When I finished my column last week I mentioned that I would start asking the “really important questions” when I returned to my blog this week. So then I asked myself, what are the really important questions when it comes to getting the financial truth? Followed by the next logical question, where do we start?
It will all start with an understanding of what the really important questions are. The right questions that need to be asked to get to the correct answers, or at the very least, how to get to the information to develop the correct answer for the question being sought. Most people never really take the time to ask more questions, easily satisfied with the quickest seemingly most truthful answer, nor do they want to feel that they may be being a bother to someone, or maybe they just really do not want to know as they may think the answer is too complicated for them to understand. In any event, most people seldom ask enough of the right questions to get to the answer they want or need to have.
Sometimes finding the more correct question(s) takes a bit of effort, that is, if you really want to get to the real answer. It will take some time and the answer should most probably come from more than one source of information and yet considering that the majority may not really be on the right track either. Remind yourself that the art of asking more questions may have a similar effect of taking you further down the rabbit hole, but it comes down to the fact that if you really want to know the truth, well, you better be prepared to accept it. My first question then; “Is it better to be a loaner or an owner?”
This question addresses whether you should be a depositor, a lender of capital to the bank for the return and guarantee they offer, or is it best to buy preferred or common shares of the bank and share in the profits of the bank? This question supposes that you know the difference between the two very different distinctions. Therefore, the first thing you really need to know is
what is in it for you and what is in it for the bank? When you then ask how the banks make profits, you will most likely conclude to yourself that you want to be an owner and share in those lofty profits when you understand the true facts. And the truth can be proven.
Be amused, click on the link to read an older report from the Asher Institute on Profiting from the Banking Industry’s Biggest Secret. http://debtreductionexperts.ca/DL/AsherReport.pdf
See you all next week with question number two!
Copyright 2013 Richard M. Kiernicki. All Rights Reserved.
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