Comments on: 401k: Don’t Put All Your Eggs in One Basket http://www.savvywomen.net/money-matters/401k-don%e2%80%99t-put-all-your-eggs-in-one-basket/ Thu, 05 May 2011 16:54:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Julia http://www.savvywomen.net/money-matters/401k-don%e2%80%99t-put-all-your-eggs-in-one-basket/comment-page-1/#comment-3329 Julia Tue, 12 Apr 2011 07:28:01 +0000 http://www.savvywomen.net/money-matters/401k-don%e2%80%99t-put-all-your-eggs-in-one-basket/#comment-3329 The typical American is actually clueless in terms of personal financial planning, and also generally will not look for assistance from a financial adviser till very late. We want to begin teaching our children fundamental financial planning as well as investment. We should all learn how to become more self-sufficient. Depending on the government to provide for the future is actually unsafe. The typical American is actually clueless in terms of personal financial planning, and also generally will not look for assistance from a financial adviser till very late. We want to begin teaching our children fundamental financial planning as well as investment. We should all learn how to become more self-sufficient. Depending on the government to provide for the future is actually unsafe.

]]> By: Richard Friedman http://www.savvywomen.net/money-matters/401k-don%e2%80%99t-put-all-your-eggs-in-one-basket/comment-page-1/#comment-119 Richard Friedman Tue, 30 Mar 2010 21:00:52 +0000 http://www.savvywomen.net/money-matters/401k-don%e2%80%99t-put-all-your-eggs-in-one-basket/#comment-119 As a former Madoff investor I would add to your well thought out article, that wherever possible, when you have an investment, insist on having the stock certificates in your name, not "street" name. If the brokerage house goes bankrupt, you have your stocks. Otherwise, you may never get back your stocks or prove that you own them. Also, SIPC will do anything and everything to avoid paying. If your investments approach $500,000 with one broker, reduce your exposure with that broker by shifting investments elsewhere, as SIPC will only pay up to $500K. Technically, SIPC is supposed to try to recover your actual securities, but failing that to go out into the marketplace and buy them back (up to $500K). The most important thing to do is be aware and take nothing for granted. If something doesn't seem right, question it. As a former Madoff investor I would add to your well thought out article, that wherever possible, when you have an investment, insist on having the stock certificates in your name, not “street” name. If the brokerage house goes bankrupt, you have your stocks. Otherwise, you may never get back your stocks or prove that you own them. Also, SIPC will do anything and everything to avoid paying. If your investments approach $500,000 with one broker, reduce your exposure with that broker by shifting investments elsewhere, as SIPC will only pay up to $500K. Technically, SIPC is supposed to try to recover your actual securities, but failing that to go out into the marketplace and buy them back (up to $500K).

The most important thing to do is be aware and take nothing for granted. If something doesn’t seem right, question it.

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