Don’t Let Scammers Get You Down
Protect Yourself and Your Money
WHY WEALTHY FAMILIES ARE MORE DEPRESSED, AND HOW TO AVOID IT There have been criticisms about the American Dream for decades, but the research seems to agree, at least partially: The richer we get, the less happy we become. In the United States, a yearly income of $105,000 is the threshold where happiness begins to decline. Higher income “tended to be associated with reduced life satisfaction and a lower level of well- being.” Not only that, but children from wealthy families are more likely to be depressed, anxious, and drug abusive than those from less wealthy families. What steps are affluent parents missing? How can we prevent our own money from making us and our families unhappy? Many already believe that balance is important to life. The problem is people don’t often see money as part of that balance. According to research from Positive Psychology, the four major sources of happiness include: a caring relationship with yourself (physically and mentally), caring relationships with others, working a job you enjoy, and having money to pay for bills with enough left over for fun. Half of these sources aren’t motivated by money: love for ourselves and the people in our lives. Does that mean wealthy people appreciate themselves and their families less than others? Not necessarily. Many wealthy parents aren’t ill-intentioned. Rather, they’d sacrifice anything, Balancing Our American Dream According to a recent survey by the American International Group (AIG), a majority of Americans over the age of 65 don’t know much about the myriad financial scams circling the globe. Reports show that ignorance of these scams has proven costly for the 65-plus crowd, who are the most frequently targeted demographic. Is It Love? One common shakedown taking seniors and retirees for a ride is the online romance scam. As part of it, a person poses as a potential date or romantic partner and engages in a fake relationship with the victim. The scam usually starts with an online or web-based dating service and progresses to texting or talking over the phone, but it always stops short of an in-person meeting. Instead, after the scammer has gained the trust of their victim, they’ll claim there’s been some kind of emergency for which they need money fast. The clueless victim usually offers to wire them the money. In many cases, the scammer will continue asking for money for as long as they can get away with it. Then, once the victim figures they’ve been bamboozled and try to retaliate, the scammers vanish — off to find their next target. Did You Pay? Another prevalent rip-off is the invoice scam. Again, AIG reports that about 57% of people aged 65-plus aren’t familiar with this sham. In most cases, the victim receives a phone call or email from a
representative of a local company, who says they still owe money for a bill or service. For example, the scammer may tell the victim they owe an overdue $50 for their power bill. If the victim says they’ve already paid, the scammer might respond, “Your payment didn’t process correctly.” The crook’s job is to get the victim to relent and pay up. Then, once they’ve been paid, usually via credit card number or wire transfer, the scammer once again vanishes along with a significant portion of someone’s bank account. Scammers want your money, but if you are aware of today’s hustles, you can better protect yourself and your assets. Luckily, AIG also found that nearly 92% of the 65-plus crowd now ignores phone calls, texts, and emails that request personal information, and 89% of these folks say they avoid clicking links from unknown senders. Be vigilant and remember that if someone calls you and demands personal information over the phone or asks you to wire money, there’s a very good chance it’s a scam.
even time with their children during childhood, to afford their future schooling with a comfortable lifestyle. Parents often think working extra hours will let them feel happier by having more money to spend on themselves, too.
However, as soon as we start associating money with our own emotional well-being and the well-being of our family, there is something missing.
Even children in low-income families have achieved access to Ivy League schools. It’s through obstacles, however large or small they may be, that children learn the confidence and self-assurance they need as an adult. Spending money superficially can only grant ourselves short-term happiness as well. The best way to achieve a balance between happiness and money is to maintain the relationships that are most important to us, including ourselves. As in finances, we can invest in our happiness. Whether it’s a small daily effort toward our loved ones or hobbies, or larger efforts like traveling or therapy, there are ways we can utilize our understanding of money and personal well-being to find the happiest medium possible — no matter how much we’re actually making.
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