2008: Pride and Glory - Gavin O'Connor |
A news item that has just come to my attention is yet another Ponzi scheme. This time, it was one that appears to have been marketed to footballers based in the Midlands. The scheme is alledged to have offered monthly returns of 20% with capital guaranteed and able to be withdrawn at any time without notice. Sadly it appears that a number of people were duped by this.
Many will say, if the item is correct, that clearly this was a case of things being too good to be true and rather obviously so. However, for those that get bombarded by emails (and I had at least 3 bogus emails over the weekend which were not really from HMRC, Santander and Barclays) and are not familar with financial limitations, it is rather harder to judge what really is too good to be true - particularly when you consider that a Building Society offering a 5% deposit rate is also, frankly too good to be true.
This is precisely why you need someone like me to assist make sense of the huge array of Banks, Building Societies, Investment Houses, Stockbrokers, Hedge Fund Managers and so on, all willing to offer the answer to financial woes with "fantastic" products and services. The truth is rather different and often more complex than I would like. I work hard to reduce the financial mistakes that my clients would otherwise make on their own. This includes everything from having a proper Will in place to an appropriate investment strategy for your financial plan. The stockmarket or financial market is no place for pride, if you don't understand something do not do it. If you want proper financial planning advice, get in touch - whether you are a footballer, movie star, business owner, member of parliament or anyone else. If I cannot help I will put you in touch with someone that can.
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