It can be tempting to follow advice or believe information when it seems like no one else has heard the same magical words. Always keep in mind the old saying, “If it sounds too good to be true, it probably is.”
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You should always be gripping your cash with an iron fist, while at the same time being suspicious of any investment advice. Trent Hamm at The Simple Dollar offers some great not-so-secret advice that should be filed in your brain under “money sense”:
if the “secret” or “insider” information were so strong, that person would be utilising it instead of selling it. If someone is able to use their “secret” technique to turn $10 into $10,000 quickly, why are they selling that technique instead of repeatedly turning $10 into $10,000?
We all want to get rich quick or see a small investment explode into a money-machine empire, but nothing like that is going to come easy. Hamm acknowledges that there is an allure to people making a few simple moves and achieving financial success, but he also notes that most of the time that success simply comes from hard work. There’s no recipe to getting wealthy, but there are plenty of basic rules you can follow to avoid financial catastrophes.
The Allure of “Secret” Advice [The Simple Dollar]
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