fbpx
U

The Worst Financial Rip-Offs and How to Avoid Them

August 9, 2019

We did a show on this less than a year ago, so how can we have a whole new list of financial rip-offs? Well, as it turns out there are plenty of new things to talk about! So, join us as we revisit and update you on financial rip-offs to watch out for and avoid as you go about your life.

Is there a worse feeling in the world than when you realize you’ve been ripped-off? Cue sinking feeling. We all want to be good field generals for our Army of Dollar Bills. Part of being a good leader and steward of your money is keeping as much of it safe and productive as possible.

Unfortunately, there are quite a few products, services, and straight-up rip-offs that you need to be aware of so that you can decide what is appropriate and what will detract from your financial vision. It’s sometimes difficult to tell the difference between useful investment or expenditure and the equivalent of lighting your money on fire.

This show is also stocked full of useful and surprising information that you may not have been aware of. Even if you are a Money Master, there are nuggets of information you can share with your tribe. Be sure to tune in as we share our continued insights on the worst financial rip-offs.

Here is our updated list of the 7 worst financial rip-offs:

  • How the media contributes to financial missteps
  • Why fear (not information) is what leads media headlines
  • How to watch out for sponsored ads masquerading as news and information
  • Ways to distinguish between what is information and what is noise
  • What you should know about financial sales people
  • Why you need to be extra careful about whole life insurance and annuities
  • The one question you can ask a financial professional to sniff out any conflicts of interest
  • The truth about payday loans and what they are really after
  • Why “rent-to-own” is not a good deal
  • What to consider before taking out a payday loan or rent-to-own
  • How brick-and-mortar banks are ripping you off and what you can do instead
  • Why credit cards are the biggest financial rip-off if you don’t use them correctly
  • What to watch out for with extended warranties and why they aren’t usually worth it
  • How students loans can become a rip-off

Every dollar in your army is valuable and should be viewed as a tool for the future. We hate seeing hard-earned money lost through slick sales, fear, or manipulation. We often say our best clients are educated clients. We have the hearts of educators and feel that understanding these items could help you better analyze your options.

Resources and Research Mentioned in this Episode

Enjoy the Show?

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: [email protected] and [email protected] You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll never miss special announcements and offers, plus you’ll get future podcasts and blog posts delivered straight to your inbox so you can get in on the action right away.

Most Recent Episodes

Financial Hacks and Habits of the Top 1% (By Age)

ho wouldn’t want to have a high enough income and net worth to be considered part of the top 1%? In this episode, we’ll tell you exactly how much you need to be considered part of the top 1% - and the habits and hacks those in the top 1% used to get there.   In this...

How to Win With Money in 2023!

Financial resolutions are always near the top of the list of Americans’ most popular New Year’s resolutions. Whether you want to save and invest more, pay off debt, or have other financial goals, we will give you the tools you need to win with money in 2023.   In this...

TikToks That INFURIATE Financial Advisors

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

5 Levels of Wealth AND How to Achieve Them! (2023 Edition)

We believe there are five distinct levels of wealth, but they aren’t solely dependent on income or net worth. We’ll walk you through each of the five levels - including how to know where you are at, how to advance to the next level, and signs you are doing it right.  ...

Average Net Worth By Age in 2023!

It’s time for one of our most anticipated shows of the year: our annual Net Worth By Age show! In this year’s edition, we’ll shared updated numbers and data for 2023 and discuss the most important things for you to focus on in each decade.   In this episode, you'll...

Win Financially During a Recession! (Everything You Need to Know)

The bear market we've experienced in 2022 has been longer than many in recent memory - and some are concerned that the economy may soon enter into a recession. Here's everything you need to know to stay on-track and win financially during a recession!   In this...

The Fed Just BROKE the Car Market! (What You Need to Know)

Car prices have been on a rollercoaster ride the last few years, and it looks like they might finally be coming down. In this episode, we’ll discuss what you need to know about the current car market, pitfalls of buying a car, and how to do it the right way.   In this...

Top 4 Money Mistakes People Make During the Holidays!

There’s a reason why financial resolutions are always near the top of the list in January - many Americans spend the holiday season making financial mistakes. In this episode, we’ll discuss the top money mistakes people make during the holidays and how to avoid them....

Financial Advisors Share What They WISH They Knew About Money Earlier!

Have you ever felt like if you just knew this one thing about money earlier your finances would be in a better spot? In this episode, we’ll share the five biggest things we wish we knew about money earlier!   In this episode, you'll learn: What we wish we knew earlier...