Common Financial Scams

May 17, 2019

The Principle:

Picture this. You receive a phone call from an unknown number. Should you answer? You’ve probably received one of billions of robocalls recently. It’s important to look out for common financial scams over the phone and check with your financial advisor when in doubt. Brian shares some common scams to look out for and then shares some information about taxes in retirement. 

(Click the featured times below to jump forward in the episode)

Honest Takes:

[0:15] Telephone Scams

  • Americans received an estimated 48 billion robocalls last year.
  • Sometimes, older clients can be taken advantage of, especially widows.
  • Timeshares are a scam. They’re not an asset. Several of the exit strategies are scams.
  • Brian shares an example of a client who incurred a large fee to exit her timeshare.
  • Sometimes saying it out loud to someone else helps you realize it’s too good to be true.
  • Financial advising is not only about investments, but also about being a sounding board.

[5:50] Taxes in Retirement

  • The Motley Fool says the way we withdraw our money during retirement can have a domino effect on our tax bill.
  • Taxes returns are like solving a puzzle while trying to figure out all of the pieces of a person’s life.
  • Brian shares about the Rule of 72 for long-term tax planning.
  • Using an IRA as an example, Brian gives some numbers on what you might pay in taxes.
  • When you’re talking about retirement, you really have to talk about taxes.
  • Ignoring taxes is ignoring retirement planning.
  • Most advisors cannot talk about taxes because the company is afraid of the liability.

Today’s Truth:

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The Host:

Brian Bowen – Contact