Financial Pitfalls Fincap Fridays

Who Wants To Be A Billionaire?

In Oct 2018 someone won the Mega Millions lottery, gaining around $1.5 Billion., even though you only have a 1 in 330 million chance of winning. However, you can still become a millionaire through investing and saving your money.

Who's Calling?

Getting calls from an unknown number is common. The number of scam calls has increased greatly in the past couple of years, which makes it important to be careful when you are on a phone call with an unknown caller.

'Tis the Season of Scammers

Between Nov 2017 and Jan 2018, online fraud increased by 22%. The amount of fraud skyrockets during the holiday season every year making it important to know hot to recognize a scam.

Is I.P.O. the Way To Go?

People are always interested in companies that decide to do an IPO or initial public offering. This is when companies decide to sell stock on the stock market. However, this may not be the safest investment making.

Dangerous Downloads

Face App was a viral app that made your face seem older. However, people soon realized that you let the app access all your photos and internet searches. This is an example of how important it is to read a contract in full.

Viral or Vicious?

The personal finance community on social media is large! There are many who believe that this type of content is life-changing in a positive way, others think there are more negative aspects to financial advice on social media.

Terms of Use on the Loose

In December 2020, Instagram released updated terms of use but most people don't read through terms and conditions so they don't know what they agreed to! Data shows most people agree to terms without reading them.

It's a SCAMdemic!

Coronavirus related scams are on the rise, and the total amount of money scammed has been around $10M. The most common scam has been targeted towards those waiting for stimulus checks.

What's in Your Wallet?

In Aug 2019, a hacker stole over 100 million people's private information from Capital One Bank. Personal information bank account numbers were stolen. This shows how important it is to protect yourself against identity theft.

Peer-to-Peer Apps Go Head-to-Head

Venmo has been trying to keep up with p2p payment apps like CashApp that are implementing more deposit methods. Regardless of which app you use, there is a security risk when you connect it directly to your bank account.

Protective Parents

Parents want their children to be self-sustaining members of society, but paying for them to access everyday things can create a pattern of dependency. New research shows that older Americans are dealing with this in the pandemic.