The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: ichangedmyname on September 24, 2014, 07:56:02 PM
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Is this thing legit? I applied for a job at a place that does this and it seems to good to be true. Basically it's "better than a 401k or an IRA because you never lose your money."
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Need more details. Is this a deferred compensation plan? This may be what's called "COLI" or "BOLI"
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...it seems to good to be true...
That's because it is.
http://www.dwmgmt.com/770-accounts-buyer-beware/
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When they have to disguise what it is..."770 plan"..."Tax Free Retirement"..."be your own bank" then you know it sucks!
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I was wondering why I haven't heard of it from here. So I wonder how they earn their money. Basically they're selling life insurance.
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Yeah, they have super high fees and you get screwed hard for about a decade. Run. Run fast.
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I'm glad I ran from the job.