Tips for Safe Investing
By: Julie Musgrave
Updated: January 21, 2009
A situation like Rod Stinger of Lamesa's scam makes you wonder, how do you know if what you're investing in is actually safe? Anytime you shell out lots of money in an effort to make it back, it can be risky -- especially if you're not quite sure exactly where you're shelling that money out to. But local investment experts say investments can actually be quite smart, if you just pay attention to every step of the way.
Of course -- if you're not savvy in money management, take the time to research your potential investment before putting that money forth.
Mark bass with Pennington Bass Financial here in Lubbock says every person dealing in any money market must have a license. So if someone shows up on your doorstep, that should be the very first question you ask.
Also -- Bass recommends spreading out your investments, it's the best way to prevent yourself from completely being taken advantage of. That way, you don't just have one thing with one person, and if that doesn't turn out well, either by market forces or by fraud, like in some of these cases, you're not left with zero for your life savings.
Bass also says you should take into account your own personal lifestyle, ask yourself if you ready to invest in something, both financially and emotionally before making any big moves.
