Shun Away from Shams, Scams, and Spam

PART I: Financial Fraud

Every day in the news, we hear of another sad story of someone being tricked into giving up some of his/her hard-earned green-stuff… numerous successful fraudulent schemes to get you to part with your $$$ willingly or simply steal it right out from under you without you even knowing it! Even the FBI has devoted a webpage on elder-fraud which we should all review: https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/elder-fraud. With losses as high as $3 billion annually, this is a problem we all must become better informed.

My blog-posts are provided to educate and inform retired music teachers and other professionals… and there’s never a reason to “reinvent the wheel” if I can share something “as is” that is totally “on the mark!”  Before you do anything else, for you and your family’s personal financial security, education, and peace-of-mind, take a 15-minute break and read the entire Birch Gold Group Scam Protection Resource Guide on this website here: https://www.birchgold.com/scam-protection-resource-guide/.

Below is an outline of their recommendations with the hopes to better illuminate the problem, define types of fraud and methods to avoid them, and warn you about the “booby-traps” that are out there ready to pounce on the unwary. More resources are also offered for “homework.”

The Birch Gold Group guide is designed to “provide investors with the info necessary to identify fraudulent activity and common-sense solutions to avoid being scammed.” 

Six warning signs of a scam:

  1. Sounds too goods to be true
  2. High-pressured sales tactics
  3. Complex investment strategies
  4. Limited account control
  5. Insider info, faked credibility
  6. Overseas opportunities

Six tips to avoid fraud:

  1. Ask the salesperson tough questions
  2. Do your own research
  3. Beware of unsolicited offers
  4. Protect yourself online and on social media
  5. End the conversation
  6. Know what to look for

Nine prominent types of scams:

  1. Pyramid schemes
  2. Ponzi schemes
  3. Pump-and-dump schemes
  4. Advance fee scam
  5. Foreign currency trading (Forex)
  6. Affinity fraud
  7. Offshore scams
  8. Binary options
  9. High-yield investment programs (HYIPs)

Also from Birch Gold are these additional investment “scams” for which you should be on the lookout:

(Permission was granted for reprinting portions from the Birch Gold website.)

More Advice on Blocking Financial Scams

“Year after year, a destructive flood of fraud sweeps the nation, leaving countless victims in its wake. Unfortunately, new and improved technology only gives fraudsters an edge, making it easier than ever for scam artists to nab financial data from unsuspecting consumers. In fact, swindlers and hackers pinched $16 billion from 15.4 million U.S. consumers in 2016, according to Javelin Strategy & Research’s 2017 Identity Fraud Study. To make matters worse, the Identity Theft Resource Center reports there were 1,473 recorded data breaches in 2019.2 But even in these uncertain times, there are things consumers can do to protect themselves from greedy, increasingly crafty fraudsters.” — Investopedia

Amy Bell contributed a helpful article to the Investopedia blog “on topic” with the following title: “Ten Tips to Avoid Common Financial Scams,” This is another excellent resource you should peruse detailing her “top ten list.”

  1. Never Wire Money to a Stranger
  2. Don’t Give Out Financial Information
  3. Never Click on Hyperlinks in Emails
  4. Use Tough-to-Crack Passwords
  5. Never Give Out Your Social Security Number
  6. Install Antivirus and Spyware Protection
  7. Don’t Shop with Unfamiliar Online Retailers
  8. Don’t Download Software from Pop-Up Windows
  9. Make Sure the Websites You Visit Are Safe
  10. Only Donate to Known Charities

Additional Websites for Your Review:

Coming soon…

Part II: Other Types of Fraud and Remedies

PKF

Pixabay.com graphics by Mohamed Hassan:

© 2021 Paul K. Fox

Now What?

Guest blog-post by Colonel (Retired) Thomas H. Palmatier

 

 

Originally printed in the School Band and Orchestra (SB&O) Digital Magazine, June 2019. Reprinted with permission. All rights reserved. http://digitaleditiononline.com/publication/?i=593349#{%22issue_id%22:593349,%22page%22:26}

This was also featured in the August 2019 edition of the PMEA Retired Member Network eNEWS, archived at https://www.pmea.net/retired-member-network-enews-archive/.

