Tag: subprime mortgage crisis

Money Stories: Debt Anxiety Was Taking Me Down, But Cancer Changed Everything

Money Stories:? There were very few things Eleni couldn’t handle. Her mother’s untimely death, the loss of a business, her husband’s injuries, and a special needs son. But managing consumer debt anxiety almost took her down. Then cancer called and changed everything. Adapted from an interview with Eleni Ross.

My financial education was the school of hard knocks…

I don?t remember ever receiving any education in personal finance in high school. I majored in Anthropology in college and frankly, I never thought of taking economics classes because I felt that they were tedious and boring. Everything I?ve learned about personal finance was through the school of hard knocks, just by going through it and screwing up.

I first became aware of personal finances and having a bank account when I was a senior in high school. I had my first job at the dime store in the town where I lived. They paid you in checks, so I had to open a bank account to cash them. After a while, I started getting offers for credit cards in the mail. I think my first credit cards were a Macy’s and a Chevron card.?By the time I entered college, I had a Visa. But I didn?t use it very much. I might buy a pair of shoes, and then pay it off when the bill came.?

Related: Ten Quick Ways to Make Money While Helping the Planet

I was still in college when my mom passed away.

My mom was diagnosed with colon cancer when I was 16 years old. And although she had radiation, it came back and moved to her liver. So, by the time I was college age, mom was undergoing chemotherapy every week. I didn?t want go away to college because I wanted to be there with Mom to support her. So I lived at home and drove to UC Berkeley everyday in a car my mom owned. She paid the insurance and I paid my own gas. I never worried about money then.

Mom left me a small trust and a paid off house…

I was still in college when my mom passed away. I remember that she died in June, right after finals. When Mom died, she left me the house and a bit of money in a trust. There wasn?t a lot of money, but there was enough for me to finish college. And the house was paid for. My uncle was the executor and he would just dole out a bit of money if I needed it.? This is why I didn?t really worry about money then, either.

…but I had no education in personal finance.

After returning to college the next semester, I met my future husband. We fell in love and began living together. He was an auto-mechanic and wasn?t making very much money at that time. After a few months, we actually started to run out of money. ?That’s when I started using credit cards to fill in the gaps.

We started using our credit cards as a type of income.

We started using our credit cards as a type of income. We?d use them to get gas, we?d use them to get groceries, and eventually, by the time I graduated from college, we were carrying some pretty big credit card balances.

Eleni and Rob Ross

After we got married, we decided we needed to fix the house. The house was in significant disrepair. The roof was leaking and the bathrooms and kitchen needed to be redone. We figured we could take a loan out on the house, do some repairs and upgrades, and get a little extra to pay off our credit card balances at the same time.

Our house became an ATM

We live in a very affluent area. Everyone around us drove expensive cars and had expensive toys. To be honest, that lifestyle sort of rubbed off on us. I think it was when we decided to buy a really expensive car that things started to get out of control. The payments on that car were about $500 a month, and the insurance was ridiculously high. But we didn?t really see it for what it was because, by then, we had learned how to take a line of credit on the house. This was in 1999, and it was the beginning of a long spiral.

Related:? DIY Credit Card Debt:? A Guide to Permanent Debt Relief

We wanted to fit in with our environment. We wanted to be like everyone else…We were young and naive, and we just couldn’t see over the horizon. We couldn’t see what was coming.

Looking back, I can see how we began to use the house as an ATM. We?d rack up the credit card debt, and then we?d refinance again. We?d get a line of credit, pay off our car loan. We’d buy a new car and do it again. This became a pattern. But the reality is, we just didn?t need a fancy Mercedes Benz or a brand new BMW every few years.

Keeping up with the Joneses was a trap.

I believe now that we felt really pushed to keep up with the Joneses and be like everyone around us. But we just didn?t get that we didn?t have the money for that. Property values were skyrocketing at the time and it was super easy to get refinancing. Like many people during this time, we would use home appreciation value to justify these purchases. We were young and naive, and we just couldn’t see over the horizon. We couldn’t see what was coming.

Related:? Why We Love Rules of Thumb…Even Though They Suck

Having our son changed everything.

For a while, things were ok. The payments weren?t astronomical and we were both working decent full-time jobs. I was working for an auto body shop when I got pregnant with our son.

Our son was born slightly autistic, and I didn?t want my son to be raised by babysitters. I wanted to be there with him everyday. So I decided to quit my job and go freelance as an independent auto-appraiser so I could raise my son myself. The downside was that my pay was no longer consistent. That’s when things started to get out of control.

