If you feel flush with cash, imagine how scam artists feel knowing you’re walking their way. Having a little spare money to invest is a great feeling, but don’t let your enthusiasm and greed get the best of you. Con artists often target people on a cash high to turn that spare money into an extra payday – for them, not you. Here are the top three ways not to learn about investment opportunities. For these, it’s simple: The answer is always no.
1) The Family Business
If you’re a soft touch with family, don’t mention the windfall you now have to invest. Before you know it, the “investment” you got sucked into has your cabinets full of products ranging from multi-colored lipsticks and vitamin supplements to all manner of equipment that you think might either be used in the kitchen or the bedroom. Multi-level marketing schemes are not an investment, no matter how they are portrayed. While many people do make a nice side income with them, an investment is something that works for you, not you working for it.
2) Email Come-ons
No, your long-lost great-grandpa didn’t leave you riches in Africa that need you to post hundreds or thousands of your own money to get delivered to you. Likewise, it’s very doubtful you are the last heir to any kingdom that sounds so foreign it probably never existed. Anyone with a secret so powerful that it has made them million and can show you how (if you just pay them to teach you) to invest is also probably a liar. If that secret was so successful, what are they doing mass-mailing people telling tens of thousands instead of keeping their lips shut and making a killing?
3) Time-Limited Investments
Buy that piece of land now – sight unseen – or someone else might scoop that investment out from under you! Unless the person making you an investment offer is someone you have worked with for years, don’t take their advice. Time-limited investments all have one thing in common. The moment you leave and do your research, you will find out the true reason they were time-limited: So, you don’t have a chance to ask questions.
This timeless wisdom was brought your way courtesy of the awesome team at National Payday, the web’s oldest payday lender.