investment

Ask Kim: 'Is my new online friend tricking me?'

I got a call from Jim in Sacramento about a new friend he met on Facebook. She messaged him out of the blue and they hit it off (just friends, he’s married). Now, she’s introduced him to her aunt, who happens to be great with crypto.

“The aunt showed me three trades where I made 15% with a $500 investment in 10 minutes while I watched on WhatsApp. I have lost no money at this point. Before I give the aunt $10,000, I wanted to know your thoughts.”

I’m sorry to be the bearer of bad news

This is a classic pig-butchering scam. I know it all seems like things just fell into place, and that’s the point.

How am I so sure? What’s happening here is following the exact script these criminals use. I’ll outline it for you.

Cold outreach: It starts with a random text, friend request, DM or comment. They’re friendly and chatty.
Feeding time: They want to know about your life, maybe send you photos and tell you about what they’re in. After a while, money comes up. It’s usually under the guise of an investment opportunity.
Fattening the pig: This is where money changes hands — but only a tiny amount. They’ll ask you to test with a small investment. Surprise, your money is growing already!
Slaughter: Now you’re convinced and have invested even more. At this stage, victims can be in for tens or hundreds of thousands of dollars. You may realize something is wrong and ask to remove your money. It’s way too late.

Jim, you’re the pig, and you’re getting greedy. Keep it up, and you will be slaughtered.

🚩 Red flag 1: A random woman messaged you out of nowhere and wanted to be friends. Sorry, but that never ends well.

🚩 Red flag 2: This stranger just happens to have a relative who has made it big in crypto. Who shares that with someone they just met? I wouldn’t.

🚩 Red flag 3: The initial investment went gangbusters.

You need to walk away. Document everything first, though. Take screenshots of your conversations, the websites these people have directed you to, bank statements, all of it. This is important evidence if you try to get your cash back and everything hits the fan.

Then, it’s time to unfriend and block your new pal.

5 ways you’re ruining your expensive phone, laptop, tablet and TV

Our devices are significant investments. You need to treat your tech well to get your money’s worth. Regular maintenance is one way to stay ahead of the game. Tap or click for six checkups to avoid a hefty repair bill.

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🧽 Scrub-a-dub-dub

Weird fact about me: I find cleaning relaxing. I especially love getting to those spots we all ignore for way too long. It’s OK — there are products that make it easy!

News flash: Espresso machines need to be descaled. Don’t let your pricey investment break down.
Use a Keurig, Ninja or other pod coffee machine? These tabs clean out the gunk so your coffee is perfect every morning.
When’s the last time you cleaned your dishwasher? Pop a tab in and run a cycle. Easy-peasy.
Next up, the garbage disposal. I know you’ve been ignoring that one, and it stinks.
While you’re at it, give the spa or hot tub a good cleaning, too.
I’m so over laundry pods and heavy detergent. I switched to laundry sheets. So easy!

We may receive a commission when you buy through our links, but our reporting and recommendations are always independent and objective.

Crypto scams to watch out for

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Tempted by a too-good-to-be-true investment on social media? This July 4th, a crypto scam that fooled millions is exposed.

Gen Z is losing more money to online scams than boomers: Constant internet use makes them comfortable doing business online. For fraudsters, it’s the perfect opportunity to lure them into fake employment opportunities, sketchy online purchases, or investment or crypto scams. Last year, Gen Z lost an average of $155 per person to online scams (paywall link).

Steve Jobs started using the “i” prefix for Apple products with the iMac in 1998. Back then, the “i” stood for “internet.” What does it mean now?

Find the answer here! →

78.7% drop in value

For X since Elon Musk took over. Yeesh. That’s based on a Fidelity disclosure valuing its stake in X at around $4.19 million. The initial investment? $19.66 million.

News Flash: Taking a celeb’s financial advice could cost you

As if losing money in crypto wasn’t enough, scammers are going after people who were victims of these crooked schemes. Here’s what you need to watch out for.

Following the FTX crypto exchange collapse in November, lawyers filed a class-action lawsuit against former FTX CEO Sam Bankman-Fried and a host of celebrities and athletes.

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Streaming service price rises are coming, but that might actually be a good thing

Don’t shoot the messenger! Paying more for what you watch is something no one wants to do. The good news is it might help make the content you actually want to watch more widely available.

Keep reading for details on streaming services that might be changing soon.

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$15 billion investment

From Mercedes, with a chunk of that going toward “high-tech combustion technology.” Yep, gas cars. Audi, Porsche and Toyota are hitting the brakes (sorry) on EVs, too. They’re not stopping development, though — just pouring less money into it.

$5 billion

Investment in Rivian EVs … from Volkswagen? Yep, Rivian stock shot up over 50% following news about the two automakers teaming up. Investors are hoping Rivian will benefit from Volkwagen’s manufacturing know-how and Rivian will give them a leg up on software.

Apple's Vision Pro — to buy or not

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Is it worth the investment or should you wait it out? Get my advice here.

5 smart ways to save and make money in 2023

Did you know your water heater uses around 20% of your home’s energy? Smart thermostats and lights are popular home additions but don’t forget smart water sensors. Tap or click here to save money with smart water management.

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The next big crash after NFTs

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There’s no denying the crypto world is dismal right now. Listen to this one-minute podcast for the rundown on the next risky digital investment to watch out for.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto tip: Don't fall for celebrity crypto pitches

Cryptocurrency is a risky choice of investment. There are thousands of digital currencies out there, and they all share one thing in common: volatility. Your profits can soar or crash at any given moment due to supply and demand, competition, governance and even social media hype.

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Crypto tip: How to gift digital currency

Cryptocurrency began over a decade ago with the release of Bitcoin. Since then, the number of digital currencies has swelled to the thousands.

Shortly after Bitcoin’s launch, one crypto-mining pioneer built up 7,500 digital coins for next to nothing. He accidentally threw away the hard drive containing the Bitcoin some years later, when the value was in the millions. He is still searching for that hard drive today. Tap or click here for more on the story.

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This guy would have almost $300 million ... if he could access his Bitcoin

Cryptocurrency entered the mainstream via social media, with proponents and influencers touting its massive moneymaking potential. But as with any investment, there is always risk, and crypto is particularly volatile.

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Crypto tip: What you should know about wallets

Cryptocurrency is a viral sensation, with social media influencers hyping its merits and usefulness. The digital currency has taken on the air of a get-rich-quick scheme, promising enormous profits with minimal investment.

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Be careful mixing crypto with real estate - or this could happen

When it comes to real estate, it’s a seller’s market right now. Everyone wants homes, and thanks to the demand, prices are higher than the Empire State Building. At least, that’s how it can feel to folks who can’t afford to buy a house.

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Cryptocurrency tip: One method to lower your investment risk

Cryptocurrency is created through crypto mining, which you can do at home with your computer. Unfortunately, this has given cybercriminals a new target, as they can secretly use your computer to mine for crypto without your knowledge.

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