How to Retire a Millionaire
October 27, 2008
It is a given that in order to have a financially secure retirement, one must be intentional and proactive in his or her planning and strategies for that financially stress-free retirement. The earlier in ones career that retirement planning is strategized and implemented is the better the prospects for the desired outcome. There must be a focus on regular and consistent savings, diversified investments, living within ones means, debt avoidance, prudent use of credit and thrift.
Check out this article on 10 steps to retire a millionaire by clicking on the following link:
http://finance.yahoo.com/retirement/article/106000/10-Steps-to-Retire-a-Millionaire
How To Detect Investment Fraud
July 10, 2008
Deceptive pitches for investments often misrepresent or leave out facts in order to promote fantastic profits with little risk. No investment is risk-free and a high rate of return means greater risk. Before investing, get written information such as a prospectus or annual report. Beware if a salesperson:
- Encourages you to borrow money or cash in retirement funds to invest
- Pressures you to invest immediately
- Promises quick profits
- Says that the disclosure documents required by federal law are just a formality
- Tells you to write false information on your account form
- Sends material with typos or misspellings or not printed on letterhead
- Does not send your money promptly
- Offers to share inside information
- Uses words like “guarantee,” “high return,” “limited offer,” or “as safe as a CD”
- Uses the phrase “this investment is IRA approved”
- Claims “off-shore investments are tax-free and confidential”
Source: Federal Citizen Information Center
Bank Products – What’s Insured and What’s Not
June 22, 2008
Investment generally involves some elements of risk. It is important for you to know how secure your family’s nest egg will be as you evaluate various investment vehicles. The information below provides some basic overview of bank related products and an indication of those that are insured as compared to those that are not insured.
Deposits vs. Investments
Any money you have in savings and checking accounts or in certificates of deposit (CDs) is known as a deposit. Your financial institution is committed to returning all of your deposits (plus interest) whenever you ask. You can even take money out of a CD before it matures, however, you will have to pay a penalty for early withdrawal.
Your institution is also required to carry government insurance on your deposits up to $100,000. The insurer is usually the Federal Deposit Insurance Corporation (FDIC). Contact your financial institution if you have specific questions about your insured deposits.
Financial institutions can also provide investment products like mutual funds and annuities to their customers. Your bank or credit union may sell you this type of product, but it is not obligated to pay you back for any losses you may have if the investment is not successful. Read more
How to Read and Understand Financial Statements
June 22, 2008
As a consumer who understands the strategic importance of investing portions of your resources to provide for your family’s financial security, you will also appreciate the need to acquire basic knowledge about financial statements. Why do you need to know, you may ask? By learning how to read and understand financial statements, you will be better able to target and evaluate a corporation and to decide whether an investment product or its stock offering is worth considering for your investment portfolio. You will also be better able to assess the value of a business that you might want to consider purchasing or investing in.
Here are some basic educational information on financial statements from a brochure produced by the Securities and Exchange Commission (SEC) that you will find of value in your pursuit of personal financial investment education. As always, you are encouraged to seek appropriate professional financial and legal advice before making any investment decision. Read more
Taxpayers With IRAs: FYI: The IRS Does Not Approve IRA Investments
June 13, 2008
Washington, D.C. — Investors with Individual Retirement Arrangements (IRAs) should be on the lookout for ads and solicitations that claim that certain types of investments for IRAs are “IRS-Approved” or “IRA-Approved.” The government says these ads are misleading, because the IRS does not approve investments for IRAs.
According to the Federal Trade Commission, the Securities and Exchange Commission, and the North American Securities Administrators Association, investors are getting misleading sales pitches for specific IRA investments via the telephone, the mail and the Internet. Most solicitations are variations on this theme: Read more
Test Your Investment IQ
June 13, 2008
To invest or not? That’s the question when a promoter calls with an offer that sounds like a sure thing. Fraudulent investment promoters lure consumers by claiming that the investment can’t miss. But the promise of big profits usually turns out to be a costly hoax.
Can you tell whether an investment opportunity is solid or risky? Test your investment I.Q. with this quiz. Read more
