Consider Adding A Trusted Contact To Your Financial Accounts
Welcome to Saving Money with Andrew!
I’ve been thinking about scams and vulnerable relatives a lot lately:
The NYT and WSJ have both recently featured stories of well-educated 70somethings scammed out of hundreds of thousands of dollars.
Thelma is a terrific and hilarious movie, and its premise is about a common scam targeting seniors (in fact, years ago my grandmother was targeted by the same scam).
And closest to home, two of my relatives were targeted by scammers recently, with one nearly being successfully defrauded.
There are many precautions one can and should take to protect their assets and accounts, some of which I discussed in Too Good To Be True - Protecting Yourself and Vulnerable Loved Ones From Scams.
Another great tip is to add a “trusted contact” to your financial accounts and to encourage your relatives to do so as well. A trusted contact is simply someone that your broker can contact in limited circumstances, most relevantly if they’re concerned you may be the victim of a scam. Every broker I’ve come across (including Vanguard and Fidelity) offers this option, and it should take no more than a few minutes.
And now, Andrew’s pick(s) of the week:
I’m a big fan of USAFacts, Steve Ballmer’s self-funded effort to provide unbiased facts on key issues such as immigration, the economy, and healthcare, with resources ranging from charts and videos to a 282-page comprehensive report on how the government collects and spends its money, the changing demographics of America, and much more.
Also:
Gen Z-ers Are Computer Whizzes. Just Don’t Ask Them to Type.
Hey Baby, Can I Get Your Number? And by That, I Mean Your Credit Score
The New Etiquette of Negotiating With Your Real-Estate Agent
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.