Jayson Lowe debunks two financial myths: that you need to risk money to grow it, and that you must hand it to others to get rich. He warns against impossible return claims like 50% monthly returns and says to verify everything before giving anyone your money.
There are two lies that I heard often in the financial services industry, most often perpetrated by what I would refer to as financial entertainers. And the first one is that you have to risk your money in order to grow it, and that's just not true. And the second is that you have to hand your money over to someone else who thinks they can do better with it than you can in order to prosper and live the abundant life that you deserve today. And that's also simply not true. My meter goes off when I'm hearing big, audacious claims such as rates of return that are just next to impossible. When somebody's purporting that you're going to get 50% rate of return on a monthly basis, compounded annually, you probably want to find a red flag on your desk and pick it up. But I would say just be cautious of who you're getting information from. Make sure that you trust but verify. And if you're getting into a relationship financially and it involves transfer of your money, inspect what you expect and do it regularly, because nobody's going to care more about your money than you.
