Why are so many people tempted to make ruinous financial decisions? The main reason is greed coupled with ignorance. Hopefully, by reading through some of the more common money risks listed below, the knowledge you gain can improve your chances of safeguarding your investment. Website design By BotEap.com• Abnormally high interest rates. With today’s low interest rates at banks, many are tempted to put their hard-earned money into those that offer the highest interest rates. Unfortunately, the higher the interest rates, the greater the risks of losing your money. If you can’t resist, at least check if the bank is insured with the PDIC and if the amount you are depositing will be within the insurance coverage amount. Still, I urge caution in this strategy, especially if the cash on deposit may be needed at short notice. It can take a while to recover from CIDP if the bank goes under. Website design By BotEap.com• Pyramid schemes. This scam is when you are forced to invest money to gain the right to recruit other investors who, in turn, are induced to recruit the next batch of investors in an endless pyramid. When revenue is based on hiring and not on the product or service being sold, it is a pyramid scheme. Unfortunately, it’s not easy for many people to tell the difference between a legitimate network marketing company and a pyramid scheme. They usually tell you to jump in quickly as the company is just getting started in this country and therefore you can easily recruit “downlines” that will make you money while you sleep. Website design By BotEap.com• Other get-rich-quick business opportunities. Today, one of the most common get-rich-quick schemes is a few fly-by-night franchises. If a franchise is too cheap, it may be little more than a ploy to sell you their equipment and supplies. Just think if it was so easy to be rich, why isn’t everyone rich? Website design By BotEap.com• Unbelievably good deals. When something seems too good to be true, it’s probably a scam! Many types of fraudulent deals are on offer, from fantastic ones like Yamashita’s Treasure to the more common bargain real estate deals. In addition to checking with the proper deed registry, seek the help of a licensed and reputable professional real estate broker to verify ownership of a property, as there are many false titles. Usually, these types of deals have a short time limit to pressure you into closing the deal without thinking. Website design By BotEap.com• High risk investments. Done right, mutual funds, stock market investments and forex trading can make money, especially for those who know what they are doing and can afford to lose their investment. We usually hear a lot of people brag about how they achieved great success in these types of investments, but those who got eliminated rarely want to talk about it. However, many people enter these transactions not knowing that there is a chance that they could lose a large amount of their money very quickly. Website design By BotEap.com• Preneed Plans. Most preneed companies are not scams. However, for various reasons, in recent years, some of the larger pre-need companies have been unable to meet their obligations to their plan holders. The resulting loss of confidence has reduced the industry to a shadow of its former self. I think the industry and our regulatory authorities have learned many lessons from the debacle and hopefully there will be fewer such disasters. Despite this, I would advise you to have a backup position in case history repeats itself. Website design By BotEap.comThere are many more schemes in existence and in the process of being created than can be listed above. However, what has been discussed should instill in you a healthy dose of caution. Perhaps this is enough for you to take the time to think more carefully about where you will put your hard-earned money.
Protect your investment
Website design By BotEap.comAlmost daily he hears heartbreaking news of someone who has been scammed out of their life savings. The giant companies that parents have trusted for their children’s tuition have failed to deliver. Rich and famous people have also fallen for investment fraud schemes. No one, it seems, is immune to the siren songs of scammers or dodgy establishments promising riches or a secure future.
