Woman loses $1 Million of retirement savings to 'pig butchering' romance scam (#351)

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway, Christian financial advisor, unpacks the shocking story of a suburban woman who fell victim to the devastating "pig butchering" scam. Nearly $1 million of her life savings vanished as scammers preyed on her vulnerability. Learn about the signs of these scams, the tactics used, and the importance of staying vigilant when it comes to your investments. Protect yourself and your loved ones from becoming the next victim.

Key Takeaways:

1. Understanding Pig Butchering Scams: These scams involve building emotional connections with victims, enticing them to invest more, and then disappearing with their money. It's a form of romance scam with financial manipulation.
2. Signs of Financial Fraud: Victims are often "fattened up" by scammers with flattery, promises of love, or lucrative returns on investments. Be cautious of anyone pressuring you to invest or send large sums of money quickly.
3. The Importance of Discretion in Wealth: Wealth isn't about showing off, but about having the financial discretion to make choices without jeopardizing your livelihood. Even the most discreet investors can fall victim to fraud if they aren’t careful.

Quotes:

1. "Fraudsters are going to fatten up the victims by enticing them to put more money into an investment, and then they're going to slaughter them by walking away and stealing their money."
2. "Being wealthy is not about the accumulation of things. It's really about having discretion, the ability to work or not to work when you want to, how you want to."
3. "Next time you see someone online talking about investing and getting quick money, you may just be the pig they’re trying to fatten up."

Subscribe to our YouTube channel, Financial Advisors Say The Darndest Things, for more insightful content that helps you protect your finances and live a more secure financial life. Stay safe, stay vigilant, and always double-check before making any major financial decisions!

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: ABC7