If you ask the average person on the street, if there is a discrepancy between the financial adviser and broker, most people will tell you that they are the same.

But somehow, over the past few years, the word has become synonymous. This is 100% false.

You will first think of investment funds, investors will be clearer roles and responsibilities of their own financial professionals. Instead, they are often their life savings to the best return of the person who committed

Here are just a few differences:

Consultant, or more specifically, a registered investment adviser, held a “fiduciary standard.” he provides impartial guidance, and put his client’s best interests ahead of his own. His reward is rarely free; he might get paid per hour or services, but most likely, he’ll get a percentage of your portfolio – say 0.25% per quarter or 1% per year.

In most cases, the sales of products and brands. Transactions. He held a “proper standard”, which means he must provide the option for customers’ needs, but the best match these options may not be the cheapest or the client’s goals.

Based on the broker compensation commission. If he invest your money into stocks, for example, he might get 5% front end. If the stock rises, great. However, if it goes down, he has to pay. And when he sold you the next thing, he will make money again.

There are advantages and disadvantages to both arrangements. Brokers, for example, can often provide insights and recommendations on market value.

However, if you want to have a financial professional who is really looking out for you long-term, remember: a performance fee actually paid consultant. He makes more money when you earn more money.

Thus, for example, if a customer invested $ 250,000, and consultants to help them raise $ 500,000, he doubled his income.

As a trustee, he helped select investments that best meets their customers’ risk tolerance, and achieve their financial goals – with his boss not to push him up to the front or compensating products, as a broker might Can do.

Put it into moreStep, let’s look at some of the work can come up with a broker’s other costs.

If you invest in the retail world – if you’re just who is working with one of the big brokerage firm where co-investors – you might pay some costs, you do not even know.

Suppose you are a do-it-yourself, you decide to invest in a bunch of mutual funds. Your “expense ratio” may consist of several fees: management fees, may be incremented to speed from 0.2 to 0.4%, which may be from 0.5 to 1%, of a 12b-1 fee costs

Put them together and add transaction costs may be another 1%, you can easily pay 2-4 percent, did not even know it.

Compared with the institutional level, where you have a licensed financial adviser work W ho trust. Your “packaging fees” will basically cover all costs, including the costs of consultants, institutional fund managers who actively monitor accounts and unlimited transaction costs. You will not be nickel-plated and – silver coin for every time a purchase or sale.

And all of those savings may have to become a better return potential – this is our goal, right

It is difficult to reach, and who knows how their hard-earned savings do not trust all of the above terms, costs and compensation chaos.

Trained to ensure that you keep in vocabulary and mathematics education needed to make informed investment decisions. Your future self will thank you.  

Which is heard ’round the world retail shot. When Amazon.com (AMZN symbol) announced the acquisition price of upscale grocer Whole Foods Market (WFM) was $ 13.7 billion, up investors in everything from warehouse clubs, grocery chain pharmacies escape escape.

Fair enough. no one wants to compete with Amazon. America’s largest e-commerce company has developed voracious appetite, and has proved willing to give up the pursuit of its profits. As a result, Amazon has put relentless pressure on retailers to sell everything from clothing to electronics.

Now is to transform the grocery business. the entire industry stock prices fell after the transaction announced in June , 16 pharmacies even if investors very nervous. If Amazon’s move into brick-and-mortar retail to the company violated its own market, but also a landing?

Perceived victim of Amazon’s stock continued to struggle from through July 5 the closing date of June 15, the smart department stores and finals (SFS) shares plunged 23%, SUPERVALU (SVU) fell 14%, Kroger (KR), which has also been disappointing quarterly results hit Down 5%. Wal-Mart Stores (WMT), which derive more than half of its sales come from groceries, down 5.4%. As for the two retailers Kipling has written about recently, Costco (COST) fell by 12% but health CVS (CVS) fell by only 0.5%, as investors quickly realized that the company, which has a huge pharmacy benefit business, is more than drugstore chain.

When the sector indiscriminately sell out, bargaining is often realized. challenges in the grocery aisles looking for iNG shares is successful, food prices have been falling. when this happens, it is not profitable to sell groceries in Fort Pitt capital Group Kim Forrest, senior analyst, said long-term decline in food prices of all these stocks picks tricky, at least at the current price. she recommended not to buy a stake in rival Whole foods in. “it is too early, unless they have a ‘magic’ formula to overcome deflation is everywhere to go there in the grocery store business. “In addition, she said, behind the Amazon is only one factor in food prices.” Liddell and discount grocery store Aldi expansion should be about, “said FuLester added. “This is a big shareholder for consumers, not so great.”

