Welcome to a new week here on the Retirement Quick Tips podcast! 

I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: How To Spot & Avoid Get-Rich-Quick Schemes

Back in 2009 I had a client who invested more money than he could afford into an extremely high yield investment. He was retired and an conservative investor, and unfortunately, he didn’t seek my advice before agreeing to hand over his hard-earned money. 

The person who called him up on the phone promised eye-popping returns, and that he would start receiving checks within a year and double his money right away.

So he emptied his savings account and handed over $50,000, wondering why his financial advisor - me - wasn’t telling him about these opportunities.

The tell-tale signs of fraud were all there - the promise of incredible returns, little to no risk, and an unsolicited offer that seems very exclusive with no verifying information to be found anywhere - but he was too excited about the guarantee of a much higher income than what he was getting on his bond portfolio at the time, and he didn’t see them. 

When the checks never came, he started calling and they kept putting him off saying that things were about to take off, and he would start receiving his money soon. Be patient…don’t worry, they said. 

Then they stopped answering, then the phone number was disconnected. 

Unfortunately, this scenario is all-too-common, but not every get-rich-quick scheme is fraud. Some are perfectly legal, which makes them even more problematic and harder to spot.

So this week, I’m going to share with you how social media has contributed to the growth of get-rich-quick schemes and new tactics people are using online. I’ll talk about telltale signs of get-rich-quick schemes & real-life examples of these schemes so you can learn how to better spot them, and the most fallen-for get-rich-quick scheme that you, yourself, have probably fallen for. 

That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about how social media is contributing to the growth of get-rich-quick schemes. 

My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance