Happy Financial fitness Friday everyone! according to my Apple Watch I have completed my fitness goals for 171 days straight. Thats 171 days of exercise. My goal is to work out every day this year. That in its self is amazing given that’s its hard to stay focused on anything for a long term.
Now, You may be asking, “what can I learn about finances through working on fitness for so many days?” I know you’re asking it because I asked the same thing. Stick with me and you’ll learn what I have learned. Today, I want to point out the concept of consistency. But first, what have you been consistently working at, and how long have you been working on it? Leave me a comment and let me know.
I often hear comments that focus on the “power moves that build muscle now”, or the “lose weight quickly” strategies”. These usually work at first, but the moment you alter or stop using the plan, the plan stops working and you start to lose your momentum. This alone is enough to get anyone discouraged. What I’ve learned is, it is never about the type of plan you are following. It is more about the consistency of action. This is why the idea of “streaking” has taken off like wild fire. If you can work a plan consistently then you will reach your goals! The longer you take action, the higher the chances are that you will succeed.
The same is true about money. Often people mention the new bright and shinny new investment options that guarantee a high return that I need to take a look at. Or they tell me that the market is not doing well and I need to move funds to not take a big hit. I have read multiple authors and study’s of millionaires who said they made their millions by being consistent and diligent in their efforts with money, not the whims of the stock market. They stay away from debt, live on less than they are making, and consistently save and invest for the future.
When you do thing consistently, it may not be exciting. It’s the boring mundane tasks that lead to success. The “bright and shiny” items are put in our path as a distraction that will ruin our momentum. I try to avoid distractions and encourage you to do the same.
In my day job, I am usually the guy telling you what to watch out for when it comes to scammers. But, even I am not immune to scams. They got me! I saw it coming and I walked right into it. I noticed all of the signs, and yet I still got got!
Here is what Happened …
The day after Christmas, while we were cleaning up, my son notice that vacuum wasn’t working properly. After doing a little web search, we found the piece that needed to be replace. However, we wanted to check with the manufacturer before we made the purchase just to be sure. So, we made the phone call to try to that we were purchasing the correct part for our particular vacuum.
I explained my situation to the heavily accented representative that answered the phone. The representative said there was a new process in place, and before he could continue the call, he needed to collect some information from me. He asked for my name, address, birthday, and finally my credit card number (clue #1). I hesitated and asked, “Why do you need my card number?” “It’s a new process,” he reiterated. I questioned the necessity of the request multiple times, to which the representative replied with a degree of agitation and yelling (clue #2). He screamed into the phone that he needed the card number in order for him to help me (clue #3).
For the life of me, I don’t know why I didn’t just hang up. I provided him the information after a few moments of back and forth shouting. He played a recording which explained that I was purchasing a vitamin pack and would be charged the cost of the package plus shipping (clue #4 … I was calling about a vacuum part, NOT a vitamin pack). When he returned to the phone I made a point to tell him I didn’t want to purchase anything. But at this point he already had all he needed to charge me for whatever he wanted. You will not be charged, he assured me.
Finally, the representative gave me a phone number and said call this number to order your part (clue #5). He got me! It turns out I wasn’t on the phone with Dyson at all. What’s more, there were charges on my bank account in the few minutes it took for us to have this weird discussion. As it turns out, we miss dialed the phone number and the caller took advantage of our mistake. Once I realized what I did, I got right to work to minimize the damage.
Here is what I did, and what you should do if you become a victim.
I, immediately, called my bank to dispute the charge that was able to get through. I also put a block on my card. By taking these initial steps, no other charges could get through. The bank also set up a fraud alert on my account, and the alert sends out the message to other creditors that I’ have been a victim of fraud.
Next, I contacted the credit bureaus to set up a credit alert. This call notifies any potential creditor that I have been a victim of fraud. Also, I wanted to make sure a credit card could not be opened in my name, since I no longer use credit cards. I normally check my credit report for fraudulent activity once per year. And since I recently ordered my yearly credit report, if something suspect does appear, I’ll be able to identify quickly. Because of this situation, I will order my next report in a few months.
Just for extra precaution, I discontinued the use of the email address I’d given to the scammer. I sent an email notifying my contacts and provided a way to contact me. Before I could click send, I received several notifications from a variety of adult websites, thanking me for signing up. The scammers were very busy.
I should have notified the police as well, and I don’t know why I didn’t. A police report would make recovering any stolen fund easier. Fortunately, I was able to stop most of the damage that could be done. Since I contacted the bank so quickly, I was able to prevent any further charges. I was lucky. Even though I didn’t follow my instincts, I walked away from the encounter with minimal damage. The scammers were only able to charge $4.95, to my account. What’s more, the bank would send a new card in a few days.
On the bright side
After 2 hours of making phone calls to ensure protections were in place, I was finally able focus on actually calling Dyson. The silver lining in this whole situation was that my vacuum was still under warranty. Even better, Dyson was able to ship me a new part absolutely free. This outcome was perfect considering that I didn’t have a way to pay because I deactivated my bank card due to the day’s events.
I share this story with you to let you know that no one is immune to scammers. But with information and learning from others, you can protect yourself if them scammers get you, too! Just as a side note, if the phone call seems weird to you, just hang up. It will save you hours of worry and work.
Corey Stokes 
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