18. ⚠️ Beware of scams

Have you carefully reviewed your list of goals and considered where to save and invest? Do you think about who you’re passing money on to when you spend or invest?

One last important point… Beware of scams! Scams aren’t exclusive to investment offers… but they’re often associated with them. Why? Because scammers prey on the gullibility of investors who don’t analyse the money flows.

⚠️ BEWARE of scams and frauds… money is no mystery: businesses make profits when their revenue (sales) exceeds their expenses… understand where you’re putting your money. “Never invest in a business you cannot understand.” (Warren Buffett)

Scam Alert!

Promises of returns too good to be true,
Culture of secrecy… they make you feel like this “opportunity” is only for you, and they don’t give you any details,
They ask you to pay (deposit, etc.) or provide personal information before giving you the details,
They are unable to clearly explain how the income is generated.
They impersonate someone else (your banker, the tax authorities, etc.).
They ask you to find other investors,
they pressure you to sign immediately without giving you time to think.
They play on your emotions: the lure of profit or fear.

How to react:

Never click on links received by email, message, etc. Check which website the link leads to.
Be extra wary of deals that seem too good to be true shown on social media.
Search online or call the financial authorities: Is this company registered or authorized?
If your “banker” calls you, say you’re busy. Call your bank’s number to verify that the call is legitimate and not from an imposter.
Secure your payment methods (don’t pay online in public places, use two-factor authentication, check your bank account for any suspicious transactions… even small ones).