Before you sign that document on the dotted line for 10% returns annually, have you ever asked yourself when you give them your millions where they’ll invest, get returns to pay their operational costs, pay your interest and then improve the profits for shareholders to get dividends?
Where is that that they invest that money in this economy that you yourself cannot invest??
Sometimes in 2012, I bought an insurance product with Jubilee Insurance which was maturing in 10 years.
At the same time, my brother bought an educational product from the same insurance company for her daughter who was in class three then. He was promised that the daughter would be educated from High School to university.
When the time came for this company to honour their end of the bargain, we were shown a bird with udder!
I remember my brother was paying ksh.2500 monthly and he had done it for six years before the daughter joined high school. That’s ksh.30K annually, total ksh.180,000. But when he delivered result slip and the placement letter to them to start paying high school fees, they wrote him a cheque of ksh.96K and told him that his education product had matured with that amount.
I, on the other hand, was paying ksh.5K monthly for a product which would have matured at ksh.1M in 10 years . What they did to me, I’ll only talk in my old days.
These companies have sales people who sweet talk you into investing in this nebulous products, like KK regime, promising you heaven on earth upon the maturity of those products. They have ready documents which you fill and sign and starts monthly payments. But on maturity or upon checking the performance of some of your investments like unit trusts, you are shocked to the bone!
My sister had also invested in those products called Money market funds and her experience was not pleasant.
I better open a dollar account, invest in a piece of land, buy Treasury bonds/bills or open a fixed deposit account with a reputable bank.
