Weekly Twitter Wrap Up:

 We decided to highlight some of the articles we posted on our Twitter account. This is something we will be doing on a weekly basis. Have fun reading them and hopefully you find them as interesting as we did.


The new direction...

I was planning to write more about fraud, but there is another issue that has been on my mind for quite sometime now. I have been thinking about it, but I was unaware of its severity. My wife and I just returned from our vacation in Asia, and while changing planes at the Los Angeles airport, I was amazed at the number of seniors I saw. It seemed like everyone we saw was older than us. It's like my eyes were opened! I realise concerns about our ageing population has been covered by the media, but this was the first time the issue hit me hard.

During our travels, we talked to the locals and learnt how people take care of their aging parents and compared it to how we do things in North America. Yes, we have nothing much to do while traveling but think about our business. LOL! But we are not going to dwell on that right now. We were interested to see that the issues they faced were similar to the issues that we faced back home.

What I want to talk about is how the aging population is on the rise and the issues that comes with this dramatic change in demographics. 

For about a decade now, the senior population is rising and the birth rates is declining in most developed countries. The next generations, and their governments, are going to be faced with some new challenges to handle this change            

Why I am dwelling on this? Over the next few blogs, I want to explore some of these issues. I just want to see, if anybody out there shares the same concerns as us, and what we can do as a community, to make things better for our future. 


Do yourself and a Loved one a Favour...

Accidents are a part of life. They happen, they're unpreventable, and we all must deal with one eventually. What we can do is be prepared for them when they do happen. Here in Vancouver many families have an earthquake preparedness kit. It's a bag full of essential items that allows a family to survive seventy two hours without aid. It is kept in an easily accessible spot where it can be grabbed in case of an emergency. We can do the same thing with an emergency kit for our finances. We all need a binder located somewhere safe and accessible to either a close friend, family member, or a professional. Inside should be all of your essential financial information, such as: bank accounts, bills, and where your will is located. Like an earthquake kit, this is something that a family member can grab and use to keep your life running smoothly until you are well again. Why would you want to do this? Just think of the peace of mind you would have knowing that even though an accident might happen, someone, with the help of your emergency kit, can step in and keep your life on track until you are well again. Think of the peace of mind your family will have knowing you're prepared in case the unexpected happens. 

Do yourself and your family a favor and be prepared .......


Telemarketing Fraud

        Telemarketing fraud is something that can happen to anyone no matter what their age or background. I had a close friend who was almost the victim of a telephone fraud. He phoned me all excited one day. "I have wonderful news" he said, "I've just won a truck". I was overjoyed for his good luck. "When do you pick up your prize?", I asked. "As soon as I've purchased 300 dollars of office supplies" he replied. I was a little shocked by this last statement and asked him to elaborate. He went on to describe how he received a phone call saying he had won a truck, but for legal reasons he must buy some product. We were skeptical and told him to hold off making his purchase. A quick call to the RCMP revealed that this was a common scam. I called my friend back and told him it was a scam and to report it to the RCMP. I was glad he called me and I was able to save him from making a costly mistake. 

        Telemarketing fraud are unfortunately quite common, but most calls have some common features. The caller will be very enthusiastic and excited when they talk to you. They will tell you they have an exciting offer for  you and will most likely tell you that you must act immediately in order to take advantage of it. If you ask for references, they will appear vague or evasive and will most likely refuse to give you a call back number or a location from where they are calling.

        The simplest way to deal with these calls is to simply hang up. Don't be afraid to appear rude. These people are invading your privacy. You never asked for them to call you. A simple way to avoid these calls, if you don't feel comfortable hanging up, is to give them the name and phone number of a family member. Tell the caller that this person is responsible for making decisions for what the caller is talking about. Tell them that this person will decide if they want this product.

        There are other ways to avoid these types of fraud. Never buy from a company that you are not familiar with. If someone calls from a company you don't recognize, don't be afraid to ask for written information. A legitimate company will not be afraid to send you a brochure. You should also check the company with the Better Business Bureau. See if any complaints have  been filled against them. Ask for the name of the sales person and a phone number that you could call them back at. Take your time to make a decision. Don't let anyone pressure you into making a decision you don't feel comfortable with. If you suspect that this might be a fraud either report it yourself to the appropriate authorities or have a friend or family member do it for you. 

        Being a victim of fraud is an unpleasant, but avoidable experience. By taking some simple steps. We can avoid this from happening to people in the future.


How To Avoid Being A Victim Of Ponzi Scheme

        Avoiding a ponzi scheme can be accomplished if you follow a few simple steps. The first step is to know the person with whom you plan on investing your money with. What are his credentials. Ask him to prove that he is qualified to provide you with the investment knowledge he says that he can. Be sure to do your own background check make sure that he belongs to the associations he says that he is and also be sure that he does not undergone any disciplinary actions.

        Second, understand the investment that is being offered. Get the advisor to fully explain it to you. If something does not make sense to you, don't be afraid to ask for a second opinion. Also look at the return that your advisor is promising. Remember the old adage "that if something seems to good to be true then it probably is". Look and see what returns are being offered. if you are being promised something like 10% to 15% per month return on your investment, then you should probably think twice on investing with him.

        Finally, be sure to diversify your investments. Never keep all of your eggs in one basket. By keeping your money on more than one investment, if you have one go bad, you will not lose your entire investment. 

        By following these simple steps, you should be able to avoid most ponzi schemes.