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Get rich quick scams

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Published on: Tuesday, March 02, 2010

I recently went to a seminar that showed you how you can buy multiple houses using the tax system. The expert who lectured us said if I stuck to his method, which was explained in an expensive workbook with a DVD, I could easily become rich. What do you think of these investment strategies?

Be careful with anyone who tells you that it’s easy to become rich. There’s an old rule that says if something sounds too good to be true then it probably is. I’ve seen good investment seminars and I’ve seen bad ones.

I was once paid to do an economics lecture on an investment seminar program and I criticised the speaker who was paying me because he was making some big assumptions. He made promises that he couldn’t keep 100 per cent, but I must admit he taught me some good stuff.

These salesmen or saleswomen will always give you good information, but then to get the sale, they say what you want to hear and that’s when it gets tricky for novices to work out whether they’re fair dinkum.

I have seen some great and honest seminars, whose promises are always tempered by what can go wrong and how you can minimise the possible problems.

Go to the ASIC or FIDO website and follow the prompts to ‘Scams and Warnings’. They even look at ‘Get Rich Quick Scams’.

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. 


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