Easy Make Money!
Easy Make Money!
You won't think it I revealed that I am about to get $2,700,000.00! My relatives & my children shouldn't ever must worry about money again! It's not a result of my job, but of providence. It very seems nice to be true
& it is. I opened up my e-mail this morning to find that there was somebody needing my help to extricate money from Zimbabwe. All I must do is send $500 to help this poor fellow finish a business transaction, & I'll get $2.7 million in return.
I laugh when I get these emails. I can't imagine somebody falling for this scam. Scams such as this play on our greed. All of us dream of winning the lottery or having a rich uncle who leaves us a fortune. They think we're clever to recognize when something is a scam, but are they ?
I've talked with literally thousands of investors over the 4 years I've been writing this every week column. Let me share a quantity of the tales where somebody bought in to something that was nice to be true. You might be surprised to find you have, .
I've been contacted once by people believing they were about to inherit millions of dollars due to an e-mail like the one mentioned above. In these cases, the e-mail claimed a distant relative's estate had been left to them. In both situations, the ones receiving the emails were in difficult circumstances. One was a single sister. To both, this was their Ticket.
They were satisfied that this was actual. The desire for it to be true was so strong that their judgment became clouded. As a result, they were prepared to take what tiny savings they had & hand it over to a stranger.
Surely you're clever to recognize an e-mail scam. Even if somebody knew your name, how could they know your e-mail address? But there's plenty of other ways that our desire to get rich gets us in to trouble. They need to think that there is some secret shortcut to becoming rich.
I've talked to several people in financial difficulty because they believed that they could take the equity out of their home, invest it & make a fast buck. There's the couple that borrowed all the equity out of their home to buy a rental property. They only have about $40,000 a year in income but the mortgage broker satisfied them that they could afford over $800,000 in mortgages.
In this case, a newer variant of a mortgage, called an Option-ARM, was used. The mortgage had a teaser rate where the payment was based on a 2% rate of interest. They trusted' the mortgage broker so they didn't even bother to read the paperwork. The actual estate market was booming & they were going to hit the jackpot!
Tiny did they recognize that each month they were going further in to debt. Their teaser' rate was short lived & their payments suddenly increased. Their local actual estate market tanked. Now they are stuck with $470,000 invested in a rental home, mortgaged to the hilt, when a similar new home is selling for $299,000.
How is that any different from individuals who think that they ought to take all of their home equity & invest it in life insurance so they can be their own banker'?
How is that any different from those who think they have found the perfect investment', one that guarantees they can participate in stock market profits without any risk?
How is that any different than the individuals who are purchasing variable annuities thinking that they are guaranteed to earn 5-7% a year for life?
These perfect investments' can make plenty of money. In fact all of them dofor the person selling them. The mortgage broker in the true story above made tens of thousands of dollars. http://www.ixgw.com
Bottom line: there aren't any secret ways to get rich. There aren't any perfect investments'. As those rich people' have found, it takes workhard workand time. It takes living beneath your means. It takes batting for singles & doubles in lieu of home runs. To keep away from being a victim, the most important thing is to recognize your vulnerability & keep up your guard.
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