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Too Good to be True, The Financial Edition

We have all received the phone calls or been approached by someone with an amazing opportunity that will only be available for a short time.  In the realm of investments, it often involves a complicated investment vehicle that is not tied to traditional markets and offers some alleged guaranteed return typically higher than what those markets are currently providing.  The sales person offering the opportunity generally is not concern with your financial goals or needs since the investment makes sense for anyone, nor do they want to bore you with all the details regarding how it actually works.  They often stress the time sensitive nature of your decision and how fortunate you are to have the opportunity.
Does this sound familiar? When presented with such an opportunity, we must all ask ourselves “why am I so lucky?”.  Be wary and protect yourself by doing the following:
1.    Take your time – There is rarely a need to rush.  Do not feel pressured.
2.    Ask questions and require answers – Know the person with whom you are doing business, and understand the investment and why it makes sense for you and your financial goals.
a.    For individuals who hold securities licenses, you can review their employment background, licenses, and disciplinary history among other items by accessing the BrokerCheck tool via the FINRA website
3.    Do your own research – There is a wealth of information available via the internet or just a phone call away.
4.    Consult your trusted advisors – Talk to the people on your financial team to determine the best strategy.
These few simple steps can help you avoid making a hasty financial decision that has long-term adverse consequences.  If you have any questions, or you have been presented with one of these opportunities, please contact us.

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Categories: Education, Major Life Purchases, The Market

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