Before investing any of your own money you should fully understand what you are investing in, and if you do not understand how the investment product you are being sold works, do not buy it.
Also, clarify before you invest whether the salesperson recommending the financial product has invested any of his or her money in the same product. This is a due diligence question used by many of the world’s richest investors before they make decision on where to invest their multimillion-dollar portfolios, and I suggest that you adopt it too.
When investing in any financial product you owe it to yourself to find out exactly who is benefiting from your investment and by how much.
Here’s one lactic you could consider when selecting financial advice. As financial sales people will typically ask you a lot of personal questions about your financial state of affairs, you can turn the process around and ask them a few questions, which may help you identify and avoid the rogues. Be wary of the man who urges on action which he himself in cure no risk.
How much are they personally worth? Would you take financial advice from a poor person?
Where have they invested their own money? This is the most important question to ask. It follows the reasoning of the previous paragraphs that you should never put your own money into any investment that the adviser or sale people themselves would not or not participate in.
What is their career before becoming financial advisers or salespeople? Hopefully that will have had some experience in financial other wise this could be warning sign on the other hand, regardless of their previous career, if they seem happy to talk this usually means they are very comfortable with themselves and confident in their ability to perform for you.
How long have they been in the financial service business? As in any profession, longevity is usually a sign of success. The greater the probability that they are good at their job. Do not gamble your money on the advice of an unproven novice. It‘s better be safe than sorry. After all, it’s your.
How long has their most loyal customers been using their service? As with previous question, longevity is usually a sign of success. If they have been in business many years and have clients who have remained loyal throughout, then this is usually an indication that they are competent.
Do they have any clients who would be happy to vouch for their integrity and the probability of the investment advice they have provided? Customer referrals are extremely helpful, and if provided, always check them out. It is no bad thing to put these people on the spot, if they are competent and successful, their answers should give you comfort in following their recommendations.
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