| Do you like being taken advantage of? I
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| | millions of dollars.
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| sure don't. In fact, I hate it! Worse, it
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| | The key point is that you shouldn't trust
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| seems like it is happening more and more.
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| | a product just because it has a familiar
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| Now, more than ever, it is buyer-beware.
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| | name associated with it. Do you homework
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| Read on for some specific examples and to
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| | and compare it to its competitors.
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| learn how you can protect yourself.
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| | We can be taken advantage of in other
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| Trust is involved when we buy a company's
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| | ways. I recently responded to an offer
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| products of services. Companies spend
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| | for a 'free credit report'. It was
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| millions of dollars a year in advertising
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| | provided by one of the largest credit
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| trying to gain our trust. Employees,
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| | reporting companies in the world. Surely
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| especially salespeople, are trained in
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| | it could be trusted.
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| what to say to build our trust in them
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| | Nope. Buried in the fine print is that
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| and their company.
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| | fact that anyone who receives the 'free'
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| When I take the bait and find out that
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| | credit report is automatically signed up
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| the product or service doesn't meet my
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| | for their credit monitoring service.
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| expectations, I feel my trust has been
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| | Until you call and cancel, your credit
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| violated. I've been taken advantage of
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| | card is billed each month. Since I used
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| just so the company could make another
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| | my debit card, I didn't notice the charge
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| dollar. It used to be rare. Now it's
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| | right away. The lesson? Be careful when
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| common.
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| | signing up for 'free' offers, read all
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| Take AARP for example. Founded as the
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| | the fine print, and don't use your debit
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| American Association for Retired Persons,
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| | card for online purchases.
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| it quickly became the largest defender of
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| | Lastly, I recently bought an electronic
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| senior's rights. It is still one of the
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| | book online as part of some research I
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| most powerful lobbying groups in
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| | was doing on Equity-Indexed Annuities.
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| Washington. Its members trust it to act
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| | The sales pitch explained that 'shocking'
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| in their best interest.
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| | truths about annuities would be revealed.
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| That's why so many of them were surprised
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| | It's easy to find people promoting
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| when AARP suddenly changed course and
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| | annuities and I was looking for an
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| supported the Medicare Drug Bill. AARP
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| | opposing view. This seemed to be it.
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| even spent $7 million advertising their
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| | When I went to purchase it I learned that
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| support! Members were stunned--only 18%
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| | the information I was looking for wasn't
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| of them supported it.
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| | included in the 'shocking truths' and
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| What could have caused this trusted voice
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| | that I had to upgrade to learn those
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| of seniors to stop acting on their
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| | secrets. The entire package cost $97,
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| behalf? I'm not going to judge motives,
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| | double what was initially advertised.
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| but isn't it interesting that AARP stands
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| | Worse, the material ended up being a
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| to make millions of dollars selling its
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| | sales pitch FOR annuities! I read the
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| new prescription drug insurance called
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| | terms and conditions. They sell your
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| MedicareRX? Hmmm.
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| | information to list brokers and insurance
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| AARP receives more money from licensing
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| | agents. One of the 'bonus' services was
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| the AARP name to products and services
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| | the ability to talk with a live person
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| then it does from membership dues.
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| | about your situation. In reality, you
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| They're becoming more of a marketing firm
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| | would be connected to an insurance
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| then a lobbying firm. Are their products
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| | salesperson and received biased advice.
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| truly in their member's best interest?
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| | It shouldn't be this way. We shouldn't
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| Not always.
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| | have to constantly keep our guard up to
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| AARP mutual funds are a perfect example.
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| | protect ourselves. But we do. Be careful
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| Managed by Scudder, not a single one has
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| | who you trust--especially a financial
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| performed in the top 20% of its category.
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| | salesperson. The people and companies
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| Those who invested because of the AARP
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| | that provide the products and services
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| name have forgone thousands and thousands
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| | you use should repeatedly earn your
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| of dollars of growth due to low
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| | trust. If not, they don't deserve your
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| returns--while AARP has pocketed tens of
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| | business.
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