Jeff's Editorial #136 - Don't deal with these financial critters

This is an editorial

I must emphasize that this is strictly my opinion, and no one else's.  I want to list some entities that you want to stay away from when you are looking to buy financial products.  The list is short because I lump a lot of them into few industries.  So there are many exceptions to the rule.  The goals here are as follows:

1. To advise people NOT to get ripped-off
2. To provide most value for your buck
3. To keep you away from vultures who are only interested in your money, and not your financial welfare

Stay away from entities that advertise heavily, services, and products:

• Mega banks - go for credit unions and local banks
• Mega credit card companies - use debit card
• Mega insurance companies - there are some good insurance companies
• Mortgage modification programs sponsored by mega banks
• Major investment firms that have no heart but have heavy handed fee collection methods - subjective, but you know who they are
• Mutual funds that charge high front-load fees AND high expense ratios (more than 1.5%
• Annuities that have high commissions (ask what their commission is)
• Cash value life insurance products (whole life, universal life, and some indexed products) - they are all bad
• New cars that depreciates like a rock or anything that depreciates like a rock (pay cash)
• Payday loans and rent-to-own - all of them
• Co-signing for other people's loan - never ever do this
• Instant tax refund loan - 200%+ interest rate
• Product warrantees (save your money in an investment)

This list is obviously not exhaustive.  I will post another list of good entities, services, and products later.