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Talking Real Money - Investing Talk

Affinity Fraud

Talking Real Money - Investing Talk

Don McDonald

Education, Business, Investing, How To

4.5811 Ratings

🗓️ 23 May 2024

⏱️ 29 minutes

🧾️ Download transcript

Summary

In this episode: 1:16 Affinity Fraud in the Military 3:54 Unveiling Investment Fraud in the Military 11:57 Building Trust in Financial Relationships 14:00 Maintaining Boundaries in Financial Relationships 19:33 Trusting Third-Party Sources for Investment Information 23:43 Retirement and Investment Strategies Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Transcript

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0:00.0

Reality Radio for a really great future. We're talking real money.

0:10.4

There is such a problem with the industry in which we work, the financial services industry.

0:17.4

The fact is there are way too many people doing things to you that they shouldn't

0:23.8

be doing and they do it to enrich themselves. And most of them don't rise to the level of

0:32.3

horrific. They're just kind of, well, they're just sort of um unappealing it's gray it's gray

0:42.6

it's not black or white yeah but every every once in a while a financial scam an investing scam

0:50.6

rises to the level of just disgust where where I'm just, it just disgust me.

0:58.4

And you can think of the big ones like Bernie Madoff, but there are little ones that happen

1:03.0

every day to people all over the country. So they're bad, it's bad enough when you get ripped

1:08.6

off. But this was recently recently this recently came to our

1:12.9

attention because it just recently was adjudicated um oh and by the way welcome to talking real

1:19.7

money i'm done that's tom um we're here to today talk about affinity fraud.

1:29.8

Affinity, well, not even affinity fraud.

1:34.7

There are affinity bad deals, but this is actual affinity fraud.

1:40.6

Now, I was not aware of all the details, and this is going to be a bit of a long story.

1:48.1

But in the U.S. military, if a soldier dies, the during active duty, during, on active duty, the quote, gold star family is awarded $100,000

1:56.5

tax free. They, in addition, military members often have subsidized life insurance.

2:04.9

Sure.

2:05.5

So that the families get something because bear in mind in most cases,

2:10.6

the person who dies was a breadwinner of some sort for a family.

2:16.0

So their income was critical to the family. And the

2:19.8

future of that income is even more critical. It requires great financial advice to help make sure

...

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