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Personal finance  |  January 10, 2013 14:30:53

How to get bankers cheat

Many of us leave Christmas presents in the post-Christmas discounts. If you want your partner or loved one who has worked in banking, insurance or investment company, please book by far Avoid novelty titled "How to cheat us or the truth about the financial market and pension reform." Its author, lecturer and analyst with Partners Financial Services Dušan punch, because he took aim at bankers and employees of insurance companies and investment companies and reveals their unfair practices.

Who is Dusan punch? For more than ten years fighting for the rights of clients in the financial market. He is the author of hundreds of articles and books about money, "Life as a risk." Financial advice is his hobby, we read on the back of the book. The cover notes that the author has declassified facts that are us, the common people, unknown. There is stamp declassified. In a flurry of letters and newspaper articles to me hard to find the author's name. It is written in small letters with a thin green, indicating his modesty.

In the preface to learn that the author works for over ten years in the financial market. By itself, writes: "Analyzing financial products and advise - either directly to clients or more financial advisors who want to fight against abuses in the financial market." In three of the first four paragraphs preface is cited "financial literacy." Therefore, already one-page preface to motivate me to go into the book.

I decided to read a book and give it your personal opinion. Why? I am a lecturer in the subject Financial Literacy at the Masaryk Institute of Advanced Studies, Czech Technical University in Prague, and an MBA lecture on the subject in September 2012 I lead Financial Literacy Voděradská Gymnasium in Prague 10 Also worked on the project financial literacy in schools. Firstly, I am but an independent financial adviser and investment broker.In 1995, I passed the broker's exam and entered into hundreds of contracts. The topic of finance is therefore interesting to me.

Banks and insurance companies are lying to us, moreover, even commercials!

The author and the reader does not belong at all and goes straight for it. The first chapter called hard treatise on fraud. The text always refers to various information sources. Are given in brackets, so it reminds me that the 21st June wrote that "from the Czech Republic permanently disappear billion fraud of all kinds is increasing." This finding has a little more flavor anonymity, but soon come to firm conclusions. On page 16, the author focuses on the largest players in the market. Under fire got most trusted insurance company, insurance company acknowledged as a decade.What did the author criticizes? Unfavorable conversion of tens of thousands of contracts with the help of incomplete and false business arguments. Also criticizes a product called Guarantee and advertised slogan "Let your savings grow annually by 4.5%," although this single unit-linked life insurance contracts virtually nothing not guarantee and real interest was understandably lower.

When they began to punch giants, the very next paragraph is dedicated to our biggest bank. Slated product "Clever Savings" describes the author as a handy especially for the bank. What can I say? The purpose of advertising is to promote the sale of products and each bank is primarily a business entity whose principal business is profit. Shareholders of the Bank assesses primarily based on profit. Therefore it is necessary that clients read the general terms and conditions, price lists and details of contractual relations.If a client buys based on the famous TV ads goalkeeper, he may indeed product eventually prove useful little, even as totally inappropriate.

Another revelation comes in relation to life insurance. Author remembers the years of study in college, where he learned that life insurance is a convenient and modern investment tool of the future. When life Mr. Head opened his eyes, though in practice they found that the life insurance company after five years nenaspoří not as much as there client with confidence in its magnitude and seriousness inserted. Here I paused and added their own experience of financial advice. When I ask the client what his life insurance, so I mostly correspond to the Allianz, ING and Kooperativa. But in its essence does not know whether he closed the risk or reserve making life insurance.And that is a hell of a big difference. My client simply responds: "I Ford, Skoda or Toyota, but I do not know whether diesel or gasoline."

Just for the record: Students who attend my lectures, already know that term life insurance is actually a service that we buy. We are insured, but nespoříme. This type of insurance is cheap, and if nothing happens, at the end of insurance do not get anything. If we chose (or were recommended to us, ie sold) investment life insurance or endowment insurance, we are insured, while investing. We bought a more expensive insurance, which is at the end of the insurance period any amount you get from the insurance company. So we buy two in one, but it is always good? Figures suggest that this type of insurance is simply expensive.With the increase in the expenses for the client is also related to higher commissions and profit for the insurance company. These are the facts that talks in most cases, to the detriment of investment life insurance.

Financial literacy is business

Also read, that financial literacy is also a business - issued the book, drawing national and European subsidies, play the games, the school children and teachers. I agree with this finding only partially. Expansion of activities in the area of ??financial literacy is really more, but get a subsidy is not easy. Fortunately, there are special events during which the exchange of experience and coordination of projects. ALL for example, was two years in a row organizer of the conference "How to financially educate adults", which I find meritorious.The issue of financial literacy competencies are several entities - CNB, Ministry of Finance and the Ministry of Education, Youth and Sports - and spend time with her commercial, banking, non-banking and non-profit organizations. At least the experts a chance to navigate the problems.

Continuation of review can be found on the web Investment

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