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Introduction

Have you ever been ripped off? Have you ever seen other people being ripped off and wondered how on earth did it happen to them? Don’t worry it’s been happening all our lives; in the past there’s been big scandals like the tulips and shares and most recently it’s been in cryptocurrency. I’m going to use The Wolf of Wall Street to show you three ways that people can use to influence you to part with your money.

1 Credibility

The first trick is to come across as credible, take a look at this clip:

The Wolf of Wall Street Rip Off

Wolf: ‘Gentlemen, welcome to Stratton Oakmont!’

You’ll see a lion’s head in the logo and you hear the word Oakmont, oak, strong all around positioning that the company and the person representing that company is credible. The first thing you need to influence somebody is to be credible otherwise the person listening to you will not believe a word that passes your lips.

The Wolf of Wall Street Rip Off

Wolf: ‘We’re a new company with a new name a company that our clients can believe in, a company that our clients can trust.’

2 Trust

Number two Trust. Trust me. When you establish trust then you really begin to manipulate your audience.

The Wolf of Wall Street Rip Off

Wolf: ‘What we’re gonna do is this first we pitch him Disney AT&T IBM blue chip stocks exclusively companies these people know. Once we sucker them in we unload the dog shit the Pink Sheets the penny stocks where we make the money fifty percent commission baby!

Scam

A great example of where trust can be used to take advantage of you and take your money away from you is a boiler room scam. I get you to trust me over a period of time by giving me some money. Say I ask you to give me five pounds, many of you will say no, a few of you will you’ll say yeah it’s not the end of the world to lose five pounds. So you give me five pounds on the promise that I will next week give you ten pounds back. I duly do so.

After two weeks time you’re five pounds better off the following week I’ll make another request for money perhaps for six pounds the next week you double your money. I’ll give you twelve pounds back so it continues for a few weeks and I am down but after week five or six I say to you okay let’s step things up this time you give me £1,000 pounds. Because previously I’ve always done what I said I’ll do you trust me, Many of you buy into me you give me that £1,000 pounds and the following week you get nothing back because of hot tailed it and I’ve left the country!

3 Time

Number three it’s time to bring out the big guns, it’s time for time!

Wolf: ‘Now the key to making money in a situation like this is to position yourself now before the settlement. Because by the time we read about it in the Wall Street Journal it’s already too late.

Time in this case used in a sense of scarcity. We have an ever reducing window of opportunity which is going to eventually close if we don’t buy it right there and then. What happens when we see that ever reducing opportunity is that we become emotional. We move from cold deeply logical, thoughtful, reflective mode to a really exciting mode because we’re chasing after something we’ve really got to get it.

The Wolf of Wall Street Rip Off

Victim Kevin: ‘Yeah, I am impressed.

Wolf: ‘You give me one shot here on a blue chip stock like Kodak and believe me Kevin the only problem you’re gonna have is that you didn’t buy more, sound fair enough?

Victim Kevin: ‘My wife might divorce me but yeah let’s do it!

Wolf: ‘Excellent choice Kevin, how much you want to go for this time?

Victim ‘Kevin: $5,000

Wolf: ‘Why not try $8,000, Kevin.

Victim Kevin: ‘Lets do $10,000.

Wolf: ‘Excellent choice Kevin. Let me lock in that trade right now and get back to you in five minutes with an exact confirmation Kevin and, welcome to Stratton Oakmont!

Victim Kevin: ‘Thanks man, I’m gonna have a beer!

Wolf: ‘Take it easy Kevin.

Inspirational Speakers 

Imagine going to a day where you see a really inspirational speaker you can’t believe that individual, who’s famous, is giving you all that information for free. You’re so thankful and then at the end of a day there’s a promise made. There’s a promise made that for some of you, that lucky few will be given the opportunity to get even more access to better information given by that speaker if you sign up on that day. If you sign up on that day you will get access perhaps at 25% off, you’ll get access to even more. Now the take-up rate is so high, why?

Because we are in a hot cognitive state, we are all emotional. We’re no longer using logic, we’re using intuition, we’re using our feelings to make a buying decision. Watch out when people are saying to you, you must do this now instantly. Say to yourself this is somebody trying to take advantage of me. It could well be it’s true that opportunity is going to be missed but a lot of the time the individual telling you that is using time, a lot of a time, to take advantage of you. They’re trying to trick you into a hot cognitive state. Stop, be skeptical. Ask yourself would you normally buy this if you were sat at home having a cup of tea or a lovely coffee in the cold light of day?

Conclusion

In conclusion ladies and gentlemen: it’s not these three influential techniques that are bad but the ends for which they are used.

In this Wolf of Wall Street they’re used to exploit people and take advantage of them. Today we have something called the Internet which means realistically if we’re doubtful we go online and check it out. But still be careful. If you see these three things being used to persuade you of something ask yourself a question. Did Andrew talk about this and perhaps you need to check out the proposition before you buy?