I do my very best to keep up with all the latest terms and lingo that goes on within pop culture today. At this point, since the Katie Couric interview, we’ve pretty much all heard about Manti T’eo getting “Catfish’d”. If you have never heard the term “Catfish” (coined by the documentary “Catfish”, which basically describes an online relationship in which one of the parties involved is pretending to be someone they’re not), join the club, because the term was recently new to my vocabulary. I suppose most guys in their lifetimes have made up a story or two about some imaginary girlfriend, but could a “Catfish” relationship actually be a money move that can ruin your wallet?
First of all, let’s talk about the first date. In my opinion even though there could be a significant cost savings by having an online first date for free, the cost of going for a cup of coffee or a dinner is well worth the price to get to know someone’s identity. I’ve used several different types of online software to run meetings before, but can you really get to know someone well with an online date. This can become even more of an issue if you cannot see the person and the date is just an online chat. While I like to save money, saving a few bucks by not having a face to face date is a money mistake in itself.
Though many people out there may have found love or happiness online, we should all be aware of the grave risk of getting your information or identity stolen. In some ways, Facebook has become a reality TV show by allowing people to share the best and worst of their lives. Sometimes, people share even the most mundane things for attention, such as simply being stuck in traffic. If you get into a Catfish relationship situation, could it cost you big money by giving someone your social security number, a copy of your driver’s license, or even, dare I say it, your credit card number? Of course, why wouldn’t you divulge this information if you were in love?
The last piece of this is how a Catfish could potentially set you back in your career. Although a face-to-face relationship could have its downsides, can you imagine how people may view you and your actions, just like a Manti T’eo situation, if you got Catfish’d? What happens if you get caught having lots of online conversations at work? How will your bosses think of you if you can’t bring your plus one to the next company holiday function? What if these situations put a hole in the pocket of your future potential earnings power?
Here’s the bottom line for a smart money move. Don’t order Catfish on your next date! It may be the last meal you eat!
Written by:
CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Editor in Chief of Your Smart Money Moves
Co-CEO and Founder of oXYGen Financial, Inc – The Leaders in Gen X & Y Financial Advice and Services
Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.
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