Ken: Hi everybody in dallas.com we’re glad you joined us we’re Ken and Daria Dolan. I have never seen so many investment scams out there Daria.
Daria: Well you know like Warren Buffet has the perfect quote “when the tide goes out you find out who’s been swimming naked.” And I'm here to tell you folks there are going to more scams coming to light as more and more people say “you know what I'm losing my money, can I have my money back now?” and they're going to find out their money wasn’t there in the first place.
Ken: Let’s speak in a quote star like Will Rogers, “I don’t want to return on my money, I want to return of my money.” Some things to be considered about investment scams, some rules to live by don’t be a nice guy on the phone. Especially senior citizens, don’t get mad at me, well you got not much, maybe you retire, you're taking it easy during the day reading somebody nice calls on the phone and you spent hours with them until they sell you the coins. Don’t be a nice guy; say no to sales pressure no matter what your age.
Daria: And I don’t care who tells you that this person has been returning 10% per year in good and bad times it’s not possible.
Ken: Or 20% I heard yesterday somebody told me.
Daria: There's a scam that was uncovered out in Idaho 20 to 45%. They can't promise you anything in investments so if they make a promise that should be your immediate tip you're dealing with a scammer.
Ken: “Send us your check by FedEx overnight. If you got to this thing send to FedEx check.” “Right, I’ll send you something by FedEx.” What they're trying to do is getting your money before figure it out and they're gone. Here’s a tip that we’ve been saying for over 20 years here, investment scams are otherwise. If you don’t understand it and you can't explain an investment that’s being pitch to you in less than 30 seconds don’t do it.
Daria: Which would get rid us a lot of the variable annuities sales that are taking place and the number of complaints to the administrators about investment problems come in the world of variable annuity. Don’t buy them.
Ken: Don’t judge a person’s integrity in person or on the phone. In person by the way they look and how wonderful they sound, these people are real sneaky. You know the made off situation protect your nest egg. Many retirees don’t want to go back to work and can't replace loses. Be careful.
Daria: Also remember this many sales people and I hate to say but particularly in the insurance industry love to prey on your fear of outliving your investments or never ever having enough money saved to put your child through college. Be careful of anybody who’s peddling fear. You should not be investing in fear it makes for very bad investments.
Ken: Carefully monitor your investments. Don’t throw these monthly statements in the bureau. Monitor your investment and ask questions. If you don’t get it ask questions.
Daria: And beware of the two most dangerous words in the English language “trust me”.
Ken: Be careful of those two words.
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