OK - reviewing the parable from yesterday - a portion of what a person earns is his to keep. In other words, pay yourself first. Pay at least 10% of your earnings to yourself. More if you can, but no less than 10%. If you earn $1000, put away $100.
This is solid financial advice as any decent financial advisor would state.
What is important about this for fraud control is that it is solid financial advice. Most fraud schemes attempt to give you a short term fix - invest in this incredible opportunity NOW and you can earn 20% interest per year. In other words, a get-rich-quick scheme which does not exist. Putting your money aside, especially a modest amount, and letting it grow over a long period of time is solid financial advice. Telling you that you can get quick in a few months (or even years) is usually a direction for disaster.
So, George Clayson, the author of "The Richest Man in Babylon" was only reiterating sound financial advice when he advised his readers to pay themselves first.
This is solid financial advice as any decent financial advisor would state.
What is important about this for fraud control is that it is solid financial advice. Most fraud schemes attempt to give you a short term fix - invest in this incredible opportunity NOW and you can earn 20% interest per year. In other words, a get-rich-quick scheme which does not exist. Putting your money aside, especially a modest amount, and letting it grow over a long period of time is solid financial advice. Telling you that you can get quick in a few months (or even years) is usually a direction for disaster.
So, George Clayson, the author of "The Richest Man in Babylon" was only reiterating sound financial advice when he advised his readers to pay themselves first.
NOTE: THE INFORMATION IN THIS BLOG IS NOT LEGAL ADVICE NOR
IS IT INTENDED TO BE LEGAL ADVICE. IF
THE READER HAS ANY LEGAL QUESTIONS, PLEASE REFER TO AN ATTORNEY.
NOTE: ANY INDIVIDUAL WHO HAS NOT PLED GUILTY TO A CRIME OR
WHO HAS NOT BEEN FOUND GUILTY BY A JUDGE OR JURY IS INNOCENT UNTIL PROVEN GUILTY
AS PER THE LAWS OF THE UNITED STATES OF AMERICA.
----------à>>>>>>>>>>>>>>>gene
tausk
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