Checking Out Your Financial Advisor
Q: I’m reaching the point financially where I am considering making some investments. However, I’m struggling to jump into investing as I’m afraid to trust financial advisors.
I’d rather have my money in my local bank account than have it end up in the pockets of the next Bernie Madoff. How can I get over these fears of investing once and for all?
A: You’re wise to be concerned about investing your money, particularly when you’re unfamiliar with the type of financial guide you’ll be using. But there are some steps you can take to safeguard your money.
Use these points as a checklist to protect your investments:
Michelle's Note: Personally, I don't use a broker. Robert Kiyosaki used to say that the reason they call them brokers is that they are broker than you. Instead, I found a group whose advise I respect, Stansberry Research. I am a lifetime member in all of their portfolios. They do all the research and I do all my own investing based on that research. They have a great track record and put out some great information in the form of newsletters. I get nothing for recommending them but I do. You can find out more about them at StansberryResearch.com.
Interestingly, Advice IQ’s CEO mentioned in an interview that had anyone checked Bernie Madoff’s credentials through these avenues, they would have discovered he’d been charged and fined twice by FINRA for not complying with the SEC’s rule of complete disclosure of material data relating to transaction details in trading securities. That's strange that no one ever looked him up.
So, although it will take a bit of time, you can invest without fear of losing your money to unscrupulous people. I suggest YOU control your money and never allow someone else to direct it for you. Self-Directed IRA's with companies like Equity Trust, allow YOU to make your own financial decisions and give you the legal guidelines to follow so you don't put your retirement in jeopardy.
If you're looking to trade stocks, open an Ameritrade account or the like. You don't need a company to direct your money unless you're lazy. And if you're lazy, then you deserve to lose money. Being lazy is not caring and you better care about your money and where it goes. Late night TV hosts aren't going to pay for your retirement. Turn off the tube and open a book. Act how real investors act. They do their own research and make their own choices. Stansberry makes it extremely easy for me because they do all the hard lifting. I pay for their research but it's worth it.
Follow the above steps to invest your dollars wisely and safely!
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