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Radical Personal Finance

285-What Does Financial Fraud Smell Like?

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 26 January 2016

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When I was younger I was easily duped by the financial fraudsters that seek to build their empires by deceiving people. Thankfully, I never had any major financial losses, but I was definitely hurt when I discovered how gullible I was.

Since then, I've developed some slightly better skills for sniffing out fraud and questionable advice. And in today's show, I share some of my tips with you.

I hope that together we can continue to develop our own skills of critical thinking and spread those skills to others. We certainly need more critical thinking across our society!

Joshua

Transcript

Click on a timestamp to play from that location

0:00.0

Radicals today I'd like to have a conversation with you on the topic of financial fraud,

0:06.5

lies, hucksters, schisters, manipulation, just some of the injustices that are perpetrated on the average person.

0:17.6

And I want to hopefully give you some tools and some ideas to protect yourself.

0:21.7

We're going to talk about this from a wide range of perspectives

0:24.8

and my hope is that you will come away from today's show better equipped to

0:30.1

defend yourself against all of those who would like to swindle you out of some of your

0:36.3

hard-earned money. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your

0:56.9

host. Thank you for being with me today. We're going to tackle this topic

1:00.6

head on in a straightforward way. I'm going to try to give you a bunch of examples

1:05.5

so that you can see how broad it is. I'm not mad at any one particular situation, but I am

1:10.6

mad that we're generally not taught how to think critically.

1:14.0

I don't think I'm the world's greatest expert at teaching this,

1:17.0

but I'll at least give you some thoughts that I believe will equip you with some better tools. Woke up this morning, and I've been thinking about this topic for the last few days.

1:30.0

Yesterday's show I wasn't exactly sure what to do the show on and I thought about

1:33.6

doing a show on on financial fraud but I wasn't quite ready for it so I went ahead and

1:38.8

play the interview for you that I played I played with Jake DeSylisilis yesterday on yesterday's show.

1:45.0

And I woke up this morning to a tweet from a listener who had sent me over a follow-up

1:49.9

story on the man named Dan Price, who is the business owner that Jake Desilis and I mentioned

1:57.2

in yesterday's show, owner of Gravity Payments out in Seattle, Washington, the guy who raised all of his employees' rates, the rates of pay

2:08.3

up to 70,000 dollars of minimum wage.

2:10.8

Now I hadn't followed this story closely and I'll in a moment I'll read some

2:16.2

information on it but I hadn't followed it closely. I just said what I said in the

...

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