One of the things that hurt the most is losing your hard earned money. We asked our Instagram followers how they’ve lost money before and so many things came up from failed investments to multi-level marketing. Here are some ways people have lost money, so that you can keep your eyes open always:
Even before Covid-19 lots of people were shopping online and that only increased after the pandemic hit. While it’s convenient, a number of people do lose their money when the sellers fail to deliver the goods as promised, especially if you pay before delivery. How you can protect yourself from this is by checking the page to see client reviews, ask if there is a delivery on payment option so that you can pay after you get the goods.
Sometimes when you begin saving or investing with an institution you may not be fully aware of what it would take for you to withdraw your investment in the event something happens. Another way people lose money is not being fully aware of charges tied to their investments, even though the institution may not hide or withdraw the information, they could make sure that those details are not in your face so you need to ask as many questions as possible.
In quotes again because some lotteries are just not legitimate, especially the ones that require you to give money to win money. Some people get lucky and win a lot of money off lotteries but a lot more lose money. This is often one of those, “too good to be true”situations so be very careful with them.
One of the most painful ways to lose money is through friends or family. A number of people who sent us DMs lost money through close relatives and friends, either by sending them money for investments only for it to be squandered or by financing their significant other’s livelihood.
One lady went as far as taking on debt for her boyfriend to fund his lifestyle, good thing she learnt from her experience. Unfortunately loved ones can take advantage of you too. So even when sending money for that joint investment or loaning money to your brother, mother, uncle or aunt, do your due diligence and have a proper contract in place.
This has come up a lot lately and one major way people lose money is through failed investments. Sometimes this happens because you don’t fully understand how the investment is meant to work or the body you invest with just doesn’t have integrity and you fall victim to that. Always do your due diligence before making investments.