The Dirtiest Secret on Wall Street: Why They Won’t Let You Get Rich
It’s a question I often hear from readers. And it’s the same question I had as a naïve 18-year-old kid starting on Wall Street.
If you’re not familiar with my story, I came to the United States in 1987 when I was just a teenager.
Like tens of millions of immigrants before me, I arrived in New York with nothing but the clothes I was wearing, not much money in my pockets (just $150), and a head full of dreams.
By the time I was 18, I had wrangled an introduction with a hiring manager at Lehman Brothers named Frank, who wouldn’t hire me… until I said I’d work for free.
Let me repeat that: I told him I’d work for free.
I knew the education I’d receive at Lehman would transform my financial life more than any university. Frank liked my drive and decided to give me a shot. And he even agreed to pay me… a whopping $4 an hour.
I didn’t care about the money. I was ecstatic to have my foot in the door.
I started as an assistant for a big-time broker who was like a mentor to me. But in reality, I was a glorified gopher.
I was getting the coffee, the dry-cleaning, the food orders, etc.
I never complained, and I soaked in all the knowledge I could… And much to my mentor’s surprise, I aced the Series 7 brokers exam.
I also learned a few “dirty” secrets on Wall Street. And one was behind my decision to leave.
Wall Street’s Dirtiest Secret – It Doesn’t Want You to be Rich (or Poor)
When I started on Wall Street, to call me naïve would have been an understatement. I was as green as summer grass. I thought my goal was to help clients make as much money as possible.
But one day, I got into a conversation with my mentor… a grizzled veteran who’d been in the game for a long time. He’d made millions of dollars since the 1970s.
One day he grabs me, takes me aside, and says, “Tiwari, here’s what you got to understand about this business. You never want your clients to make too much money.”
I was shocked. But he continued…
“If your client makes too much money, he doesn’t think he needs you anymore. He’ll take that money and put it somewhere else. He’ll put it in real estate. Or a private business. And guess what? You won’t generate commissions from him anymore.”
This was when he told me the dirtiest secret on Wall Street…
“The key to making money is to keep your clients even. Don’t lose them too much money, and don’t make them too much money.”
There I was – an impressionable 18-year-old kid – and I asked, “Why would I want to do this?”
And he says, “Teeka, it’s all about the commissions. You want to keep clients with you as long as possible so you can keep charging commissions.”
It’s why Wall Street tells us: To become rich, you’ve got to put your money away for 30 years. You make 7% per year. It compounds. Then you double your money every 12-15 years and have a happy retirement.
It’s all true. But think about it from Wall Street’s self-serving point of view.
If you sock your money away for 30 years with them, it will help fund your retirement… But you’re funding their retirement, too.
You’re funding their houses… cars… tuition… vacations… and private jets for 30 years.
It’s an amazing business model for Wall Street. Not so much for their clients.
That’s why Wall Street doesn’t want you to be rich.
On the flip side, Wall Street also doesn’t want you to be broke, either. Because broke clients can’t pay commissions.
The sweet spot is a customer who’s “break-even.” Wall Street keeps them in the game year after year… all the while milking them for commissions.
I was horrified how they treated people… And I was part of that world for a long time.
It took 15 years before I woke up and said, “You know what? I don’t want to do this anymore. I genuinely love people. I’ve got talent. I’m compassionate. Why am I living like this?”
It was a fool’s choice that I wasn’t aware of because I entered that world at such a young age.
So when I discovered the newsletter business, it was eye-opening.
That’s why I was so excited when I joined Palm Beach Research Group in 2014. Because here, I’m on the same side as my readers. Whereas on Wall Street, I couldn’t be.
Friends, there’s a reason I’m revealing Wall Street’s dirty little secret right now…
As I mentioned above, I started my career at Lehman at 18. And I left years before the company filed for bankruptcy in 2008 at the climax of the subprime mortgage crisis.
But when they went under during the Great Financial Crisis, I was a special guest host on Fox Business. And I was reporting on their collapse right outside their headquarters.
So I remember that day like it was yesterday. Traders and investors were walking around Wall Street like zombies… and in the end, investors with Lehman lost billions of dollars.
I don’t want that to happen to you.
I believe an event scheduled next month could single-handedly trigger the next Lehman-like collapse.
That’s why on Wednesday, November 16, I’m holding a special briefing called The Next Lehman.
During the event, I’ll reveal details on a crisis with the potential to be 155x greater than Lehman’s collapse… but one that will give prepared investors a shot at 14x returns.
It involves a little-known recession-proof asset that’s less volatile than stocks but offers massive upside… an asset Wall Street eagerly trades while leaving you in the dark.
Wall Street hopes you never find out about it…
The last thing they want is for you to trade – and profit from it – like they do.
So join me on Wednesday, November 16, at 8 p.m. ET and let me show you how to turn the tables on Wall Street.
Let the Game Come to You!
P.S. As a bonus, I’ll also discuss a brand-new model portfolio I’m calling, The 2023 Recession-Proof Portfolio… and I’ll even share the name of one pick for free.
Considering that the average peak gain of my past free picks is 18x, it’ll definitely be worth your time… So I urge you to attend this free event and learn all about how you can avoid the Next Lehman. Click here to reserve your spot.
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