Educational

Unfortunately, senior citizens are often the target of fraudulent investment schemes run by scammers from around the world. There are many, many different investment schemes that target seniors specifically. Many scammers will target seniors because they know that seniors have some investable funds and because seniors are often hesitant to report fraudulent activity simply because they are embarrassed at being taken in by scams.

The best way to protect your nest egg is to be aware of different types of fraud that target senior citizens. Here are just five of the top investing scams that many will try to use on senior citizens:

1. Letter of Credit Fraud
   According to the FBI, this is a very common type of fraud in which a con artist attempts to get you to invest in a letter of credit or a bank guarantee in order to get returns of 100 to 300 percent a year. Banks never actually sell letters of credit, as these letters are meant to ensure that goods are paid for when they are transferred internationally.
2. Prime Bank Note Fraud
   This is another scheme that promises incredibly high yields over a short period of time. This is similar to the letter of credit fraud, in that scam artists claim to be able to buy bank guarantees at a low rate and resell them several times at a profit. They often spice up their claims of great returns on investment by claiming that the guarantees come from the world’s prime banks.
3. Funeral and Cemetery Fraud
   There are many different types of funeral and cemetery fraud that work similarly to investment frauds. Senior citizens are often willing to pre-arrange their funerals and cemetery arrangements so that their families do not have to do such things when they are grieving. While these types of fraud aren’t necessarily about investments to get money back, seniors can be tricked into giving up money for funeral or cemetery arrangements with a fraudulent company, which just leads to thousands of dollars lost in the long run.
4. Telemarketing Fraud
   Older women who live alone are particular targets for various types of telemarketing investment fraud. Supposed investment professionals will call these women with seemingly urgent investment deals that they just can’t pass up. These schemes rely on pressure for immediate funding, saying that the opportunity will be missed if the person doesn’t take advantage of it right away. They often take credit card or bank account information over the phone and press for an immediate release of funds.
5. Advance Fee Schemes
   Again, this can cover several different types of investment fraud, but the key here is that the so-called investment professional asks for an advance fee. Con artists often try to sell investments by asking for a finder’s fee or advance fee, but they, of course, simply run of with the money they get in advance without offering anything in return.

Protecting yourself from fraud
There are a few basic ways that you can protect yourself from fraud as a senior citizen. Here are just a few tips from the FBI:

• Always know who you’re giving your money to. If you’ve never heard of a company before, do some research. Find their physical location, and be very wary of “companies” that operate from PO boxes and websites alone.
• Understand exactly what you’re doing with your money. You should never feel pressured to put your money into something that you don’t completely understand. Also, don’t let scammers make you feel inferior because you are a senior citizen. You were intelligent enough to build up your nest egg, and you still have the know-how to protect it efficiently!
• If something sounds too good to be true, it probably is. When it doubt, at least get a second opinion from someone who knows something about investing. Be especially wary of investments that seem to offer too-good-to-be-true returns.
• Don’t give out your personal financial information online or over the phone unless you are absolutely certain about who you are speaking with. Even then, it’s best to do these things in person in an office setting.

Ashyia Hill at CreditDonkey blogs about personal finance including no fraud liability credit offers.

I recently re-watched Steve Job’s speech from June 12, 2005 at Stanford University’s 114th Commencement and I think it is one of those exceptional speeches that I would like to share it with you. The speech is touching and inspirational.

Steve Jobs tells three great stories from his life. And these great stories contain valuable messages that we can all learn from.

The first story is about connecting the dots.
In this story, he tells us to follow our intuition, do what we like and it will benefit us in the future. We may not see it now but when we look back in time, in the future, we will see a clear picture.

The second story is about love and loss.
In this story, he tells us to pursue our dreams and to strive for it as long as we live.

The third story is about death.
In this story, he talks about how important it is that we live each moment to the fullest. We should follow our heart and go after our dream.

Steve Jobs was a visionary and creator. In the end of his speech, he left with these words:

Stay Hungry. Stay Foolish.

It’s a very interesting quote and I think the quote reflects what I have always believed in. I think it’s important that we always seek to improve ourselves, gain more knowledge and to never settle for less than what we think we can achieve. My motto is, “LIVE and LEARN.”

Question for you: How did Steve Jobs impact your life?

Steve Jobs (1955-2011)
Source: Stanford University (www.stanford.edu)

The summer is here and what better way to escape the heat and enjoy some low-key time than by watching some movies that are made to teach us about our favorite subject—finance and investing. Whether it’s teaching you about entrepreneurship, leaving a job you hate or the consequences of financial greed, these movies will surely help kick-start the season and possibly inspire you to change/reach your financial goals.

5. Office Space: Featuring Jennifer Aniston, Ron Livingston (1999)

“You see, what we’re actually trying to do here is, we’re trying to get a feel for how people spend their day at work… so, if you would, would you walk us through a typical day, for you?”

~

“Well, I generally come in at least fifteen minutes late, ah, I use the side door – that way Lumbergh can’t see me, heh heh – and, uh, after that I just sorta space out for about an hour.”

This late-90s comedy is the perfect example to demonstrate that you should never endure 8 hours in a place that you absolutely loathe. At the end of the film, you should learn that while becoming financially stable is an important factor, it’s not the only think that should matter—your happiness is equally as important.

