Afford Anything Q&A: How to Spot Investment Scams Before You Lose Everything
48 snips
Aug 12, 2025 This discussion dives into the murky waters of investment scams, offering invaluable tips on due diligence to protect your hard-earned money. Listeners learn the importance of verifying investment firms and the dangers of wire transfers. There's also a deep dive into whether bonds are still vital in an investment portfolio, especially for real estate enthusiasts. Additionally, insights on leveraging business purchases for early retirement provide a fresh perspective on financial independence. Tune in for entertaining anecdotes and practical advice!
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Avoid Wires — Use In-Person Cashier's Checks
- Avoid wiring money when possible and use a cashier's check handed over in person instead.
- Videotape the handoff and verify ID to prevent wire-fraud and impersonation scams.
Wiring Mistake Cost $50,000
- Joe recounts a title-company hack where a buyer wired $50,000 to a hacker after receiving an altered email.
- The money was only recovered after public shaming and FBI involvement because the hacker left funds in the account.
Verify Wire Details Independently
- Never follow wiring instructions received by email; hackers can spoof addresses and links.
- Independently find the company's phone, call, verify via Zoom, record ID shown on camera, and confirm account details.
