HGC here with more thoughts on the investment life. With so many opportunities out there, it can be hard to know which ones are viable, and when you’re looking to make your money work for you, it’s tempting to go with the first option someone recommends to you. But be careful! There are people out there looking to take advantage of you, so it’s best never to rush into these decisions.
Check out this story from someone who got a suspicious call one day:
“I recently received a call from an unfamiliar stock brokerage. The guy was offering some unbelievable interest rates I would earn if I were to invest some money there. He wasn’t representing one of the nationally known brokerage firms I’d ever heard of. I told him I’d have to think about it.
Then he said, “Why waste time? Invest your money now so you can start earning immediately!” I was still a little leery and politely declined again, stating I’d call him back in a day or two.
He then said, “You have to act now. The deal won’t be available after today. You’ve got to do it right now.” I eventually had to hang up on the guy because he just wouldn’t quit. Do you think I missed a golden opportunity to earn big money? Did I make the wrong decision?”
No! This person did the right thing by declining to give the caller any cash. Most likely, they didn’t miss any “golden opportunity to earn big money.” Although we don’t know for sure if it was a scam, all the signs are there.
They didn’t know the person who called. He made a “cold call,” probably out of the phone book or off of some phone list he obtained. The caller used high pressure tactics to try to coax them to invest your money. And he promised interest rates that were too good to be true. Then, when the potential investor declined more than once, he made one more last ditch effort to pressure them to invest by saying the deal was now or never.
To avoid financial scams, it’s important to know the person or company who’s offering you an investment opportunity. Check out the credentials. Always. It’s wise to go with a well-known investment firm. These firms usually hire educated and experienced financial professionals. Avoid investing any money with anyone who calls your home or knocks on your door without an invitation from you. Plus, if someone’s pressuring you to put your money into an investment, that’s another clue it could be a scam. And if the deal sounds too good to be true, it probably is. Finally, although there are some legitimate investments that are time-limited, if that’s the case in conjunction with these other signs, it’s best to decline the offer. It’s wise to be cautious when considering investments in today’s financial environment to avoid scams.
If you’re wondering if an investment opportunity you’re considering is legitimate, it’s a good idea to run it by another professional to get a second opinion! We’d love to chat with you to make sure what you’re doing with your money is viable. Schedule a call with us today, and we’ll happily help you avoid that scam.