The 6 Pillars to Spotting a scam

Weather its spotting a scam in Real Estate, Share Trading, Business or the Internet, you can take these 6 steps or pillars to guide you in the right direction to success and not be scammed. They are really about research, research into yourself and research into the industry.

http://www.slideshare.net/RoyMcDonald/6-pillars-to-spotting-a-scam

Here they are;

1. What is the industry?
2. Search on the warning signs for that industry?
3. Search on how to protect yourself?
4. Do more homework on your personal plan. What is your direction?
5. Decide based on your personal plan.
6. Never loses your capital.

Lets go into more detail here;

1. What is the industry? This can be quite simple, a google search like; The seminar industry, or The Real Estate industry, then just click on a few sites and read more. With your clear objective you will be able to find what you are looking for quite quickly.

2. Search on the warning signs for that industry? Again as you are going through the above process, you’ll almost automatically move into this search, keep it simply and use government sites as you can only trust someones opinion so much. Here are a couple of government sites: http://www.protectfinancialid.org.au/About-the-partners/default.aspx, http://wareseeker.com/free-government-agencies-that-protect-consumers/, http://www.sse.gov.on.ca/mcs/en/pages/default.aspx.

3. Search how to protect yourself? The second site, in number two, is a great site for this it list all the free government agencies that will support consumers.

Avoid Scams with the 6 Pillars

4. Do more homework on your personal plan. What is your direction? What is your personal plan? Her are some great resources; http://www.slideshare.net/RoyMcDonald/seven-year-plan-ebook-by-roy-mcdonald, http://www.slideshare.net/RoyMcDonald/my-seven-year-plan-roy-mcdonald

5. Decide based on your personal plan. This one is very self explanatory.

6. Never loses your capital. This is very important, if you have no capital then you are out of the game all together and it may take some time for you to get back into the game. Always know where you sit with you long term plan and amounts you can spend on new ideas, products or services.

In Closing Roy McDonald’s seven year plan in the link above is a great resource. Weather you think you have a plan or not, you do and as Roy also says, “If you don’t have your own goals then you have been enrolled in someone else’s”, “Weather you have a plan to succeed or fail, you always have a plan”.