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10 Questions You Should Ask Yourself to Identify Investing Scams
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In today’s unpredictable economic situation and condition, identifying which investment programs that are legitimate, let alone performing well, is quite a trivial task.
I found a valuable resource from The Motley Fool that I thought I’m going to share with you because it is too valuable not to :)
The article listed and explained 10 questions which answers could help you to identify investing scams and avoid them at all cost. I’ll explore the 10 questions with my own case to share.
10 questions that reveal investing scammers
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Does it promise “low risk and high gain?”
The reality check: If such investment programs existed, all money in the world would went in to the programs. The old common sense is always right: high risk, high gain. Period.
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Will it be “too late” if you don’t act now?
I fell to this premise quite often in the past. The “too late” pitch really blur your logic eyes - and it works. Why? Because in each of us, there always be something that wish once-in-a-lifetime opportunities to happen in our life, somehow. Although such opportunities do exist, they are very rare. The truth is, there always be another opportunities in the future, regardless - so acting now is not a smart move to take, and it involves more emotional than logic.
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Does it claim to predict the future?
“It will double in three months.” Right-o. Nobody can be sure about anything, and anything too sure in investing is highly questionable.
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What is the background of the salesperson and his/her employer?
Do they have the right certification? If so, the more important question is, are they successful investors themselves?
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Does it “guarantee” anything?
Just like in #3, nobody can guarantee anything. It’s illegal, by the way.
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New Year, New Hope: Plan to Get Ready to Surf the Big Wave
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First of all, I would like to apologise for not posting in this past few days.
I’m not being lazy, but actually I spend more time with my family and ‘trying hard’ to cut myself from the Internet, including blogging.
In my free time, instead of blogging, I create mini plans that will guide me throughout 2009.
If you haven’t got any plan for 2009, I urge you to start right now, as planning is very, very important.
My 2009 focus - ready to surf the big wave of economic recovery!
Why planning is essential
To me, planning is like setting up your own carrot to chase.
What’s amazing about human being is, that we are adaptable in every situation and in each of us, there is a always an urge to get more with less effort.
Some of you wouldn’t agree with me. “No! I like to earn what I receive - so I’ll work hard for better result,” you say. I’ll say, “Yes, but wouldn’t it be wonderful if you get more with less effort, and focus the extra free energy to achieve more in life?”
‘More’ is not all about money. ‘More’ is all about your vision, desire and goals in life. ‘More’ could mean giving back more to the community - Like Oprah’s Big Gift, for example. ‘More’ could also mean more time for your family. And so on - There are many other things in life NOT related to making more money.
Eventually, planning makes your effort more focused on what’s important. Master your planning will bring you to business opportunities and many more!
The best bet is to create mini plans
I love mini plans - they are more achievable and reward you in every small achievement you make.
You can start with mini plans of many, if not every, facets of your life - your personal finance mini plan, your relationship mini plan, your business mini plan, your investment mini plan, your personal endeavour mini plan, and so on.
The possibilities are limitless, really.
Here’s some of my plans… ‘Care to share yours?
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Small Business Owners - Protect Your Income
(No Ratings Yet) Loading ...In my entrepreneurial journey, I follow a simple but powerful wealth building strategy: secure and diversify.
Secure means I secure a portion of income I received from my businesses, whether it’s online or offline, to some forms of protection: insurance, certificate of deposits (I don’t like the interest rate, but it’s a save haven for me) and precious metals.
Diversify means I invest another portion of income in order to make my money work harder for me, in the form of businesses, real estates and stocks.
But, first-thing first - have you protect your income?
Income protection: what and how
Whether you own a business or self-employed (sole proprietorship), you need to think of protection measures to secure your hard-earned cash.
If you own a business, you need to protect your revenue and cash flow by taking insurance that protect your business. Don’t forget to form a legal entity for your business (i.e. LLC) to protect yourself from losses and any legal actions. You should also invest, invest and invest - investing is a form of income protection for businesses!
If you are self-employed, you need to protect your income by taking a form of income protection insurance, that typically pays out a regular income if you are unable to work due to illness, disability or sickness.
Protecting your income by investing
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