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22-11-2011, 01:44 PM
Yes, close friends and relatives are the easiest to be persuaded to join some sort of Ponzi scheme. The reason is if you don't trust them then who you can trust kind of psychology?
Some years ago, my wife's cousin approached me, showing me half kilogram/one kilogram gold bars from reputable banks. His proposed investment seemed to have no downside risk. Of course, i did not fall into the "trap" knowing there was/is no such investment in this world. Only upside gain.
And he is a successful business-man. i don't know what happen to his money and his gold investment scheme .
So the moral of the story is:
It is usually quite easy to beware of strangers/acquaintances but not close friends and relatives due to "bias psychology".
And never ever think you are too smart to be con. Everyone of us has a deadly weak point. What about super sale-man-ship and maybe a little "hypnotism" may convince us to buy- Line, hook and sinker. YES? No?
Some years ago, my wife's cousin approached me, showing me half kilogram/one kilogram gold bars from reputable banks. His proposed investment seemed to have no downside risk. Of course, i did not fall into the "trap" knowing there was/is no such investment in this world. Only upside gain.
And he is a successful business-man. i don't know what happen to his money and his gold investment scheme .
So the moral of the story is:
It is usually quite easy to beware of strangers/acquaintances but not close friends and relatives due to "bias psychology".
And never ever think you are too smart to be con. Everyone of us has a deadly weak point. What about super sale-man-ship and maybe a little "hypnotism" may convince us to buy- Line, hook and sinker. YES? No?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.