1. Fraudulent Bank Contact Scams
Scammers often impersonate banks, calling to alert you of “fraudulent charges” on your account. Their goal is to frighten you into sharing sensitive information. In one shared experience, a scammer became aggressive when asked for verification, revealing the call’s fraudulent nature.
How to Stay Safe:

• Never trust unsolicited texts or emails from your bank.
• Always contact your bank directly using the phone number on the back of your debit or credit card.
• Verify any suspicious transactions by logging into your secure online banking platform.

2. Police Threat Scams
Scammers pose as law enforcement officials, threatening arrest for unpaid fines or missed jury duty unless you pay immediately. They often demand payment through untraceable methods like bank transfers or gift cards.
How to Stay Safe:

• Police do not demand payment over the phone.
• Hang up immediately if you receive such a call.
• Contact your local police station directly to confirm the legitimacy of any claims.

3. USPS and Amazon Text Scams
Scammers send fake texts claiming there are issues with your package delivery, prompting you to click a link or provide payment details. The speaker shared a personal experience where a scammer sent a fake USPS delivery text. Because a package was genuinely expected, the text seemed believable—until it led to a fraudulent website.
How to Stay Safe:

• Never click on links in unsolicited delivery texts.
• Verify delivery issues directly with USPS, Amazon, or the appropriate carrier.
• Use official tracking numbers through verified websites.

4. Fake Property Tax Bills
Scammers send official-looking property tax bills, tricking homeowners into paying fake balances. These scams are particularly convincing because they mimic real government notices.
How to Stay Safe:

• Consult with your broker or lending agent if you receive a suspicious tax bill.
• Verify property tax payments directly with your county’s tax office.

5. Protecting Personal Information Online
Your personal information—like your phone number, address, and even your past employers—can be easily accessible online, making you a target for scams. The speaker recommended a service called Delete Me, which removes personal information from online databases, preventing data brokers from selling your information to scammers.
How to Stay Safe:

• Regularly check your online information for exposure.
• Use services like Delete Me to clean up your digital footprint.
• Be cautious when sharing personal information on public websites or social media.

6. Fake Jury Duty Registration Scams
Scammers sometimes pose as government officials, requesting personal information for “jury duty registration.” They often ask for Social Security numbers, addresses, and even payment information.
How to Stay Safe:

• Legitimate jury duty notifications are sent by mail, not by phone or email.
• Government websites will always end in .gov.
• Never share sensitive information without verification.

7. Spam Calls and Texts
Scammers use familiar area codes and vague personal messages to trick you into responding. These calls can lead to more scam attempts or data theft.
How to Stay Safe:

• Let unknown calls go to voicemail.
• Ignore vague texts from unknown numbers.
• Do not respond or click on any links in unsolicited messages.

8. QR Code Scams in Packages
Scammers sometimes send packages with QR codes that, when scanned, give them access to your phone and sensitive information.
How to Stay Safe:

• Never scan QR codes from unsolicited packages.
• Verify the sender before taking any action.

General Advice on Avoiding Scams
The best protection against scams is skepticism and verification. Always look for red flags like urgent requests for payment, threats of arrest, or requests for personal information through text or email.
How to Protect Yourself:

• Ignore unsolicited messages or urgent requests for money.
• Verify claims by contacting official numbers found on verified websites.
• Educate yourself on common scam tactics to recognize red flags.

Final Takeaway:
Scammers thrive on fear and urgency. By staying informed, verifying suspicious communications, and protecting your personal information, you can avoid becoming a victim. For more tips on scam prevention, be sure to catch the next episode where we cover airline and retailer scams that are growing in popularity.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind

The post 8 Financial Scams to Avoid appeared first on ROI TV.

1. Don’t Fall for Get-Rich-Quick Schemes

Many people are lured into schemes that promise fast wealth with little effort. These include programs claiming you can get rich by following a secret system. However, these promises often only enrich the person selling the system.

“The only person getting rich is the one selling you the system.”

Instead, focus on building wealth slowly through proven methods, such as saving, investing, and developing financial literacy.

2. Don’t Waste Money on Lottery Tickets or Gambling

The lottery is often referred to as an “idiot tax” because it preys on those with little financial knowledge. The odds of winning are astronomically low.

“You have a better chance of being crushed by a meteor than winning the lottery.”

Similarly, gambling is a losing game. The episode explains that casinos build their fortunes from the losses of their customers. Instead of gambling your money away, put it to work through investments.

3. Don’t Finance Gadgets at 0% APR

Financing gadgets like smartphones with 0% APR might seem smart because you’re not paying interest, but it encourages you to keep upgrading every time a new model comes out.

“People feel weird when they don’t have a monthly payment, so they upgrade and start the cycle over.”

If you have the extra cash, pay for gadgets outright, and only upgrade when absolutely necessary.

4. Don’t Fall for Buy Now, Pay Later Plans

Buy now, pay later (BNPL) plans allow you to make purchases and spread the cost over several payments. However, these plans often lead to overspending and debt.

“Broke now, broke later.”

Instead, follow the episode’s advice: If you can’t afford to buy something outright, you shouldn’t be buying it at all.

5. Don’t Keep Up with the Joneses

Spending money to keep up with your peers—whether it’s the latest gadgets, cars, or clothing—will only drain your bank account. Trying to keep up with others leads to unnecessary purchases that don’t contribute to your financial goals.

“Rich people focus on increasing their wealth; broke people focus on appearances.”

Focus on your financial journey instead of comparing yourself to others.

6. Don’t Overleverage Yourself with Debt

Taking on too much debt can lead to financial disaster. Whether it’s credit card debt, loans, or financing deals, overleveraging puts you in a position where you owe more than you can comfortably repay.

“The rich use debt strategically, but the poor use debt to buy liabilities.”

Make sure that any debt you take on is manageable and used wisely, such as investing in education or a business.

7. Don’t Spend Money Without a Budget

Without a budget, it’s easy to overspend. A budget helps you allocate your money to necessary expenses, savings, and investments, preventing impulse purchases and wasteful spending.

“A budget is your financial roadmap; without one, you’re driving blind.”

Create a realistic budget and stick to it. This way, you’ll have a clear picture of where your money is going.

8. Don’t Neglect Your Emergency Fund

An emergency fund is crucial for financial stability. It acts as a safety net, covering unexpected expenses like medical bills, car repairs, or job loss. Without it, you might have to rely on credit cards or loans, which can spiral into debt.

“Aim to have 3-6 months of living expenses saved in an emergency fund.”

This will give you peace of mind and protect you from financial shocks.

9. Don’t Spend Money on Depreciating Assets

Many people spend large amounts of money on items that lose value over time, such as luxury cars or expensive clothes. While it’s okay to indulge occasionally, focus your spending on assets that grow in value, like investments, real estate, or your education.

“Rich people buy assets, broke people buy liabilities.”

When you’re making a big purchase, ask yourself: Will this appreciate or depreciate?

10. Don’t Ignore Investing in Your Future

One of the biggest financial mistakes is failing to invest in your future. Whether it’s putting off retirement savings or avoiding the stock market out of fear, you’re missing out on long-term wealth growth.

“The earlier you start investing, the more time your money has to grow.”

Start small if needed, but make investing a priority. Over time, compound interest and smart investments will help you achieve financial independence.

Conclusion: By avoiding these 10 financial pitfalls, you can set yourself on the path to financial success. Remember, wealth isn’t just about how much you earn—it’s about how wisely you manage what you have. Follow these tips to avoid common money traps and build a stable financial future.

Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in this article. This article, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

The post 10 Things You Should Not Do With Your Money appeared first on ROI TV.