Business – Page 29 – Rock To Riches

Top 10 Types of Investment Scams (Infographic)

No matter how hard we try to warn our kababayans to observe due diligence and wise decision-making when offered by investments with guaranteed returns, many of them still do not listen and fall victims later on.

Surprisingly, some of them are aware that what they are getting into are real scams but they just shrug it off because they know that they will get their money back plus the promised returns the soonest possible time.

Those on top of the food chain do get the share of the pie. But the late bees settle for the bread crumbs if there are any at all.

Here’s a very straightforward infographic for you to share to your friends and loved ones provided to us by Paladin Registry from the U.S.

——-

It is important that you are aware of the 10 most frequent investment scams that are perpetrated on the public by licensed and unlicensed individuals.

However, that is not your best form of protection. Why? There will be an 11th scam and a 12th scam.

Consequently, it is more important to know some of the key features of scams so you can recognize and avoid all of them.

Your Expectations

You may have noticed most investment scams promise people high returns – in some cases very high returns (30%, 40%). The scam artists know you want high returns. They are simply telling you what you want to hear. The more the scam meets your expectations for superior returns, the higher the probability you will buy it.

This is more dangerous than it may sound. The promises that are made by scam artists have to sound realistic or red flags will pop-up and you won’t buy.

That is why many of them use exotic strategies, such as currency trading, because they know there is a good chance you will not be familiar with this type of investment.

Too Good to Be True

Another good rule of thumb: “If it sounds too good to be true it is not true.”

For example, the scam artists do not just promise superior returns. He promises high returns for low risk. He has described two major investor needs (higher performance, lower risk) in the same product.

There are no lower risk products that produce higher returns. You have to give up the potential for higher returns to reduce your exposure to risks.

The Referral Game

Another characteristic of a scam is the “Referral Game.”

This is a favorite tactic of the scam artists who run Ponzi Schemes. They make sure the early investors have a very positive experience even if it is based on fake performance reports. Then they ask for referrals to the investors’ friends, family, and associates. The unfortunate investors think they are doing people they care about a favor.

Watch-out for referrals. You still have to do your homework no matter how much you trust the person who made the referral.

My Advisor is My Friend

Bernie Madoff’s clients, who lost billions of dollars in the biggest Ponzi scheme in history, lamented: “I thought he was my friend.” He was not their friend, but he used sophisticated sales and relationship skills to make them believe he was their friend.

Scam artists want you to like them. They know you let your guard down when you like someone. You like them, then you trust them, then you buy what they are selling.

The investment of your assets should not be based on personalities, sales pitches, and undocumented sales claims. It should be based on rational, objective decision-making.

The Free Lunch

A lot of scams start with the free lunch, the free round of golf, or the free seminar. A lot of investors feel indebted when they accept the free offer.

This is the opening the scam artist needs to convince you to buy what he is selling. If the scam costs you a lot of money that may just be the most expensive lunch you have ever eaten.

Do not accept free offers until you have made an objective, rational, prudent investment decision. Even then you should avoid free offers that may interfere with your ability to make the right decisions.

Source: Jack Waymire, Investor Watchdog, Paladin Registry

Avoid financial scams and be updated about the latest frauds by subscribing to Rock To Riches for FREE.

Rock your way to abundance!

#moneyliferocknroll

—
If you want me to coach you in improving your finances, type your name and email below and click the Subscribe button:

5 Awesome Online “Rakets” You Can Earn Money From

You may be an employee earning minimum wage. Or a supervisor but still struggling with a very low salary. You could also be one of those looking for “sidelines” to augment your income and to help you pay the bills.

There are those who sell beauty products or clothes to officemates on a hulugan (installment) payment mode. Others sell cold cuts or merienda to co-workers on a “sa sweldo mo na bayaran” (pay on salary date) agreement. I’m pretty sure each of you has a lot of good stories to tell and experiences to share.

But since many Filipinos have become more internet- and social media-savvy, it’s about time to look for more sidelines and work-from-home rakets. Here are some hit rakets that you can try on weekends or during your free time (not during your official working hours please).

1. Freelance Work

The Philippines has been on top of the call center and BPO industries globally in the past few years. If you have an experience as a call center agent or as a customer support officer in these industries, you may have a better edge than others who will try doing this for the first time.

You can be employed as an online or phone customer service assistant, advisor, support, etc. while being with your loved ones at home by companies like Teletech, Apple, Convergys, Amazon, Xerox and many others.

