Couple wires $800,000 to scammers and lose their dream home (#347)

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway discusses a heartbreaking story of a young couple who lost $775,000 in a wire fraud scam while purchasing their dream home. He shares critical advice on how to protect yourself during large financial transactions and the importance of having the right financial team to safeguard your assets.

3 Key Takeaways:

1. Verify All Wire Transfers Directly: Always confirm wire transfer details over the phone with your escrow agent to avoid email hacks that can lead to costly mistakes.
2. Emotions Can Cloud Judgment: When emotionally invested in large transactions, it's easy to miss red flags. Having a financial advisor helps you make objective decisions.
3. Invest in Professional Oversight: Whether it's a lawyer or financial advisor, spending money on expert help can prevent devastating financial losses, especially when large sums are involved.

3 Quotes:

1. "Red flags are very hard to see, especially when you're emotionally involved in a transaction."
2. "You can make all the right decisions, but one financial mistake can destroy your financial circumstances."
3. "The more money you have, the more you need people to look after that money because scammers are targeting those with significant assets."

Listen to the full episode for more insights on protecting yourself from financial fraud!

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: ABC10