3 money lessons from infamous scam artists | J Mase III

TED Business

TED

Business, Modupe Akinola, Ted Business Podcast, Business Leadership Podcast, Ted Talks Business, Ted Modupe, Ted Talks

4 • 1.2K Ratings

🗓️ 12 June 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scam artists know something about money that you don't -- and artist J Mase III is here to shed some light. He shares examples of infamous scams from Elizabeth Holmes's false medical tech promises to Anna "Delvey" Sorokin's fake trust fund, along with three crucial lessons on how money functions for the wealthy, why it flows in the direction it does and how to start spotting scams in your own life. After the talk, Modupe shares what we can learn from scam artists to overcome imposter syndrome.

Transcript

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0:00.0	Ted Audio Collective
0:08.0	Imagine New York City in the 90s.
0:12.3	There was hustle and bustle everywhere.
0:15.7	You had people selling you stuff on the street from watches to fake Gucci bags and newspapers
0:21.3	candy.
0:23.1	People sold CDs and asked you to listen to their demos.
0:27.3	My favorite was the guy on the corner with three playing cards in his hands.
0:33.5	Let's say an ace of spades and a couple of others.
0:37.4	He'd show you the cards.
0:39.4	Then turn them face down and shuffle frantically.
0:43.2	When it was all done, your job was to try to point out the ace.
0:49.1	And if you got it right, you'd get $20.
0:52.4	And if you got it wrong, he'd get $20.
0:56.3	This game is called Three-Card Monty.
1:00.8	Now we all know Three-Card Monty is a scam.
1:04.8	Players are tricked into thinking they can guess the right card, but in reality, they have
1:09.2	no chance whatsoever of winning.
1:13.0	And yes, I'll admit, I fell victim to this once.
1:17.8	Don't judge me.
1:19.2	It all seemed so easy.
1:22.0	Most of us at some point have been a victim of scams like this, or worse.
1:26.5	Whether it be on the street, online, or elsewhere, scam artists are everywhere.
	...

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