4 Massive Financial Scams Sold to Americans on an Everyday Basis

4 Massive Financial Scams Sold to Americans on an Everyday Basis

2 min read
Sterling White

Sterling White is a multifamily investor, specializing in value-add apartments in Indianapolis and other Midwestern markets. With just under a decade of experience in the real estate industry, Sterling was involved with the management of over $10MM in capital, which is deployed across a $18.9MM real estate portfolio made up of multifamily apartments. Through the company he founded, Sonder Investment Group, he owns just under 400 units.

Experience
Sterling is a seasoned real estate investor, philanthropist, speaker, host, mentor, and former world record attemptee, who was born and raised in Indianapolis. He is the author of the renowned book From Zero to 400 Units and the host of a phenomenal podcast, which hit the No. 1 spot on The Real Estate Experience Podcast‘s list of best shows in the investing category.

Living and breathing real estate since 2009, Sterling currently owns multiple businesses related to real estate, including Sterling White Enterprises, Sonder Investment Group, and other investment partnerships. Throughout the span of a decade, he has contributed to helping others become successful in the real estate industry. In addition, he has been directly involved with both buying and selling over 100 single family homes.

Sterling’s primary specialities include sales, marketing, crowdfunding, buy and hold investing, investment properties, and many more.

He was featured on the BiggerPockets Podcast episode #308 and has been contributing content to BiggerPockets since 2014, with over 200 posts on topics ranging from single family investing and apartment investing to mindset and scaling a business online. He has been featured on multiple other podcasts, too.

When he isn’t immersed in the real world, Sterling likes reading motivational books, including Maverick Mindset by Doug Hall, As a Man Thinketh by James Allen, and Sell or Be Sold by Grant Cardone.

As a thrill-seeker with an evident fear of heights, he somehow managed to jump off of a 65-foot cliff into deep water without flinching. (Okay, maybe a little bit…) Sterling is also an avid kale-eating traveller, but nothing is more important to him than family. His unusual habit is bird-watching, which he discovered he truly enjoyed during an Ornithology class from his college days.

Education
Sterling attended the University of Indianapolis.

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If you really want to be financially free and wealthy, you may want to question the status quo and reevaluate these heavily marketed ways of living life.

Billions of dollars are invested in confusing us and keeping us trapped in the rat race. Don’t fall for it. Be careful of making these blunders—and focus on getting ahead instead.

4 Financial Scams Sold to Americans on an Everyday Basis

1. Buying a House

Buying a “dream home” is one of the biggest traps people can fall into. Most people stretch their limits, get into massive debt, and get stuck paying the bank for the rest of their lives, while working two or three jobs to pay the mortgage. That novelty of a new home can wear off fast. Owning your own house can be great. But you’ve got to do it wisely.

The true costs of owning and maintaining a home can be far higher than most realize. Many also find they get financially stuck in that home, and that can begin affecting all other areas of life, from careers to relationships. Check out this debate on whether owning the house you live in is really a wise financial decision or not.

BRRRR-strategy-deal

Related: Grant Cardone is Right: Owning a Primary Residence Usually ISN’T Smart

2. Avoiding All Debt

Focusing on getting out of debt, avoiding all borrowing, and putting off investing became popular trends in the wake of 2008. This made authors like Dave Ramsey very popular. It’s understandable. However, the most successful and wealthy are not those who have no debt. They are those who know how to leverage wisely. They are ironically often those with millions and even billions in loans.

Like Grant Cardone says, “Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.”

3. Going to College

Many of the smartest and most established individuals are those who dropped out. That includes Sean Combs, Bill Gates, Oprah, Larry Ellison, Mark Zuckerberg, and more. Many are also big real estate buyers. Many top minds now say that college and the education system in America is one of the biggest scams of all.

I personally struggled with this decision. I wouldn’t change the way I did things, though. Find out how I navigated this giant scam in this article.

college-rental

Related: Dave Ramsey Is Wrong: You DON’T Need to Be Debt-Free to Hit Financial Freedom

4. Save, Save, Save

Don’t get me wrong—saving is necessary at times. Everyone should have some emergency capital saved. But you aren’t going to successfully save your way to a comfortable retirement. Even if bank savings rates go up to 4% again, that just doesn’t provide the necessary juice to get and stay ahead financially. Don’t even expect it to keep you in the middle class (if there is even such a thing anymore).

Summary

It takes a high level of awareness to know what is really going on out there. Avoid the herd mentality, and start to think for yourself. If the masses are going one way, then by going the opposite route, it is highly likely that you will find success. I truly believe this.

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What would you add to this list? Would you agree that these constitute financial scams?

Let me know your thoughts with a comment.