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How Not To Get Ripped Off
I'd like to teach you some simple principles that will keep you from falling prey to the vultures who would rip you off.
A few simple rules will help you overcome the potential victim's three worst enemies: greed, fear of missing the boat, and ignorance. Continue below.
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These are the real reasons why people lose millions every year to hucksters.
Greed is so blinding that some otherwise sophisticated people who really should know better often get sucked into these deals and end up with their names on the victim list in the newspaper.
The desire to get rich quick, or get something for nothing, totally smothers their critical faculties.
Next comes the fear of missing the boat.
People are often pressured into making a decision before they've had a chance to cool off and think it over, just because a salesman has told them "tomorrow will be too late."
Victims are also ignorant of how to manage risk. Every investor should constantly analyze his portfolio for ways to reduce risk and increase the possibility of reward.
It is possible to eliminate from your portfolio all risks except market risk. - the possibility that the market will move in a different direction from the one you thought it would.
Market risk is quite enough risk to accept. Unfortunately, however, people who lose money to scams have exposed themselves to non-market risks, making serious risk-management errors.
They may do business with a firm in such a way that they are ripe for plucking by crooks or, if the company goes broke, they are reduced to picking through the ashes, trying to get back some small portion of their investment.
Making Money: Winning the Battle for Middle-Class Financial Success by Howard Ruff
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