These “Good Investments” Aren’t So Good

We all know a guy who acts like a financial wizard. He’s always investing in the next big thing and whispering in your ear to get in on the action with him. But nine times out of ten, “the next big thing” is just gonna cost you a bunch of money and give you less than nothing in return. Here are a few “good investments” that your wizard friend might advise you about that you can politely tell him to walk off a pier in return for.

  • Cryptocurrency. Before you even think about dabbling with cryptocurrency, you had better have your retirement accounts maxed out. Even if you have, though, don’t even touch this stuff unless you know someone who has made a confirmed profit. Most of the people who say they get how cryptocurrencies work have no earthly idea how cryptocurrencies work.
  • Timeshares and boats. Maintaining a property/vehicle for someone else’s use sounds easy on paper, but fees have a tendency to accrue on these things. Utilities need to be kept up to date, passive weather and seasonal damage needs to be constantly cared for, and you need to find people to sell the use to in the first place. The money going out is going to quickly outstrip the money coming in.
  • Property. Buying a nice house outright can cost enough money to necessitate selling the house right off the bat. Property ownership is straight-up expensive, and unless you’ve got a sizable pile of money to burn, you’re going to end up in debt for your trouble.
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5 years ago