A lot of people are starting to really worry about the state of our economy, and we don’t blame them one bit. The truth is that you’re going to have to start thinking carefully about the way things are represented to you. Sure, you can do quite a bit to avoid the subject of personal finance scams but this isn’t really as good as you think it is. Simply put, just burying your head in the sand isn’t going to make anything go away — it’s only going to keep you from getting the type of solution that you deserve. It just makes a lot more sense to hope that you can use a few tips to build a shield around being scammed and lied to.
There’s nothing wrong with figuring out all of your options, as long as you keep your own sense of focus and direction. It’s one thing to believe that you already know everything…until you’re scammed out of your hard earned money. A lot of people think that they truly don’t need to be told anything when it comes to their financial lives, so they ignore advice at every turn. The reality is that there are a lot of people who are very intelligent but have been scammed. Thinking that you’re going to be above this is silly when you really think about it. It actually makes a lot more sense to run through your options, find options that work, and really do everything in your power to avoid being taken for a ride.
Here are a few ways that people try to take advantage of you and your ability to pay them money.
First and foremost, you have the people who are greedy and looking for the best deal around. The truth is that you don’t want to get scammed this way if you can help it. If something is too good to be true, that’s because it probably is a scam. For example, a lot of scams are going on right now because of the low mortgage rates. People aren’t satisfied with just getting a good deal based on the market. There’s always someone that thinks they’re going to do better than the published rates. That’s something that you have to watch out for, because it can really bite you if you’re not looking.
The interest rate issue affects savers are well. This is where scammers try to convince you that it’s well worth your time to invest in alternative programs in order to raise the chance that you’ll make more money than what the market can do for you. Again, this is something that you need to make sure that you’re steering very clear of. It’s very easy to think that you’re going to know something that qualified financial experts don’t, but this is just another form of fooling yourself. Don’t be fooled — there are ways to make money in this marketplace, but you have to do it the right way. Chasing bad business deals just isn’t going to work. An ISA gives you not only a great way to save money, but it gives you a bit of tax relief. Remember that these “alternatives” are not only scams, but they offer no tax relief whatsoever.
Most people are targeted through cold calling firms, and they are staffed with people that will push every emotional button you have. Mention your children? They’ll tell you that the investment that they’re pushing you to get is designed to put your children on “easy street”, where they never have to worry about anything again. While that sounds good in theory, the reality is that these investments are really nothing that you want to get involved with.
If a firm isn’t regulated by the Financial Standards Authority, this is another red flag. You need to reference the FSA directly when scam companies try to tell you that they’re legit. Of course, the staff might try to tell you that independent research isn’t necessary — even playing testimonials of people that have supposedly made a lot of money. This is just absurd. You should always be doing your research as much as possible. It’s the best way to go, if you ask us.
Alternative investments include wines, carbon credits, lands that have “almost” received planning permission (get in on the ground now before everyone knows about it, blah blah), coconut plantations in other countries, African farm land (if it hasn’t benefitted the Africans, why do you think it would benefit you?), “rare Earth metals” (nonsense designed to part you from your money), and other investments where the person selling it is preying on your dreams of being ahead financially and willing to do just about anything to get there.
One target group of financial scammers is the over 50 crowd, as many scammers feel that they don’t have the education in personal finance enough to make their very best decisions. And the truth is that there is a lot of truth to this stereotype. But what you have to do is realize that you must do everything in your power to overcome this stereotype. Don’t lose your nerve, and don’t let scammers weigh you down. Fight back — it’s the best way to go! Good luck with your financial dreams. There are ways to get just about everything that you can think of, but you are going to have to make sure that you keep your wits about you. It’s just too easy to be scammed out of money that you will have a rough time in replacing. This guide isn’t just for the elderly either — there are scams that target young people who have their head full of dreams. By passing this information along, you’re doing your part to keep everyone safe. Why wouldn’t you want to get started while it’s on your mind? Good luck!