How to avoid common scams using patience and your trusted relationships

Scams scammers and fraudsters; many of us have suffered financial losses in one way or another to the unscrupulous. In this article I am going to show you how to avoid common scams using patience and your trusted relationships.

Receiving a call from an unknown caller

Patience

Patience is a virtue

Cato the Elder

In any scam, the scammer usually projects a sense of urgency, often times presenting a threatening situation that you must immediately respond to or suffer undesirable consequences. Your delaying action coupled with the involvement of a key relationship may help you thwart a rip off.

In addition, if you have a serious financial or legal problem, you are already well aware of it.

Eric Ten Broeck, MBA

If you are not certain about the nature of the matter or the person(s) contacting you, delay a response. If someone or something in your world is truly wrong, then chances are, more then one person will be trying to contact you. In addition, if you have a serious financial or legal problem, you are already well aware of it.

In your financial life your key relationships are with your accountant, banker, lawyer, and financial advisor. Here, I am highlighting banking relationships. Scammers often find a way to put you off guard by creating a sense of urgency or by inducing a mindset of fear.

Phishing and Banking Scams

Lets start with your banking relationship. Many people are moving to banks that only do business online. I am not in favor of these. I am not suggesting that online only banks are financially unsound. However there is no one you can see face to face and start a relationship with. My recommendation is ask around to find a bank that has a local presence with and staff that has longevity. If your bank fits that description, great!

Introduce yourself to the branch manager

The next step is to introduce yourself to the branch manager and get his or her business card. Take a picture of the card, and enter the information in your contacts. Make sure the manager’s email is in you email contacts. You can even send a short email saying “Dear Ms. Smith it was nice to meet you today at the Mulberry Street branch located in Scranton, Pennsylvania.” Lastly, try to do walk in business and say hello to the manager and key staff.

How does your banking relationship help you with scams? Lets take the email phishing scams that look like you are being contacted by your bank urging you to take action. How do you respond? Take a moment and ask is this truly my bank contacting me about misplaced funds or unauthorized transfers?

First, if the email looks bogus or fake delete it without opening it. Then call your banker and see if there is an issue. Secondly, you can always ask a legitimate person to resend an email. Therefore, if you think it may be an issue in need of your attention; here is a suggested email response.

“Dear _____, thank you for your email, I am not familiar with this situation, I am copying Ms. Smith, Branch Manager of XYZ Bank by this email to see if she can help us investigate this matter. Can you please give me your address, phone number and normal business hours so that we may properly and timely respond this matter?”

Your email reply to a phishing scam

Remember, you have the Bank Manager’s information at your disposal because you have already sent the Bank Manager a follow-up an email. I also recommend not logging into your bank until your bank has had a chance to reply and you are certain this matter has been resolved.

Internal Revenue Service (IRS) scams

This where your relationship with your accountant comes in handy. These scams originate as phone calls and or emails. Scammers claim to IRS Agents. They claim you have unpaid taxes and threaten severe penalties an/or enforcement actions. And some of these calls appear to originate from the Washington D.C. (202) xxx-xxxx area code. Then they instruct you to make a bank or credit card payment to satisfy your IRS debt.

How to bust the IRS scam – Firstly, the IRS never emails taxpayers, they rarely if ever call by phone. If you have an issue with the IRS, you will receive a letter from them. That letter will explain any deficiency, give you a time period in which to reply and provide a phone number by which to contact the IRS. If you really have a severe problem they may show up at your place of business. But the agents will properly identify themselves and clearly identify the matter they are there for. Also, if you truly have an issue with the IRS, chances are you are already well aware of it.

Remember, people are rarely imprisoned over income tax matters. And if they are it is after a lengthy investigation, prosecution and conviction taking months if not years.

Here is what you do when you are contacted by persons claiming to by IRS agents.

Scammer: “Sir/Madam we are going to seize your bank account and initiate enforcement activity against you if you do not pay now.”

You: After taking a moment to think about this call you reply:

“Thank you for your call Mr. IRS Agent, my accountant handles these matters for me. Can I have your number and he/she/they will call you back as soon as he has a chance? And can I please have your badge number so I can write it down?”

Your accountant, if he or she is a CPA and/or Enrolled Agent, has priority access to the IRS. It may take them a few days to reach the IRS by phone, but once in touch they can find out if you have any legitimate problems. Remember there is a lengthy process the IRS has to undertake before your assets are seized and/or you are put in any kind of legal jeopardy, your patience will pay off.