Motor City Band Festival Palmatier

At some point, every band or orchestra director will either retire or move to another career. While there is much emphasis on mentorship and other ways to assist new directors, there are almost no programs to help us with the potential a more difficult transition. The U.S. Army has a mandatory program for anyone leaving the service to prepare them for the next phase of their life. Even without assistance, leaving a job that you love is tough for everyone. I want to share some lessons that I learned in the research I’ve done into this issue.

Pershing's OwnIn my case, I had over 37 years where I had established an identity as a music director and as a soldier. Prior to retirement from the army, I was the senior music director in the U.S. Armed Forces and was on speed dial of many officials in the department of defense, the Congress, and of course, the media. I received 500 to 600 emails daily from all over the world. By the way, I also was leader and commander of the US Army Band “Pershing‘s Own,” one of the largest (and busiest) military music units in the world. Then, one day I was no longer in the army, my phone wasn’t ringing constantly, the email stopped, and my schedule was mostly free. Sounds great, right? As a band or orchestra director, you were probably the most well-known and well liked person in your community. You have students, parents, and administrators who rely on you. And then suddenly, you are not that person any longer. For each of us there are emotional/psychological, social/family, and financial impacts of this transition.

MotorCityFestival Palmatier

The identity that you have developed over the years is now essentially gone. I was fortunate to have a colleague warm me up that about six months after retiring, I would hit a wall of depression, and he was so right. Because I have been warned about it, I was able to act with my health care provider.  Now, imagine if upon your transition, you are now spending more time with your spouse/partner then you would ever have before but then find yourself unhappy. Studied show increased divorce rates soon after retirement or a career transition because people make the mistake and assumption that their Brett_Favre_Super_Bowl_50depression is related to spending time with their spouse.

Brett Favre reportedly said when ending his first retirement from pro football that “the one thing about having nothing to do is that it doesn’t take long to do it.” To overcome boredom (and depression), it’s important that you know how you see yourself now and how you want others to see you. For many years, your identity was band/orchestra director. What’s your identity going to be now?

The impact on your social relationships can be equally challenging. Most of us develop the circle of friends in the music and education communities. When you are no longer in “the biz,” who will your friends be now? What will you talk about besides the awesome halftime show that you are no longer writing? This all goes back to who you are now, not who you used to be.

MidWest Clinic Palmatier

The financial impacts of retirement or transition are unique to every individual. However, if you intended to now be self-employed, be serious about it. Create a limited liability company (LLC). Most states let you do it online and it usually cost no more than $100. Keep meticulous records and don’t mess with the IRS. Done right, you can legally deduct lots of things as business expenses. Remember, you don’t have a music library anymore so you will be buying lots of scores (don’t be one of those folks whose library is full of illegal photocopies!).

If you’re going to follow the self-employed path, be aware of that self marketing, maintaining a website (see mine at ThomasPalmatier.com), and bookkeeping take a lot of time.

Palmatier at Liberty North.png

There is one terrific way to stay relevant in our profession – being a mentor. I encourage you to read my article in the August 2018 issue of SBO Digital Magazine called “Be a Mentor – Get a Mentor.”

Here are my top five takeaways for those approaching retirement or a career transition:

  • Start preparing as far in advance as possible.
  • Be prepared for the inevitable challenges. If you were unhappy or depressed, get help!
  • You get to define yourself now.
  • Stay relevant – be a mentor.
  • Enjoy it!

 

 

Col. Thomas H. Palmatier
Colonel Palmatier served as guest conductor of the 2017 PA Intercollegiate Band Festival at Grove City College in PA

Colonel (retired) Thomas H. Palmatier is the former leader and commander of the U.S. Army Band “Pershing‘s Own” and commander and conductor of the United States Army Field Band. He holds degrees in music education from the Crane School of Music (State University of New York at Potsdam) and Truman State University, as well as a Master if Strategic Studies degree from the US Army War College. He is an active clinician, adjudicator, and guest conductor of concert bands, orchestras, British-style brass bands, jazz ensembles, and marching bands. He is a Conn-Selmer clinician and a member of the American Bandmasters Association.

© 2019 Paul K. Fox