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Financial Advice: If It Sounds Too Good…

You’re sitting in your office, or perhaps you are resting at home, and you receive a call. On the other end of the line, the other person tells you about an investment opportunity that sounds too good to pass up.

You’ve heard the old adage before: “If it sounds too good to be true, it probably is.” But you will be surprised at the number of people who fall for get-rich-quick schemes.

And it is fairly easy to understand why people get sucked into these schemes. People want to make money the easy way. Face it: Investing is not sexy. And when you receive such an astounding offer, your mind and heart clash. Sometimes, your emotions win; other times, your logic wins.

It certainly does not help that the people who make these calls know how to appeal to the emotions. They know how to manipulate and stroke the ego of the people they are calling. And besides, who does not want to belong to an exclusive group of a select few? They leverage people’s fear of the uncertain and throw in a good measure of urgency to the mix. That sense of urgency is one of the most effective, time-tested marketing tricks out there.

The thing is, most of these calls and offers are not exactly outright scams. Some are even legitimate business opportunities. Many of the companies that make these offers are duly registered with the relevant authorities. However, these investments are often marketed deceptively. These include insurance, real estate investments, securities, and oil and gas partnerships.

What should you do if you receive an investment offer like these?

As any seasoned investor will tell you, you have to approach each and every opportunity with an objective mindset. Here’s one piece of financial advice you have to learn early on and remember: You cannot let your emotions affect and cloud your judgment.

The same thing applies here. Just think about it – if the offer is so good, why would the company pay another firm to make cold calls?

Finally, don’t think that you’re too good of an investor to succumb to these schemes. Even people who think of themselves as astute investors can make mistakes. If you receive a phone call like this, simply hang up politely and go about with your normal routine.

The key takeaway here is that when you are offered an opportunity, a healthy dose of skepticism goes a long way.

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