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What not to say in a job interview

How hard is it to change Yep to Yes?

In speaking or writing, we are talking about ONE letter.

E. Ten Broeck

I am sure you have this heard many times before… but in a job interview every thing you say and do is under consideration and is being analyzed by your potential employer.

At the time of this writing workers are in short supply, and employers may lower the bar in terms of their hiring standards. Ignore this fact for now. You always want to make a good impression. Even if you are not offered the job, or decide not to take the position offered, employers take mental and written notes of candidates that may get future consideration. The point is that, even if there is not an opening for you or your decline an offer; you may have another opportunity in the future with company/firm if you make a favorable impression.

Here are a few words and phrases that will leave a poor impression.

Word or Phrase Replace with
Let me knowI look forward to your reply.
When may I call you next?
May I please ask what are the next steps?
YepYes, or yes please. 
Some people even text Yep, how hard is it to change Yep to Yes?
What?
Huh?
Pardon me, I did not hear what you said.
Like I said
 
If you say this to someone, you are implying that they:
 
a) did not hear you the first time,
b) they heard what you said and already forgot and/or
c) they are incapable of comprehending what you had said.
I might have mentioned this before…
OR
Please, I just mentioned this to you…
 
Also remember that some people have true hearing deficiencies.
Table offensive words and suitable replacements

New business owners

E. Ten Commandments

New business owners please consider these points

  1. Have a reserve of funds to pay your household bills for 9 months to a year.
  2. Learn critical applications CRMs, and accounting software needed to transact business before you start.
  3. Learn Microsoft 365, word, excel, power point before you start.
  4. Have liability insurance policies in place before you start.
  5. Consult a knowledgeable CPA and Attorney about forming the new legal entity.
  6. Pay your self on a W-2 as wage earner. Your income taxes will be withheld and deposited on a timely basis.
  7. If you must meet with the public, rent an office and avoid having clients to your home. Zoning restrictions, consideration of your neighbors, and parking come to mind.
  8. Make sure all of your business licenses are up to date and in place.
  9. If you have shareholders and/or partners consult an Attorney and get an operating agreement.
  10. Don’t skip out on Health Care Coverage, and maintain your credit score.

Resume writing

E. Ten Commandments

10 tips on resume writing

1) Your resume may only get 10 Seconds of viewing time.  This is the TEN Second rule.

2 )  Drop the “objective.” The purpose of submitting a resume is to gain employment, this is understood by the reader.

3)  Use a larger then normal font. 

4) Keep your content to ONE (1) page only.

5)  Your contact info MUST be current. You MUST respond to potential employers. 

6) Your resume must be factually true, and free of omissions.

7) You must have the content of your resume committed to memory.  You don’t want to draw blank in the middle of an interview about a detail in YOUR resume. 

8)  Have a friend proficient in grammar  and spelling proof read your document, or use https://www.grammarly.com, OR better yet hire your own editor at https://www.fiverr.com

9) Upload, email or otherwise send a high quality pdf document NOT a MS word document. It you are going to an in person interview consider printing on high quality paper.

10)  Make certain your social media profile(s) matches the image you are conveying in your resume. 

INTERVIEW WITH BONNIE GORTLER – AUTHOR OF JOURNEY TO WEALTH

bonnie

Bonnie Gortler the Inspired Wealth & Well-Being Coach is a successful stock market expert who has managed multi-million dollar client portfolios during her over 30 year corporate career.  As the author of “Journey to Wealth”, Bonnie has made it her mission to share the importance of risk management by applying the technical and mental sides of investing. Bonnie is a huge sports fan, a weight loss champion losing over 70 pounds, and a passionate networker. Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights surrounding weight loss, investing and inspiration through her writings on Wealth and Well-Being.

Edited and Produced by Alex Miller

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Interview with Hev Saing – Author of Your Differences ARE THE KEY TO YOUR SUCCESS

Your Differences ARE THE KEY TO YOUR SUCCESS: How To Turn Your Differences Into Your Most Valuable Assets.

Hev Saing is a young professional turned author and public speaker.  He began his early life in Cambodia, and later immigrated to the United States.  When you read his book, you will learn that Hev had experienced tragedy and hardship at very young age.   Despite what life threw at this young man he earned a degree architecture in Cambodia, and a graduate to degree at Boston University.  Hev’s book  teaches on how find an follow our passion.  Today Hev is an author and speaker making a huge contribution and inspiring many!!

Edited and Produced by Alex Miller

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