So as many of you may know there is the hot topic on social media is the subject of online trading courses which are charging extortionate prices to teach vulnerable ‘students’ who may be desperately looking for a quick fix solution to their problems or to generate ‘wealth’. Let’s take a step back and define ‘wealth’.
There are two types of ni**as,
nig**s with guns and ni**as with butter.
What are the guns?
That’s the real estate, the stocks and bonds. Artwork.
S*it that appreciates with value.
What’s the butter?
Cars, clothes, jewellery, all the bullsh*t
that don’t mean sh*t after you buy it.
How wealthy an individual is in my opinion should be judged on how much they have or can make their income work for them. The primary and only way I have known in my 21 years on earth is through your investments. Think of your top investors – George Soros, Warren Buffet they don’t need to tell you they’re rich for you to know, others do it for them… Take that in.
So I was discussing with a mate of mine and he asked me whether I feel it’s wrong to make money off a vulnerable individual willing to pay crazy amounts of money in a product or service which they believe is could only lead them to financial freedom whereas many end up financially destroyed. In my opinion I didn’t think it is, as long as what is done isn’t illegal. Don’t agree? Let me explain….
Protect yourself from becoming a victim – below are a few ways you can do that
Research – it’s as easy as it has ever been to educate ones self primarily down to the readily available information on the internet. Let me use inflation to explain my point. Many people I know didn’t know what inflation meant and how it can affect them, but will blame the government for raising prices unexpectedly. What they didn’t know is that the CPI (consumer price index), which tracks how much a basket of goods and services has gone up year on year is published every month and is publicly available information and the onus is on them to track how much their pay increases each year to make sure their growth rate is at or above inflation.
Common sense – Take a step back and think. If it was so easy why wouldn’t everyone be doing it? Who is offering it? Is my money protected by regulators? Are these people allowed to offer what they are offering? Why wouldn’t more people be offering these courses which brings down the price significantly? Surely it must be too good to be true? Let me elaborate my point using an example. A 2013 Audi TT has been offered to you for 4k. You would suspect something is wrong, right? However not everyone does. I was told of a story of an individual who had bought a car for which had outstanding finance on it. The seller stopped paying the finance and the individual lost the car and the initial investment. This could have been avoided if a simple HPI check was undertaken. Now who’s fault is that?
Experience – experience for me is the best teacher. Learn from other peoples experiences to avoid the mistakes they made. I was always warned to avoid forex when I learnt how to trade and I didn’t listen – I ended up losing a few grand. Don’t let naivety hinder your ability to distinguish between the diamond and the stones.
Patience – this comes down to how you are as a person. Do you prefer instant or delayed gratification? Do you prefer 1 chocolate bar today or 3 next week? Are you risk averse or are you a risk lover? The honest answer to these questions goes a long way to how easy it can POTENTIALLY be for someone to make a mug of you. A dodgy get rich scheme would not appeal to the person who doesn’t mind waiting for the 3 chocolates next week.
Education – the best way out of all said above. Buy books to develop and improve yourself in all areas. Last year I wanted to diversify my investment portfolio so I bought “Rich dad poor dad” to understand how I can do It better than someone that did it very well. I read journals, watched podcasts, spoke to mates with experience in certain areas to obtain a well rounded view which I knew I could trust and was free.
Opportunities are often disguised as hard work. Don’t shy away from the challenge because you can’t cut corners if you aim to be successful. I am someone that loves entrepreneurship and innovation and cannot ever hate on someone/group of people doing what they need to do to better themselves. However the only person that can protect yourself from a ‘scam’ is you. Simple as.
In conclusion personally I don’t believe this spread bet trading course or whatever u want to call it is a ’scam’ – it’s simply capitalising on people who thrive on the provision of unrealistic outcomes, otherwise known as dream selling. What’s the difference between paying 1k for a 2 day course and entering the lottery 1000 times? If anything this ‘scam’ is probably the better option But then again it depends on what is being ‘sold’. I put ‘scam’ in quotes because I don’t know for sure because I haven’t paid too much attention to the subject, so I can’t knock the hustle and would never attempt to – people just need to educate themselves to protect themselves from being another ‘victim’ in any situation.