Finance

How to Make Good Financial Decisions Online

There’s plenty of advice available online on the specifics of how you should look after your money, such as whether to invest or save and what you should be investing in. Much of it is great advice, some of it dubious, some out of date, and some designed to part you from your money in the interests of the business owners rather than for your benefit.

While there’s no issue with a legitimate business providing you a service and you paying them for their work, you do need to be wary of scams and misinformation, because fraudsters and other criminals are finding increasingly sophisticated ways to swindle you out of your hard-earned savings.

Financial Decisions Online

Get rich quick schemes

Marketing for get rich quick schemes can be extremely persuasive, and after all, most people love the idea of making a pile of cash in a short space of time without too much bother. The marketers know how to tap into what you most desire – a way to earn money without having to work too hard or for too long to get it.

The hard truth is that there’s really no such thing as a guaranteed get rich quick scheme. You might find sudden riches if you made a particularly timely investment just before a company’s shares went through the roof, but that’s very far from guaranteed, and is actually pretty risky. If you see adverts or infomercials for any kind of scheme or investment, that sounds too good to be true, be assured that it is just that – too good to be true.

Making a will

Making a will is an important element in your financial planning, as it ensures that whatever you leave behind is used as you wish, and shared between the people or organizations you care for and support. You can fill in a will form online, or get a paper copy and sign it, and it all sounds great, but these DIY wills are unlikely to stand up to scrutiny if anyone challenged them in court.

You might want all your money to go to a specific relative, but when another relative challenges your will, your DIY version can’t be supported. When it comes to sorting your will, you should always use a specialist will and probate lawyer, like Watts Law Firm PA. They can advise you on how to create a will in such a way that your wishes can’t be misinterpreted, and they’ll be able to defend any contest robustly should one arise.

Surefire investments

Another way to lose money quickly is to invest in a business or scheme that promises you unrealistic returns. People have been losing money this way for generations, but the tempting offers you see online can be hard to resist. They promise your money is safe, and that you’ll make a cracking return on what you invest in their pension investment or sure-fire stocks. Like the get rich quick scheme, these promises are highly unlikely to be genuine, and even if they are, the returns they’re claiming are entirely unrealistic. You’re far better off working with a qualified financial advisor to find the right investments.

When you feel tempted by any of these online offers, take a step back and ask yourself how likely it is that you’ll get what you pay for, and steer clear of anything that promises you the earth.

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Suzanne

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