3163: You, Too, Can Be Conned by JL Collins on Financial and Money Advice
J.L. Collins lays out a sharp and eye-opening warning about the seductive nature of financial scams and the psychological tricks
Optimal Finance Daily - Financial Independence and Money Advice · Optimal Living Daily | Diania Merriam
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Show Notes
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Episode 3163:
J.L. Collins lays out a sharp and eye-opening warning about the seductive nature of financial scams and the psychological tricks that make them so effective, even on smart, well-intentioned people. Through personal stories and timeless lessons, he reminds us why skepticism and simplicity are our best defense against losing money to con artists in suits.
Read along with the original article(s) here: https://jlcollinsnh.com/2012/03/09/you-too-can-be-conned/
Quotes to ponder:
"People don’t fall for scams because they’re stupid. They fall for scams because they’re human."
"You’re vulnerable to cons when you’re greedy, when you’re desperate, when you think you know more than you do."
"The most dangerous person in your financial life is the slick guy in the expensive suit promising you high returns with low risk."
Episode references:
The Richest Man in Babylon: https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367
Ponzi Scheme - Investopedia: https://www.investopedia.com/terms/p/ponzischeme.asp
The Millionaire Next Door: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474
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