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How to Vet Investments?
Investing can be a great way to make your money grow. But it can also be risky too. It is important for you to have a good idea about what you are investing in.
If you are being pressured to act fast and encouraged to hurry or skip your due diligence I would see this as huge red flag. If the investment sounds exotic and is difficult to explain or for you to understand then you may want to take a pass.
Vetting your investments allows you to assess whether an investment is appropriate for your overall financial goals. This is the time when you evaluate an investment as it relates to your risk tolerance and the costs.
You want to make sure your investment is a solid one, so it is important to learn as much as you can before proceeding. You need to consider the best- and worst-case scenario based on the amount of the investment. You can call on the advice of others, just make sure the advice is coming from a credible source or third-party expert. Remember what they say… If it sounds too good to be true… it probably is.
Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER™ in Carlsbad California.
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