As the nation grows older and the baby boomers hit their prime, a whole new age of scam artists have surfaced. These individuals are smart and savvy, so much so it can be hard to spot them.
As the baby boomer generation has grown, so has their income and assets. They are seen as a target group by all kinds of money makers, from the legitimate business owner to the illegal scammer. Most likely you have read about someone falling prey in your own local newspaper. You may wonder how this could happen.
Unfortunately some of these scam artists are not what you would normally picture as such. They are church leaders, financial planners, and even fundraising chairmen. These criminals find their way into your lives and hearts, which is how they end up selling you the lie.
What can you do to protect yourself? The question is not easy to answer. But, if you are faced with a decision to hire a financial planner or donate money to a good cause, be sure and ask yourself the following.
1. What is your gut telling you? Too often we are victims because we don’t stop to see how our intuition really feels. Deep down, your mind will find subtle hints that something is not right. Believe it and move on.
2. Is the story too good to be true? Recently a nationwide scam milked $580 million dollars from many unsuspecting souls who gave money to a church ministry that promised to double their return. Think hard when you hear these claims. Not too many honest investments can “promise” to double your return.
3. Avoid the “free lunch” seminars. You are just asking for trouble when you attend any sort of self help or money advice event that offers you a free meal or other perk. There is usually something fishy about a company that offers you something for free – they usually hope to get something in return.
4. Never make a quick decision. Many scammers offer you a great deal and pressure you to decide right away.
5. Ask questions and do your homework. Before you ever give anyone a dime of your hard-earned money, find out as much as you can. Both from the “salesperson” and outside agencies like the Better Business Bureau or even your local department of financial institutions.
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