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Cashing out ProfitsIf you are in a position where cashing out profits to invest in another type of investment is what you have decided to do, be very careful! Exercise particular caution if you are an older woman with no experience handling money. Ask any crooked sales person to describe his ideal victim and you are likely to hear the following two words, an elderly widow cashing out profits. Sadly, many women who are now in their retirement years often received little or no education in their youth about how to handle money. These women fall victims to scams such as the deferred payment scam or a stock tip scam. Both of these scams ultimately prey on her instinct to trust even strangers with her finances, a recipe for financial disaster. Women of this generation often relied on their husbands to handle most of all major money decisions.
As a result, older women, particularly those who have received insurance payments in the wake of their spouse's death, are prime targets for con artists. Elderly women who are on their own and have little know-how about handling money should always seek the advice of family members or a disinterested professional before deciding what to do with their savings. Monitor your investments and ask tough questions. Too many older Americans not only trust unscrupulous investment professionals and outright con artists to make initial financial decisions for them, but compound their error by failing to keep an eye on the progress of the investment. Insist on regular written and oral reports.
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Crimes Against Seniors
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