPI is calculated with an average consumer's bundle of goods, food prices rise or fall in response to energy prices because the two aren't mutually exclusive. THIS IS A FACT, ALL CENTRAL BANKS IN THE FREE WORLD HAVE A MONETARY POLICY GEARED AT KEEPING THE INFLATION RATE LOW.
In fact, we keep our inflation rate between 1 - 3%. Given the rule of 72 which most mathematicians nowadays agree is more like a rule of 75.
Robert Kiyosaki? He's some stupid dropout, maybe you should go to university/college and learn what "real economics" is all about. Have you ever heard of Milton Friedman, Paul Krugman or John Maynerd Keynes? For instance. Those people know how money works. You're inane (as a friend once told me, there's no point in arguing with a retard because they aren't capable of understanding the rebuttal).
Most educated people understand that the art of "making" money is either investing or saving it. You're whole post is about "consumption".

Good luck to you Rondo, I hope you grow a brain.

[Bourney]

Originally Posted by cdelena

Just to bring some clarity to this issue...

$90K a year in expenses is not at all unheard of in upper income areas. And it would be realistic to need $250K a year to maintain that lifestyle in 25 years.

A middle class level of expenses may be half of that at $45K a year requiring $120K a year in 25 years.

Even though expenses go down in retirement I work with a few that had incomes in excess of $150K annually while working that still have expenses greater than $100K in retirement.

I know nothing of WFG and would probably never do business with them, but I do know a bit about retirement investments and feel too many are simply not factoring in the impact of steady 3% inflation.

Just because you're a member of the upper class doesn't necessarily mean that you have to spend like they do. Most millionaires don't drive Mercedes and Jaguars precisely because they'd rather hold more cash in the form of savings which can be put towards investments.

[TimtheGuy]

Originally Posted by Buckhead_Broker

Just keep in mind, Hubert Humphrey, the founder of WMA/WFG, is building an $85 million estate just north of Atlanta.

Good for him. I would rather you have him, than to keep him here in MN.

Ya he was the one who brought the pyramid shceme'nis' to WFG with his experience as an Amway pyramid schemer.

How do you think he made all the dough? Obviously by being at the top of the pyramid at the cost of those below. Or did he do it selling financial services and insurance to the underserved as these minions in WFG regurgitate? That must have been an awful dam lot of policies!