The Worst Financial Rip-Offs and How to Avoid Them

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

• TV Ad Spending Drops (TVTechnology)
• New York Times is Said to Consider More Sponsored Stories (Ad Adage)
• States With the Highest Payday Loan Rates (CNBC)
• FDIC Weekly National Rates
• Average Checking Account Fees (NerdWallet)
• Credit Cards Interest Rate Report (creditcards.com)
• Credit Card Spending Study (Value Penguin)
• Extended Warranties (Consumer Reports)
• Bad Habits of the Worst For-Profit Colleges and Universities

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