Jason Zweig
speaker
906 appearances
17 recordings
1 series
first heard Jan 2018
last heard Sep 2022
Jason Zweig’s voice in public audio — every appearance, attributed to the second.
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Appearances
And in other cases, there is an explicit FDIC guarantee that you will get back the money you put in in the first place.
But that doesn't guarantee that you'll have appreciation on the account.
And in no case that I'm aware of are they guaranteeing that your deposit is secure and the high rate is available without restriction and without any risk factors.
Sometimes these promises or pledges or implied guarantees can be pretty aggressive.
Until last week, the website of one of these high-yield apps, called FAIR, claimed, and I quote, "...all you need to do is sit back and watch your wealth-building account balance grow every month!"
And it was that grow every month that gave me, I guess, some concerns because that to me really did sound like a guarantee.
And after I asked whether some investors might well interpret that as a legally binding promise, FAIR's founder removed that wording from the website, although the every month language was fine.
still there, at least as of last weekend, in some other wording on the same site.
Yes, it has.
Last year, the Federal Trade Commission, which regulates marketing practices across a variety of businesses, did take action against one high-yield fintech app called Beam and imposed some penalties and restitution for people who had been promised high yield on their savings accounts and did not receive it.
So and I would expect we may well see more cases like that in the future.
And it's a sign that consumers just need to be vigilant and not to take these messages about high yields that are available as if they were gospel, because some are and some are really what they sound like.
Maybe too good to be true.
My pleasure.
Thanks, JR.
Young people are accumulating.
assets in the stock market, and people in or near retirement are decumulating.
They need their investment portfolio to provide some of the income that will sustain them during retirement.
How you're affected by this market decline and this two-headed monster is going to depend partly on how the market behaves, but it's going to depend even more on how you behave.
And
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