3163: You, Too, Can Be Conned by JL Collins on Financial and Money Advice

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 1 June 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3163: J.L. Collins lays out a sharp and eye-opening warning about the seductive nature of financial scams and the psychological tricks that make them so effective, even on smart, well-intentioned people. Through personal stories and timeless lessons, he reminds us why skepticism and simplicity are our best defense against losing money to con artists in suits. Read along with the original article(s) here: https://jlcollinsnh.com/2012/03/09/you-too-can-be-conned/ Quotes to ponder: "People don’t fall for scams because they’re stupid. They fall for scams because they’re human." "You’re vulnerable to cons when you’re greedy, when you’re desperate, when you think you know more than you do." "The most dangerous person in your financial life is the slick guy in the expensive suit promising you high returns with low risk." Episode references: The Richest Man in Babylon: https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/0451205367 Ponzi Scheme - Investopedia: https://www.investopedia.com/terms/p/ponzischeme.asp The Millionaire Next Door: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:32.9	Before we start, I want to share a super powerful practice I use called NSDR or non-sleep deep rest. In just about
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0:46.3	actually sleeping. Experience it for yourself on our guided podcast. Search NSDR and look for the one from Optimal Living Daily.
0:57.0	This is Optimal Finance Daily. You too can be conned by J.L. Collins of J.L. Collins
1:04.1	N.H.com. I made an enemy this week. She's the widow of an old friend. Before he died, I promised to try to look out for her for a bit.
1:15.5	During our recent conversation, she said I made her feel small. She said I made her feel stupid.
1:21.6	There were tears. I'm very likely guilty on both counts. I'm not always tactful, but hopefully I saved her $2 million.
1:31.3	Her husband died a while back. Over the years, he worked hard and had accumulated the $2 million.
1:37.9	He loved his wife dearly, and he knew he would very likely leave her a widow. The money was an act of love. He wanted to be
1:46.3	sure she would be financially secure. But he also knew three things that scared him to no end.
1:53.8	Number one, his wife believed in the free lunch. That is, she was always open to come-ons.
2:03.9	Free cell phones were an example. Every time her cell phone contract expired, the provider offered a free cell phone which she proudly grabbed.
2:10.1	Somehow, she seemed to miss the two-year contract that locked them into, over and over. While
2:16.1	small potatoes, it's a bad sign. Number two, the world is filled with
2:22.0	predators looking for precisely people like her. And number three, money and this belief in the
2:29.1	free lunch attracts them like sharks to blood in the water. It was this topic that set me off and brought her to tears.
	...

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