4 COMMON FINANCIAL SCAMS TO AVOID Something’s Phishy
From dating swindles to Bitcoin and cryptocurrency hoaxes, it’s hard to tell the difference between honest offers and scams. Even worse, scams are becoming more creative every day. Here’s a list of some of the most common financial scams to be aware of. CRYPTOCURRENCY SCAMS Bitcoin and other cryptocurrencies have taken the world by storm. Because many don’t understand how they operate, it’s easy for cybercriminals to pull a fast one — or attempt to, anyway. To trick unsuspecting victims, scammers set up fake websites that mimic legitimate cryptocurrency platforms. These sites then either urge you to make investments or they will steal your information outright. FRAUDULENT RETAILERS On social media websites, you may have noticed suspicious online stores featuring deals that are too good to be true. At checkout, instead of being directed to a trusted third-party payment process, these merchants may ask for wire transfers or gift cards. Some of these online stores might not even provide contact information! FAKE DEBT COLLECTORS Criminals will claim to be government representatives and urge you to settle a debt putting you at risk of being arrested, losing your home, or
forfeiting your Social Security benefits. These scammers will ask you to pay the fake balance upfront to avoid any serious repercussions. Remember, government entities do not cold call, so you know to hang up or hit “delete.”
WORK-FROM-HOME SCAMS As working from home has recently become the norm for many, this hoax has become even easier for criminals to pull off. Cybercriminals will contact you, stating you can make hundreds of dollars a week doing nothing more than shopping online as a mystery shopper or another enticing task. They will then tell you that to get started, you’ll need to pay upfront for training materials — but once you do, you’ll never hear from them again. As a general rule of thumb, stay clear of any offers that seem too good to be true. Likewise, avoid transactions that don’t use a trusted third-party merchant, and always do your research! If something seems off, trust your instincts! In today’s world, you never know what hoaxes exist!
DON’T FALL INTO THE PIGGY BANK TRAP! My Grandfather’s Big Investment Mistake
When I was growing up, there was a lot of discussion in the house about money. Usually, it was about how much we did NOT have! I lived with my mom, grandparents, and uncle in a two-bedroom house … which didn’t qualify me for the lifestyle of the rich and famous.
hardly had anything to show for it. It’s a shame because he deserved a lot better, and I’m sure he thought he was investing the right way.
Many investors fall into the same piggy bank trap. They feel that if they JUST put some money away each month and keep doing it for 20–30 years, they’ll end up with a huge pile of cash. But it’s a big lie. I know many people who invested like this with discipline only to find out that because of the violent turns in the financial markets, they had a fraction of what they deserved. Worse, they couldn’t get back the time they lost. Now, I am NOT against monthly investing, but I know it’s not the most efficient path to financial freedom. That would be like using a horse and buggy when you have a car at your disposal. The sooner you find those “car” investments, the sooner you can start living the life you want. Take the bull by the horns before more time slips by you. Call or text me at 319-350-5378 and tell me you want to quit piggy bank investing. I’ll get you on the course to the best financial rewards. –Darin
One of my strongest memories is of the big, fat piggy bank that sat in my grandfather’s bedroom. Actually, it wasn’t shaped like a pig but like a football. I guess I could call it a “football bank.”
My grandfather dutifully put money in this bank and filled it up on many, many occasions. When the bank was full, he pulled out the “alternate piggy bank.” What was it? Well, an empty Folgers coffee can, of course! He deposited those cans in his savings account for years. I figured he had a nice sum stashed away. But when he died, I was shocked!
It ended up being such a small amount — only around $9,000. After years of discipline, he
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