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How get-rich-quick schemes Targeting Young People?



How get-rich-quick schemes Targeting Young People?


How get-rich-quick schemes Targeting Young People?

What is get-rich-quick scheme ?

There are legal ways to gather a substantial amount of wealth in a relatively short period of time, but they generally require a great personal financial risk. A person can also get rich quick by investing in a winning lottery ticket or hitting a jackpot on a gaming machine. However, a real get-rich-quick scheme may involve breaking the law through fraud or other illegal activity. In my opinion, get-rich-quick schemes are illegal.

A get-rich-quick scheme can best be described as an effort to acquire instant wealth by taking advantage of the financial or personal advantage of others. Selling multivitamins may seem like a legitimate business, for example, but when the ultimate goal is to create a multilevel marketing company, it becomes a get-rich-quick scheme. Once the original investors have recouped their investment and a substantial profit, they will often pull out entirely, abandoning subsequent investors.

4 Famous Get-Rich-Quick Schemes  Specially Targeting Young People (And How To Avoid These Schemes)

For pandemic-stricken people, get-rich-quick schemes are becoming famous, bolder, and more alluring, especially targeting young people. Even if you’re fully confident in your scam-seeking radar, you may be amazed at how clever and camouflaged the COVID-period schemes have become.

Common signs of a get-rich-quick scheme

Before we discuss specifics, it’s worth mentioning some of the most common signs of any get-rich-quick scheme. 

The promise of Guarantee of income.

Payment requested upfront to handle training /supplies/application process fees.

Sketchy and dubious websites or email addresses.

Zero per cent online ratings or reviews.

Lofty and promising marketing language (achieve your goals, become your own master, etc.).

A request for sensitive information: credit card, SSN, or a photo of your passport/Identity Card.

1. Crypto currency

Any cryptocurrency that promises to multiply in value very fast is a scam. Again, the only thing supporting cryptocurrency values is the investor own interest, which is variable, fleeting, and uncertain.

Bitcoin, Ethereum, and other beneficial cryptocurrencies aren’t scams, but they’re very risky investments nonetheless. 

2. Multi-level marketing schemes 

99% of Multi-level Marketing participants lose their money, according to the Consumer Awareness Institute.  Anyone appearing like they’re making money from Multi-level Marketing on social media is simply attempting to deceive others into distributing for them. 

3. The lottery

There is no more open, easy and honest get-rich-quick scheme than the lottery! 

 My dear friend and I buy tickets. Then we lose and laugh. But playing the lottery with even the heavy expectation that your investment amount will be wiped out.

4. Fraud online business courses

There are so many fraud online business courses that offer to simple and innocent people and receive hefty amounts from them with zero results. Even the tutors are not perfectly trained and have knowledge about their related subjects.

How to avoid get rich quick schemes

Get-rich-quick schemes do not have magic except for the person selling the scheme. And, in fact, they waste the energy and money you really should be using to build your investments. Treating the occasional flyer is not a bad idea. If you have a small percentage of your investment money chasing good returns, that is good, but only as long as this unclear investment doesn't spoil the other, more important, boring but predictable wealth creation for retirement. That's fair, isn't it?

If you want to try chasing the hottest new mutual fund or try day trading online or invest in a friend's start-up business, that's fine with you. But you can't let these get-rich-quick schemes dirty you’re investing meat and potatoes.

Unfortunately, most people who get involved in get-rich-quick schemes try to use this speculation as a substitute for true, disciplined investing.

Many, and perhaps even most, of the best-selling books on money and investment techniques amount to just new get-rich-quick schemes. Any book that somehow magically and consistently promises doubles or triples the returns other investors earn is a get-rich-quick scheme.

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