Garrett Gunderson here, Wealth Architect, financial advocate and multiple Wall
Street Journal best-selling books including a New York Times best seller.
I'm here to help you to avoid investment scams. I feel like so much money is lost
in this world simply because we transfer wealth through something called the
"Ignorance Tax" - investing due to speculation, due to hype, due to
excitement, due to people that are very convincing salesmen more than they
are advocates, and really protecting your interests. So how do you do proper
due diligence? I feel like due diligence is the
Sasquatch of finance. We hear about it all the time but we rarely ever see it.
So let me give you a framework, some insights and questions and the things I
use in my own life to avoid investment scams.
First and foremost, can you state it simply within a paragraph or less?
If something takes longer than that, it usually is because it's confusing,
you don't fully understand it, so make sure you can get really succinct.
Number two: Do you understand the economic principles at play? And that doesn't mean
you have to be an economist. It's just the supply and demand. If it's real
estate and all of a sudden only nine percent of that region can afford a
mortgage on that type of a property kind of out of supply and demand maybe it's
investor speculation that's driving it. So you can look and see, are there too
many properties available for rent? How quickly are things selling? And how many
people could actually acquire and get a loan? That would be an example of
understanding the economics. When someone says, "oh there's this great options
trading program, it's been earning 30 percent a year for the last 30 years!"
Really? Could it even be possible that it would do that? No, it would become the GDP
from that type of growth. That doesn't make economic sense. The other thing is
do you understand the value proposition? The value proposition is: how do you win?
make sure that you know how you benefit, and do you have an exit strategy? Second, how
does the person that you give the money to win? And then third, how does the
marketplace benefit? For me, rather than trying to hope and pray and wait for 30
years thinking it might pay off, I like to win first then play. Can you make
money on the buy? There are simple things, like when I did Killing sSacred
Cows, I pre-sold 22,000 books. So I already knew that book was gonna be a
winner because it was gonna get in people's hands and not just stuck in a
warehouse somewhere. Or when it comes to investing - if you can buy the right real
estate property where you already know there's great
comparables, there's always tons of equity, you already have renters in place.
I did that once with a Las Vegas property - no money down, there's a hundred
ninety thousand dollars of equity, the person was in financial strain, in
trouble, so I was able to split the equity by helping them out, buying the
home, leasing it back to them. That's a win then play strategy. Playing not to
lose is when you're scared, you're losing sleep, you're up at night hoping that
your money doesn't get lost or transferred so that it's not a scam,
or you're just trusting because someone sounds really smart. Playing to win is
hustling, waiting for 30 years, budgeting, hoping compound interest will take you
there, but that long haul long-run mentality has not been working for
people. It's a failed financial experiment. My biggest secrets when it
comes to doing due diligence is, I figured out that the higher my emotion,
the lower my financial IQ. So I built a team of three people norm Ryan and
Andrew that before I ever allocate money towards an investment they take a look
as an outside perspective they look at what are the things that could go wrong
how do we protect the downside is it titled right what can we do to protect
this aspect we add personal guarantees or collateral or if it's a business loan
or acquiring a business is there a UCC filing that could happen against the
cash flows and if you don't know what those things are
it's about getting more knowledgeable and finally my big weapon is knowing my
investor DNA see risk isn't in the investment it's in the investor so the
question is is that a risky investment for you and if you don't know anything
about real estate that's risky if you don't know something about the stock
market you investor that could be really risky or cryptocurrencies if you're
really uh not understanding what's going on that's risky on the other hand what
if your expertise is in tax liens there will be less risk for you because you
know when to get out and most importantly if you have an exit strategy
or you know how to make money on the by because you've gotten such a good deal
and you know what's a good deal or not this is absolutely critical so remain
completely in liquidity safety and don't collapse savings investing together
automate your savings then deliberately invest this isn't about starting early
and always investing no matter what through dollar cost averaging and as
long as you're doing it often and you can wait long enough that one day
someday it's all going to work out doesn't necessarily work invest with
caution and due diligence and be willing to pass up opportunities because
sometimes are just distractions get really clear about what you're good at
your investor DNA which is your core values your core drivers your core
competencies and focus instead of diversify focus means you know what
you're investing in you protect the downside and that you've got your
foundation built because you got enough liquidity safety and most importantly
create economic independence first enough recurring revenue to cover your
basic expenses from your investments your assets and even a business that
doesn't require you to have to be there every day and then you can choose to
speculate then you can choose to swing for the fences but until then don't
speculate with a single dollar no reason to risk it on things that you don't know
whether they're gonna work out or not because unfortunately sometimes it does
work out and we can collapse and confuse luck with actual skill I did that early
on with real estate because I just happened to have good timing not because
I was financial Einstein by any means and that could lead us towards a very
risky path so create a due diligence system build a team around you focus on
cashflow first don't invest in what you don't know focused us instead of
diversified just like Andrew Carnegie said put all the eggs in one basket and
watch it like a hawk and then think more like a bank now setting up false
accounts but protecting the downside this will help you avoid the investment
scams that are out there which there's plenty of and instead of giving your
money away to other people keeping more for yourself and having sustainable
wealth
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