Saving with Steve, July 25, 2023
Saving With Steve with Steve Sexton
Guest, Claire Martin Tellis
Episode 140: Claire Martin Tellis, Does a higher income attract scammers?
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place Welcome To Die saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton Bella welcome to the saving Willis TV show we talked about the ins-and-outs of money pretty much everything in this unless to you having a happy healthy relationship with money I want to thank everybody is listening today for sharing us with your friends and families we have over 600,000 listeners here in the United States and internationally can we continue<br> and we're both over 100,000 and we're being shared in almost fifty six countries right now so I just want to say thank you we have one heck of a shot we've had so many people want to know what's going on with all the scam that everything we've got the right person here to talk to you scams have been playing in the Americans Nationwide a new report finds there could be a link between how much money you have cuz you're rolling in the dough and effort to swallow from you we have Claire Martin Telus Clare welcome to the show she's a m relations Associates North Mount inbound she works with a lot of different clients but we're really here to have her talk about the research that goes into this in the scams are to being taken place in Eau Claire I'd love for you to start talking about all those scams cuz it's almost like a Housewives of whatever because everybody like really wants to know what they are and it's just too bad that people get hit by the sing soundtrack<br> recovery and there were several different types of spam and scams that we looked at one of them was income also different brands of people are often scammed by stopping scams online and even romance scams it was talk about how does the romance can work what we found was Wyoming residents they are shockingly hit hardest by the house they had a hundred and 60% higher surge rates than the national average or romance scams that this study we did was based on Google search data in Vermont they came in at number two and they also have a median age of about 42 and while there's no direct correlation the Federal Trade Commission does say that scammers often Target older adults so that could be one reason they're not list the reason why I wanted to start there cuz I actually want to share something with the audience<br> we would have financial planning practice but there are two specific clients we have that have been duped by the scam and basically they were a little bit older and they started talking to somebody online through one of those dating apps and the next thing you know they're going back and forth between tax and all that kind of stuff and then the person starts talking about a really cool investment and it slowly but surely just pulled a man to where they were going to start taking the game a little bit of money and they have this like fake app looks like they're making more money the person says hate you know you might want to put more money in there it looks like you're going to double your money in 6 months the next thing she knows she's taking Valium while we found out she was taking money out of her Ira we said hey you need to go talk to somebody cuz it's unlikely that you going to double your money every 6 months and she said no no no no and the next thing you know if they wiped out her whole Ira of over a hundred thousand dollars<br> basically she was so embarrassed by it she wouldn't report it until the IRS sitter and noticing hit you as $30,000 off your your IRA withdrawal for the taxes so she had to file a police report or something with the Federal Trade Commission as well and he has somebody else that we know that actually got hit by almost $400,000 cuz the person was real good and just pulled almost every cent he had of her account in 27 years old and she's back working now because she has no other money these people are really good at that so you really got to pay attention to it what's going on if you have an investment out there or somebody wants to sell you investment especially if you're in a relationship with them you really want to check it out or actually have your accountant or somebody you know and trust check it out don't make that decision with your heart make it with your gut so to speak now what's the others can I have brand one of the ways that people also get hit by scams is people posing as well-known Brands tricks on Sophie's block was actually the most mentioned Brandon's<br> we found in our study 18 different states were searching for Facebook number one skin related searches cash app that's another one they were a number to National 15 different states number one searched for them and then PayPal Amazon and Geek Squad they were also Chopper ads so basically what to do in today instead of a mirror side and have somebody go there or how does that work if you pretend to be an organization or set up a website with a very similar domain but not quite the same they might use sophisticated designs and layouts stolen logos you know if a website or even a fake ad on a genuine website so it's also something to look out for the best way to protect yourself if you're looking at using one of those apps<br> is to make sure that the domain the w.w. Whatever is the exact one the correct one and also to make sure your male wearing all that stuff for up today too well and if you're using cash app or venmo gun was not listed on our study but it's a very similar website and just make sure you know the person but your money to that I can also help<br> yeah that should help a lot with next was another one but we looked at was online marketplaces like Facebook Marketplace Poshmark very similar places that people sell stuff online maybe even eBay they're rising in popularity so you also need to take some more precautions to protect yourself the three states affected by