In the same issue of the Mercury News this morning, two items caught my eye. The first was an article about seniors investing their life savings in overpriced annuities sold through a "free lunch" promotion.
The second was real estate related, but just as much of a scam, in my opinion. This was a huge ad for "creating wealth with real estate." Free seminars are being given all over the Bay Area on how to get rich overnight by buying and selling properties.
Testimonials are included from people who went from owning nothing...even homeless...to millionaires in a short time.
This wouldn't be so sad if I didn't know that rooms full of trusting people were probably investing whatever money they have in the books, tapes, and follow up training that are always offered at these hard-sell sessions.
The logic that they are using is so faulty in these economic times that it's frightening. The implication is that their trainees can buy with little or no money down...and even get money back at closing. (Shades of the subprime horror stories)
Then they promise that you can sell at a huge profit. If it were so easy, why wouldn't the seller himself take this windfall, instead of letting them have it?
Just like the lottery, the losers are those who can least afford it, and are wishing for a magic solution.
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