You can also apply via freelance websites such as Upwork (formerly Odesk), Raket.Ph, Elance, etc. as a freelance writer, salesman, virtual assistant, language teacher, accountant, and whole lot of jobs available based on your skills.

2. Make Money by Blogging

A blog is a website that uses a dynamic software platform like the free WordPress or Blogger. You need to learn first or ask someone to help you out in creating your blog or website.

Blogging about fresh and sought-after topics can be a very lucrative way to earn extra money while being employed. I personally have some blogger friends who are earning more than when they were still employed.

But remember, this is not a short-cut to earning big bucks. You have to invest in knowledge, resources, and time in order to earn from blogging.

In order for you to earn from this raket you need to consider your blog as a business. You should also know your “voice” whether you are a teacher or a student blogger.

New bloggers should also learn the proper way of using keyword research techniques, how to get traffic, marketing methods, site optimization, promotional venues, and other components of a successful money-making blog.

You can make money in blogging by selling products or services, direct advertising (by selling ad space or writing advertorials), or sell products for companies handled by affiliate marketing companies like Amazon Associates, Clickbank, Commission Junction, etc.

Another effective way to make money from blogging is by joining advertising network like Google AdSense, Nuffnang, Infolinks, Revenuehits, Yahoo! Bing Ad Network, Chitika, and many others.

3. Doing Paid Surveys

Instead of just wasting your time posting unnecessary evils on your Facebook or social media accounts, why not become an online panelist and earn extra money online from the comforts of your home? Doing paid surveys is surely another way of earning income to pay for your needs or even wants.

Some of the best survey websites that pay good cash are American Consumer Opinion, ClearVoice, My Survey, and Survey Savvy, and Esearch. When you register for these survey sites, they will send you survey invitations through your email together with the respective reward amount. You should then respond and complete the questionnaire.

Many of these surveys will take only about 10 to 30 minutes of your time. Some of these survey companies also conduct surveys via telephone, SMS, and other venues that can pay you even more. ceramic

4. Partner with Online Service Companies

Do you have a property like a house in your beautiful province or a condo in the city that is seldom used by you or your family members? Why not have it rented out via AirBnb to other people who may want to visit the place where your property is located? You can have it rented out as little or as much as you can and as much or little as you want.

I can say that AirBnb is relatively safe since they offer a guarantee of $1,000,000 to protect you from any kind of property damage caused by your renters. It also has a renter rating system so you can decide whether to rent it out or not to a particular person.

Other than that, you also earn if you invite more friends to try Airbnb or earn travel credit for each new friend you invite. You will get $25 when they travel and $75 when they host their home.

Or maybe you have a good-running car that is seldom being used? Why not be an Uber driver or have someone you trust drive it for you around your area? A lot of people going to and from work need a lift especially during rush hours.

However, make sure that your car is registered under your name and is insured. Also, make sure that you or your driver is at least 21 years old and has a valid driver’s license to avoid any trouble. You will also need to have an iPhone 4s or 2013 Android phone at least to be qualified.

5. Sell Your Own Products or Services

I’ve met a lot of people who once struggled in their lifetime as scrappy salaried-employees but have become financially-secured afterwards because of their perseverance and determination to succeed in their online businesses.

One of my friends was once terminated by his employer for not disclosing the truth the he did not graduate from college. He redeemed himself by not becoming an employee any longer. He now continuously earns thousands by being a sales agent for real estate companies and selling condo and house units through his social media pages.

Another former colleague also resigned from work and focused instead on selling fresh and tinapang bangus on Facebook with his wife.

You can also sell what you think people are looking for online. Start by asking yourself what are the products or services you are looking for but are hard to find online? Are they always out of stock? Then search for suppliers of this product and be a distributor.

You can also enhance yourself by enrolling in a course for a service that people are always looking for and offer these online.

Are a photographer? Why not sell your photos?

Are you a lawyer? Financial advisor? A doctor? Why not be a paid coach online?

Be an abundant cyberpreneur by subscribing to Rock To Riches for FREE.

Rock your way to abundance!

#moneyliferocknroll

—

If you want me to coach you in improving your finances, type your name and email below and click the Subscribe button:

5 Common Mistakes Every OFW Entrepreneur Should Avoid

Starting a business in the Philippines while abroad is a very tough decision to make for many OFWs. But there were many determined individuals who did have the guts to invest their hard-earned savings in starting a business even though they are away from home. Interestingly, many of these businesses even wrote their business plans and feasibility studies.

But why do many OFW businesses fail?

Many OFW entrepreneurs fail at their business endeavors not because they failed to take hold of the opportunities but mainly because they failed to prepare themselves and do the things that need to be done first.

