Do you have money to invest, but you're not sure where to put it? Most people who are unsure about investments hire someone to help. One of the greatest danger points is in mid-career, when you find yourself with a great deal of money in a 401K. At that time you're at the greatest risk, because that's when you're most likely to end up hiring a commissioned salesperson. Is that a problem in itself? No. There are plenty of situations when paying a commission is just fine. But in the investment world, there can be inherent conflict of interest with commissions. There are plenty of investment products that may not be the best choice for you, but you may be sold on them because the commissions are humongous. Variable and Index Annuities are referred to as 'sold', not 'bought', since people don't buy these on their own -- they are convinced to do so. Salespeople use code words such as Retirement Secured Account and other phony phrases to keep from tipping you off that you're being sold an annuity. Sometimes a Life, or Immediate Annuity makes sense, but the commissions are so low you won't hear much about them.

Clark wants to warn you away from another term: "fee-based planners." These salespeople start with a fixed fee, but the commissions on products they may sell you defray those initial costs, which again, may not be in your best interest. Honest commissioned salespeople will rise above their personal interests and sell what's right for you.

The stakes are so high in investing that Clark urges you to consider fee-only planners. They'll give you a fixed price up front for their services, regardless of the product they recommend. You won't have to worry about conflict of interest. Their success will depend on your good word of mouth and how well they did by you. To find a good one, go to the National Association of Personal Financial Advisers website, NAPFA.org. Another good resource is Garrett Planning Network: garrettplanningnetwork.com

Clark is being asked often lately about “debt consolidation” or “debt representation” firms. They all have fancy names, but they do the same thing. They claim they can take your debt and reduce it, as long as you pay them a fee up front. In reality, they are disasters for your wallet. And some are crooked. They are rogue businesses that take you for all you’re worth, even if you don’t have debt. They take money from people will similar or the same names, and it could happen to you. So, if you are contacted by a collector saying you owe money, you must ask for proof of the debt. If they are legitimate, they will send you the 5-day proof letter that they are required by law to send in the mail. So, even if you legitimately owe a debt, never give your checking account number over the phone. Make sure you send a check, and never post date it. Be on your guard.

Every day on the show, Clark gets calls from people who are in some level of distress with debt. People are facing insurmountable debt, or so it seems. On top of that, they see late night TV ads for credit counseling services that offer to help you out of debt. They claim to be “non-profit” organizations just out to aid law abiding citizens. In actuality, they just want to take your money. The IRS has been after these companies for two years. And now, the IRS commissioner is about to take away the “non-profit” status from many of these organizations. So, how can you find the right people? The National Foundation for Credit Counseling is the accreditation body for legitimate credit counselors. You can find those legit organizations at its site, nfcc.org. Any fees these companies charge you are nominal and are to cover the cost of handling transactions with your creditors. Check it out.

Clark has had dozens of calls about collectors and collection agents pressuring people into paying money for past debts. Often times, people don’t even owe the money. But the collector has gone to a bank and basically bought debt that someone owed from the 80s. Typically, the debt has been wiped out during bankruptcy, but banks sell the debt anyway. Then, the collector looks up the name in a database, calls the person listed and starts screaming at him or her to pay this debt. Anyone with the same name could be contacted. Yet, some people get so intimated by the collector that they pay. One company Clark has talked about before is NCO. The company has been going after people who don’t owe any money after buying a bunch of debt from Chase Bank. What most people don’t know is that it’s illegal to try to collect a debt in bankruptcy. So, if you get a call from NCO, know that it is a scavenger organization that has been fined numerous times for violating the law. However, if you get a letter in the mail, you have to dispute the claim. It sounds ridiculous, but you MUST respond in writing and tell the organization that the debt is not yours. Otherwise, it becomes your debt automatically. And, even if you do owe a debt, never give your banking information – or a postdated check - to a collector.

Clark often reports on ripoffs going on in the consumer world. Today, he has a Top 10 list of scams, schemes and scandals, provided by the state regulators who watch over financial analysts and brokers. Drum roll please…. The No. 10 scam is variable annuities. If you don’t know what these are and you don’t have any, good. If you do, you don’t want to put any more money into these plans. They have massive commissions and are absolutely horrible for your wallet. No. 9 are scandalous mutual fund companies. No. 8 is Internet fraud. No. 7 are “high yield investment” scams. Some that Clark has received calls on involve exotic overseas investments that are a complete scam. Insurance agents who sell people bogus investments come in at No. 6. Most insurance agents are honest, but a number of them have been involved in very scandalous affairs. No. 5 are church ripoffs. Just because someone seems religious does not mean that person is on the up and up. At No. 4, phony brokers. Just because someone says something is going to be a great investment doesn’t mean it will. Promissory notes – or fake CDs – are No. 3. These are promises that someone will pay you later if you give them money. But there is no guarantee, and it’s not safe. No. 2 is any kind of scam against seniors. If you’re not involved in your parents’ finances, be nosy! And, the No. 1 scam in the U.S. involving your wallet are Ponzi schemes. These are schemes where criminals recruit people to pay back other people who have invested, and then you have to recruit someone once you’re in. Eventually, these collapse because there are no more people willing to “invest.” There a lots of people who will sell you sizzle, but that’s all it is.

For many years, Clark has warned us about the phony credit counseling outfits that claim they will help wipe out your debt in a snap. The amazing thing is that one out of every 11 families in the country calls these phony companies because they are so far in debt. The sad thing is that most of the companies pretending to help you are really crooks. They use their non-profit status to try and convince people they are legit. But the IRS grants non-profit status to just about anyone; it’s an honor system. So, these companies set up shop and start stealing money from anyone and everyone. The IRS has taken away the non-profit status of 50 of these agencies so far, but that is just a drop in the bucket. Clark thinks these people should go to jail for stealing from people who are in such dire straits. The punishment should be much more severe. The encouraging news is that the Senate is in the midst hearings about this very subject. The Senate’s governmental affairs committee is hearing from former employees of these companies. They admitted they used fake names and ripped off customers whenever possible without providing any counseling. These companies get people to pay them a couple thousand dollars up front and then they run off with your money. Clark is glad the Senate is finally looking into this problem, and we’ll keep you posted on what happens. In the meantime, if you’re in over your head, you want to sit down with an expert at a real credit counseling service. If it’s a legitimate organization, the employees will go over all of your debts with you and try to get you on a budget to control your finances. If you’re past that point, they will negotiate with creditors on how much you can pay them and they’ll put you into a legitimate debt management plan. The exchange of money is maybe $50 at the most, and that’s only if you are put on a payment plan. The phony companies don’t offer any counseling or budget help at all, and they charge you thousands. The Web site to find legitimate companies is nfcc.org. It’s possible that there are legitimate companies out there that are not NFCC members, but be careful.