Trump Bonus Checks, Freedom Checks, and the 501(k)

Get rich fast schemes
Get rich fast schemes

Get rich fast schemes have been around for a long, long time. Why? Because everybody wants something for nothing, or at least by expending the least effort possible. If it sounds too good to be true…

The fact is that the digital age has ushered in a whole new generation of characters determined to separate us from our money. It is just a lot easier to reach a lot more suckers. Let’s take a look at a few that are taking up space in our email accounts.

Trump Bonus Checks

I just got this one this morning. As with most of these messages, you have to watch a real snoozer of a long video while the narrator skirts around the meat of the matter.

Despite the name, he stops just short of claiming that President Trump actually legislated or recommended this “bonus” although he certainly implies it.

Donald Trump thumbs up
Donald Trump thumbs up

Of course there is an often-repeated call to action (CTA) to create a sense of urgency by telling you that you need to get yourself on the list by May 14. Or what? Some other poor slob will get my money? OK, got it. After all there is a limit of exactly $15 trillion of cold, hard cash available!

The bottom line? He wants to sell you $502 worth of information for a low, low price of $49. Basically he is going to sell you investment tips.

Freedom Checks

Freedom Checks have been around for at least a few months now, or at least that is when they started showing up in my email. Lately they have also running ads on the radio. To finance that they must be finding some takers. The radio spots are mercifully shorter that the video that accompanies the email.

I had to sit through the agony of the entire thing before the narrator got down to brass tacks about what it is really all about. Bottom line? The same basic Trump Bonus model although the investments seemed to focus more narrowly on the mining industry.

This is another pitch to sell $49 newsletters.

The 501(k)

Bankonyourself.com explains that the 501(k) plan is “a safe savings and wealth-building strategy based on a specific type of high cash value dividend-paying whole life insurance.”

An organization called the Palm Beach Research Group markets it under the guise that it is a tax shelter for the rich. The implication here is that if it is good enough for the likes for the very rich it ought to be good enough for a poor Joe Shmoe like me. After all, this is America, right?

Although the 501(k) is a legitimate investment vehicle and it can be quite lucrative, the approach taken b y the Palm Beach Group is to print and sell newsletters. These will set you back from $199 for the basic publication to $4,500 for the “Palm Beach Confidential.”

The bottom line? Most of us would do better to steer clear of these schemes and consult with a professional investment adviser face-to-face or sign up with a broker like Ameritrade.


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