Never hear him say managed funds beat the indexes....do you know which show? If he did then I've lost what little respect I have for him
No, I do not know which show but I have heard him mention a couple of times that you should not use index funds. I found this on bad money advice website
5. Apparently discussing an investment in an S&P 500 index fund:
I recommend mutual funds because they always beat the SNP. You can own several funds that beat the SNP whether in an up-market or a down-market. It’s alright to own some SNP, but none of your retirement savings should be in that. If you do a little bit of looking you can find tax-protected Roth IRAs and 401-Ks that give much better returns than the SNP.
For example, take a mutual fund with a 25-year track record. Over the course of those 25 years if you can see that the mutual fund almost always beats the SNP, then that mutual fund contains stocks that are winning more than the overall market is winning.
One of my general life philosophies is Hanlon's Razor: Never attribute to malice that which is adequately explained by stupidity.
I love this!!!
I think perhaps exaggerating might be a better word than lying? Perhaps he wants to deter people with limited financial knowledge from doing things...so makes it seems worse than it is? By exaggerating the amount of tax you would pay to deter someone who wants to use their 401 money to buy a boat?
Yes, exaggerating might have been a better term. I do not doubt that he is doing it to help people make the right decision, just curious if he actually knew the tax rates.
I am married and make about 90k. We are in the 15% bracket without any IRA or 401k deductions. It appears that he regular quotes people in this 50-100k range as being in the 35% federal bracket