4. Limitless: Featuring Bradley Cooper, Robert Di Nero (2011)

“In a down market, no one was making much. But, no one had NZT. Armed with Vern’s last eight hundred dollars, I made two thousand in a day. Next day, seventy five hundred. It was too slow. I’d need more capital. Banks weren’t lending to guys like me.”

This thriller is about a man who’s possibilities are “limitless” after he discovers a pill (NZT) that allows him to access parts of his brain untouchable by the average man–and what is the first thing he decides to do with his super human brain? Make a fortunate in the stock market. Of course not everyone is happy with his newly discovered knowledge. This movies teaches you while ambition is great, don’t bite off more than you can chew.

3. The Social Network: Featuring Jesse Eisenberg, Justin Timberlake (2010)

“Drop the ‘The.’ Just ‘Facebook.’ It’s cleaner”

This film tells the story of now young millionaire and Facebook creator Mark Zuckenberg’s climb to success and fame. It teaches no matter what age you are, what obstacles your must face, are how small or large your idea may be —you can still make it big in this world. It also teaches you a little something-something about finding investors and contract negotiations.

2. A Perfect Murder: Featuring Michael Douglas, Gwyneth Paltrow, and Viggo Mortensen (1998)

“I mean screwing around is second oldest reason to kill someone.”

~

“Oh really, and what would be the first?”

~

“Money, honey!”

This thriller is the perfect example to teach you what some people will resort to when facing vast amounts of debt.  In this late 90s flick, Michael Douglas does some pretty crazy stuff when he ends up on the brink of bankruptcy after an investment goes wrong. Bottom line: debt is bad, really bad.

1. Wall Street: Featuring Michael Douglas, Charlie Sheen, Daryl Hannah (1987)

“The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.”

This movie, which also stars Michael Douglas, demonstrates how some people will sell their first born to make it big on Wall Street. In a nutshell, it explains how heavily power and greed can corrupt the human soul.  The 2010 sequel, Wall Street: Money Never Sleeps, featuring Shia LaBeouf is pretty good too.

By-line:

This guest contribution was submitted by Pamelia Brown, who specializes in writing about associates degree. Questions and comments can be sent to: pamelia.brown @ gmail.com.

What does QE2 mean to the U.S. economy? What is the purpose? How is it supposed to help the economy? Will QE2 be effective in helping boost the U.S. economy? See the video below for a humorous, but interesting explanation.

Here is another entertaining video.

What is your opinion on QE2? Share your comments below.

Below are 7 great tips that will help you to come up with great hiding locations/disguises to protect your cash or valuables.

SECRET LOCATION

The location should  be not obvious nor easily visible for thieves
The first places thieves would look for is easily reachable areas. Any place where thieves can put their hands on, they can check. They will look at desks, refrigerators, under mattresses, closets, television cabinets and spots where they believe the owner will hide money.  One thing they will check for is a safe, which is a giveaway that you have something valuable to hide. Unless your safe is bolted and secured, the thieves will find a way to steal your safe, given enough time.

The location should be a place you will remember in the long term
A very important thing to keep in mind is that, the location should be a place that you will not forget over time. Otherwise, you not only beat the thieves’ intelligence, you also beat yours. For example, a very safe place would be in your backyard, several feet down the ground. If you bury your money there and leave it there for years, it is very likely that you would forget about it, unless you write it down somewhere, but you risk your notes might be seen by someone else.

The location should be convenient for access
Another key to find a great location is that, the place should be accessible for you. Yes, you can create a safe box underneath the floor or bury your money several feet down in your backyard, but it would be very inconvenient for you to take out or put in more cash.

SMART DISGUISE

The disguise should be something that cannot be easily recognized
The object that you placed your money in should be something that does not draw attention. For example, a piggy bank is a terrible disguise, because everyone knows that is an object people put money in.

The disguise should  be an object that you or your family members would not throw away
The object that you placed your money in should be something that your family members does not have the tendency to throw away. For example, many people consider putting money in an empty medicine bottle or an old shoebox. These objects carry a high probability that someone in your house may unknowingly throw away. Sometimes it could be that you forget about having left money inside the object and discard it years later before checking the inside of the object.

The disguise should be something that cannot be easily destroyed or taken
The object that you placed your money in should be something that a thief can not easily break. For example, you may think of putting money in a vase and that nobody would care about a vase. However, a vase can be easily broken and that would reveal anything inside the vase. Another example is, you may think of concealing money inside photo frames that are placed on the wall. Those photo frames can be easily smashed on the ground to reveal anything hidden in them. Also, do not hide money in an object that can be easily taken away. Say, you hide the money inside a home telephone unit. The thief may find the telephone as valuable item that can be sold and steal the telephone unit, along with the money inside.

DURABLE PROTECTION

The cash or valuables should be wrapped with paper or plastic to prevent from damage.
You want to make sure that your cash or valuables do not get damage or destroyed. A good thing to do may be to wrap it in some sort of protection, like paper, plastic, cling wrap, etc. For example, if you bury your money underneath the ground in your backyard, you want to make sure that your cash does not get wet from water.

For examples of great hiding spots at your home, read The Best Places To Hide Cash At Home.