JACKSON, Miss. (WJTV) – While it’s encouraged to invest, many people are not sure how to do it the right way. This could cause them to fall victim to to investment scammers.
Ed Prybylski with Ameriprise Financial first recommended how to get started in investing.
“If I am talking to a long-term investor and they don’t have a lot of money to start with, mutual funds are a perfect and comfortable place to be. There a good place to start if you’re going to contribute on a regular basis,” he said.
Prybylski also explained ways to avoid potential scams.
“There are a few scams out there. I would be really careful about investing online. If I could do a face-to-face with my client, I would that way. I would stay away from things you might find in a magazine, but there are a lot of great brokerage firms.”
As far as legitimacy, Prybylski advised people to see if the firms have signs in their windows or online that reads Securities Investor Protection Corporation (SIPC).