Blind risk pools (also known as blank check investing) are the newest thing going in investing. Clark wants you to be diligent in avoiding these options. How will you know if you're being pitched? You may get a circular touting a new investment brain trust comprised of some of the top minds in finance. The talent is impressive, but there's no disclosure as to what your money will be invested in! That's because it hasn't been determined yet.

People are pouring billions of dollars into this stuff right now. But blind risk pools violate the first rule of investing: Understand the investment. Clark jokes that he'd rather you go to Vegas, take in a few shows, enjoy the Strip and then put on a blindfold and plunk your money down on the roulette wheel. You might get just about the same yield. So be smart about this. Your country club buddies or colleagues at the chamber of commerce may be getting into blank check investing. But you don't have to fall for it.