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| In Case of Emergency … Use This Fund!
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| I recently spent some time at the dentist. For months, I had been unable to chew on the left side of my mouth because of an extremely sensitive molar there. The dentist told me that the tooth needed a root canal treatment. I was expecting maybe a filling at the worst, so the root canal news came as a shock. I was even more shocked when he told me how much it was going to cost — upwards of $1,500. Reclining in the dentist’s chair, feeling like my mouth was a roadside excavation site, lots of thoughts crossed my mind, none of them pleasant. I was worried about the expense of this treatment, and wondered how much it would cost if we suddenly discovered that one (or two, or even all three!) of my kids needed braces. One unpleasant thought led to another, and I remembered the leaky roof. Would it survive another wet autumn? And what about the warning lights that keep blinking on and off on the car dashboard? That’s when an emergency fund — a sum of money put away for just such unpleasant surprises — started to seem like a really good idea. Read about emergency funds in this article from best-selling author James Geary.
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Health Savings Accounts and You
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| Paying for health care can be one of the biggest financial challenges an individual or family can face. Health Savings Accounts (HSAs) might be able to help. HSAs have only been around since 2003, so they are still relatively unfamiliar to many people. But if you are concerned about providing health care for yourself and your loved ones, they might be worth a closer look. Read an overview of how HSAs work.
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Financial
Alerts
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| Generosity is a trait many of us aspire to. Unscrupulous salespeople and scam artists understand this and have come up with ways to use generosity to their benefit. Some make themselves look generous by masking sales pitches with “free” offers. Others develop ways to trick people into sharing their generosity with them. The North American Securities Administrators Association (NASAA) and the Federal Trade Commission (FTC) have issued alerts to help consumers protect themselves from investment fraud and charity fraud.
Financial Seminars with “Free” Meals
We all know there’s no such thing as a free lunch, but that doesn’t stop some financial salespeople from filling newspapers and mailboxes with invitations to financial seminars that include a “free” meal. NASAA urges seniors to be aware that “free meal seminars” usually come with a large serving of high-pressure investment sales pitches. If you decide to take up an offer for a “free” meal, take time beforehand to learn what to watch out for and how to protect yourself from investment fraud at: www.nasaa.org/Investor_Education/Investor_Alerts_Tips/7181.cfm
Giving Wisely: Avoid Fraudsters Seeking to Divert Your Donations
Many have opened their hearts and wallets to help those affected by the earthquake that shook the central coast of Peru on August 15. Unfortunately, there are also fraudsters ready and willing to divert your charitable contributions to their own pockets. For those considering donations to international relief organizations that assist earthquake victims, the FTC has put together tips to help make sure your generosity reaches the people who need it. Learn more about how to give wisely at: www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt165.shtm
Read more financial alerts.
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Portrait of an Investment Fraud Victim
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| Scam artists and unscrupulous investment salespeople seem to find more and more ways to take advantage of investors. Regulators and researchers know this, and they’re taking action to discover how scam artists operate and how to best help people resist fraudulent sales practices. Last year, the NASD Investor Education Foundation conducted an Investor Fraud Study that examined consumer fraud targeted at Americans over the age of 45. The study included a survey of individuals who had been victimized by investment fraud, and the results create a portrait of the type of American most likely to succumb to investment fraud. Read about the study’s findings and its portrait of an investment fraud victim.
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Survey: Have You Experienced Financial Fraud?
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There are many financial services professionals across the country who provide objective advice and act in the best interest of their clients. Unfortunately, there are also unscrupulous financial salespeople and fraudulent investment schemes out there. Let us know if you’ve ever experienced financial fraud. |
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