I started using credit cards as an income patch to cover our monthly expenses when my pay came up short. I’d refinance the house again to try and manage the credit card balances. But this time, I actually kept it a secret from my husband. I was afraid to talk about our financial problems because I wanted him to feel that everything was ok. I didn?t want my husband to worry and I wanted to be able to raise my son myself.

I was afraid to talk about our financial problems because I wanted him to feel that everything was ok.?

But the truth is, it just wasn?t sustainable and I knew this. My income was inconsistent and the credit card interest rates were climbing through the roof. I was ashamed that couldn’t make it work, but not telling my husband was the biggest mistake I made. Not talking about money made everything worse.?

Related:? Women and Money:? Why Aren’t We Talking About it?

We looked for ways settle our debt…

Eventually, our financial situation forced me to give in and get a full-time job at a high end auto body shop. While I was making an excellent salary, it was an incredibly stressful position, and I had already screwed us with the high interest debt. So not only were we still struggling financially, I had a lot of debt anxiety and was totally stressed out everyday.

I decided to hire one of those sketchy credit settlement companies because I just couldn?t refinance the house anymore.

I also decided to hire one of those sketchy credit card settlement companies to handle the credit card debt because I just couldn?t handle it anymore. The stress of the job, the debt anxiety, and the threatening phone calls from collectors – it was taking a toll on me. When the credit settlement company told me to stop making payments on my credit card bills and pay them instead, the phone calls finally stopped, but my credit score went into the toilet.

Related: Know the Wolf:? Credit Counseling vs Debt Settlement

… and we started a business.

Meanwhile, my husband decided to start his own auto repair business. We knew things would be tight at first, but we had a good business plan. There were some months in the beginning where he didn?t bring in any money at all, and our mortgage began to fall behind. I became scared that the bank was going to foreclose on our house.

This was in 2008, right when the subprime mortgage crisis was exploding, and, of course, I had a crappy subprime mortgage. On top of that, we discovered that our business partner was not only ignoring the bills, but was also actually stealing money from the business! We had to hire an attorney and kick him out. This definitely set us back.?

Finally, my husband’s hard work paid off and the business started to pick up.

For the next two years we were hurting badly. I remember my son even had holes in his shoes. I hated my job, but I was stuck there because we had nothing else. I began to experience constant anxiety. Everything was slowly falling behind but we hung in there. Finally, my husband?s hard work paid off and the business started to pick up. Things were going really well. At last I felt that everything was going to be ok.

A car came out of nowhere.

In 2010, just when our luck was turning, my husband was struck by a car making an illegal U-turn. The car hit his motorcycle and broke his foot. He couldn?t put any weight on his foot. He had to put his leg on a chair and try to finish the cars he had in the shop. He also had to hire someone to help him. As a result, he couldn?t take in any more new business.

Just when we thought we were starting to pull out of financial hell, my husband?s injury brought us right back down. We decided we would have to close the business after all, and when the business lease came up for renewal, we let it go.

Just when we thought we were starting to pull out of financial hell, my husband?s injury brought us right back down again.

Eventually, my husband?s foot recovered and he got a job at a shop as an auto mechanic. But the injury to my husband?s foot had weakened his strength due to inactivity. And shortly thereafter, he blew two discs in his back at work. He was in incredible pain and had to go on disability again. We were back in the struggle to try and cover our mortgage.

Close to the brink: the threat of losing our home.

This is when I tried to do loan modifications with my mortgage company. First I was told that we made too much money. Then they?d say I didn?t make enough money. I thought that my husband?s disability might make a difference, but the bank always came up with a different excuse as to why they couldn?t approve us. I think I tried to modify the loan about 6 times during this period.

Our subprime mortgage had originally been with Wachovia, but it changed hands about 3 times within in a year or so, eventually ending up at Wells Fargo. It seemed that I just couldn?t get anywhere with it. It was crazy. I was always asking, ?Who am I paying now?? By this time it was 2011. And we were finally warned of foreclose.

Related:? Divorce Your Bank in 8 Simple Steps – Who Are You Trusting with Your Money?

By now it was 2011. And we were finally warned of foreclose.

Still, I kept looking for ways out. Our son?s school district had a great program for special needs kids. He even had an aid that attended all of his classes with him to keep him on task. I didn?t want to disrupt his life. I needed to keep my son in that school district. So, even though there was equity in the house that could have dug us out if we sold, I refused to give up trying to save it.

