Cindy Schreiber

Comments:

• Warranties on products likes cars and fridges are designed (from experience) to cover the time frame where their company statistics say you won't need it. Hence come the extended ones. However most extended warranties I have found are also timed to not be needed. I have found the extended ones are mathematically designed by the actuaries of the products universe. Even the extended times are calculated to bring maximum profits to the company. For example there is a reason a car extended warranty will take the usual 3 years to 6 or 7 years because statistically speaking (and the companies know to the date, don't be fooled) only extend to 5 years or 7 years. 5 years when the company knows most claims will start in the 6th .. 7 years when the company knows most claims will start in the 8th .. never forget there is actuarial science behind all warranty products.

  Post: When does it make sense to buy the extended warranty, if ever?

  Link to comment from March 27, 2021

• After my parents died early, I inherited money. And then 'financial advisors' of all kinds came out of the woodwork. I was too grief stricken to think clearly. Ended up with life insurance I didn't need. Stocks that I did not care about. Mutual funds especially bond funds that were unnecessary at my age. A stockbroker who traded instead of invested for the future. (Hence the definition of a stock BROKER.) So from this I learned that many 'financial professionals' own goals was to separate me from my money. Even got horrific advice from the probate attorneys. Lesson learned in hindsight? Don't make any decisions for a year (and in my case more than a year.)

  Post: What’s the worst financial advice you’ve ever acted on?

  Link to comment from March 27, 2021

• RICH DAD, POOR DAD by Robert Kiosaki. Learned to identify assets from liabilities. Changed my thinking on spending & what I was spending on. Also by him, CASHFLOW QUADRANT. Drove home more invaluable points. I was also impressed with THE MILLIONAIRE NEXT DOOR. Very interesting book. Taught me to not believe everything I assumed about others.

  Post: What’s the best financial book you’ve ever read?

  Link to comment from March 27, 2021