Here are the 5 common mistakes that OFW entrepreneurs have made.

1. Lack of entrepreneurial spirit. Living or working abroad has become the comfort zone for many OFWs and migrants. They receive higher than the usual salaries. They have free housing allowances or even accommodations, transportation and meal allowances, free insurance benefits, free annual vacation airfare, paid vacations, and many other freebies and perks that many Filipinos back home do not usually receive.

That is why most of OFWs who decided to run their business ventures have later on realized that they have not prepared themselves emotionally and mentally for the this new chapter in their lives. A lot of them still carried the mindset and beliefs of an OFW employee. This lack of mental preparation has caused a lot of OFW businesses to fail.

Are you ready to leave your comfort zones as an OFW and become an entrepreneur in the Philippines?

pexels-photo-313690

2. Failure to identify talents, core skills, and passion.

Everyone has their own sets of skills and interests. However, many OFW business starters were not able to properly evaluate themselves to see if there are ways for them to make money from their strengths and core skills. One of the most successful businessmen in the country today is a former OFW by the name of Steve Tamayo.

He was able to bring with him his experience and expertise in the bar and restaurant industry and used that strength to start and run one of the most-sought after food catering services in the country, the Tamayo’s Catering. Furthermore, he loves what he is doing and enjoys serving his customers even more.

Reflect and think of just one thing that you love to do and begin from that passion. If you have that passion in a business that you like to enter, you will surely have the eagerness and determination to make things happen.

(For just 10 pesos a day, you and your family’s life and health are protected. Click here to get more details!)

(Save and grow your money while you are still an OFW!!! CLICK here!)

3. Entering into a business not familiar with.

In a study conducted by the Economic Resource Center for Overseas Filipinos, 76% of businesses put up by overseas Filipinos failed not only because they lack the skills. Many of them failed because they were lured into business enterprises that they have no background about.

One of the interviewed is an who OFW played in a showband that toured the world for 10 years. A cousin convinced him to pay $3,000 for five hectares of fishpond. As the OFW also needed to leave for work abroad, he left the fishpond to his cousin. Expectedly the business failed because neither he nor his cousin was familiar with it.

In addition to this, many OFW’s lend their money to their relatives in hope that these relatives will be able to run the business successfully. But this practice contribute to the high rate of business failures among many OFWs.

If you want to try a business that is not based on your core skills, make sure that you have been into that business as an employee. You should have also attended the proper training and did proper research before even going back to the Philippines.

4. Failure to establish the business model.

Many OFW entrepreneurs have failed in their businesses because they were not able to develop their own creative business models. A fundamental segment of starting a business is establishing the business model that fits a venture.

Will you be a manufacturer? A distributor? A retailer? Or a franchisee? Your chosen business model will make up the structure on how you will provide value to customers and give you your desired revenue in the process.

Ask yourself, what are you offering to your customers? Are you offering your product or service to a specific market? How do you plan to reach them? Will your products or services bring good relationship with your customers?

Are you willing to network with other entrepreneurs? How will your business model give you profit? Will you be able to handle the costs of executing your business model?

If you are an OFW who has just started a business, you should seriously consider improving and innovating on different types of business models.

5. Failure to define and sustain their own mission and vision for their businesses.

Lastly, a lot of OFWs failed in their businesses because they have lost the motivation to succeed. Many of them have no clear purposes on why they are starting a business. As with any business, there should be a mission that should define a reputable cause such as serving with high quality service and contributing to poverty alleviation in a community.

A vision should also reflect goals and dreams. Many of those who failed in their business have lost focus on their goals and have given up their dreams. A vision should never die and must always excite the imagination and give more energy to make dreams a reality.

If you as a business owner with clear mission and vision statements, your employees will be more inspired to work because they know that they are a part of your ideals and worthy cause. You may even attract other investors to help you achieve your dreams if they see the value of your mission.

Knowing your mission and vision for your business must start within yourself. Do you believe that you have a purpose in your life? Do you see yourself achieving your dreams in the future? Do you want other people to see you as a person with clear goals and dreams?

If you are able to answer these questions with a resounding Yes, I believe that you will be able to find ways to make your business a successful one.

Are you an OFW who dream of having a successful business soon? Then make sure that you address these five common mistakes that most OFW entprereneurs have committed in the past before you pull out your money from your bank account or other investments.

Learn more about planning your business properly by subscribing to Rock To Riches for FREE.

—
If you want me to coach you in improving your finances, type your name and email below and click the Subscribe button:

Rock your way to abundance!

#moneyliferocknroll