Check out strangers touting deals. Trusting strangers is a mistake that all too many senior citizens make when it comes to their personal finances. Before buying anything, tell the caller that you want to check it out first, and ask them for a number to call back. Always stay in charge of your money. A stockbroker, financial planner or telemarketing con artist who wants your money will be more than happy to assure you that he or she can handle everything, thereby relieving you of the need to watch over and protect your nest egg.
Constant vigilance is a necessary part of being an investor.
If you understand little about the world of investments, take the time to educate yourself. Also, involve a family member or a trusted professional with a good reputation in your own community before trusting a stranger who wants you to turn over your money and then sit back and wait for results. Beware of any financial professional who suggests putting your money into something you don't understand or who urges that you leave everything in his or her hands. Monitor your investments and ask tough questions. It is important to keep an eye on the progress of the investment.