In this context, the company has a low price released their DNA is more advantageous position than others, analysts said. Take Costco, for example. Analyst at Cowen and Company, said, warehouse clubs have proven themselves adept at handling the food price deflation in its existence. It already knows how low prices and so-called loss leaders, such as discounted gasoline to thrive. In addition, its business model beyond just selling groceries. It stems from most of its operating profit from membership fees. In addition, part of its appeal is that you can stumble on a discount, through the store, which is called the impact “treasure hunt” walk.

Costco’s sales in June showed that almost no trouble. Sales in stores open at least a year are far ahead of what investors expect. Costco membership base d model also shows its strength. Not to scare away new customers, $ 5 increase membership fee is $ 60 a year filled the company’s bottom line. “While many retailers are facing pressure from the growing online retail, Costco’s latest achievements in helping its members to serve as a model for how powerful together, remind” UBS (UBS) analyst said.

Wal-Mart is also worth a closer look. The world’s largest retailer in the United States 4700 stores, Wal-Mart has almost been in a passive Amazon to lure their customers. In January, the retailer eliminates the free two-day shipping $ 49 membership fee and cut the minimum order for free shipping from $ 50 to $ 35. In the Amazon, customers need to register for the Amazon, a year and costs $ 99 to get free two-day shipping.

Meanw often trivial, Amazon is expected to turn the Whole Foods store to 466 distribution points, and there is no reason to Wal-Mart is not possible in a similar manner using its own stores. Cowen said the United States about 90% of the population lives with 10 miles Wal-Mart stores. At the same time, the company has established priorities for e-commerce business. As already in place, real estate, Wal-Mart can also sell groceries online and deliver them to the customer’s door. And, of course, Wal-Mart’s slogan is “everyday low prices.”

BEV Bachel, 62, the size of an attempt to retire. Over the years, Bachel, a free communications professional in Minneapolis, assumed the high demand, usually lasts more than a year of contract work. She took a long time, often managed by other writers, had available on the spot.

“A friend of mine said that when you are self-employed, you never really retire just after you wake up and realize that all the customers are gone,” she said. . “I thought, Oh, my God, I need to exert control, rather than experiencing a slow down to nothing of.”

Then, two years ago, Bachel decided to cut large projects, travel extensively, including a long journey Minnesota Panama during the winter and the work undertaken anywhere she can do, any time.

She also watched her savings to reduce, rather than increase. “I have 40 years of ingrained patterns and be rewarded compared to save money,” she said. “Now I have to make a change idea.”

How to do it right

Idea whether through retirement test drive in a potential reduction of cost of living, for several weeks retirement destination or hang at home a week without meaningful work a lot of people. But this is not easy.

“Retirement test drive to get more attention than it did with the client reporters,” Mari Adam, president of Adam Financial Associates in Boca Raton, Florida, said: “I have someone do it bit by bit. ”

A couple with two incomes classic way is to try to start a full count on a retirement iNCOME, Adam said. She suggested they practice living in the money. “People are ready to retire often do not know their real flowers,” Adam said. “They did some in their heads.” Figure out what you will have in the future a reality, going out, including social security and pension or retirement account withdrawals.

The past two years, Fritz Gilbert and his wife, Jackie, live in their incomes are expected to retire. Gilbert retired from his young side 55 of the work is global commodities trader in a Atlanta. Jackie never worked outside the house, before adding their daughter, her mother, who from AlzheimerFarmer’s disease suffer care.

“We have increased our savings, basically let our net take-home pay is expected to drop to our retirement,” Gilbert, who wrote the Declaration of retirement blog said. And retired the previous year, the couple decided to “track every penny we spend to obtain baseline consumption level,” he said. “We’ve never done that before, this is a pain.”

Gilbert, who said he may be more far-sighted than most, has developed the best possible what their expenses, from medical to health and travel look like in the next 40 years, increasing year by year.

