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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP236 Good Investment or Investment Scam?

EP236 Good Investment or Investment Scam?

Mar 8, 2022

In Canada, the top scam is an investment scam that cost Canadians over $163 million in 2021. Any solicitation for investments into false or deceptive investment opportunities falsely promises higher-than-normal returns, but—unsurprisingly—investors lose most or all of their money. Ongoing investment scams include cryptocurrency, fixed income, the "pump and dump," Ponzi, Initial Coin Offerings, franchise/business opportunities, Gem, and Pyramid. In this episode, I will be sharing information on each of these and giving tips on how to avoid these scams moving forward.

Unfortunately, once you've sent money to a scammer, it's probably no longer accessible. However, it is still recommended to tell your bank or credit card company about the scam so you can protect your accounts from further harm. Listen in as I explain who to report these frauds to, as well as how this can help others moving forward.

”Reporting an investment scam won't undo the damage done, but it may save others from falling victim to the same fraudster.” - Tracey Bissett

This Week on Young Money:

  • How to spot an investment scam.
  • The importance of consulting with a professional before sending money.
  • What to do if you’re caught in an investment scam.
  • Why it's crucial to report cybercrimes.
  • Investment scams to be aware of.

Key takeaways:

  1. Don't be afraid to say no.
  2. Take the time you need to research the investment.
  3. Get a second opinion from someone you trust.
  4. Do your research.
  5. Don't give out personal information.
  6. Beware of upfront fees.

Resources Mentioned:

 

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