Tuesday, November 22, 2011

How to Protect your Wealth - Avoid Financial Fraud and Decepcion

We work hard to build our lives. We work hard to develop a savings and investment plan. We work hard to develop a good income and relationship with our employers.

Why is it then that some of us will fall prey to the underhanded and downright criminal acts of a few fraudsters?

Because we are impatient? Because we are trusting? Because we are unhappy with our current situation?

All of the above.

Society has conditioned us to expect to have everything NOW, therefore we are impatient.
We live in a society where people are generally good and understanding, therefore we are trusting.
Society and the media glorify lives of the wealthy, therefore we we are unhappy with our own lives.

The con artists and fraudsters of the world take advantage of all of these conditions we live in. They prey on our above weaknesses and quite often they are very successful.

How then do we protect ourselves from these attacks ?

First of all, if you are ever approached by a stranger with a good pitch, do not trust them until they have earned your trust. By stranger, I mean anyone you don't know personally. Always tell them you'll think about it and get their contact info. If they don't want to give it to you, you know why. Say goodbye.

Never, ever, ever give your credit card or bank account info over the phone unless you know the company or the person on the other end.. Also, never give out personal data such as your birth date etc. Identity theft is also big business.

Never pay an up front fee to get a prize or service of any kind.  Free vacations have been a big one in the past. They are usually a time share operator trying to peddle their units.

If you are ever in a situation where you feel pressured to buy NOW because the offer will expire, DON"T !
If it is a good deal it will always be there tomorrow. Always walk away and think it through.Quite often you will discover that it wasn't such a good deal after all. Shop around, compare, take control.

Control ! That is the key word. The con artist and fraudster always wants to take control of your money. Don't let them pressure you or persuade you to do anything. You as a consumer should always be initiating
the negotiations to buy anything.

Unfortunately, we live in a world where we cannot trust every individual we encounter. You will find that as your wealth grows, so too will the potential attacks on your wealth. There will always be somebody out there looking for something for nothing. Don't be an easy target. Be careful.

As always, I welcome your comments and suggestions for future topics.

No comments: