Seniors
September, 2007
Senior News from September, 2007
That Free Lunch Could Cost You
We have often printed articles and resources to remind senior citizens that deals that seem like they’re too good to be true, in fact, usually are. However, older Americans continue to be deceived at alarming rates by ever-evolving fraud schemes and intense, high-pressure sales tactics used by scam artists. Recently, the Senior Journal published an article written by a reputable financial advisor, Jeffrey D. Voudrie. It is a very informative reminder that invitations to “free lunches” are never really free, and that senior citizens who attend these types of events often find themselves caught up in investment scams.
He reminds us that in order for an organization to afford to provide a “free” lunch to participants, they must invest an average of $5,000 (which includes paying for the food, renting the venue, and even buying the sales pitch). We should all know that no company is going to spend that amount of money without expecting to make it back one way or another. Furthermore, the sales tactics employed at these types of events are written for that specific audience, and the sellers are sure to play on two major emotions of their audience: fear and greed. Be sure to consider any investment deal you are offered. Do not agree to anything on the spot, but instead, take some time to consider your options.
Mr. Voudrie offers free financial advice on his own website, www.guardingyourwealth.com. Check it out for more helpful investment advice.
