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Topic : 07/03 Get Rich Quick Disasters

Number of Replies: 109
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Created on : Friday, January 11, 2008, 01:05:50 pm
Author : DrPhilBoard1
(Original Air Date: 01/16/08) Do you know someone who says he or she has a great idea to make a lot of cash overnight? Does this person spend all their time, energy and money trying to make a better this or that? Dr. Phil's guests have their heads in the clouds but no money in the bank, and their loved ones want to give them a reality check. First up, Dave thinks his big–money break is around the corner. He says once one of his deals comes through, he'll being living high on the hog, though for now he lives in a tent. His ex-girlfriend, Diane, says she would marry Dave if he could get his finances figured out. Find out why Dave's mom says she's scared for her son's future. Next, Casey is only 24 but has already racked up $2.2 million in debt with rash real estate investing. He's been foreclosed on, receives calls from creditors, is considering bankruptcy, and recently, his wife handed him divorce papers. He's desperate to save his marriage, but is his wife willing to work things out? And, meet A.J. Khubani, a man who has made millions selling products on TV infomercials. He allows the Dr. Phil cameras to roll as he tells it like it is to wannabe millionaires. Find out which product caught A.J.'s eye, and what he's willing to do for this inventor. Plus, learn how to spot a two billion-dollar scheme that could take you for thousands, and don't miss the get-rich-quick ideas the Dr. Phil viewers submitted. Would you buy them? Talk about the show here.

Find out what happened on the show.

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January 16, 2008, 8:39 pm CST

01/16 Get Rich Quick Disasters

Quote From: americangirl15

what was the name of the website the guy stated to go to where it only cost like $100 some dollars to patent your item(s)?

http://www.uspto.gov/
 
January 16, 2008, 9:09 pm CST

01/16 Get Rich Quick Disasters

 i wanted too let people know the money scaming isnt only on email. iam on yahoo and i get asked from people the same thing cashing checks and send them the rest..  watch out they talk too you and want too be friends for a while then they ask......sherry_4244041

 
January 16, 2008, 9:12 pm CST

Inventions

 I think it is truly sad that in todays world the only way to make money is to have money.  I have what I think is a great invention - one I have used and find to be really useful.  After researching what it costs to bring an invention into the market I've had to say forget about it!  What average American can spend the 10,000 - 50,000 it costs to just get a prototype made - unless of course you want to run your life and family into the ground trying to get it developed.    I feel this excessive cost really hinders what creative forces may be out in the world today.  Being unable to share with others because you can't fork out the cash to get someone to listen to you is really unfortunate.  I could go on forever but in the end wish that we as a society could focus on giving each other a hand up - just some one to say how can I help you succeed without  sucking every ounce of  life ( energy, ideas, money)  from you for their own benefit.
 
January 16, 2008, 9:28 pm CST

Not a patent

Quote From: slgraycols

http://www.uspto.gov/

Remeber, this is not a patent ... it's a "Provisional".  You will have ONE year from the date of application to file for an actual patent, and at that time if you don't ... it becomes unprotected public knowledge, so be careful.

 

From Amadico, the "Mailbox Game" guy.

 
January 16, 2008, 9:33 pm CST

Be Careful .. not a patent

Quote From: americangirl15

what was the name of the website the guy stated to go to where it only cost like $100 some dollars to patent your item(s)?

This is not a patent .. it is a "Provisional Patent".  It is good for protection for ONE year.  At the anniversary of the filing date, you must have a formal patent application filed, or you info becomes unprotected public knowledge.

 

From Amadico -- the "Mailbox Game" guy.

 

 

 
January 16, 2008, 9:38 pm CST

Provisional Patents

Just some general info for any inventors out there ...  Make sure you understand what a "Provisional Patent" is all about.  It will provide limited protection for ONE year.  You must take action to file a formal patent with the USPTO before it expires, or your idea will become very unprotected public knowledge. You should actually start your ideas with a "Disclosure Document" ... it's extremely important to learn and study how to do things right before jumping into this.  Stay clear of "Invention Companies" -- they will, in many cases, do nothing and charge a fortune.

