Skepticism is an investor's best friend, gullibility the worst enemy. Keep that thought in mind when someone asks for your money, and you will be safe.

Each stage of the business cycle has its own pocket of questionable investments, outright scams and, to be fair, brilliant ideas that were ahead of their time. To help distinguish between them, be on the alert for things that don't add up.

During the late 1990s, stocks were the sure thing, according to flashy promoters such as Wade Cook. Buy his books! Pay for his workshops! Skeptics note that Cook's own publicly traded company is now in Chapter 11 bankruptcy.

Even without the benefit of hindsight, skeptics avoided Cook's dubious ideas. If he is so successful, why is Cook still running around selling stuff? And why would someone with such sure-fire ways of making money share such valuable information with the public?

Today, the sure-fire stock strategy has lost much of its luster. So we're back to that old financial nostrum of getting something for nothing. That is the pitch a group called National Grants Conferences, or NGC, is bringing to San Diego County this month.

NGC is advertising four seminars on "How to Get Free Money From the U.S. Government." One will be held in Oceanside on Monday.

The words "free money" should set off those skeptical alarm bells. The federal government is not in the habit of just giving people money. If it does, as with the recent tax rebates, the government prefers to do its own PR.

NGC gives these seminars across the country, usually charging $10 admission. But this time, the company is offering free admission. Something for nothing, from a company that has to pay its employees salaries and presumably pay rental for the seminar venues. Hear those alarm bells?

Now read the ad closely. It mentions that "additional educational materials will be offered for sale at this introductory conference." So don't forget your checkbook.

Time to do some Internet sleuthing. With a little help from Google, one can find newspaper articles, Better Business Bureau statements and other material about NGC. These articles point out that much of the information this group sells is available elsewhere for free.

An April 27, 2000, press release from then-Rhode Island Attorney General Sheldon Whitehouse points out what NGC glosses over:

"The federal government publishes information and instructions regarding all their loan and grant programs, including much of the information the National Grants Conference(s) may ask you to pay for, and provides it to consumers free of charge," Whitehouse said.

Federal grant information is on the Web at www.grants.gov and www.cfda.gov. It's free, and no one will try to sell you anything.

Contact staff writer Bradley J. Fikes at (760) 739-6641 or bfikes@nctimes.com.