By Mike Johnson
Insurance is a racket.
When I add up all the auto, health, home and business insurance I’ve purchased over the years and compare it to my claims, I’ve collected less than 5% of what it cost me.
What you’re really buying is peace of mind.
Protection from a huge, bankrupting event.
But you’re also contributing to a shakedown racket.
Law requires you to carry auto insurance.
Banks require mortgage holders to purchase home insurance.
Government requires you to buy health insurance.
Guilt and obligation requires the purchase of life insurance.
Extended warranties, elder care, travel, mortgage and renters insurance are optional, sketchier versions of the main racket.
My biggest insurance reimbursement covered a major health expense for my daughter.
My employer-provided health insurance paid her $90,000 claim 40 years ago.
The gain was shortlived.
15 years later, we started a trolley tour business that required vehicle and liability insurance fees of $10,000 per year.
It cost me $90,000 over the nine years we owned that company.
I never made a claim.
Goodbye 90 grand.
That’s a high price for peace of mind.
The house always wins.
Now add 50 years of every other insurance premium and it was my loss and their gain.
I was just another sap paying for a portion of some billionaire’s yacht.
The devils who run the major earth systems have devised many ways to skim from the meager earnings of the dependent and unaware.
That $3 loaf of bread would retail for 50 cents if every ingredient, mixer, oven, package, distributer and baker wasn’t taxed all along the line.
A little tax here.
A little insurance there.
A little 401K contribution.
A little inflation.
A little price increase.
A little cut in hours.
A little cut in benefits.
A little cut in staffing levels.
Squeeze a little more blood out of the turnip.
The financialization of every product, person and property forces companies to get the last penny out of everything.
Investors must be fed.
Growth must occur every quarter.
Profits must relentlessly increase into infinity.
This turns employees into financial roadkill.
Nibbled to death by buzzards.
The only insurance worth its weight in gold is freedom from the buzzards.
You must break free from their control.
Your salary increases do not keep up with the advance of their nibbling.
Until you leave employment and OWN your own income streams, you’re just roadkill inviting any random vulture to feed upon you.
Owning the right business or income property can provide high enough income and legal tax deductions to tolerate all the nibbling.
To the devil's vultures, you’ll always be roadkill.
But your increased freedom and increased income makes them seem like knats rather than buzzards.
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