 
January 16, 2008, 9:43 pm CST

Ways to do it

Quote From: kiwanis

 I think it is truly sad that in todays world the only way to make money is to have money.  I have what I think is a great invention - one I have used and find to be really useful.  After researching what it costs to bring an invention into the market I've had to say forget about it!  What average American can spend the 10,000 - 50,000 it costs to just get a prototype made - unless of course you want to run your life and family into the ground trying to get it developed.    I feel this excessive cost really hinders what creative forces may be out in the world today.  Being unable to share with others because you can't fork out the cash to get someone to listen to you is really unfortunate.  I could go on forever but in the end wish that we as a society could focus on giving each other a hand up - just some one to say how can I help you succeed without  sucking every ounce of  life ( energy, ideas, money)  from you for their own benefit.

There are ways to get things there for less than that - but it will always cost money. There is a "Virtual Prototype" that can be used in many applications.  Its a computer 3D rendering of your idea.  But always plan on 10 to 15 thousand for the whole processif it's not a complicated idea.  If you have a truly great idea, start with a disclosure doc, get a provisional, and go see if some people you trust will invest.  Get an attorney to make official docs to handle a fair payment to them should it succeed, and make sure they know their money is ate risk.

 

From Amadico -- The "Mailbox Game" guy.

 
January 16, 2008, 11:15 pm CST

Rental Scams

Just today a friend of mine told me that her girlfriend listed her room for rent on the Internet and a woman answered the ad, telling her she would send more money then she was asking for, but if she could send some of it back to her so she can make her move here ~ Thank goodness the woman was smart enough to know it was a scam and told the woman to forget it ~ It just doesn't stop.  They will find anyone out there to take the bait ~ Nothing in life is free ~ and anyone asking to have you send money back to them is not being honest.  Then I watch Dr. Phil and sure enough ~ it's about Scams ~ Be safe and be sure to tell your elderly family members and friends not to fall for them.
 
January 16, 2008, 11:32 pm CST

Lying on Your Loan Application is FRAUD

I have to say that I am absolutely disgusted with Dr. Phil’s second guest today.  Not because he ended up getting over his head.  That is understandable, he was greedy and young.  The reason I am absolutely disgusted is because he lied to the mortgage companies in order to get his money… in fact, he committed fraud and should have to pay whatever legal and / or criminal consequences can be brought against him.

 

When he lies on his loan application, it is not just him who suffers when he can’t pay his bill.  It is the bank who gave him the loan.  It is all the employees who either get laid off, don’t receive pay increases or whose bonuses are taken away from them when that bank loses money.  It is the people who are trying to save for their retirement who have money in these banks whose real estate stocks go down in price.  It is the honest couple down the street who see the value of their home compromised because there are so many foreclosure properties in their neighborhood. 

 

In hindsight, should the bank have held higher standards?  Yes!  And now because of this mess they are closing down all those loans people like this guest would take advantage of to “steal” money.  This makes it harder for honest, hardworking people to obtain their primary residences.    

 

It is frustrating for myself, someone who has been in the financial industry and real estate business for over 11 years, to see many of my friends and colleagues suffer because of fraudulent “entrepreneurs”.      

 

I am disgusted that Dr. Phil did not call him out on the carpet and ream him over the coals for what he was trying to do.  I personally would have been happy to see the police cart him off the stage after he admitted he committed loan fraud. 

 

This guest was not an entrepreneur…. This guest is a criminal.      

 
January 17, 2008, 12:24 am CST

That poor guy

  I have personally read that book

Rich dad, Poor dad after my husbands brother gave him the book a few years back.

 

I think personally.

 

What maybe great and wonderful for one person on how they got rich will not always work for another.

 I think the way he started it. ((  he brought one house, fixed it up then sold it again making money off it ))  But going out and buying eight more was NOT what he should have done. After he did the first one. He should have Put some of the money he made to the side. Then he should have bought another house BUT NOT 8 at once.  If he did it one at a time he would have been better off.

 

There are many rules people should fallow when buying, trading and selling things.

Do one thing at a time.

The best way people should use a credit cards is. Never put something on a credit card that you can NOT pay off at the end of the month. If more people would do this. It would help in the long run.

 

I personally think he should wait at least 6 months to a year then re-sell the places he brought.

 

Or try and re-sell them now. Might lose a little bit of money doing this BUT. It will help him LOWER is debt.

 

PLEASE REMEMBER- If it sounds to good to be true, then it probably is to good to be true.

 
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