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May 29, 2009: Senior InvestingBack
This weeks' program looks at what seniors should consider when investing money in a bear market and weak economy. Jennifer sits down with SEC Commissioner Elisse Walter and Maine Office of Securities Director Judy Shaw.
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Top Ten Things to Do Before You Invest:
- Contact your Regulator (Maine Office of Securities 877-624-8551)
- Don't Invest in Something Just Because Someone You Know Did (i.e. mother, brother, father, sister, brother-in-law, friend, aunt, postman, clergy, business partner, etc.)
- Look for Red Flags (i.e. guaranteed returns, no risk, make the check out to me, I'll get you the paperwork later, false credentials, trust me, "inside information")
- Don't be Rushed into an Investment
- Delete "Investment Opportunity" SPAM (and forward it to the SEC at firstname.lastname@example.org)
- Don't Believe Everything You Hear (i.e. Is the broker telling you something different than what is in writing?)
- Get it in Writing (But don't believe everything you read)
- Ask Questions about the Investment (i.e. registered, risk,returns, fees, liquidity, suitable, professional designations)
- Ask Questions about the Broker (i.e. training/experience, how long have you been a broker/ any disciplinary history, are they resgistered)
- Know your Risk Tolerance.
Maine Office of Securties
U.S. Securties and Exchange Commission