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Billionaire boot camps – do they work?

I have read a book about how to become a millionaire and the writers are promoting a series of lectures and boot camps, which are expensive but are cheap if they produce the results they promise. What do you think of these kinds of programs?

I have two words for you: Be careful! I recently had someone come to me about a business that helped people get rich. It involved a money-back guarantee and it was an investment product business.

I had some first up reactions about this that might help you. The first was, what if the business goes broke? How good is a money-back guarantee from a small company?

Next I asked, if the system is foolproof and can’t lose, why do they need to get other people’s money?

I have always lived by the rule of thumb that if something seems too good to be true, then it probably is.

That said, I have been to get rich lectures as a media guest and have taken away some valuable tips and advice. They sometimes help you add a systematic approach into a chaotic money world, but be careful of the testimonials they drag out of people you don’t know.

I have seen under-30-year olds who have bought 14 properties and were geared to the hilt and would have been KO’d when interest rates went over 9 per cent. Always be on the lookout for inside information on the tax system, great funding options and what to invest and what not to invest in.

Make sure you don’t put all your eggs in one basket and always ask how would I survive if something went wrong? Some people do get rich with get rich plans, but they are usually the people who are flogging the schemes, the books and the lectures!

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

 

Published on: Thursday, June 17, 2010

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