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Boiled Down Money Goo

~ tips for propelling your financial future

Boiled Down Money Goo

Tag Archives: easy money

Stay In It For The Long Haul

30 Sunday Nov 2014

Posted by moneygooguru in Debt, Growing Wealth, House

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Tags

beat the system, buying stocks, easy money, get rich quick, house flip, house flop, house investment, leasing a car, selling stocks, stock trading, vehicle trading

The longer you hold onto things the better off you are.  This should be a no-brainer.  But get-rich-quick impulses drive people to seek the so-called easy money goomoney.  Too many people think they can “beat the system” and win.  Probably because they started saving way too late in life and have too much time to try to make up for.  But better a few years of slow and steady saving, than a quick flash in the pan to see what little you have go up in flames.  Here are a few time-tested tips.

Tip #1

Statistically, if you keep doing the daily stock trading, trying to outguess the market, you will lose (unless you are genius and even then some of your success may just be luck).  You are better off buying some Index Funds and keeping them until after you retire.  Don’t sell them when the market dips or tanks.  Keep buying when the market dips and tanks.  The rebounds from these market corrections can be huge.  But you’ll miss them if you’ve sold everything out of panic and then are too much of a Nancy to get back into the market.

Tip #2

Doing constant vehicle hopping will rob you of your retirement faster than the angry grizzly bear mother whose cubs’ path you just crossed.  If you are one of these bozos who keeps buying (or worse yet, leasing) a new rig every few years, then I sure hope you are rich already and have plenty of money to blow – because if you aren’t rich you’ll never get there at this rate.  I can assure you that many of my friends, coworkers, and neighbors are giving their retirement away to the auto makers and their whore finance partners.  Don’t do it.

Tip #3

And if you are doing the house flip-flopping thing, thinking you are slowly climbing the property ladder on your way to easy street as you trade up houses, you may just be disappointed.  In very few markets is a house ever a good investment.  Beyond repairDo the math.  I have.  With mortgage interest, taxes, insurance, and maintenance, your house better be in a double-digit bubble or you are losing money big time.  You are much better off to buy a modestly sized house and stay it in forever, like our grandparents did.

Just Do It

Don’t panic and sell all your Index Funds when the stock market tanks.  Drive that old rig until she bites the dust completely.  Stay in that more modest, nearly paid-for house.  The road to riches is a slow simmer.  Quick speculation is always more risky.  The trick is to buy quality and keep it for the long haul.

Do you think you can do smart things with your money?  You can.  But if you say you can’t, you probably won’t.  If you say you will, then you’ll surely find a way.

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Are You A Scam Target?

26 Thursday Apr 2012

Posted by moneygooguru in Growing Wealth, Help is out there

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Tags

easy money, fraud, free dinner, guaranteed return, investment opportunity, marketing, risk free, risk taker, sales pitch

Recently I attended a seminar “Spot the Red Flags of Fraud” hosted by the Financial Industry Regulatory Authority (FINRA).  Ironically, in the middle of the seminar I get a pre-recorded spam marketing call on my cell phone trying to get me to sign up for some rip off web service.

It seems that everywhere, every day, we are bombarded with “offers” to help us or make us richer yet designed to squeeze some blood from a turnip.  Personally, I have no trouble quickly deleting such messages from my computer or phone, laughing at the hideous TV ads or even being a little rude on the phone if I actually get a live person trying to get my money.  But many people are a little too nice when it comes to allowing a cleverly designed sales scheme pitched by a nice sounding salesperson to take hold of their emotions.

Here are some of the lines you may hear, all designed to snag you into their web.

  • How would you like to make some easy money?  Run!  There is really no such thing.  Success takes planning, time and hard work.
  • This investment opportunity is risk free (or has a guaranteed return).  Do not be fooled.  Investments are never risk free and guaranteed returns have conditions.
  • This product is available for a limited time only.  Do not fall for it.  They’ll be more than glad to take your money next week or next month just the same.
  • Everyone is trying to get in on this (or many of your neighbors, co-workers or family and friends are doing it).  So what!  Just because all your neighbors are jumping off a cliff, why should you?  Consider this: The majority of people are not doing so good financially, so do not copy them!
  • The sales associate looks/sounds so professional.  So does Satan.

As the old saying goes, if it sounds too good to be true then it probably stinks.

Okay, so we’re all safe from these pick up lines, right?  After all, it is usually just unsophisticated, uneducated people who fall for this, right?  Wrong.  Here’s the demographic that falls for such lines the most:

  • Male
  • Married
  • 55 to 65 years old
  • Financially literate
  • College educated
  • Self reliant
  • Recent change in financial health (or way “behind the curve” financially with lots of time to make up for)
  • Risk takers (always open to new investment opportunities)
  • Already owns high risk investments
  • Relies on family and friends for financial advice
  • Fails to check the background or registration status of products/sellers

Sound like anyone you know?  We know many who fit this mold too.

Here’s how we can avoid being scammed.

Ask questions, such as “Are you licensed to sell this product and is the product registered?” and then verify it.

Avoid “free dinner” type presentations that make you feel an obligation to reciprocate since you received something.

Avoid high risk investments.

Get second and third opinions in the investment, not from family and friends but from professionals (not salespersons) in the field.

Develop a “refusal script” for when you get calls or are approached with the “opportunity.”

Protect your asses! For more information, try these very useful resources:

Save And Invest (get free video, Tricks of the Trade)

Financial Industry Regulatory Authority

Washington State Department of Financial Institutions (find similar website for your state)

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