You Can't Trust Anyone Not Even Your Mom!

It happens all the time to Hollywood and sports stars. They make their first couple million over night, they don't have too much of a clue what to do with it except to spend it. They buy cars, a mansion, nice clothes and jewelry. But the money keeps coming and not knowing too much about investing they hire a money manager or an investment counselor to make that money grow. But turns out wherever there is money there are predators and thieves. These newly rich become targets because of easy wealth and naivety.

Some of these 'counselors' just make money by what is called 'churning', charging commissions for excessive transactions. That's when these guys tell their clients to invest in this because it's gonna be hot and then invest in that because it's gonna be the next big thing. And every time they move the money from one investment to another these unethical predators make a large commission.

Sometimes these guys are just scam artists and some even have credentials. Sometimes they run ponzi schemes and sometimes the just steal the money outright.

Some players who have scammed include NFL players Junior Seau, Rod Woodson, Stanley Richards, Johnnie Morton, Rob Johnson, Tony Boselli, Anthony Miller, Lincoln Kennedy and Marshall Faulk. Some current players involved in litigation now against an alleged scam include Golfer Tiger Woods, Baseball players such as the New York Yankees' Johnny Damon and Xavier Nady,and the Philadelphia Phillies' Scott Eyre  the Boston Red Sox's Jacoby Ellsbury and the Tampa Bay Rays' Carlos Pena.

Money does strange things to people. Even normally honest people can find reasons to justify unethical actions when money is involved. It's difficult to cite examples here, because once somebody crosses that line all their previous actions become suspected of being a manipulation. But probably the most notable and arguably wrong figures are from the world of religion and televangelism. God or money which do you love more with your fleet of Rolls Royces'?

Even parents who should have their children's best interests in their heart can be weak around money. Take Gary Colemans parents for example. As a child actor on 'Different Strokes' a successful sitcom in the late seventies and early eighties, Gary made a lot of money. He could have been set for life. But his parents mismanaged almost all their sons earnings before he had a chance to grow up and enjoy it. Because of his shorter stature which made him a successful child actor it was not like he was likely to grow up to be a leading man in Hollywood. His own parents screwed him.

Lack of self control all the way up to outright thievery, finding a person you could really trust with your money is maybe 1 in a 1000. Not good odds.

My advice, don't trust anyone with your money. Not any financial professionals not your parents. Go ahead take their advice for what it's worth and be informed. Good info is hard to come by. But always keep at least one hand and one eye on your money. Once somebody else gets possession of it they can easily start thinking it's theirs. That money really is your future or your children's future.

Mostly make the effort to be informed so you can recognize a bullshitter. Read books, do your best to understand money and personal finance. You've heard the saying with "great power comes great responsibility" well money is power so take responsibility for it and keep control of your money, cause you've heard another saying I'm sure, "a fool and his money are soon parted".