By now, you must have read the FMT report, whereby a doctor with RM8 million in savings was scammed, yet again. We have had:
🔸️ teachers
🔸️ badminton players
🔸️ businessmen
🔸️ retirees
🔸️ even insurance agents!!!
falling prey to such malicious schemes.
The 2 most commonly used tactics are ❤️ scam and lucrative investments 💰. The former takes advantage of an individual's loneliness, while the latter draws out your inner greed. The Edge Malaysia reported that a whopping RM53 billion were lost due to scams, with only 2% of victims managing to fully recover their losses. As a financial services provider, we will focus more on investment scams.
Scammers commonly draw their victims in by promising lucrative returns, ranging from 100 to 520%. In the aforementioned report, the doctor was ecstatic by the 520% return. By the way, in the Mandarin language, 520 = I ❤️ you. Something for all readers to take note 📝.
As the saying goes, "if something is too good to be true, it is." The "how is it possible?" question is no longer valid. Instead, we should be asking "what void are you trying to fill?" It may be a theory but we would guess that greed is correlated with lifestyle creep, i.e. the more you earn, the more lavish the spending.
There are a plethora of ways to invest safely be it, money market funds, precious metals, saving plans, FD, bonds, treasury bills etc. While there are risky investments, is it any more risky than dealing with someone whom you have never met?
Keep your money save, invest wisely. Scams aplenty, exercise your faculty.
#financialplanning #scams #CAPSWealth #greed