He and his wife stayed at home to practice for about 10 days. “Everyone is focused on finances. However, once in place, non-financial things, the key is to get it right. The more we can do want to retire gentle side, the better will be our retirement. ”

Retired to rest at home

Qiaokai Xi, managing partner of retired intelligence, retired Princeton, New Jersey coach service, has a number of customers taking a month long holiday week trying to stay home retirement. “You need to slow down,” Casey said. “People must set the correct test drive their expectations.”

The idea is not just plop down on the sofa in front of the television, but began to figure out how to build your life if you are not a full-time job. For example, you should get up? How much time alone there, and how much time to do things with others?

Of course, this is only a week. But at that time, some of his clients have realized they want to pursue interests that they currently do not have time, such as audit classes. T hey all and leaves more time to admit you do not work to exercise and take care of themselves. Retirement rehearsal, Casey said, helping his clients to “look forward to from fear.”

Try a new position

If your retirement picture involves a warm place to live or a quiet, first, we do not promise not to leave the area in time event than a few weeks, maybe choose Airbnb, VRBO or other short-term rental.

Terry Feinberg and his wife, Carla Ruigh, this lesson the hard way. Both are 62 years old. Her as a municipal employee from her jobRetirement; he is from a marketing career semi-retirement. They live in Gilroy, Calif., Two and a half acre, while five years ago, they faced a small disaster: the main water lines from their happiness bankruptcy.

“We believe that when we get where we are no longer able or want to keep this attribute what point will happen?” Feinberg said. “We decided that we need to consider an exit strategy.”

He and Ruigh loved the desert, southwest China, so when he came across an ad in Mesquite, Nevada, more than 55 a new retirement community. It seems ideal. They go out and see where the “zero intention of purchasing,” Feinberg said. However, they really like what they see, after a few days, a new house in their quarter-acre of land proud owner.

They rented their new house the first three years, then moved to Mesquite in March 2018, they rented the place of Gilroy. This time, they realize that they should spend a little time desert, do some more research.

“I looked at the historical weather data, but did not go deep enough to how it will affect our way of life,” Feinberg said. “It hit 110 degrees in June and did not drop until late September. Usually, it is not less than 90 nights.”

It is so hot during the day, they had to start riding their own bike and play tennis around 5:00 in the evening it was too hot, with their beautiful patio or terrace.

To find health care, too

The couple also worry about their health care. Their HMO recently changed the rules after they can no longer use it, they moved to Nevada. In addition, they began to care about the shortage of doctors in the community and lack of access to Mesquite, if they need professional care.

So they put on their new home market, reached an agreement with their tenants Gilroy, they moved out and moved back to California. Finally, they came to a financial penalty, Feinberg said. But psychologically, the mobile effort paid the price. They have no plans to move again in the near future.

“If I want someone to make a significant geographic initiatives to make recommendations, which will be temporary to do this, if availableCan, then you can really understand it’s like to live here, “he said.” Prior experience is completely pulled root of weather and lifestyle. “

See the last few weeks, photographs of the devastating floods in the South, I would like to know whether any family property insurance coverage after a flood or, if there is any help from the government to people who do not. ” t have flood coverage?

Homeowners insurance typically does not include flood, but you can get through the federal government’s national flood Insurance Program is a special flood policy. If you live in a high-risk areas, your mortgage company may require flood insurance. but even if your lender does not require flood insurance, it might be worth studying there before the commencement of a 30-day waiting period for coverage, so you need to move quickly action, if you want to have a policy of force n during hurricane seaso, this began June 1

Flood insurance can be in the low-risk area is cheap. If you do not have a basement, a preferred risk policy, the annual premium cost can be low to $ 365 per year maximum coverage of $ 250,000 for your home and your property $ 100,000. If you have a basement, the premium increased to 405 per year $. In the moderate risk area, about $ 1,500 more than a year, and similar coverage runs in a high-risk area, the cost of premiums for the year or $ 2,600 FloodSmart.gov have a tool that lets you enter an address and immediately see the flood risk your property, area to provide you with services (you can usually covered by your homeowners flood insurance agent available, too) Acting premium estimates and contact information.

