What I Learned When I Was Dead Broke
This is how I spot a scam.
I just follow this one rule of thumb:
Nobody wakes up in the morning and says, “I have to make James Altucher a lot of money today.”
People want to make you think they give a shit.
Because it helps them.
I’ll give you an example.
This guy I haven’t spoken to in seven years calls me.
He says, “I’ve got a commercial development in an up and coming city. We already raise $3 million. We only need the final $50,000.”
He knows every real estate developer in the world. He raises money for a lot of projects. So why am I magically getting this “amazing, once in a lifetime opportunity?”
Maybe he’s being nice.
Maybe he can’t find anyone to invest.
I passed on the deal.
The old me would’ve wrote the check and lost all the money.
Now I know better. Because of this one rule.
Steve and I did a podcast about this and other lessons I learned when I was dead broke.