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4 Financial Scams that will keep you Struggling in the New Year

Every year during the beginning of the year I always do a blog post that is either inspiration or motivational in the scam area of wealth building, this year I wanted to put a different spin on the subject matter.

So often people throw around the word scam this is a scam that's a scam, but the biggest scams are never talked about because they are disguised as popular financial wisdom  and guidance that is outdated.

The industrial age is long gone and what worked financially for individuals or families 40, 50 or even 30 years ago no longer is helpful.  Listed below are four financial scams that you should avoid like the plague.

1.)     Stay at a job for the Pension  - The days of working on a job for 30 to 35 years  are as extinct as the dinosaurs who lived on earth billions of years ago, and hoping on a job to give you a pension is a thing of the past.   In the past 25 years we have seen large US corporations, eliminate pensions from employees and transition retirement plans from a defined benefit plan to a defined contribution plan.

Even federal and state employers are looking for ways to eliminate providing a pension to employees, so if you’re thinking you are going to retire like your grandfather or great grandfather that security is a thing of the past.

Find other income sources that can provide and contribute to your retirement, spend time understanding and learning how much income is needed to allow you to maintain the same lifestyle you have during pre-retirement.

2.)    Working Online is a Scam – If working online is a scam than freelancing must not exist, and that is not the case.  There are well known freelancing websites that employ people every day, for example Elance, Odesk, Guru, Snagajob and even Craigslist.  Finding work can be done right at home from your computer, if you have the skills necessary to provide to the marketplace.

Working from home has gotten a bad rap, and many people think that working from home is disguised as a business opportunity, although business opportunities do exist online; there are some legitimate websites that can match employers with employees and there is no upfront fee required from the employer or the employee.

Assess your skill set and see what you could offer an employer to be hired; your skill set does not have to technical.  It could be as simple as creating a worksheet or tying a document in word.

3.)     Dumb yourself down to get a Job – The silliest thing I have ever heard is, I think employers think I’m too over qualified so let me under qualify myself to get hired.   We live in what I think am the best of times in terms of monetizing your value to market place and get paid for your knowledge, skills, and expertise.

Capitalizing on your knowledge, skills, and expertise will allow you to create an intellectual property that can pay you in the long term.  I totally get it that you have to pay your bills, and a job may be able to help you in the short term.

But if you want to be totally fulfill, never dumb yourself down.  Find ways to monetize what you know and how it can help other people.  People, who suggest individuals should dumb themselves down, suffer from low self esteem or are not aware that a person can create a sustainable income from their expertise.

4.)    It’s too hard to create a Passive Stream of Income – When some people hear the word “passive income” they think “real estate”,  but creating and generating passive income does not have to only in the area of real estate.

There are various ways to create passive income which I have discussed in other blog posts, and some can be online or offline.  But before you get started, find out what you would like to create, don’t let the money influence you.  What will determine how successful you are with creating passive income will depend on how consistent you are with providing value to the product that you are offering.

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