If these range limits are not high enough, you can purchase additional protection (so-called “excess flood coverage”) through your homeowners insurance company to raise flood coverage to match your homeowners insurance coverage. Chubb, these policies firefighters funds and other insurance companies, which also contents (rather than depreciation), and cover some additional living expenses coverage provides replacement value, if you need to, because flood damage to your home temporarily move out. after

Add to cover the cost of sewage to back up your home owner insurance can help you out extra coverage storms that can help Mi The loss supplement. It usually costs about $ 50 per year to $ 10,000- $ 20,0Covering 00 sewage backup, if your sewer back-up, which will protect you or, if water enters your house, because the pump stopped working under your solution. Most home insurance policies will not cover sewage backups do not have this rider.

If you live in the federal government announced the disaster area, you may be eligible for financial assistance from the Federal Emergency Management Agency, any uninsured losses. See the result of tornadoes and flooding the eligible counties in the past few months, it is limited to a list of FEMA federal disaster area. For more information on assistance programs, see the Help FEMA after disaster assistance with FEMA application page.

The federal government declared disaster area residents can also apply for low-interest loans from the Small Business Administration to help cover uninsured damages. Despite the name, SBA disaster loans are not limited to busi nesses. Homeowners can borrow up to $ 200,000 to repair or replace damaged property and other items to pay $ 40,000 damage to personal property, furniture, carpets and disasters. Does the Government consider your credit history and repayment ability, but it is often more lenient than commercial banks. See the link for more information and understanding of electronic applications in the SBA website fact sheets and information pages.

You can not be deducted from tax loss insurance, if the federal government announced the loss occurred in the disaster area, you have the option of deducting the tax loss last year immediately prior to the disaster – which could lead to faster refund. See IRS tax relief in disaster situations page for specific information on the victims for the country and forest KS recent tornadoes and floods more information. See IRS Disaster Assistance and Emergency Relief page for more information, and IRS Publication 547 casualties, disasters and theft.

Finally, see the information learned about the aftermath of the 2008 floods in the Midwest floods also see step how to prepare, you prepare for disaster emergency help.

Most people think that long-term Black Friday refers to retailers move out of the red into the black – that is, to an annual profit of shoppers flock to stores to do their holiday shopping – on Thanksgiving Day after one day. However, according to several accounts, the expression actually originated in the 1960s, when Philadelphia police use it to describe heavy vehicles and pedestrians days of Thanksgiving. You just learn something new, right?

Ah, this is not the only Black Friday misunderstanding. Here are five myths you should know – especially if you’re going after a busy day of Thanksgiving traffic in part of the store:

Myth: Black Friday began on Friday. Now major retailers Ť hat Thanksgiving open the door, the most preferential prices actually appeared in Thursday instead of Friday, according to DealNews.com, track sales trends. Some retailers, such as Amazon.com and Wal-Mart, launched a pre-Black Friday sales in the week before Thanksgiving. “Where Black Friday was the kickoff to the holiday shopping season, it is now close to a lot of consumers who are already beginning to consider the advantages of trading season, early finish line,” TRAE Bodge, senior editor for coupon and deal sites say : RetailMeNot.com. So I do not think you should wait until November 28 to get cheaper. . Black Friday with a fat wallet application (Apple, Android), see if you can get the same or better item prices now on Black Friday ad listed

Myth: Everyt Hing sale. Because of the large retailers have sales does not mean home or available on their website in their stores. Yes, you will find computers, tablets, kitchen utensils, game consoles and TV sets (especially off card sets) down. But your wife wants a purse, golf club set your husband wants, video games your son wants to desire and doll your daughter may not even be discounted. In sites such as DealNews.com and BFAds.net check to see what items will sell the retailer’s Black Friday ad

Myth: The deal is the best of the year Do not be fooled that all are in the lowest prices of the year in or around the Black Friday sales. In the other study available year-round sales Ş many Black Friday discount price, according to NerdWallet.com. In fact, you should wait until the holidays to buy 14 of these things, because the discount will be better

Myth: Doorbuster trading buy only Black Friday (now Thanksgiving) in the store is doorbusters synonymous deeply discounted items, as a means only at a specific time, in the supply and use is limited to attract consumers to the store. However, according to research DealNews.com of 70% of the transactions in-store Black Friday has also been available online. In addition, many retailers offer online only deals, the best deals and Amazon.com regular brick-and-mortar stores to match. So, before you head out the door, you want to check transactions are available online

Myth: It would be easy to match the price advantage of the policy. Perhaps your plan is to go to a store on Black Friday, use an application to scan product bar codes, whether there are other retailers provide these items at a lower price, then take the store price matching policy, to you there is no advantage to get these items at lower prices. This is brilliant, right? Not so fast. According to the research Cheapism.com in several major retailers – including Best Buy, Target, OfficeMax and Office Depot’s company – will not be sold by a Thanksgiving Day match competitors’ prices in the next week. Call or retailer to find on their website their price matching policies before you shop, look at how to get the retailer to match the price, for more information.

