Thursday, October 12, 2006

401K Fee Scandals - Watch Out For The Man

There has been allot of concern lately on some the hidden fees associated with employee 401K retirement plans and funds. As it turns out (big surprise folks) the some employers are charging unreasonable fees when managing 401K programs. I know you're jaw is really hanging as you read that. Try to sit down and have a glass of water if this is a BIG surprise to you.

Read more here @ Kiplinger forecasts.

There are various class actions suits being filed against many large companies such as Boeing, International Paper, Lockheed Martin, Caterpillar, and Exelon. It's getting very nasty indeed as some individuals are being put on the hotseat and soon "the stand". Most all of these individuals sit on fiduciary committees.

Brokers, mutual fund companies, managers, and of course the insurance companies (of course it's another shock that the insurance companies would be in on the scam too.....Tongue deep in cheek and finder on a trigger) If you run a small company you could also be at risk of pending legal action as well. If you are farming out fund management teams for your 401K out-sourcing you could unknowingly be gouging your employees. So take a look at the 401K plan you have for your employees and see what they're being charged for in the fee department. If you are an employee, demand a copy of the fee structure from your employer or from the broker(s) your employer is using to invest your 401K contributions.

Monday, October 09, 2006

Debt Reduction For Individual Consumers (a series)

Debt reduction is something that we can all take a lesson in. This applies to countries and nations as well as individuals. The new generation loves to spend, and that can be good for the economy, but not so good for those who are swimming and reeling in bad debt.

The first thing to realize as an individual is that your debt can creep up on you if there are not some basic checks and balances. Throughout the posting on Sound Financials we will be discussing the steps people can take to reduce their debt. These steps are not always easy, and I'm not going to list just the easy ways of eliminating debt.

Debt Reduction Idea #1

Quit smoking; use the money you save when you quit smoking to pay down debts each month. Smoking kills, stinks, offends, and of course costs you big bucks by the end of the month.

Sunday, October 08, 2006

Welcome To Sound Financials

Welcome to Sound Financials at blogspot. We will be discussing all thing money.