BREAKING ALL THE RULES IN INVESTING

FINDING THE RIGHT PERSON TO HELP with investing is a real trick. Again, you trust referrals as well as well established companies or banks. But you know that one "guy" that has a deal you just can't beat? Well, what do you do with him? It can be someone from your church, or even your own CPA, and something that can go wrong usually does go wrong. And who gets left holding the "o" in his hands. Yep, YOU!! Even under good circumstances it's hard to distinguish these people right up front. You're hoping they will handle everything and you just get to sit back and reap the rewards. A wise person ( even those on t.v.) have once said, " If it sounds too good to be true, then it probably is, so beware". Good rule to go by when it's about your money. There's even those who will look you right in the face and tell you, don't come back and accuse me of being a scam artist and then there you go, that's what they turn out to be( could you only get that moment back to walk away!). And it really is hard to walk away because they give you a convincing picture of what could be, sometimes even with facts. This is where a little foot work on your part can do you more good than harm. I know, where do you start? Usually a background check of the person themselves either on the Internet, or through others who have had past dealings with the person. And you don't have to let the person know other than saying you'll get back with him/her. If they give you, it's got to be today, then that would be a good sign to walk away. It didn't happen yesterday, so today won't make any difference.
GETTING A SECOND OPINION from other companies or banks is always another good way to do foot work. Some will offer free fees or no-loads( no fee charged accounts) with good interest rates and actual re-investments with little to do on your part. Just remember, everyone is in the "business" to make money and sometimes it will cost you a little to get a good return. You have the right to know this information so ask!
IT'S O.K. TO HAVE YOUR MONEY WORK FOR YOU, but you want it available to you when you need it, so ask about the recommended accounts and what their limitations and penalties are if you need to get to your money. Some accounts will also charge an interest fee for early withdrawal as I mentioned earlier in this blog. Knowing facts and getting them in black and white will help you keep up with everything that's going on with your accounts. Buy yourself a 4 drawer filing cabinet or those pleated file holders and keep all your information in those. Everything changes on a daily bases, and what you started out with will change in the following year. And if you sleep any at night, you won't remember how you even started your account, let alone what has gone on with it during that year. For tax purposes, you should hold onto this information for 3-7 years, but I recommend forever. That way, if anything happens to you, your family can have the fun of going through all that paper work and try to figure out exactly what's going on or if it even still exists. Kind of a neat way of giving a history of your past actions throughout your life.
LETTING YOUR FAMILY KNOW WHAT you have is a preference. As we get older, it's good to have someone aware of what your needs are as well as how you pay for them. But this is a subject for another day. Being up-to-date on the options you have for investing is important as well as knowing how to find the right person to help you with this action that is for your future. Remember to do your homework and all should work out for the positive.