It was Christmas 2011 when I received the phone call that turned everything upside down. My routine annual physical and mammogram resulted in a phone call. I was told I needed to return for an ultrasound, then again for a biopsy. Two days after Christmas, the hospital called me at work, and all I heard was, ?Bla, bla, bla, you have cancer.?

I remember locking myself in the bathroom at work and completely falling apart. Everything stopped. In that moment, sobbing uncontrollably, I just didn?t care about money anymore. I couldn’t even think. I had to have my husband pick me up from work because I was too upset to drive home.?

Two days after Christmas, they called me at work, and all I heard was, ?Bla, bla, bla, you have cancer.?

How cancer saved my life.

Ironically, I still say that cancer saved my life. By the time I got that phone call, I had gained 70 pounds, was stressed out of mind, and my blood pressure was through the roof. If cancer didn’t stop me, something worse may have.?The constant pressure to chase the dollar, to move money around to cover this and that liability, the overwhelming debt anxiety, was slowly killing me. But when I got cancer, all of this just stopped. It was a wake up call. I just let the debt anxiety go.

Because my husband was also on disability for his back at the same time, he was able to stay home and support me through the cancer, which helped me tremendously. It turned out that although I had to have a mastectomy, I didn?t need radiation or chemo. I actually recovered from the cancer in 5 months, and I am still cancer free today.

When I got cancer, all of this just stopped. It was a wake up call. I just let the debt anxiety go.

Learning to let go.

After I had fully recovered, the thought of returning to that high-stress job overwhelmed with me anxiety. This time, I just wasn’t having it. I told my company I wasn?t ready to come back, and they insisted that I get a doctor to justify the extension.

When I talked to the doctor about my anxiety, the doctor told me to take antidepressants and get back to work. But I didn?t want to take antidepressants. So, I started seeing a psychologist instead. I told my psychologist, ?I just don?t want to do this anymore!? He responded, ?Then, don?t.? So, I went in and quit my job.

The doctor told me to take antidepressants and get back to work.?

Now, I knew this was a risk. But I had talked to my husband about it, and he was very supportive of my decision to quit that job. I had been living with debt anxiety and trying to save our house for years. But cancer made me realize, ?You know what? You only get one life!?

I hadn?t been spending enough time with my family and everything felt wrong. What’s more, I started noticing this in other people’s lives as well. I could see that there were a lot of people in our area who drove fancy cars and seemed to have tons of money – ?but who were absolutely miserable. Joneses or not, I knew I didn’t want any part of this anymore.

At this point, I was at constant risk of foreclosure, had no job, no income, no credit, a husband on disability, a special needs child…and only one boob! We finally surrendered and filed a Chapter 13 bankruptcy so we could at least save the house. We were able to make the Chapter 13 payments for awhile and were temporarily saved from foreclosure. But one month, we just didn?t have the money and we missed a payment. The Chapter 13 protection was dropped, and the foreclosure game began again.

I could see that there were a lot of people in our area who drove fancy cars and seemed to have tons of money – ?but who were absolutely miserable. Joneses or not, I knew I didn’t want any part of this anymore.

A silver lining through the struggle

A few months later, my husband?s back recovered and he was able to get back to work. At the same time, I also found a job with a much better work/life balance. I was making about 30% less in salary, but I had full benefits again and a company car, so it sort of made up for it.

While we were now finally both making a steady incomes again, I was still constantly filing for loan modifications to delay foreclosure. I think overall I must have made around 12 attempts over 3 years to modify the loan to save the house.?The truth is, the bank simply wouldn?t let us make payments. I told them I just wanted to reset the mortgage and start paying, but they just wouldn?t take our money. It was maddening. They wouldn?t let us put it on the back end. They demanded all the back payments in full. Something like $75,000. We just didn?t have it.

For the entire year of 2013, we lived like squatters in our own house. We never knew when the rug would be pulled out from underneath us, but it just never happened. There was nothing we could do, but wait and find out. And the waiting was brutal.?

They were going to auction the house in 90 days.

Then, in 2014, we came home one day, and there was the foreclosure notice posted right on our front door. Our biggest fear, realized. They were going to auction the house in 90 days. We had to make a move. We contacted a real estate agent we knew to help us sell the house before it was auctioned, because we didn?t know what else we could do.

