A fellow banker recently told me about a gentleman who stopped by his local bank to tell them he’d just realized that a person he thought he was doing business with was actually a scammer. As it so happens, the man was in shock. He was angry at the scammer and very upset with himself. […]
According to the Boston Globe, “An increasing number of people desperate to secure a place to rent are being duped out of thousands of dollars by online scammers.” The article caught my attention. The word “desperate” really jumped out. Scammers usually specialize in generating desperation. In fact, the bottom line of most scams is that […]
The Wall Street Journal recently reported on the “trial by fire” of Mike Novogratz, a Wall Street “star” who has been one of the biggest promoters of cryptocurrencies and, as the Journal said, “a cult figure for thousands of amateur investors who followed his appearances on television, social media and the conference circuit.” Mr. Novogratz […]
Anyone who is going to be buying a house right now should absolutely consider an adjustable rate mortgage. The key word in that sentence is “consider.” Until recently, fixed mortgage rates were so low that, for most buyers, locking in a fixed rate was going to be the way to go. The math would have […]
These days, buyers are often encouraged — or even pressured — to waive all contingencies if they want to have any chance of buying a house. No mortgage contingency, no inspection contingency, no appraisal contingency. It’s become almost a joke that the “only” way to get a house is to put in a strong cash […]
A lot of young people who grew up in the metro Boston area are wondering if they’ll ever be able to buy a home around here. It may take time. It may take work. It may take luck. But the good news is that if there is something you really want to make happen, usually […]
In February, the Boston Herald reported that the town of Tewksbury had lost $100,000 in a phishing scam. According to the Herald, the Tewksbury town manager said an employee had received a seemingly legitimate email from a regular vendor seeking payment via wire transfer. Apparently the payment request was not red-flagged as “unusual” because Tewksbury […]
Money Under 30 says, “It’s easy to see why leases are so tempting. You get a brand-new car and a monthly payment that’s lower than a car loan. “But leases,” they say, “are a devil in disguise.” “A devil in disguise” — that’s kind of extreme. Leasing makes sense for some people in some situations. […]
Listen to local radio and you will hear commercial after commercial about the importance of having a trust to “protect your money from the nursing home.” If only it was that simple! Estate planning to “protect your money” is such a complicated subject that many, many people just decide to not think about it. Which […]
Massachusetts bankers recently heard about a scam that cost an individual in a nearby state $25,000. Unfortunately, this is a financial and emotional disaster that did not need to happen. Here’s how it started: One morning, a person got a call from “Google.” Right there, red alerts should have been ringing. The real Google isn’t […]
