Beware of Spruikers

Sorry there is no 'magic' way

Spruikers. Is it a word that you know? You should, because they are people to be avoided. Lately I have been hearing all sorts of stories of how they manage to get people to part with their money for wealth creation courses and the like.  They use the offer of a free seminar to pitch all sorts of “property buying magic” and “money making magic”

What happens at these seminars is the type of hype that has people spending far more money then they can afford. The Barefoot Investor tells the story of a singe mum with very little financial security being encouraged to get a credit card or three and then being charged over $15,000 for a wealth creation course. The way that some of these people behave is similar to a cult and we all know stories of how people were draw into cults very easily.

I do my podcasts each week to give you as much information as I can about a variety of real estate subjects so you know enough to ask the right questions. When confronted with one of these spruikers ask yourself the hard questions. Does this sound too good to be true. We all know the answer to that one. Don’t commit to anything on the spot even though they press you with the need for urgency – like the price will go up, only for those who sign up today and so on. Let that kind of talk ring the alarm bells for you.

It all can be very seductive. Be a smart cookie. Ask questions, take some time for reflection and get advice from someone else who has nothing to do with the spruiker. It is quite likely they may have accountants, property people and so forth in the room. They are not independent. They are all getting a kick-back from the money they manage to squeeze out of you. If the schemes they promote work other people will know about them and you can shop around. Mostly they are a con and you will spend lots of money for their benefit not your own.

Before going to any wealth type seminar do some research with Mr Google on the name of the company or group. Try subjects like wealth creating course scams and so on. You may be surprised at what turns up. Need help – all you need to do is ask.