shopping scams I'll have a higher than average median income so New Hampshire they have about $88,000 a year their median income in Massachusetts and Vermont are on that list $72,000 a year so what really what they're doing is they're going after people who have a lot of money that would like to buy something really nice and now they can see it at a steep discount and they're looking to purchase it and when they purchase it they find out it's not real people could protect themselves or something like that<br> a machine that they have a lot of really good advice for consumers they have how you can spot a scam or signs and I'm getting this directly from their website they said that they pretend to be an organization you no scammers frequently say there's a problem or a prize scammers pressure you to act immediately and the also tell you in a very specific way how to pay them and they have some more advice on how to operate a scam and if you're ever a victim of a scam and make sure to report it to the FTC as well<br> so in other words if they wanted by gift card or something that's not traceable then you really know it's a scam and getting a phone call from the IRS they only phone calls<br> because the facts just avoid it all in the same thing with the emails from the IRS cuz I don't do that either<br> what other games are people getting sucked up by<br> how do you look. I'm sure there was more we could do a little bit on like I mentioned the search area codes so scammer is my spoof local phone numbers to make them more believable or creepy phone numbers so we found is scamming her closing on South Floridians people from the Bahamas and people from Jamaica the most those Area Codes start with the seven are they start with an H I can pack away the scams and also we found that Hawaii they are searching for unfamiliar area codes or spam texts at a higher rate than the national average a much higher rate about 135% more than other people so they're going to arrest their income that it's very interesting tell us what Northstar does<br> going to your studies and surveys and set it out to people like you so we can talk about it cuz I think there's a lot of people who don't understand what's going on and they need some help in a lot of times if you do research it can make all the difference in the world take Claire I want to thank you very very much for sharing with us your scam report in your research everybody that's listening right now we're going to make sure it's available on our website so you can go there take a look at it you can get connected with Northstar inbound if you'd like to connect with them with that I want to thank you for joining us today Clare hope you have a wonderful weekend and will probably have you back next time we possibly a different subject so thank you so much<br> more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton<br> I want to welcome back to the saving with Steve she don't we talk about the ins-and-outs of money I do want to thank you again for sharing with your friends and family and Associates if you want to look at the recordings you can go to on Spotify Google play the big thing is to take a look at our Affiliates at UK help Radio AM FM 247 or just want to thank you all for sharing this with them now what I'd like to do is talk to you a little bit more about some scans now we talked about two or three they're affecting people who I typically have more money and yes scammers want to talk to people is more money cuz they get more money the biggest thing about the top-six cams for 2023 is the scams continue the Vault that they evolved from a standpoint of the latest trends in there using those Trends to separate you from your personal income and ultimately your money the big thing to realize is that Society we're conducting more more business on a daily basis whether be online so scammers are no exceptions<br> many scammers have adapted to a digital first approached by the remember to stay alert when you ever receive a call or text you're not expecting to Claire talked about the romance scams the room has been going on for decades and essentially way it happens on the line and somebody poses an internet interest and they convinced or Target to download Investment app where there be a crypto accounts or something else and then the scammers claim that they're putting in their own money you'll see this a panel display in a scream the show you that your wealth is crying and all it's really happening as the criminals taking your money and as I said before you want to carefully scrutinized any investment opportunity even if you think you're a sophisticated investor get the finances check everything out check it out with the regulatory bodies like the SEC the FTC the whole shots to make sure it's not a scam next is a payday loan scam criminals exploit the inflation squeezing workers by offering<br> that can claim will help people get a handle on their bills the loan applicants are told that they need to pay a fee the money goes to the scammers pocket and the applicant gets nothing just a savior be wary just like Clara said of anyone who asked you to pay any sort of loans beat with a gift card or some other non-traceable form of payment now one of the other scams it's called a one-time password<br> scam or OTP scam in according to Experian it warms his scammers are utilizing boss of automated programs to see people to share their two-factor authentication code via text or email from a financial institution or a company like Amazon okay the boss will make a robocall or send a text that appears on your thoughts a comforter Bank asking me to authorize a charge then ask you to enter authentication code you just been sit if the transaction isn't yours is actually the body is trying to log into your bank account and wants to call the bank that you as a precaution so you can get into your account and steal your money<br> never never share all the indication codes or provide other