How we finally saved our house

The real estate agent told me to try for one more loan modification to buy us more time to sell the house by pushing the foreclosure date. Of course, I wasn?t expecting anything, I was just going through the motions again. But when I got the phone call from the loan modification officer, he said,?Congratulations, you?ve been approved!? I was absolutely floored. Just when I’d finally accepted that I’d have to let go of the house, it was saved.

I got the phone call from the loan modification officer, he said,?Congratulations, you?ve been approved!?

Related:? Over 50 Broke and in Debt:? Starting From Ground Zero

What I?ve learned

Though we?ve managed to save the house, the payments are outrageous. But my son is almost out of high school. We will eventually downsize and move to a less expensive area. I’ve learned some valuable lessons throughout this journey.

I now realize that I’ve always looked at credit as available income. And it?s absolutely not.

The biggest lesson I?ve learned was to live without credit. If I can?t afford something today, I just don?t buy it. I now realize that somehow I?d always looked at credit as available income. And it?s absolutely not.

1. Things are not important.

I?ve also learned not to care what kind of car I drive, or whether I am able to buy the things that the people around me buy. Things are not important. Getting cancer and surviving wiped all of that nonsense away. All that is important is my health, my family, and that we are going to be ok no matter what because we are together.

Cancer survivor Eleni Ross and son

2. People need to talk about money problems.

Everybody has money problems. Even people with money have money problems. But people don?t talk about it. You could even say that people with more money have even more money problems.?

Related:? Why We Can’t Save

3. Some decisions are in your control. Some are not.

People don?t want to talk about money because they?re ashamed. But they shouldn?t be because, well, shit happens. You make some bad decisions. Things come up. Situations change. And some things you just can?t control.?

You can?t control getting cancer. You can?t control having an autistic child. You can?t control a Prius making a U-turn around a blind corner when you?re coming around on your motorcycle.? But you can control whether or not you buy an expensive car just to try to fit in. And this is the stuff we need to talk about.

4. Take control of your money before a crisis hits.

Unfortunately, for many of us, we are somewhat blind to our financial mistakes until a crisis hits.?

Unfortunately, for many of us, we are somewhat blind to our financial mistakes until a crisis hits. We go along, trying to keep up with the world, living overextended lives and trying to manage our debt anxiety. We need to get over this money shame because, seriously, I believe it has the power to ruin your life.

Related content: What I Wish My Clients Knew When They Were Younger

5. Gratitude is powerful. Realize how lucky you are.

Today, I am not ashamed to share my story, because I hope that others can learn from it. I didn’t know anything about personal finance before I began this journey. Now I do. But everything that has happened to me has made me realize how lucky I am – to have my health, to have my family, to have my life. Those are the important things. And they have nothing to do with what kind of car I drive.

– Eleni Ross


WellWallet Money Stories is ?a place where real people share their stories of financial struggle, loss, perseverance, and triumph. If you have a money story that needs to be told, please submit it to info@wellwallet.com. We will never publish your name without your permission. You can use a pen name or choose to remain anonymous. Or you can submit photos and go fully candid. It’s up to you. We all have money stories, and we need to talk about them. It is through sharing our stories that we heal, grow and learn from each other.

 

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Take Control of Your 401(k)

The 401(k) has been touted for decades as the safe place to put your money for retirement. Unfortunately, many of us have been unknowingly sold bunk products. We need to take control of our future and we need to do it now. Start by understanding exactly what you are putting your wages into, and what it is doing to your wages.

The Birth of 401(k) A Brief Overview

Before 401(k)s, many companies offered pensions. Workers were promised a secure income upon retirement.

But pensions were getting expensive from an employer?s perspective. People started living longer and maintaining them became difficult in light of new regulations and market volatility.

In 1978, the IRS added section 401(k) to the Internal Revenue Code. Section 401(k) of the The Revenue Act of 1978 enabled employees to defer paying taxes on deferred income. In other words, if you received income as cash, you?d continue to pay taxes. But if you deferred part of your income, the money could grow tax free. In 1978, the plans were called ?cash or deferred arrangements.? ?

Ted Benna, a consultant and co-owner of The Johnson Companies, a small benefits consulting firm located in suburban Philadelphia, saw an opportunity in the code and created the first 401(k) for the employees of The Johnson Companies in 1981.

By 1983, nearly half of all companies offered a 401(k).

