Crooks will get the lot

QIs there anything stopping us (legally) from advertising via social media the offer of short-term bridging loans secured by a first mortgage? It could be through our company or as individuals. This is to invest an inheritance of around $3.5 million.

Now this is interesting. I can say with confidence I have not been asked this in many decades of answering questions. I suspect you would need some sort of broking licence. I could find out quickly but I don’t plan to as I reckon this is a really, really bad idea. To me it looks like a great way to turn a large fortune into a small one.

Cathy, given your question I assume you know nothing about this area. And it is full of more traps and alligators than a swamp. I reckon you will have every crook and rogue in town contact you with false documents and dodgy valuations. Your money will be gone in a flash.

If you want to put a small part of your money in peer-to-peer loans, talk to the leading companies in this area. They can manage the risks and loans. Yes, they will take a clip but that is better than losing your $3.5 million, which I believe you will.

With the rest, please protect your good fortune and make sensible decisions. This could be shares, property and particularly super. Sorry to sound so negative but I hate seeing people go into unregulated areas they know nothing about and lose the lot.