We’re living through a new age of scammers. How many influencers have tried to sell you some dubious life-changing potion on Instagram? And don’t even get us started on the recent trend of crypto scams.
Charles Schwab, the American investor and entrepreneur who built a huge financial services firm from scratch, had a key insight early in his career: money makes it hard for people to exercise skepticism and common sense. Salespeople take advantage of psychology by telling buyers what we want to believe.
Instead of using that insight to take advantage of people, Schwab rejected it. His company’s early growth strategy was rooted in truly serving clients, instead of trying to trick them. Those efforts paid off.
In the age of scammers, a forthright approach can help you build credibility. Learn more in our Instaread on Schwab’s memoir, Invested.