401(k)s turned out to be cheaper for companies than pensions. ?401(k) plans essentially shifted the responsibility and payment for an employee?s retirement from the company to the employee. Instead of the company being on the hook to pay for pensions, that responsibility now fell on the employees themselves.

How were millions of Americans convinced that 401ks were better than pensions? Marketing. We were told that we?d have a lot more freedom by managing our own investment choices for retirement. Imagine that. Instead of the company guaranteeing a pension, we were now given the freedom to pay for our own retirement.

The Rise of 401(k)

This decision to shift from pensions to 401(k)s created millions of new employee investors for Wall Street and the financial industry.

However, the very idea of trillions of dollars in the hands of newbie investors opened the doors for all kinds of potential abuses within the financial industry.

The explosion of 401(k) investing coincided with their intermingling in mutual funds. The growth of 401(k) and mutual funds somewhat parallel each other. In 1990, 401k investments stood at $385 billion and were invested 9% in mutual funds. ?By 2000, nearly 50% of the 401(k) assets were invested in mutual funds.

During the bull runs of the 80?s and 90?s, when the markets were doing well, the returns on 401(k)?s seemed consistent, even invincible. So it was perhaps easy not to perceive any dangers.

Signs of Trouble for Individual Investors

The dotcom bubble of 2000 was the first warning sign that 401(k)s were putting people?s retirement plans at risk. Many took a big hit and lost their retirement savings.

Eight years later, the subprime mortgage crisis of 2008 hit retirement savers again, devastating many who not only lost their plans to retire, but also equity in their homes. The rash of bonuses handed out by bailed out banks was a slap in the face to those Americans left teetering on the financial edge.

The Problem with 401(k)

It is critical to remember that having a 401(k) is not saving for retirement. It is investing. And investing carries with it inherent risk.

?The problem with the 401K and the retirement industry, in general, is a definitional one. Saving money, or ?pure asset? accumulation is different from investing. Saving money carries little to no risk outside of the counterparty risk of the saved currency. Investing always carries risk, regardless of whether the invested asset is gold, oil, or bushels of wheat.? – ?Future Money Trends

If the quality of the mutual funds in a 401(k) plan is poor or even mediocre, how would an everyday employee without investment experience know?

Undisclosed fees are another problem altogether. Most of the people who look at their 401(k)?s prospectus have no idea that these fees are being taken out. And when trying to discern what they are, they are hit with a myriad of terms that are increasingly confusing.

  • Asset managing fees
  • Marketing fees
  • Administrative fees
  • Trading fees
  • Legal fees
  • Trustees fees
  • Transactional fees
  • Bookkeeping fees
  • Finders fees
  • Expense ratios

To name a few.

It can take a ton of research to figure out what is actually eating away at the earnings of your 401(k). These fees are expressed in percentages, and they grow over time, just like your money.

Compound interest, the very thing that grows your money, also applies to fees, which reduces your money. And as your money compounds, the fees compound.

?According to our fee model, a two-earner household, where each partner earns the median income for their gender each year over their working lifetime, will pay an average of $154,794 in 401(k) fees and lost returns.????Robert Hiltonsmith

demos.org

401(k) Fees

 

Many of these fees can come from revenue sharing arrangements. The fund advisers pay off the middlemen who are selling to potential investors to push their funds. This can also be how funds get on a 401(k) list to begin with. The more hands in the pie, the more fees.

?The 401(k) is one of the only products that Americans buy that they don’t know the price of it. It’s also one of the products that Americans buy that they don’t even know its quality. It’s one of the products that Americans buy that they don’t know its danger. And it’s because the industry, the mutual fund industry, have been able to protect themselves against regulation that would expose the danger and price of their products.? – Teresa Ghilarducci, Professor of Economics, The New School

Still, another part of the problem is the term ?financial advisor.?

Exactly what is a financial advisor? Financial advisers can don a number of names: financial planner, retirement planner, financial retirement advisor. But ultimately, a ?financial advisor? is a salesperson. And you have to ask yourself if a salesperson has your best interest in mind. Because, historically, financial advisors did not have a fiduciary duty to put your interests before their own.

Many financial advisors sell you financial products because they make money doing it. They make a commission from selling you that specific product. It is important to recognize that.

The Department of Labor Fights Back

The Department of Labor is responsible for regulating employee retirement plans.

In 2010 it submitted a proposal binding the fiduciary duty of financial advisors, which would require that they put their client?s interests in front of their own when dealing with retirement products. The financial industry lobbied against it. Congress got involved, and the Department of Labor was forced to rescind the proposal.