information and respond to unsolicited phone calls or texts even if the caller ID shows it's from a trusted institution a lot of people are getting phone calls in the caller ID says IRS<br> B of A whatever it is<br> makes you do you just want to make sure even get off the phone with that person and called me today or call the IRS to make sure it's true next student loan forgiveness according to Experian you know what we know about the vitamin Inspirations plan to forgive student loans if you know it faces an uncertain future and it's being tied up in court and I'll be see it didn't go through court but now he's got another option out there and feel people might not have heard that it didn't go through the ports these companies that build bony application sites and its application Social Security numbers Bank information sometimes even Target people by phoning them and pressing them in applying and charging a fee for their help the scam is still happening in reason why is because there's so much student loan debt that people are caring and they're just looking for a way to get out of it folks go to the Department of<br> soon a website to keep track of the proposed and forgiveness program to make sure you qualify and make sure whatever anybody's offering use actually will real next check check washing scams have been going on for 50 60 70 years and all is really happening is<br> scammers are exploiting people by stealing your checks out of the post office box or your mailbox and the scammers will use you know what household chemicals to erase original names dollar amount sleeping Banks place is so they can fill it in it's easy to convert a $25 check to 14 thousands of dollars how do you play the shape it's just very important US Postal inspection service recommends to potty or outgoing mail and Blue collection boxes before the last pickup of the day so that doesn't sit in there overnight or a long time if you're at home boy meeting mail in your mailbox overnight if you're not able to get to it are your ear way have a friend or neighbor pick up your mail while you're away next read gift<br> cards using a QR code it's called a QR code scan over the real one to exploit the convenience of the bar goes people scan into the phones to see things like a restaurant menu or make a payment according to Experian scammers may call and say hey they're going to send you a QR code to your phone so you can receive a $100 gift card and like yeah in reality the QR code being taken to a malicious website are you safe safe if you receive a QR code out of the blue contact the person or company that supposed to send it to make sure it's for real use a phone number<br> but you know is authentic that means if your call and PayPal go to the website get the PayPal phone number folks you want to share this one with all the people you love and care about specially if they're trusting because you don't want me to take advantage and you know what folks were going to take a quick little breakthrough will be right back with some more shaving with Steve<br> more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money so if you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton Hello everybody welcome back to saving with Steve show when we talked about the ins-and-outs of money like I said pretty much everything under the Sun relates to you having a happier healthier relationship with money today one of the things I think it's important that we talk to all of our listeners about it's called irrational exuberance now I'm thinking about this have you noticed in the last year the weather is really change things are getting more violent that happening more quickly nothing's normal anymore I mean just a few weeks ago we're not we weren't having F1 tornadoes or category one hurricane we had five F4 tornadoes at one time at 5 tornadoes in November December January Blizzard after blizzard we had wildfires in Co<br> I mean we just found out the state capital Vermont of thinking I was flooded that hasn't happened in more than 100 years we've had dried up like that so then dried up for more than 40 years in California hey there a new leg again okay and<br> the same thing is happening are Financial landscape the economically storms the interesting part about is this their happening and they're doing it at an age you never been at a time you've never been in these economic bubbles are just as devastating happening more frequently and getting spawner getting stronger now think about it we had covid we went to a supply chain storm okay everything is harder to get as a result he created inflation we have an inflation up the Federal Reserve to burst that bubble they increase interest rates and you know what the interest rates are really high and we're likely to have two more and as a result we see earnings decline you know what race is Richard are dropping going negative we have bonds that are losing value it also created banking issues be<br> the interest rates are going so high so fast and those Banks were hey they're paying two and a half percent nobody wants to get up a CD from him at two and a half they wanted at 5 or 6 and nobody's getting it in the last three months we saw a reduction oil production because Russia and Saudi Arabia cut off oil production by 2.5 million barrels a day<br>because of people started working out of their house and working remotely we have a commercial real estate Dennis you were you know what you have companies that have buildings that they had a interest only loan and it's coming to they were paying to now they got to pay 7 the problem is and then we have a building that might be 30% off so they can't pay it and it's weird seeing already like with the Westfield Mall in San San Francisco date she gave back the building that I gave back the building we're starting to see this in this is creating an issue with banking especially Regional banks are likely to see more problems and because of the interest rates going