Story Published:
Jun 24, 2009 at 11:01 AM PST
Story Updated:
Jun 24, 2009 at 11:01 AM PST
SEATTLE -- Whether you've saved a little or a lot, we all want to build up a bigger nest egg for retirement. But be careful! Get sucked in by a con artist and your nest egg could fly away.
Here are some tips from the National Consumers League's Web site fraud.org
Don't believe the sales claim that there is no risk. Most investments -- other than something like an insured bank account, have some sort of risk. And only a con artist will tell you otherwise.
Beware of promises that you will make big profits quickly. No one can accurately predict how an investment will do.
Don't agree to anything on the spot. Pressure to act immediately is a danger sign of fraud.
Get everything in writing and take the time to study it.
Understand the offer. If you don't, do your homework. If you still don't, that investment is not for you.
Don't act on testimonials. They can be paid for or simply fake.
Be especially wary of investing in commodities. Crooks will tell you that the value of coins, precious metals, oil leases or gemstones must go up. Not true. Commodities make wild swings up and down.
More Information:
Avoiding Investment Scams
Common Investor Problems and How to Avoid Them