But the Department of Labor did not give up. A controversial new rule which requires retirement investment advisors, including broker-dealers and insurance agents, to abide by a fiduciary standard took effect in April 2017. However, any financial advice given before April 2017 is not covered by the new rule.

In addition, while the new rule prohibits revenue sharing arrangements, ?pressure by financial lobbyists has added a loophole to the rule by allowing an exemption to the prohibited transactions. This exemption is known as BICE (Best Interest Contract Exemption).

BICE allows the now prohibited methods of conflicted compensation to continue if the broker enters into a contract with the participant or IRA account holder stating the broker will:

  • Attempt to act in their best interest.
  • Disclose all potential conflicts of interest.
  • Provide a detailed breakdown of their collected commission

Finally, the growing list of class action 401(k) lawsuits against companies for their lack of fiduciary duty and excessive fees should give anyone pause that something foul has been going on in the 401(k) markets.

Take Control of Your 401(k)

If you have a 401(k) plan, it?s time for you to get your hands dirty and do some research. If the responsibility for retirement using 401(k) has been pushed upon the backs of employees, employees simply must take it upon themselves to understand what their 401(k) is invested in, what fees they are being subject to, and how they can get a better deal.

Remember that your 401(k) is not a savings account. It is an investment and you must actively manage it to mitigate risk.

Take control by asking your company questions so that you can make informed decisions. John Katovich of Cutting Edge Capital mentions that most people don?t know that they have a lot more power than they think they do.

?Individuals can march into their HR office and say, ?Let?s have a talk, tell me about my investments or put on a seminar for us. Explain to us how our money is impacting us. Am I investing in something?s that doing good, am I investing in something that?s actually harming me, I should know that, right? I want to know that.? – John Katovich, Cutting Edge Capital, Prosperity*

According to Katovich, the little-known secret about the 401k is that you can actually ask your company to set up a separate account that allows you to invest the way you want to invest.

?Imagine going into your company and saying, ‘I want to take 10% of my 401k retirement savings account and I want to invest it in some companies in my town.’ You can do that today, they?re not set up for it, the companies themselves don?t even know that they can do that, no one has been told that they can do that.?

If you have a 401(k), you need to find out exactly who is managing it, what they are charging, and what your money is doing. You can start by using free tools available online by the Financial Industry Regulatory Association (FINRA). FINRA?s job is to regulate brokerage firms doing business with the public in the United States. It’s a great place to start.

You can find out about your broker is by using FINRA?s free BrokerCheck Tool.

You can find out what funds you are invested in with FINRA?s free Fund Analyzer Tool.

You can also use Morningstar or Google Finance to help you research your funds.

Get a copy of your Fee Disclosure Statement. It is usually included in your 401(k) prospectus. Understanding your fees is going to take some effort, but there are free resources available that can help. The internet is your friend here.

Check out Demos.org?s The Retirement Savings Drain: ?The Hidden and Excessive Costs of 401(k)s which is a free booklet that you can download.

Once you have a clear picture of what your 401(k) is doing, you can make some informed decisions and take control.

Don?t like where your money is invested? Worried about People and Planet?

You have the power to incorporate Socially Responsible Investments into your portfolio. A new rule passed by the Department of Labor in 2015 makes it easier for you to invest in your 401(k) along with your values.

The Forum For Sustainable and Responsible Investing (USSIF) offers some tips and resources that may help you incorporate Socially Responsible funds into your 401(k) plan.

The bottom line?

The money in your 401(k) is your future. People can no longer afford to simply tick the box on their risk portfolio and hand the oversight of their future over to fund managers. The illusion that the financial industry, and even your HR department, actually have your future in mind while playing with your money has got to be discarded.

And only you can do it by exercising your rights and taking control.


Check out more great interviews and videos from leaders in conscious capitalism in the new feature film?Prosperity

Photo by?Jakub Gorajek

What the lawyers make us say: Well Wallet is an informational platform for personal finance, and unless specifically stated otherwise, the content is provided to you without charge. Well Wallet is not a financial planner, broker, or tax advisor. We cannot provide any advice for your specific financial situation. Our goal is to help you understand how to better manage your finances and how your finances affect your life goals, but we can never make any guarantees about your financial future (or present).?The material here is meant for informational purposes only.? It should not be considered legal or financial advice.? See our Terms & Conditions for more information.

 

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