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Nowadays, you can find a lot of ads, social media posts, or even businesses trying to sell solutions or secrets on how you can get rich quick. It can be easy to fall into those advance leverage get rich quick schemes because most of them look legit.
According to the FTC, people reported losing $1.48 billion in 2018.
In this article, we will go over why are people creating those schemes, how to identify them, a few examples of the most common ones, and what you can do instead.
Why Are People Creating Those Schemes?
It is sad, but the majority of people don’t do things just for the goodness of their hearts. We are living in a society where money is at its center. To clarify, we are enticed to make more money so we can spend more of it on things we don’t need.
As a result, more and more people are falling for get rich quick schemes. They are hammered on social media by looking at expensive cars, fancy houses, or people traveling the world on private jets. However, most of those posts are ads and are part of marketing strategies to sell get rich quick schemes.
Those schemes are not new, they have been around forever, but with social media, they are reaching a much larger audience than they used to target.
Spoiler alert! There are no easy ways to get rich quick, and if you are trying to use shortcuts, there is a high chance that it will end with you losing money. Also, the more money you have, the more targeted you will be. Thus, you need to be careful and always think twice before jumping into something too good to be true. In other words, don’t let your money go to someone else pocket without exactly knowing what you will get out of it.
How To Identify A Get Rich Quick Scheme?
It can be hard to identify advance leverage schemes because some companies do a great job of advertising their solutions. They even pay people to write good reviews and drive traffic to their website to improve their search rankings.
So, a great strategy to adopt is to assume that everything is a scheme. Then, triple-check that any resources, information, product, or service offered by a company is legit.
As a rule of thumb, if you think that an opportunity is too good to be true, it is usually a scheme. And don’t forget that for people to make money, others have to lose it.
For example, lots of people online are advertising “strategies” to make millions of dollars. But for you to get access to it, you need to pay $50 upfront. Why would someone take the time to sell a strategy for $50 if they can make millions of dollars. In other words, the only way for them to make profits is you.
What Are The Popular Get Rich Quick Schemes?
There are a lot of get rich quick schemes out there but the most popular are the stock picker, the bitcoin investor, the real estate strategy, and the million-dollar idea.
It is not a coincidence that these schemes are targeting the three pillars of wealth. It is because scammers know that talking about real estate, entrepreneurship, or investments produces better results.
No matter the scheme used, scammers are using similar strategies to get your money in their pocket. For example, they send catchy ads that are created to play with your emotions. That way, if you don’t act quickly, you will experience the fear of missing out on a great opportunity. Then, if you click on the ad, you will need to pay a small fee to get access to the information you are searching for.
How To Identify The Stock Picker?
- “This company reveals a bigger potential growth than Amazon.”
- “This multi-billion dollar industry is hidden in plain sight.”
- “Invest in those 5 penny stocks before it is too late.”
How To Identify The Bitcoin Investor?
- “Invest $1,000 to earn $10,000 in a week by trading bitcoin.”
- “Make thousands of dollars mining bitcoin 100% guaranteed.”
How To Identify The Real Estate Strategy?
- “How to invest in real estate with no money.”
- “Leverage other people’s money to make millions of dollars in real estate.”
How To Identify The Million Dollars Idea?
- “How to make millions by following these easy steps.”
How To Build Wealth Instead Of Get Rich Quick Schemes?
Success in life doesn’t work that way. There is no easy path to build wealth. However, determination, focus, motivation, hard work, and time will make things work the way you want them to work. And even if you have everything on your side, nothing is a 100% guarantee.
You need to think about your long term strategy with a 10-15 years timeline. Focus on simple maths and no need to overcomplicate things, so focus on the things you can control.
The secret key to life is simplicity. If you are confused about something or don’t understand it, it might be because someone created it that way. People don’t like to ask questions when things are too complicated. That is how some people take advantage of other people.
We talked briefly about the three pillars of wealth that are real estate, investments, and entrepreneurship. In other words, if you want to build wealth, you will need to start with one of those three pillars. But, don’t jump on something without knowing what to do. Take your time and do your research, learn about the pros and cons, educate yourself, and always triple check any resource or information that looks suspicious.
In conclusion, stay out of those schemes because you might end up losing more money than what you were expected to earn. So, focus on your goals and tackle them at your own pace.