Daily Archives: October 27, 2017

(Finance )Prompt 1

The Fiduciary Rule is basically a rule that says financial advisers for retirement have to act in the best interest of their clients because according to the article, it says that it is currently legal for advisers to NOT act in the best interest of their clients because they are not required. So this rule says that they have to act in the best interest of their clients not theirs.

Both of these articles seem to come down on the same side. If you ask which article is better at understanding or explaining from a consumer’s point of view, I would have to say Public Interest Research Group’s tutorial on John Oliver’s Retirement Income episode and the Fiduciary Rule definitely explained it better. Why? Because the article had more details and explained in simpler ways that a consumer can understand; that’s what I think.

I feel that this article Public Interest Research Group’s tutorial on John Oliver’s Retirement Income episode and the Fiduciary Rule explains the material better because the other article was short and did not give much information about the topic. The other article just does not explain fiduciary rule that well in my opinion. Because with the John Oliver’s Retirement Income episode article, there are more information that talks a lot about more things that have to do fiduciary. For instance, it talked more about how a fiduciary person cannot accept compensation because that would basically result in conflicted interest.  According to the article, “they can steer you to make investments that benefit them but might not be the best choice for your retirement savings.” It also says that about 17 billions are unnecessary lost from every from retirement savings account because of our current system that we have; conflicted investment advice causes loss of money from savings account for retirement.

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Finance Prompt 1

When it comes to financial health and decision-making, I feel it is critical to share how to be smart with your money. Especially when it comes to student loans. The Institute for college access & success gives 10 tips on how to be smart with your student loans. As a college student, I think this is quite crucial because student loans are very intimidating and one wrong move can make your financial life difficult. For example, pick a payment option that works for you or know your loans and how you can pay them off. As a consumer, I have hope in the fact that I can figure out how to work with my finances. I have family members who know how to work with finance and they can pass that knowledge with me, which will help. I think policymakers and consumers have to solve how to make things fair when it comes to financing. They have to see what can work with consumers and as the consumer, they have to figure out what policy works for them.