It’s unavoidable. It’s nearly impossible to scroll through your newsfeed or updates on social media without seeing a post pushing some great new investment, the opportunity to make great money working from home, or down right devotion to the next “big thing” in someone’s life. Suddenly, that person you haven’t spoken to since high school is inviting you to join their team and—just your luck—there’s no initial startup fee . . . or maybe just a small one. Better yet, you’ve been added to their group so you can see all the great things everyone else is ordering and receive updates.
It looks fantastic. They post about their extra cash, the sponsored trips, and the bonuses. Oh, the bonuses. What could go wrong? Well, a lot. This post isn’t just targeted at multi-level marketing schemes, but all of those tempting things people tend to obsess over and end up regretting it.
General list of activities for which there is never a guarantee: multi-level marketing, stocks, your child receiving a full scholarship for [insert athletic or scholastic event], real estate, start up companies, and the like. Sorry. If any of these items was actually guaranteed, we would all be multi-millionaires whose children attend excellent colleges for free. Our children would graduate from college and go on to be superstars that cure diseases in their spare time.
How do you identify the alleged “sure thing”
So how do you identify the alleged “sure thing” and what can you do to politely avoid the future loss? First, do your research. If there’s a new product or investment opportunity with unbelievable results, make sure it actually exists. Beyond that, read the reviews, focusing on information from people who are not related to the organization. Second, perform a cost-benefit analysis. If it seems too good to be true or too easy, chances are it is. Third, if it requires that you recruit people to make more money, and you’ll make even more money as soon as they start recruiting their own people, just stop.
“Family and Business DO NOT MIX”
The ultimate way to protect yourself: don’t quit your day job and don’t stop saving money each month. Pace yourself. If you want to try the stock market, do so gradually. Don’t cash out your savings because you had a lucky day with your first investment. Think your child is really great at something? Support your child. Don’t cutoff your child from the rest of civilization to harbor their hidden ability that’ll one day make *someone* rich. Not so great at home renovation? Probably want to avoid purchasing a house to flip, especially when considering the housing market could always crash again. Family member need a few thousand dollars to initiate his grand plan? Family and business do not mix—run away.
Moral of the story? Think rationally. Are you on the ground floor of the next Apple or Google? Gauge yourself.
It’s unavoidable. It’s nearly impossible to scroll through your newsfeed or updates on social media without seeing a post pushing some great new investment, the opportunity to make great money working from home, or down right devotion to the next “big thing” in someone’s life. Suddenly, that person you haven’t spoken to since high school is inviting you to join their team and—just your luck—there’s no initial startup fee . . . or maybe just a small one. Better yet, you’ve been added to their group so you can see all the great things everyone else is ordering and receive updates.
It looks fantastic. They post about their extra cash, the sponsored trips, and the bonuses. Oh, the bonuses. What could go wrong? Well, a lot. This post isn’t just targeted at multi-level marketing schemes, but all of those tempting things people tend to obsess over and end up regretting it.
General list of activities for which there is never a guarantee: multi-level marketing, stocks, your child receiving a full scholarship for [insert athletic or scholastic event], real estate, start up companies, and the like. Sorry. If any of these items was actually guaranteed, we would all be multi-millionaires whose children attend excellent colleges for free. Our children would graduate from college and go on to be superstars that cure diseases in their spare time.
So how do you identify the alleged “sure thing” and what can you do to politely avoid the future loss? First, do your research. If there’s a new product or investment opportunity with unbelievable results, make sure it actually exists. Beyond that, read the reviews, focusing on information from people who are not related to the organization. Second, perform a cost-benefit analysis. If it seems too good to be true or too easy, chances are it is. Third, if it requires that you recruit people to make more money, and you’ll make even more money as soon as they start recruiting their own people, just stop.
The ultimate way to protect yourself: don’t quit your day job and don’t stop saving money each month. Pace yourself. If you want to try the stock market, do so gradually. Don’t cash out your savings because you had a lucky day with your first investment. Think your child is really great at something? Support your child. Don’t cutoff your child from the rest of civilization to harbor their hidden ability that’ll one day make *someone* rich. Not so great at home renovation? Probably want to avoid purchasing a house to flip, especially when considering the housing market could always crash again. Family member need a few thousand dollars to initiate his grand plan? Family and business do not mix—run away.
Moral of the story? Think rationally. Are you on the ground floor of the next Apple or Google? Gauge yourself.
B&T