Do you have a friend or family member that is in a middle of a scam? How do you convince them to take their money off the scam? Check this article out!
In the past, there have been so many scams that rocked our country. Amazingly, despite the fact that that there were lessons learned, people seem to forget easily and fall prey to one scam after the other. It is possible that these people may be aware of the scam and might want to recover their losses. But doing so only causes them to drown further financially.
There is only one way to help prevent these scams from proliferating. To advise people to stay away and avoid it so that the scam dies a natural death. If ever the person is already involved in a scam, all is not yet too late.
The following tips can help get the person out of the scam.
1. Educate him. It is highly probable the person is not that financially literate and wants to make extra money. The best way is to teach him the principle governing money and show him how the “investment” he is in violates the said principle. By giving him the information the needs to know, he may be able to withdraw his investment with a little loss. At the same time, he can also help educate the people he brought to the scam. As the saying in the law goes, “Innocence of the law excuses no one”. The same goes in the field of personal finance.
2. Explain how scams work. Explain to the person why you are not participating in a scam. Tell him that instead of helping people, scams are actually like wild animals preying on their chosen victims. By being a participant in the scam, he is no different from the scammers even if he is a willing victim.
3. Show proof. No person in his right sense of mind would want to be involved in an illegal activity. Show the person proof that what he joined is a dubious organization by getting information from government agencies.
4. Show legitimate investments. Show the person examples of legitimate investments and how they make money. True, the investment will not grow as fast as the scams but the probability of a loss is at a minimum. Real investment grows with the passage of time.
5. Show Scriptural proof about money. Since God is the source of all, it is best to turn to the Holy book to get guidance on how to manage money. The Bible is full of financial wisdom from saving to risk management. Since God’s word is irrefutable, the person involved in the scam can not defy what the Bible teaches.
Apply these simple tips and help more people become real investors. Help create a nation full of INVESTizens.
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Edmund Lao is a Registered Financial Planner who has a passion to help Filipinos invest and right way and avoid being scammed. He is known by many as the “SCAMCROW” loved by investors feared by scammers. His passion is to save Filipinos from scams and teach them to invest properly in stocks, bonds, and mutual funds. He owns the website wealth-wonder-boy.blogspot.com.
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If you’d like to learn more how to invest in the stock market and learn how to make your money work hard for you. I’d like to invite you to our upcoming events
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- September 20th How to Find The Perfect Timing in Buying and Selling Stocks (morning)
- September 29th Stocks Smarts: How to pick good stocks and avoid bad ones
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- October 25th How to Compute for the Target Price of A Stock? (Special Session)
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- December 5th Stock Smarts Singapore 2014 (Basic) – Day 1
- December 6th Stock Smarts Singapore 2014 (Technical Analysis) – Day 2
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