Falling Victim to Financial Scams
Everybody can fall for financial scams. Scammers have gotten better and better at convincing us to part with their money over the years, whether we want to admit or not.
If someone says you should invest in something you don’t understand, walk away. It’s the safest option. It’s also a good idea to involve someone you trust in any business or interaction you might have with someone you don’t know. A family member or a financial advisor can help shed light on a potentially dangerous situation.
What’s more, if you do this, you’ll also essentially ask for some time away from the scammer. Most of them will panic and try to convince you to act now. Just remember, if you’re ever pressured into taking on a deal that seems too good to be true, it probably isn’t!
We tend to think of scammers as evil, nefarious people. And they are, but they normally sound polite and friendly when they try to hook someone in- remember that and you’ll know what to look out for! And don’t ever be afraid of being rude or wasting someone’s time. Remember, it’s your money on the line!
Starting to Save Too Late
In terms of money and retirement, most seniors regret not saving up earlier on. Let’s assume a 5% interest. If you put $300 away for your retirement starting at age 25, by the time you’re 65 you’re looking at $450,000 in savings. But if you start at 35, you’ll only amass $250,000.
Older people can take advantage of catch-up contributions and little else. But they can pass on this knowledge to their kids and grandkids in the hopes that they won’t make the same mistakes.
