In one of Dr. P’s Big Blue Button vlogs, she stated something along the lines, that in order to have autonomy, you must have access to information. This is true in all aspects of our lives, and definitely in our financial lives. I was pretty torn between writing about poverty—which is something I know very well—or writing about my present understanding of my own finances. I have struggled in poverty my entire life, and now I am beyond it…barely. I do think it’s worth mentioning before I move on, that the largest consumers of welfare are not the poor, they are corporations, and the people who can afford homes and 401k’s. So, while I discuss the potential of financial rip offs, I feel it’s necessary—like John Oliver did mention—to keep in mind many people cannot afford financial rip offs, which makes no sense at all.
I don’t feel that that the 4 standards article explained the fiduciary rule very well, I think that article assumed you already knew what the Fiduciary rule was, and so they went into greater detail. Katharine Lee’s article explained very clearly that the Fiduciary Rule is a law requiring professionals to act in the best interest of their clients, otherwise they would be creating a conflict of interest. I definitely think Oliver and Lee do a better job explaining from the consumer’s point of view, since they assume you know nothing. John Oliver’s humor also helps a lot. After I read these two sources, I immediately checked to see if I have any fees, I don’t think so, since none were on my statement—I’m hoping my employer pays them.