How do you make the right choice to believe in you and your ability to invest in retirement?

Last year, when the US Federal Reserve Board announced the “Report on the economic welfare of American families,” it (based on the 2015 survey), it found that 49 percent of self-directed retirement savings of all respondents are ” no confidence “or just” somewhat confident “make the right decision.

that we are in the ninth year of a bull market only increased people’s concerns next step how to do it. Even experienced, hands-on investors can not help but ask a record of good times can last. If they stay or should go to the

If you are unsure of your plan? – Or, if you are just starting – it’s a good thing, back to basics ■ To determine how you are ready to deal with any impact of future market fluctuations.

1. Start with the big picture

Think about your time horizon (how long you have to invest), your net worth, income, expenses, and then – all this – how do you see the risk

Large most consultants talk about “risk tolerance”, and to calculate a percentage. “You can deal with a 10% drop?” They ask, because 10% does not sound like much, most investors would say yes.

I prefer to talk about real dollars. If you have a portfolio of one million US dollars, for example, I would like to ask, if you are determined to lose $ 100,000, your mind is likely to begin transferring a bit. It goes a step further, I might ask how much time you save $ 100,000, as well as many years received so much money may have been provided after retirement. This gives a significant market volatility clearer picture.

2. Next, think about what you want at this stage of your life to complete the task.

If you are looking to grow your money, you might want to take a higher return. Remember, the higher the return on your money, the more risk you have to take to get it.

If you are close to retirement or return your money you may be more interested in. With income portfolio focus, you will not see the big highs and low dips, but you should see a consistent higher yields and / or income level.

YouMay wish to design a plan that you are both income return your money, your money t return ø helped more than inflation.

3. Finally, we put it together, keep these questions in mind:

• Fluctuations in the comfort zone of what you called? How are you comfortable with how to adjust the downturn in the market or the prospect of losing money?
• How much can you really afford to lose? Do not forget to transition down, you grow when you’re close to retirement reserve amount.
• You believe in what your financial strategy? You a clear strategy that coordinates with your income plan?
• You build your “uncle” mean? Experience some discomfort is not the same as understanding when the market is down, when you actually complete. At what point would you say, “You know what, I’m out. I can not stand. I’m selling something.” Recognizing this NUMBER can keep you from making knee-jerk decisions based on emotion, but too long If the ship is going down, hanging in the

Knowledgeable financial professional can help you develop a realistic plan that will help you achieve your retirement goals. But it gives you a clear, honest establish your boundaries. If you find yourself worried that you are in the market to do the action, take some time to re-examine your motives and your mind.

European stock markets, which has significantly lagged behind its peers in the United States since the bull market began in 2009, is to narrow the gap. In the first five months of 2017, the Morgan Stanley Capital International Europe Index returned 16.6% -nearly double the return of the Standard & Poor’s 500-stock index.

What is behind the revival of Europe? On the one hand, European stocks are relatively cheap, trading on average at 15 times estimated earnings this year in advance, 18 S & P 500 index compared In addition, European companies are likely to offer better profit growth than companies in the United States this year. Wall Street believes European companies increase profits by 22% in 2017, twice the US company.

Improved outlook, from optimism about the global economy caused. International International Monetary Fund (IMF) expects global economic growth of 3.5% increase this year and a 3.6% rise analysts in 2018 that should benefit disproportionately of European companies, which produce nearly half of sales outside the continent.

An easy way to play in Europe is a low-cost index funds, such as a pioneer in European stock markets (VEURX). Its annual expense ratio is only 0.26%. For this, you are exposed to more than 1,100 shares in 15 developed countries. The portfolio to tilt giant, Nestle and Roche and Novartis occupy the top three.

