The lure of making money quickly without putting in much work is hard to resist when there are so many businesses that promise to help you do just that. Although there are several ways in which you can make a good amount of money quickly, there will definitely be a higher financial risk involved. For example, you can get rich quickly if you hit a jackpot or win a lottery. However, we all know how rarely that happens.
What are get rich quick schemes?
Get rich quick schemes can be described as businesses that promise instant money by taking advantage of others. Such schemes are scams because they only work for the person who is selling the scheme. They usually involve illegal activities or fraud. Books or CDs that promise to teach you how to magically earn thousands of dollars within weeks, sound too good to be true, and they usually are.
Some examples:
The Pyramid Scheme
There are several different types of get rich quick schemes that you will come across on the internet today. One common example is a pyramid scheme, also known as network marketing or multi-level marketing. MLM schemes require you to purchase products from the company at a lower price and then sell them at retail value. You earn commissions on the products you sell as well as through the people you recruit. Unfortunately, most pyramid schemes are scams because they are focused not on selling genuine products but on recruiting others. Such businesses are illegal and banned in several countries.
Selling a product may seem to be legitimate at first glance. However, in an MLM structure it is a get rich quick scheme since the company owners usually pull out of the business once they’ve made profits and abandon others involved in the business.
Sweepstakes Scam
Everyone dreams of winning a huge sweepstake prize and get rich overnight. However, the notifications you might receive in your email inbox are usually all scams because you will be required to give them something in return. Such scams will ask you to pay money for service fees, handling or shipping charges in order to get the prize. Legitimate sweepstakes are always free and will never ask for you to pay anything to receive the prize.
Get rich quick schemes feed on your desperation
People who are going through tough financial times, are struggling to find a job or are desperate to make money are easy prey for such get rich quick schemes. These businesses take advantage of your desperation to amass wealth. If you’re asked to pay money to earn money, it is always a scam. Once you send across the money to buy that book or CD or to enroll in the “work from home” business opportunity, you’ll never hear back from the business or get your money back again.
Most people believe that they would be able to recognize a get rich quick scheme when they see one. However, the idea of making a quick buck is always appealing. The lure of instant gratification drives such illegitimate businesses that come in the guise of a legitimate opportunity to make money. If a business opportunity promises unbelievable returns, stay away from it.
Have you been duped into one of these scams. We would love to hear from you. Post your experience below to warn others and run your scammer out of business.
Priyanka Trivedi
