SURGEON GENERAL'S WARNINGS

Rainbow

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SURGEON GENERAL'S WARNINGS

We all know the great job the Surgeon General's office at the Federal Government does in warning us about and keeping us all safe from harmful things like smoking and what all else.

What if there was a similar agency that gave out warnings about personal finance? Not advice, as such, but warnings. We've got the FDA and the FTC and the SEC, etc, and they do a good job keeping us safe and tracking down those things and people who would harm us or con us out of our money.

We could maybe call it the PFC (Personal Finance Commission) but the Army already uses that acronym. We could call it the "Don't Take Any Wooden Nickels Commission" - DTAWNC??? Need to buy some vowels for that mouthful. Whatever it is, we believe it should shout from the highest ramparts at least some of the things from this list:

Never make any investments with anyone who cold-calls you on the phone - UNLESS you do as much research and ask all the questions you would otherwise ask if you were already interested in making the investment that is being pitched to you. If it's legit, the caller will answer your questions and send you any information you want. You should be able to recognize high-pressure sales techniques for what they are - A way for the CALLER to make all the money.
If you have a broker and you call there to place an order, don't be talked into something else. It happens. You're becoming self-reliant now. You might even be ready for an on-line broker, but that turns too many people into traders instead of investors. Avoid it if at all possible unless you really have the discipline for it.
Read the prospectuses you get from mutual funds. I know, they're dry and dull as desert dust. But the SEC and the industry is working on that. By the time you read this, some funds may already be using the abbreviated but informative condensed versions. In any case, they have information in there that is vital to your assessment of the investment worthiness of the fund.
Don't put all your eggs in one basket!!! Diversification - One of the top ten ways to reduce the overall RISK of your investment portfolio.
Leave your emotions out of the equation. We are long-term investors. If the DJIA falls 508 points, we say do nothing or BUY MORE!!! The long-term trend of the equity markets is UP.
Forget about those high-priced newsletters. The writers make all the money selling them. If you really want to research them, use the Hulbert Financial Digest. They tell the truth about who does a good job and who's all smoke.
So-called investment gurus are no better. See our page on this subject.

We recognize that there could be more things for the list. Tell us at nobsmoneyadvice AT yahoo.com!! We could add personal anecdotes - horror stories - whatever. If we all know about the problems, we can all avoid them. We intend to update the list every time we see something, hear of something or think of them.

Rainbow

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SURGEON GENERAL'S WARNINGS

We all know the great job the Surgeon General's office at the Federal Government does in warning us about and keeping us all safe from harmful things like smoking and what all else.

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