Lose 20 pounds, no exercise and eat whatever you want!
By Jamie B. Ostrander
Or how about this one; “build muscle and have complete health without doing a thing!” We see immediately that this is a sales pitch; we can dismiss it out of hand as an elaborate claim. Too often though we come across investors that have fallen into this same trap, but it has to do with a fantastic or exclusive investment.
In order to be a successful athlete or to just maintain good health, there are exercise regimens and complete diet plans to follow. It takes commitment and focus to maintain good physical health. We know that the chiseled physique we see on the silver screen was the result of not just good genetics, but hours of dedication under the direction of an expert trainer and full-time personal chef. Yet, when we see that advertisement for the miracle fat-busting pill or the miracle machine that takes no effort or time to operate, too often victims fall prey.
Clarke Stanley is the literal father of snake oil salesmen. In the early 1900’s he would attract quite a crowd, kill some rattlesnakes and sell bottles of medicinal snake venom concoctions. It wasn’t long until federal agents tested the contents of this “snake oil”, finding the main ingredient was mineral oil, along with a little beef fat, turpentine and cayenne pepper to give it some kick. They soon shut him down, but not before he cemented the “snake oil salesman” moniker.
Recently I heard an advertisement for an investment. It was touting a single stock that you could buy to get to retirement, it was a “secret” stock with a “secret” ticker symbol… and yet, there are some folks that will fall prey to this charlatan as well. There are multiple class action lawsuits that get launched with great regularity around failed investment schemes. In hindsight, it is easy to spot the snake oil investment scheme, but by then the damage is done.
Just like a personal trainer, we cannot do the exercises for our clients, or force feed them the proper diet. A trainer or coach, no matter how talented can never generate results if the athlete is on the couch. In working with a WealthCoach at FirstWaveFinancial you get the financial “personal trainer” and the roadmap to follow to achieve your financial goals. Most importantly, there is a much bigger piece that our clients bring to the relationship; their time, energy, treasure and talent. Just don’t take all that potential and gamble it on a new miracle investment.
You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial. A copy of the FirstWave’s current written disclosure statement discussing our advisory services and fees is available upon request.