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This week we take a look at the world of online financial advice. On Wednesday, the judge will pronounce a verdict in a case brought by participants against a company that provides a course ‘Getting rich with real estate’. BNNVara program Angry recently made an episode about a twenty-something who offers ‘become a millionaire fast’ workshops, without keeping his promises. And so are others. Online financial advisors are rampant, a real proliferation. Which expensive words stand out in the reporting about this?
Because saving yields little, everyday life is monotonous and it seems interesting to have a lot of money, many young people find their way to the financial markets via their smartphone. This one retail investors (read: amateurs) are advised on social media by influencers, a contraction of ‘finance’ and ‘influencer’. Whether they invest in stocks, bonds or real estate, or invest in novelties such as dropshipping or cryptocurrency (e.g. bitcoin), they often do so without knowledge, experience and equity. Not a strong starting point, unless you like to be disappointed and cheated.
The Great Property Experience (GPE), provider of a real estate course, reached the naive through videos on social media. In it, the founders tell with ruttian enthusiasm how ‘unwise cool’ it is to embark on a ‘real estate adventure’ in order to passive income to generate – money that comes in without you having to work for it. GPE’s Black Badge membership would pave the way for that. Costs: 18,750 euros, with varying results. For some participants, due to debt, it became a Great Poverty Experience. One of the two founders (it differs only by one letter from ‘fraudsters’, although that is of course up to the judge), a former farmer, previously gave ‘inspiring’ lectures to managers under the name of the Passion Farmer. Now he is a passive income farmer, transformed from cow milker to slum landlord.
Other influencers teach courses dropshipping, offering products from other online stores online, at an additional cost, without having anything in stock or arranging shipping. This is often cheap stuff from China. Journalist Jeroen van Bergeijk and his son started a webshop with the reliable name Toppie Toppie Super Spul to investigate the phenomenon. They watched videos of a dropship guru who claims it’s all about mindset, also known as the ‘money mindset’. The cliché of success as a choice, with the downside that poverty and unhappiness are also a choice.
What is the real money mindset? Television program Angry did research to influencer Jia Ruan. His method: cheating people of money by making them pay for a non-existent course. A victim of another charlatan told to NRC that soon after paying the course fee of 20 thousand euros, she feeling of fluff got. It was very late, and while it probably made her wiser, it wasn’t the class she had signed up for.
Take advantage of this language section, be warned and save yourself thousands of euros in wasted tuition. That is quickly earned.