Common online business scams

Popular internet scams -- Steve Sorensen embezzlement

It’s no secret that the internet is riddled with tons of schemes aimed at getting people’s money. Scammers online often masquerade as legitimate businesses, making it hard to discern unless one really studies offers closely. And more and more of them are appearing in our email inboxes and on our social media pages. This blog will look at some of the most prevalent online scams and explain how you can better protect yourself and your business. Steve Sorensen embezzlement.

The Nigerian letters scam

Most people know of this by now, but it continues to be prevalent. A person will receive an email from a certain individual from the African country, explaining a huge inheritance and asking for your money to have it registered. This embezzlement will gradually escalate to various fake needs like a visa application, travel expenses, and so on until the sender finally vanishes with their “investment.” Steve Sorensen embezzlement.

Make money f…

What young business leaders can learn from the biggest M&A busts of all time

Mergers and acquisitions (M&A) are major processes in business as a whole. As such, many young entrepreneurs and financial consultants may very well do best to read up on these processes since they may be a great source of learning. Steve Sorensen embezzlement.

One of the more interesting topics in M&A comes from the biggest failures of all-time. These busts are so big that the fallouts themselves have an even bigger effect on industries that the M&As.

Take, for instance, the Vodafone and Mannesmann M&A, which was marred by all sorts of problems, from wrong expectations to rushed decisions. With all the hype surrounding this merger, it was easy to predict that a number of steps in the process may have been hastily dealt with. Steve Sorensen Embezzlement

Many financial experts agree that the combined net worth of the merger blinded many of the higher-ups from both companies, giving them the mistaken belief that money ensures a successful merger. It doesn’t, and it didn’t…

Greatest Ponzi schemes that fooled millions

Ponzi scams Steve Sorensen

Ponzi scams have a lot of mechanics in common, but the most telling sign is the high returns in a small amount of time. Over the decades, there have been thousands of shady deals that have fooled millions of people out of their hard-earned money. Perhaps the promise of easy money was too good to pass. Besides financial literacy, people should really understand how investment works. If not, they could easily fall for a many number of scams circulating in the US. To help understand these scams better, here are some of the minds behind greatest Ponzi schemes ever pulled off. Steve Sorensen.

Scott Rosthstein

Rothstein embezzled over $1.2 billion by attracting thousands of investors. Once a respected lawyer from Florida, Rothstein is currently serving a 50-year sentence for his crimes. His scam lasted for years which enabled him to live an ultra-lavish lifestyle. Steve Sorensen

Allen Stanford

The tale of Allen Stanford is a comical story where an ordinary person prete…

When to seek the aid of a financial counselor?

Professional advice -- Steve Sorensen

It would be ideal to have a setup in which everyone has their own financial counselor or advisor, checking in every now and then for any big purchasing or investment decision. Yet in a more realistic setting, having a financial advisor can be quite costly, with some charging a fee equal to one’s invested assets because, well, they have a make a living from the expertise they provide.

A careful analysis -- Steve Sorensen

Therefore, a careful and thorough cost/benefit analysis is essential before deciding on hiring a financial counselor, considering the costs and what we expect in return. Keep in mind that there are reasons that should get one going down this road, including a lack of a financial roadmap. A financial advisor can get one back on the right track after they feel that they’ve lost their sense of financial direction.

Third-party help -- Steve Sorensen

Another reason for getting a financial counselor is one’s general disposition. If a perso…

Tips for boosting your business’ social media presence

There are plenty of ways to strategize your social media presence. But by being wise about it and using the existing platforms properly, you will reap the many benefits of social media marketing. Hereunder are some tried-and-tested social media approaches you can harness for your business, courtesy of CPA and finance expert Steve Sorensen.

First off, give clear instructions on call-to-action posts. Make sure that you mention the exact action you’d like your audience to take for your posts. The idea is that good content should not just be liked, but shared, retweeted, and commented on.

Of course, this entails creating a conversation. Social media sites like Facebook and Twitter allow you to connect one-on-one with your customers. Therefore, make full use of direct messaging, mentions, and comments to spark a dialogue. Focus on what your audience are talking about and what they value the most.

Update your pages regularly. This might mean posting multiple times daily to keep your audienc…

Cryptocurrency and what lies ahead for banking and finance

My name is Steve Sorensen, CPA. While being an accountant is my job, my passion lies with helping people with their finances by giving advice and discussing about the latest banking and financial trends.

Today, I want to put the spotlight on one of the most popular (some would say infamous) financial and technological trends in recent times – cryptocurrency.

The favored son of blockchain technology, no other technological breakthrough has held as much promise and controversy as cryptocurrency. The main issue for traditionalists is quite obvious – cryptocurrency does away with banks. This brings me to the second Steve Sorensen point – how has cryptocurrency affected global banking as a whole?

Theoretically, fractional-reserve banking will shoulder most of the brunt of the changes brought about cryptocurrency. Financial experts foresee a shift to the overall number of credits given, which may threaten the stability of banking as a whole.

However, while most banks lack the infras…

Financing a car the smart way

Getting the most out of a deal is what everyone wants, but not what everyone gets. There are many ways to get the best deal when buying a car. Whether you’re looking at a brand new car or a used one, being frugal surely has its benefits.

Determine your budget and be strict in implementing it. For sure, you have a preferred model and you’ve already looked up its price. Look for better deals for both brand new and used units. Some models depreciate quickly, thus making for a good buy—so be certain to watch out for those. Steve Sorensen suggests that once you’ve seen the prices, decide if you’re getting a new car or a secondhand model. This will determine the insurance and maintenance costs.

Examine ownership costs of the car of your choice. Many cars may appear to be inexpensive. However, their insurance costs and overall maintenance can be over the top. Expect this from brands who are great with financing. Don’t get sucked in by low interest rates and low down payments. Be…