Why are so many people tempted to make ruinous financial decisions? The main reason is greed coupled with ignorance. Hopefully, by reading through some of the more common money risks listed below, the knowledge you gain can improve your chances of safeguarding your investment. Website design By BotEap.com• Abnormally high interest rates. With today’s low interest rates at banks, many are tempted to put their hard-earned money into those that offer the highest interest rates. Unfortunately, the higher the interest rates, the greater the risks of losing your money. If you can’t resist, at least check if the bank is insured with the PDIC and if the amount you are depositing will be within the insurance coverage amount. Still, I urge caution in this strategy, especially if the cash on deposit may be needed at short notice. It can take a while to recover from CIDP if the bank goes under. Website design By BotEap.com• Pyramid schemes. This scam is when you are forced to invest money to gain the right to recruit other investors who, in turn, are induced to recruit the next batch of investors in an endless pyramid. When revenue is based on hiring and not on the product or service being sold, it is a pyramid scheme. Unfortunately, it’s not easy for many people to tell the difference between a legitimate network marketing company and a pyramid scheme. They usually tell you to jump in quickly as the company is just getting started in this country and therefore you can easily recruit “downlines” that will make you money while you sleep. Website design By BotEap.com• Other get-rich-quick business opportunities. Today, one of the most common get-rich-quick schemes is a few fly-by-night franchises. If a franchise is too cheap, it may be little more than a ploy to sell you their equipment and supplies. Just think if it was so easy to be rich, why isn’t everyone rich? Website design By BotEap.com• Unbelievably good deals. When something seems too good to be true, it’s probably a scam! Many types of fraudulent deals are on offer, from fantastic ones like Yamashita’s Treasure to the more common bargain real estate deals. In addition to checking with the proper deed registry, seek the help of a licensed and reputable professional real estate broker to verify ownership of a property, as there are many false titles. Usually, these types of deals have a short time limit to pressure you into closing the deal without thinking. Website design By BotEap.com• High risk investments. Done right, mutual funds, stock market investments and forex trading can make money, especially for those who know what they are doing and can afford to lose their investment. We usually hear a lot of people brag about how they achieved great success in these types of investments, but those who got eliminated rarely want to talk about it. However, many people enter these transactions not knowing that there is a chance that they could lose a large amount of their money very quickly. Website design By BotEap.com• Preneed Plans. Most preneed companies are not scams. However, for various reasons, in recent years, some of the larger pre-need companies have been unable to meet their obligations to their plan holders. The resulting loss of confidence has reduced the industry to a shadow of its former self. I think the industry and our regulatory authorities have learned many lessons from the debacle and hopefully there will be fewer such disasters. Despite this, I would advise you to have a backup position in case history repeats itself. Website design By BotEap.comThere are many more schemes in existence and in the process of being created than can be listed above. However, what has been discussed should instill in you a healthy dose of caution. Perhaps this is enough for you to take the time to think more carefully about where you will put your hard-earned money.
Why are so many people tempted to make ruinous financial decisions? The main reason is greed coupled with ignorance. Hopefully, by reading through some of the more common money risks listed below, the knowledge you gain can improve your chances of safeguarding your investment. Website design By BotEap.com• Abnormally high interest rates. With today’s low interest rates at banks, many are tempted to put their hard-earned money into those that offer the highest interest rates. Unfortunately, the higher the interest rates, the greater the risks of losing your money. If you can’t resist, at least check if the bank is insured with the PDIC and if the amount you are depositing will be within the insurance coverage amount. Still, I urge caution in this strategy, especially if the cash on deposit may be needed at short notice. It can take a while to recover from CIDP if the bank goes under. Website design By BotEap.com• Pyramid schemes. This scam is when you are forced to invest money to gain the right to recruit other investors who, in turn, are induced to recruit the next batch of investors in an endless pyramid. When revenue is based on hiring and not on the product or service being sold, it is a pyramid scheme. Unfortunately, it’s not easy for many people to tell the difference between a legitimate network marketing company and a pyramid scheme. They usually tell you to jump in quickly as the company is just getting started in this country and therefore you can easily recruit “downlines” that will make you money while you sleep. Website design By BotEap.com• Other get-rich-quick business opportunities. Today, one of the most common get-rich-quick schemes is a few fly-by-night franchises. If a franchise is too cheap, it may be little more than a ploy to sell you their equipment and supplies. Just think if it was so easy to be rich, why isn’t everyone rich? Website design By BotEap.com• Unbelievably good deals. When something seems too good to be true, it’s probably a scam! Many types of fraudulent deals are on offer, from fantastic ones like Yamashita’s Treasure to the more common bargain real estate deals. In addition to checking with the proper deed registry, seek the help of a licensed and reputable professional real estate broker to verify ownership of a property, as there are many false titles. Usually, these types of deals have a short time limit to pressure you into closing the deal without thinking. Website design By BotEap.com• High risk investments. Done right, mutual funds, stock market investments and forex trading can make money, especially for those who know what they are doing and can afford to lose their investment. We usually hear a lot of people brag about how they achieved great success in these types of investments, but those who got eliminated rarely want to talk about it. However, many people enter these transactions not knowing that there is a chance that they could lose a large amount of their money very quickly. Website design By BotEap.com• Preneed Plans. Most preneed companies are not scams. However, for various reasons, in recent years, some of the larger pre-need companies have been unable to meet their obligations to their plan holders. The resulting loss of confidence has reduced the industry to a shadow of its former self. I think the industry and our regulatory authorities have learned many lessons from the debacle and hopefully there will be fewer such disasters. Despite this, I would advise you to have a backup position in case history repeats itself. Website design By BotEap.comThere are many more schemes in existence and in the process of being created than can be listed above. However, what has been discussed should instill in you a healthy dose of caution. Perhaps this is enough for you to take the time to think more carefully about where you will put your hard-earned money.