Today I want to cover a frustration that I see a lot of people go through which is going for the next shiny object.
It’s such a common thing I hear when I get off from speaking on stage and speak people – people say they’ve been burnt $50,000, scammed out of $100,000 etc.
And it really hurts because I see a lot of people out there teaching the wrong things.
I call them the get-rich-quick type seminars that so many people – maybe yourself or someone that you may know like your family members or friends – they get caught up with these so-called financial and unscrupulous people that are out there educating the wrong thing.
So how do you actually avoid that?
How To Filter Out Get-Rich-Quick Type Speakers
#1 – Check Out Their Background
Number one is that I believe that you should check out their pedigree. Are they investing for themselves? Even if they are – are they successful?
#2 – Are They Transparent?
Number two also are they very transparent and showing their real record? In other words, do you know what are they actually doing and investing in on a daily basis?
Many spruikers only focus on showcasing their wins, and none of their losses – if someone ever promises you they can get 100% of your trades right, walk away immediately.
#3 – Have They Managed A Fund Before?
And finally number three. I think it’s so important that they also find out if whether they also invest on behalf of other people.
In other words, have they ever manage a fund before?
Like myself, I’ve managed a fund which is why over the past 15 years, my biggest thing is all about risk management and not about the profit. The profit is a byproduct of great risk management strategies.
And if they’d never managed people’s money before, I think that I do not believe that they’ve got the right pedigree to also go out there and teach people because that is when they teach the wrong things.
They’re focusing on the profits, they get you in of course, they give you the shiny object and you get caught up in that.
#4 – Do They Use ‘Clickbait’ Phrases In Their Sales & Marketing?
This is something I didn’t cover in the video above, but it’s very common among get-rich-quick type ‘experts’.
They’ll use very seductive language often exaggerating facts or omitting drawbacks to using their system in order to hook you into buying their product.
For example, they’ll use phrases like:
- “For serious investors only”
- “Double your money”
- “Completely risk-free”
- “The next Facebook”
- “Explosive growth”
I refer to these types of phrases as financial porn – highly addictive language that arouses a feeling of wanting to take action, but isn’t necessarily conducive to a healthy investment for you.
➜ Related Article: 5 Ways to Break Your Addiction to Financial Porn
If you follow these 4 tips to avoid dodgy get-rich-quick type seminars, you’ll be able to filter out the real experts with genuine intentions to share their knowledge from the crowd of fake gurus.