Scams are everywhere and have been forever. It’s not just Bernie Madoff-scale swindlers out there, though. It is so easy to reach individual investors via social media that scams have flourished. So let’s first talk about some guiding principles that you should remember:If it were such a great deal, the person who invented it would keep it a secret and make a trillion dollars.If it were such a unique opportunity, why would they come to you, not someone with much more money.If you don’t understand why it’s a good investment, then there is a pretty good chance it’s not. Trust your gut.Now let’s talk about our list and some actual scam types:Multi-level marketing.Purposefully unclear and misleading instructions.Ponzi schemes.“Guaranteed” high yield plans that are well above the market.New Cryptocurrencies.Penny stocks or any stocks about to “explode.”Anyone asking you for your account number or to send money.  Anyone doing something offshore.Someone on Instagram who you think you know/trust and they are all of a sudden asking you for money or personal info.  Some stuff to generally stay away from that aren’t scams per se, just potentially bad ideas.Anyone asking you for cash to invest in a new business where the ROI analysis is performed by them.Putting money with people or companies where it’s not instantly available. Liquidity and delays allow things to go south without you being able to do anything about it.Crypto.NFTs.Specific tips to avoid scams and further protect your identity and finances:Don’t trust anyone.See #1 above.If it’s not 100% clear how this person or company is making money, then skip it.Turn on 2-factor authentication on all of your financial accounts.  Many require it.Use strong passwords.  Don’t repeat.  Keep them somewhere safe.  We love 1password.  Don’t ever give out personal or financial info over the phone to someone who calls you. If they claim to be a company you work with, hang up, and call them back via the phone number on their website.  Freeze your credit.  See episode 48Call your kids or someone you trust and explain the situation.  Get a 2nd, 3rd, and 4th opinion before acting.  When it comes to money, just assume that everyone is working in THEIR best interest, not yours.Top 3 takeaways:If it were such a great deal, the person who invented it would keep it a secret and make a trillion dollars.Scams, fraud, counterfeit, etc. are as old as economies themselves, global and not going away. Be cautious.If you don’t understand why it’s a good investment, then there is a pretty good chance it’s not. Trust your gut.Show References:Investor.govFriends on FIRE episode #048 - Is Credit Monitoring worth it?Price of Avocado Toast podcast 3 part series on MLMsBook: Bag Lady Papers, The priceless experience of losing it allFriends on FIRE episode #116 - Are you ready to invest in Crypto?1Password Liz Gets Loaded venmo tip---Follow friends on FIRETwitterInstagramFacebookLinkedInLeave us a voicemail or text us: 404-981-3370eMail us at:  friendsonfiremm@gmail.comVisit our website: www.friendsonfire.org---Other LinksMaggie’s Blog: Mostly Minimal LifeMike’s Book: Your New Relationship with Money