Important Tips On Protecting Financial Assets
As people age they can become more susceptible to fraud and bad financial decisions. Here are four ways people can protect themselves:
- Simplify investments. It is a good idea to consolidate assets and investments to make financial planning simpler and more efficient.
- Have backup defenders. Assembling a team of friends and family to help with financial planners can make it easier to spot mistakes or incidents of fraud.
- Be open with backup defenders. The more a person opens up their finances to the people who are helping them the more they can provide assistance with financial matters.
- Set up a financial blueprint. Putting together a detailed financial blueprint of an investment strategy and sticking to it will help prevent waste and fraud.
See Liz Weston, 4 Ways to Protect Your Retirement Money From Scammers (and Your Future Self), Time, September 1, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
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