up we got that bubble right there and how is that going to burst about 60% of the economy are Tommy is made up of small businesses people in Boise 5 to 500 people<br> are there now being affected adversely affected because the credit markets are drying up because quite frankly when they were paying 2% now they got to pay 73 and a half times more they might not be able to qualify with her income through to make the payment or is for Robin she also manufactures have consistently reduced or see what's happening with the housing market slowing down I mean folks<br> there's a lot going on here now one of the things that I I would love to show you it is this and I'm just going to put it on here real quick here and just have you take a look at it is called a MarketWatch update for your earlier that our last week or earlier this week<br> I want to bring your eyes to What's called the Shiller PE ratio okay just so I can give you an idea what's going on if everybody on this call it's listening we all went to an ice cream shop obviously ice cream shop would be doing pretty well because I have great ice cream right and if you saw a for sale sign in there we went up to the owner and said hey how much you selling it for he says 3.1 million dollars okay and you say how much does an earned 100,000<br> would anybody buy that ice cream shop nobody would who would buy something that's going to be 31 you want 31 x 230 that's crazy<br> well folks<br> the Shiller PE ratio was created by Robert sure that world renowned Economist to give an indication of what's truly happening within the marketplace and it current is at 31.61<br> time now nobody take me up on that ice cream shop right I wouldn't okay we use this to help our class make prudent approved informed decisions but if you think about this hey what's going on<br> now when we look at this we say hey in a good Market the Shuler p e raised to sit between 15 and 60<br> right before the bubble 1999 burst it was it 44 Oaks<br> in January of 2022 and December 2021 the Schuler puhl set up 40 you all know what happened in 2022 it reverted back to 31<br> now there's a twin thing that's called with this that with this ratio just like we have with the next one and it's called mean reversion it means it always reverts back to the main so if this goes from 31 back to 1516 we're likely to see more potential losses and maybe 20% range okay this next one right here is the Warren Buffett index called market cap vs. GDP and as you could see here<br> anything above 135% is over value<br> you might even want to you know if you're watching this online take a picture of the screen here check it out for yourself we have a thing right now in the last 6-7 months the market has gained almost 18%<br> what's driving that market is essentially six companies<br> if you take away those six companies away from the S&P<br> you're not seeing the growth rates that you're singing right now<br> in what you have is a thing called the irrational exuberance you know what you know when we're we're in a bubble economy and I just talked about that but we were living in a bubble and Connie if you member 1999 the bubble of 1999 and then two thousand and now we have the AI bubble<br> and you know what you have to remember folks for most of you back then you know what you were in your twenties coming 30 40 50 year at a different stage alive yeah the safety board jobs at the market went down no big deal you got 15 20 years to make it back okay but you had a job to fill your income your lifestyle<br> the question I have is I need to think about especially if you're five to seven years are in a retirement is at this stage of your life is it worth gambling on a bubble because you are you know what they say about bubbles<br> real burst one of the other things that I want to share with you is one of the<br> pieces that are endless did and it just went across the board and when you're looking at experts and people like myself you don't have to believe me but according to the Bank of America they expect at a 10% loss between now and December 31st in the market Berkeley to 17% loss between now and December 31st b u b b y n Mellon 21% loss between now and the end of the year Citibank 10% loss between on the in the year Wells Fargo 12% Morgan Stanley 13<br> so one of the big things that we need to think about is when we go back to the 1990s and we we people barely even use their cell phone we didn't have GPS now we have GPS it says hey this is where the action is here's what's going on and right now it's really important to understand that these technical reports are like your GPS and right now they're just screaming caution so you know something to think about here folks<br> what do you see that the experts are not what is giving you the warm and fuzzy fuzzies if you ask me and other experts to start screaming screaming caution so if you're about to retire during retirement it's important to think about how you generate your income cuz if you think about it if you're only focused on growth and you didn't generate income but you had to take a withdrawal whether to be forced because it's a required minimum distribution or just has to stay in your lifestyle when that Mark was down over the last 2 years you sold out shares at a lower cost<br> and essentially cannibalize your principal and at the same time you had to take taxes on it so think about it what do you see that the experts are not what is giving you the warm and fuzzies I just wanted to leave that with you all cuz I think it's important if you're not educated about what's going on with your finances you should get educated because quite frankly it'll make all the difference in the world I want to thank you for joining us here today on saving with Steve and I hope you have a wonderful week and we'll look forward to seeing you next week with that you have a great day bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving<br> Steve show hosted by Steve Sexton<br>