Friday, May 11, 2012

Tough question for a failed financier

Although I feel sorry for those who lost their savings in the financial crisis, I think that, to some extent, they are the authors of their own misfortune. They didn't have to put all their money into high-risk investments. They could, and should, have been little less trusting, a little more suspicious of the promises made in prospectuses. As I approached retirement, I put all my money into (a) a retirement scheme that is backed by a government guarantee, and (b) long-term bank deposits. The returns are lower, but the peace of mind is much, much greater. And the latter is what you really want in old age.

The cartoon is from the Manawatu Standard of April 27, 2012.

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