For a more streamlined approach, consider the Brown Advisory WMC European equity strategy (BAFHX), 60 mostly large companies Jia held recently. C. 德克恩德莱 manager, Wellington Management Company, see KS company has the potential to generate earnings and cash flow above-average growth. He likes is to have technical advantages over their peers in the company. Recent stake are financial services giant UBS, consumer goods company Unilever (Unilever) and Heineken

You may not realize most of the stocks in the Columbia Acorn European (CAEAX) held its last report, the average 49-share market capitalization of $ 3 billion. The fund invests primarily in developed Western European countries, and expand the cheap price compared to the potential benefits of the business. The fund’s Class A shares levy 5.75% Of the sales charge, but may not load in multiple online broker

Both small shopping this holiday season more enjoyable and a lot of difficulties.

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If you meet some simple requirements of income or net assets, you may qualify as “accredited” investors and access to the vast universe of complex private investment. But to do is return visit outweigh the risks?

This issue is being hotly debated on the occasion of the approval, potential changes in investor definition. US Securities and Exchange Commission is studying the expansion of the definition, so that more investors into hedge funds, private equity and other non-public offering of possibilities. But some scholars and investor advocates that the definition should be changed to reduce risks to protect small investors from these products, which may include high costs and poor disclosure.

The problem is particularly important to older investors, uh, its massive retirement accounts often qualify for their accredited investor. Those who seize the opportunity to invest in non-public offering may benefit from diversification and higher yields can come up with such an investment, or they may be sold expensive reserves. It is difficult to understand, and even harder to sell.

At present, you can become a qualified accredited investors, if your income over the past two years (or $ 300,000 jointly with your spouse) exceeds $ 200,000, you want it to reach this threshold in the current year or if your net assets of more than $ 1 million, excluding the value of your principal residence. About 16 million households, or 13% of total US households, qualify as qualified investors, according to the SEC.

The theory behiND recognized definition of investors in securities law as put out, is that it limits the investors who are sophisticated enough to private equity products, “fend for themselves” in the absence of strict supervision, and have the financial resources to withstand significant losses.

However, many qualified investors “retirees and pre-retirees, people who are not really in a good position to take risks with their own money, in most cases,” Barbara Roper, director of investor protection at the consumer Federation of America. “Who is 65, have more than they need to make in the last 25 or 30 years should not be gambling on their investment of $ 1 million man.”

Revised definition

In 2019 in the United States Securities and Exchange Commission requested public comment on a number of potential changes recognized definition of investors, such as allowingA certain minimum amount of investment in certain occupations or qualifications individual to qualify. US Securities and Exchange Commission also proposes to expand the definition, including who is a registered financial professionals recommend that the possibility of any investor.

Some industry groups applauded the expansion of recognition, the idea of ​​investor definition. Replace the current threshold value “from the pursuit of current only to qualified investors the opportunity to eliminate complexity, otherwise qualified investor” in the product portfolio Institute sent a letter to the US Securities and Exchange Commission wrote.

There were also raised about the impact of the elderly investor alarm. Decline in cognitive ability, can be equipped with advanced age “may affect abiliTY evaluate complex financial securities,” Michael Fink, a professor at American University economic security of financial services written.

In a recent study, Fink found qualified investors over 80 years is more than 80% less likely to have higher scores than the non-certified financial literacy of investors 60-64 years of age, this show that the old shareholders can easily meet the accreditation, investors have not defined largely unregulated market, the ability to “fend for themselves” in. Older investors significantly reduced complexity and financial assets may be complex investment broker selling, reading notes attractive target.

Fink’s advice: “The United States Securities and Exchange Commission should consider the recognition, investment exemption qualification of 80-year-old investor,” he W¯¯ rote, unless they work with a financial advisor who acts as trustee in other words, the one who is obliged to act in the best interests of its clients. Investors “is likely to be fully able to understand these securities, they are 80, but if they will continue to invest in their 90-year-old, they need a professional who can help them pilot,” Fink said in an interview. Aimed at better coordination

Maturity risk with investors and other changes proposed national securities regulator approved withstand capability, the definition of investors. US Securities and Exchange Commission should improve the income and net worth thresholds and to consider additional conditions, as has the amount of investment, the North American Securities Administrators Association wrote.

No matter how recognized, I nvestor the definition of development, the old shareholders should be close to unregistered investment is very cautious. If you throw a private placement, “ask yourself why these enterprises are unable to obtain funds through traditional means,” Fink said.”If this is not a market, you fully understand, you’re more likely victims than a success.”