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Episode Info

Episode Info:

Your stock broker is just another tool in your trading arsenal. Yet too many investors has a sense of loyalty to their broker. And when their broker says "no" the investor just takes it. The truth is, it is your money and your broker should not dictate to you what you can do with it. Another truth is that you are allowed to have more than one IRA account. So how many accounts should you have? As many as you need. Every broker has its strengths. There is no shame in having account at different brokers in order to use their free tools.

Some nuggets from this episode:

"Brokers do really well, and they make a lot of money from us, especially the more and more people are trading options nowadays, the individual investors, the people that are realizing that, "Hey, you know what? Giving my money to this financial planner or this mutual fund or whatever, it's not getting the job done. I'm paying all these fees and whatnot, and I don't have any control over money. It's better to have control of our money. Let me do it myself." More and more people are waking up to that reality. More and more people are waking up to that realization."

"The one thing I want you to take away is that all these commissions are negotiable. If you don't like what you're paying now, if you think you're paying too much, contact your broker and say, "Hey, you guys ripped me of. I want to pay less money, and if you don't, I'm going to switch," because there are hundreds of brokers out there. They all want your money, they are all hungry for money, for income, for more customers. They will bend over backwards. They should bend over backwards to help you out and to get you as a customer."

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