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Started By
Message
Why are boomers like this?
Posted on 10/11/24 at 8:57 am
Posted on 10/11/24 at 8:57 am
Last night, my in laws informed us that they were the victims of a Forex trading scam. They have lost almost the entirety of their life savings.
The best I can tell from piecing it together, they were cold contacted via e-mail from China with an opportunity to make 3-5% PER DAY. They dipped a toe in with about $5000 then linked their bank accounts and moved everything after their account showed such gains.
What was happening is that they were logging into a dashboard that showed they were making the gains promised, but the gains were not real. When they attempted to withdraw, they were met with problems from "Your money hasnt been invested long enough" to the classic "There is a problem with your bank and they will not accept the funding."
They were finally ghosted and the website went away. Everything based in China. Its really bad. They weren't super rich but the losses are about $150k. They have nothing but social security.
The saving grace is that my mother in law said they tried to mortgage their house and putting it in this investment over the summer. They did not qualify for a mortgage, thank goodness.
The best I can tell from piecing it together, they were cold contacted via e-mail from China with an opportunity to make 3-5% PER DAY. They dipped a toe in with about $5000 then linked their bank accounts and moved everything after their account showed such gains.
What was happening is that they were logging into a dashboard that showed they were making the gains promised, but the gains were not real. When they attempted to withdraw, they were met with problems from "Your money hasnt been invested long enough" to the classic "There is a problem with your bank and they will not accept the funding."
They were finally ghosted and the website went away. Everything based in China. Its really bad. They weren't super rich but the losses are about $150k. They have nothing but social security.
The saving grace is that my mother in law said they tried to mortgage their house and putting it in this investment over the summer. They did not qualify for a mortgage, thank goodness.
This post was edited on 10/11/24 at 8:58 am
21
Posted on 10/11/24 at 9:06 am to anc
Wow. Don't understand how people get taken in either. I'm a boomer and just delete those type of emails without even clicking on them. This is up there with those bitcoin scams that target people on FB.
Posted on 10/11/24 at 9:10 am to bigjoe1
Call the bee keeper.
Posted on 10/11/24 at 9:13 am to anc
quote:
Why are boomers like this?
quote:
opportunity to make 3-5% PER DAY.
Sounds like the same crypto scams risk free 20% returns on Celsius!!! Rinse and repeat in that space, majority of the victims were younger.
I am not sure this is specific to a generation. But I think for a lot of people who do not want to spend the time to invest over time, are generally gamblers at heart. They usually say things it is money I can afford to lose, or if this does not work out I was never going to retire anyways. It is a terrible mindset, but very hard to break.
Posted on 10/11/24 at 9:22 am to anc
Older people generally fall into two categories when dealing with the interwebz:
1. The gullible
2. The hyper untrusting
For years my mother was in the first category. She's not quite a boomer but when we first got internet at her house I was constantly having to go over to fix her computer because she would click on banner ads claiming to speed up her browsing (which were often just web caching) or clicking on an ad for a virtual slot machine (she never put in any card info nor anything). After getting burned so many times (and having to endure my lectures on it so many times), she eventually moved into the 2nd group (so much so that we had to nearly have an intervention to get her to open a manage investment account with a trusted company).
I think it's a situation of technology changing so fast for them at a time in their lives when such change is difficult for them to fully adapt to.
1. The gullible
2. The hyper untrusting
For years my mother was in the first category. She's not quite a boomer but when we first got internet at her house I was constantly having to go over to fix her computer because she would click on banner ads claiming to speed up her browsing (which were often just web caching) or clicking on an ad for a virtual slot machine (she never put in any card info nor anything). After getting burned so many times (and having to endure my lectures on it so many times), she eventually moved into the 2nd group (so much so that we had to nearly have an intervention to get her to open a manage investment account with a trusted company).
I think it's a situation of technology changing so fast for them at a time in their lives when such change is difficult for them to fully adapt to.
Posted on 10/11/24 at 9:25 am to anc
quote:dumb people are dumb no matter the generation
opportunity to make 3-5% PER DAY.
Posted on 10/11/24 at 9:29 am to anc
They don't sound very smart to begin with if they are Boomer age with only around 150k saved up
Posted on 10/11/24 at 9:37 am to Pelican fan99
quote:
They don't sound very smart to begin with if they are Boomer age with only around 150k saved up
You nailed it.
