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8 Ways to Avoid Financial Frauds That Target Seniors

8 Ways to Avoid Financial Frauds That Target Seniors

Each year, millions of seniors fall victim to financial fraud or other scams. These tips are useful for seniors themselves as well as their family members to help protect them. These types of crimes are top priority for those that are in the business of fraud, not even stopping when the victim might happen to be a family member. All too often these crimes go unreported, but using these tips, you can help prevent them in the first place.

1. The Risks Don’t Come from Only Strangers

It has been reported that over 90 percent of abuse to the elderly is done by the older person’s own family. There are many tactics for this include draining joint bank accounts, promising care in exchange for money or property but never delivering on it, and plain theft. If you are or know of a loved one that is being abused financially

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2. Give All Solicitors the Same Answer

Never buy from an unfamiliar company, and always wait to donate to a charity until you’ve read their written material. Of course there will always be children in the neighborhood fund-raising for their school, so they are an exception. Generally, it is wise to never donate to somewhere that requires you to write down your credit card information. Get any sales person’s name, company, phone number, address, and business license number before making a transaction.

3. Stay Involved Locally

Sometimes, older people will isolate themselves by withdrawing from their community while others become isolated as they lose the ability to see, hear, walk, and the like. These seniors can become victimized through muggings and purse snatchings when they choose to venture out alone. There are usually community centers and even family members that will help the elderly stay active in communities aimed at seniors.

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4. Never Give Personal Information Out Over the Phone

One of the large scams involving seniors is the misuse of Medicare money. Some schemes that involve this are billing for services that were never delivered and selling unnecessary services or devices to Medicare beneficiaries. Protect all Medicare information the same as bank information. Also, ensure that Medicare statements are being checked monthly to account for any services. Some seniors experience false debt collections attempts over the phone, and these bank collection complaints should be taken to the authorities.

5. Sign Up for the “Do Not Call List” and Remove Yourself from Mailing Lists

Visit the government’s Do Not Call List signup in order to stop telemarketers from contacting you. Check your mail regularly, and don’t let anything sit in the mailbox too long. When you are sending out particularly sensitive mail, see if you can drop it off at a secure collection box or at the post office.

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6. Shred Receipts

To protect yourself from identity theft, invest in using a paper shredder. Regularly check on your bank statements and don’t ever give out personal information over the phone to someone that calls you from a “business”. If anyone get a hold of your personal banking or financial information, to ensure that you will not encounter identity theft.

7. Choose Direct Deposit Over Checks

When you use direct deposit rather than a check, scammers won’t have the chance to steal benefits checks from the mailbox. A direct deposit will ensure that the money goes straight into the bank account. While the government does use targeted surveillance for certain things, they are not able to monitor all seniors’ bank accounts to ensure that there is no suspicious activity.

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8. Stay Skeptical

Try not to rush into making a purchase, and take the time to call around prior to making a decision. Proceed as an informed consumer. It would also be a good idea to have a friend accompany you to anywhere that you may encounter a difficult decision. It is vital to read all contracts or purchasing agreements before signing anything. Try not to feel pressure when making a purchase, these decisions are only yours.

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Sasha Brown

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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