Fortuneteller or financial advisor?

You might like your financial advisor to predict the future in ways that could help you get rich. But legitimate advisors won’t promise to know what comes next – and you shouldn’t invest with anyone who guarantees you riches. It’s kind of a rule of thumb about investing: there are no guarantees, and anyone who promises you big money is likely running a scam.

Enter the fortuneteller – you know, someone who might read palms, tea leaves, tarot cards, and who generally predicts the future. Now, fortunetellers can be good entertainers, and have been for centuries. Many people seek them out – whether for fun or in all seriousness. And it’s a profession with a code of conduct and ethics – including not taking financial advantage of clients, and not charging more than agreed. (A quick internet search for fortuneteller ethics will get you the full list.)

When the smoke clears, here’s what you need to listen for: is your fortuneteller telling you how to spend or invest your money? Does he see great wealth if you invest in a particular business? Does she see someone approaching you tomorrow with the opportunity of a lifetime – if only you’ll invest? Does she even promise you more details about your future if you’ll pay an extra $50 ($100, $200) right now?

Fortunetellers are not financial advisors. Period. Actual financial advisors are trained and licensed. If you want to find a real financial advisor, here are some ideas on how to start. If you’ve found someone, you can look here, here and here to see if that person is licensed.

But if a fortuneteller starts pressing you for more money, or giving you investment advice, walk away. And help protect the people you care about by telling your local police and the FTC.

Tagged with: invest, saving money, scam

Comments

Thank you very much, very good advice.

The problem is you still pay them a fee(which comes off the top) even if the financial advisor looses a great deal of your money not just a percentage on your profits-there should be a law. I rather pay slightly more on profits but none on a loss. Unfortunately the average person is unable to negotiate such an arrangement with a financial advisor unless it was a law. Why bother to work hard for your clients if you are going to be paid if they make money or lose money; it should be like a contingency case the client earns money the get paid the client loses the financial advisor doesn't get paid. More people are relying on financial advisors because interests rates at the bank, which are insured, are so low

Thank you so much for this incredibly useful email!

This is so true thanks for the information

USEFUL MESSAGE

how can I clean up all the inquiries on my credit report, I turned down for a consolodation in part to "to many recent inquiries" can they do that. I want check to see if if the yare alot are on there. I want them off

Under federal law, you’re entitled to a free report if a company  denies your application for credit, insurance, or employment, if you ask for your report within 60 days after you get the notice about being denied. The denial notice will have the name, address and phone number of the credit reporting company you can contact for the report.

You can also get your free credit report at www.annualcreditreport.com. By federal law, you are entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting bureau.

This article has more about your Free Credit Reports.

 

Is there anything on a group that calls itself Market Trend Signal?

You can do a search online. Type the company or product name, or even the website, into a search engine together with the words “review,” “complaint,” or “scam.” See what comes up. Always use more than one source of information.

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