Just not really smart with money decisions. Anytime they got a little bit of money they spent it on toys (vehicles, boats. etc.).
Posted on 10/11/24 at 9:49 am to anc
quote:It is sad how much the older generation is preyed upon. It does seem that the older some get., the more gullible they become. I do think some of it has to do with a lack of understanding of technology. However, I would hope that they would ask their children or someone they know with a financial mind for advice before succumbing to something like that. In this situation, given they were behind in saving for retirement, it may have been a touch of desperation.
Last night, my in laws informed us that they were the victims of a Forex trading scam. They have lost almost the entirety of their life savings.
The best I can tell from piecing it together, they were cold contacted via e-mail from China with an opportunity to make 3-5% PER DAY. They dipped a toe in with about $5000 then linked their bank accounts and moved everything after their account showed such gains.
What was happening is that they were logging into a dashboard that showed they were making the gains promised, but the gains were not real. When they attempted to withdraw, they were met with problems from "Your money hasnt been invested long enough" to the classic "There is a problem with your bank and they will not accept the funding."
They were finally ghosted and the website went away. Everything based in China. Its really bad. They weren't super rich but the losses are about $150k. They have nothing but social security.
The saving grace is that my mother in law said they tried to mortgage their house and putting it in this investment over the summer. They did not qualify for a mortgage, thank goodness.
Posted on 10/11/24 at 9:53 am to anc
quote:
You nailed it.
Just not really smart with money decisions. Anytime they got a little bit of money they spent it on toys (vehicles, boats. etc.).
For as much as boomers roast the younger generations for wanting everything right now and not being financially sound, it's wild that half of them don't even have 100k saved.
Posted on 10/11/24 at 9:57 am to NOSHAU
quote:
It is sad how much the older generation is preyed upon. It does seem that the older some get., the more gullible they become. I do think some of it has to do with a lack of understanding of technology. However, I would hope that they would ask their children or someone they know with a financial mind for advice before succumbing to something like that. In this situation, given they were behind in saving for retirement, it may have been a touch of desperation.
I know an older couple (60's) that worked in the oilfield most of their lives and made really good 6 figure incomes for as long as I've known them (about 15 years). They wouldn't save a penny of it, cashed out retirements early and bought liabilities with them, took tons of trips, always said they'd work until they die and now, he recently just had a heart attack/heart surgery and has been out of work for a few weeks and will be out for about 8 more. They're both panicking about what they'll do with the medical bills and are worried he'll lose his job or be limited in his income capacity. Literally made over 200k HHI and have not a penny saved. It's really sad.
Posted on 10/11/24 at 10:01 am to SuperSaint
quote:quote:
opportunity to make 3-5% PER DAY.
dumb people are dumb no matter the generation
Was the Chinese company named "Stanford" in some way?
Posted on 10/11/24 at 10:08 am to anc
Well I can’t speak for those boomers but as a boomer myself I can’t think of anything more stupid than your in-laws.
Posted on 10/11/24 at 10:56 am to bigjoe1
quote:
This is up there with those bitcoin scams that target people on FB.
Send me 1 btc and I'll send you 2 back. I promise.
Posted on 10/11/24 at 11:35 am to anc
That's sad. Folks need to be vigilant with their parents about money and scams as they get older.
Posted on 10/11/24 at 11:53 am to Ostrich
quote:This is also true. There is a special place in hell for someone who scams the elderly or mentally disabled
That's sad. Folks need to be vigilant with their parents about money and scams as they get older.
Posted on 10/13/24 at 5:12 pm to anc
I don’t know. Most of us lose our money the old fashioned way. We spend it all.
Posted on 10/13/24 at 5:50 pm to anc
Have inlaws that won the Jamacian Lottery.
They attended a church that preached Prosperity Ministry. They were sure this was their just reward coming through.
Very sad.
They attended a church that preached Prosperity Ministry. They were sure this was their just reward coming through.
Very sad.
Posted on 10/13/24 at 5:57 pm to SuperSaint
quote:
umb people are dumb no matter the generatio
Posted on 10/13/24 at 6:47 pm to UltimaParadox
Yes. You have to play the long game in investing.
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