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Work at Home Scams

The idea of working from home is certainly appealing. You get to set your own hours, sleep in some days, and be there when the kids get home from school. You can be there when the packages get delivered and let the dog out before it’s too late. Who doesn’t see the attraction?

Unfortunately, when something is so enticing, there will always be predators looking to take advantage of the dreams of others. They dangle the “be your own boss” bait and reel in the people who their wishes overrule their judgment.

The ads are hard to resist. “Make $2800 per month without leaving your home!” or “Stuff envelopes in your home for $1 per envelopes.” I cases like these, the old saw tends to hold true: If it sounds too good to be true, it probably is.

Common work-at-home scams include:

Medical Billing

For only $499.99, you can purchase a “business opportunity”. A lot of medical bill is actually done on paper so there is very real market for medical billing and processing. Unfortunately for the respondents to these ads, the vast majority of this market is already taken by large companies with huge marketing budgets. Finding enough customer to generate enough revenue to recover your investment is almost impossible, but you’ll never see that in an ad.

Envelope Stuffing

You answer an ad in the paper, sending $29.95 for a packet that will instruct you in the fine art of stuffing envelopes for $1 each. When you get the information, you find out it is a letter instructing you to place an ad in the papers stating “Stuff Envelopes for $1 Each. $29.95 for Information.” This forces you to become the scammer, just to recover your costs. Bad you.

Assembly or Craft Work

This one actually sounds like a business. You invest in–for example–a sign-making machine for $1500. The selling company promises to buy a quota of signs from you each month. After you buy the equipment and materials you spend countless hours making the product only to find out that either a) the company has disappeared or b) their undefined “Quality Standards” has rejected the work. Nothing is ever up to standards.

That’s not to say there aren’t legitimate opportunities to make money at home. Bob at Christian Personal Finance recently listed 24 legitimate home-based businesses, including blogging, eBay selling, wedding planning, car mechanic, and mobile oil changes.

Are you exploring any home-based business opportunities?

Saturday Roundup

Finance, Life, Misc

First, the shameless self-promotion:

If you want to see the glorious wisdom that is my Twitter feed, follow me on Twitter. I’m @LiveRealNow.

Please take a moment to subscribe to Live Real, Now by email. You get a choice between having all of the posts delivered to your inbox, or just occasional updates and deals. Both options get my Budget Lessons, free of charge, including exclusive access to articles that are not published anywhere else. Woo!

If you prefer to get all of you information and interaction on Facebook, become a fan!

And of course, there is always the wonderful RSS subscription.

The Best Posts of the Week:

: Cover of Monster Hunter International

Give the gift of kidneys so that Larry Correia can murder you for charity. Larry is the author of Monster Hunter International and Monster Hunter: Vendetta. Both books are excellent mind-candy, if you like explosions and monsters that, well, explode. Save a life and get murdered at the same time. Who could ask for more?

A V-8 only insinuates virility; multiple child seats prove it. With a title like this, and multiple car seats in my car, I have to include the post.

And finally, here are some tips to save time with email: Email Sucks.

Finally, a list of the carnivals and blogs I’ve participated in:

Dustin at Engaged Marriage was kind enough to run my guest post: Arguing Fairly with your Spouse.

I was included in the Carnival of Personal Finance with Check Your Bills.

Repair Plans, Appliances, and Rancid Meat…Oh, My! was included in the Carnival of Money Stories.

Selling Your Home: The Real Estate Agent was included in the Festival of Frugality.

If I missed a carnival, please let me know. Thanks to those who have included me!

Answer: How Much Term Life Insurance Do I Need to Buy?

Finance

From a question posted here:

Thank you for all your help in my previous question. After meeting with the agent, I’ve decided on term life insurance over whole life. But I am still not sure how much term life I should buy. Should I buy as much as I could afford or some specific amount?

My answer(edited a bit):

That question is far too open-ended.

Are you married? If yes, are you the primary breadwinner? Do you have children? Investments? Savings?

Here’s my situation:

I am married, with three children. I have the primary income.

We have a mortgage, a car payment, and some consumer debt.

I added up all of the debt as my base level of term life insurance. My family will not be burdened with debt if anything happens to me.

To the base level, I added 5 years of my net income. Without changing a thing, my family will be supported exactly as is for 5 years if I die. They won’t, however, have the same level of expenses, due to the base level of insurance paying off all debt. All of my living expenses also evaporate. For example, there will be one car sold, one less mouth to feed and body to dress, etc.

I figure with the lower expenses and no debt, my insurance will support my family for 10 to 15 years if my wife manages the money right. If she continues to work, it should last almost forever.

How do you figure the “right” amount of life insurance?[ad name=”inlineright”]