When it comes to purchasing a time share, “investing” in an annuity or signing up for a reverse mortgage, please follow these simple, straightforward instructions:

Take a deep breath. Bend over. Grab your ankles.

In all three cases, someone is making plenty of money – without creating any value – at your personal expense. Of course, isn’t that the idea from a salesperson’s point of view?

Almost DailyBrett will gladly admit not being an expert about any of these someone-else-getting-rich schemes other to say, the more your author reads about them, the more he is convinced that commissioned sales dudes or sales dudettes — those reaping huge commissions, charging high annual fees, and serving as loan sharks — are the real winners.

Think about how many in-person pitches you receive on vacation about attending a “free” time-share presentation? Their mission is to get butts in seats and money out of wallets.

Ponder how many ads run on CNBC for guaranteed-income annuities? What the heck is an annuity? You really don’t want to know.

Consider how many commercials starring Hollywood has-beens (e.g., Henry Winkler), extol the virtues of reverse mortgages. Why not sell your house and rent, if you can’t afford the mortgage?

There are entire industries devoted to marketing and selling these undesirable money losers for you that do nothing more and nothing less than tying up your hard-earned money with difficult, if not impossible, escape hatches.

Do you really want to vacation in the exact same place this year and every year? There are 40-60 percent markups for timeshares, which never-ever appreciate in value.

Are these inconvenient facts mentioned by snazzy dressed timeshare snake-oil salesmen/saleswomen? Timeshares remind one of driving a new car off the dealer’s parking lot; you now own a used car (declining in value timeshare) that is extremely difficult to sell with high maintenance fees.

How many once excited folks simply give away their time shares? Someone won in this transaction and someone lost: The timeshare purchaser.

Ready to pay annual 3-4 percent fees for an annuity that was sold to you by a high-commissioned salesperson? How about “surrender” payments, if you change your mind? Is your money tied up for life with an annuity? Ready to wave the white flag?

Can’t one factor-in monthly Social Security payments, and then supplement this amount with your IRA or 401K retirement nest egg? Are you really going to starve to death without an annuity?

Just think about it, instead of paying a mortgage to build equity and gain from inevitable future appreciation in the real estate market, you can instead say goodbye to your equity increases and pay loan fees to a bank, thus depriving your heirs of inherited property.

Does that sound swell to you?

How Can You Beat the Salesperson?

The easy answer is not just saying “no”, but saying “puck no.”

Where are timeshare resorts located? Beachy tropical places or arid desert resorts.

Are surf and turf the only places for vacations? How about the castles and gardens of Europe? If you must have the tropics or the deserts, why not capitalize on another person’s timeshare misery, and utilize that suffering soul’s unit for a fraction of the cost, and no commitment? You can go somewhere else the following year.

Far too many worry about their money running out before they run out, which is a legitimate concern. That’s also the reason why so many annuity and reverse mortgage sharks prey on retirees. Do you really need to tie up your retirement income for life, and pay annual fees to have your own money doled back to you in digestible monthly increments?

Who thinks giving free rein to your money for a fee to an annuity firm is a good idea?

Why not devise a budget, which includes your monthly Social Security pay out, your retirement nest egg and (if applicable) your house, and figure how to manage your money for your own personal benefit and your family too, and not for someone else’s pocket?

And speaking about your house if you can, keep your terra firma in your control. The idea of having a roof over your head ideally without a bothersome mortgage or an aggravating rent to pay to a demanding landlord is a “good thing” in the words of Martha Stewart.

If the editor of Almost DailyBrett was king, we would bid adieu to timeshares, annuities and reverse mortgages. Think of the age-old adage: If something sounds too good to be true, don’t you think that is exactly the case?

http://traveltips.usatoday.com/timeshares-bad-investment-14751.html

http://time.com/money/4322377/retirement-incom-annuities-reasons/

https://www.forbes.com/sites/feeonlyplanner/2015/07/15/annuities-the-good-the-bad-and-the-ugly/#5e453ada7990

http://money.usnews.com/money/blogs/on-retirement/2012/12/11/5-reasons-to-avoid-a-reverse-mortgage