The theme this week on the Retirement Quick Tips Podcast is: How To Spot & Avoid Get-Rich-Quick Schemes

Today, I’m closing the week with 5 get-rich-quick schemes according to moneyunder30.com. 

1. New cryptocurrencies. The crypto market is full of scammers, and some have imploded in recent months as the tide went out on the crypto market. If you must buy bitcoin, which I don't recommend, it’s best to stay away from any new-fangled cryptocurrency and just stick with the old hats. 
2. Multi-level marketing companies. I might get some hate for this, because multilevel marketing companies (aka MLMs) are so popular. I can name at least 10 people I know personally, probably more, who have been or are currently involved in a MLM. These companies include Mary Kay, Rodan & Fields, Herbalife…the list goes on. “MLMs are notorious for using psychology and manipulation to lure unsuspecting income-seekers into their midst. Then, they squeeze capital out of them on the dangling promise of eventually multiplying their returns.” All of them promise that you’ll “become your own boss, get free training, and earn six figures in your first year!” Yet, according to the consumer awareness institute, 99% of people who join a MLM lose money.
3. Third is the lottery, which I talked about yesterday. According to moneyunder30.com, “A mass study on the lottery’s net impact on society found that “the percentage of income spent on the lottery is significantly higher for players with low family incomes and low education,” hence the lottery’s ignominious nickname: “a tax on the poor.”
4. Phony job listings, which have become more widespread with technology and work from home trends. The scam works something like this: Someone reaches out to you and They either say “no experience necessary” or that you’d be perfect for it, and since they want to fill the role right away, they’ll just do the interview via a chat window. Before your start date for your high-salary role, they’ll need to add you to payroll and benefits – so you’ll need to pass along your W-9, 1099, and/or a scan of your ID.” You can probably guess what happens next, now that they have your identity information. 
5. Illegitimate online business courses…”Bad online courses always seem like good investments upfront. They’re taught by people who’ve “made it” in the industry and who promise to tell you all of their “best money-making secrets.” They’re also sold to you at a weirdly high discount (e.g. 97% off) and sometimes, you even have to apply to be in the course. But crappy online courses aren’t just dangerous due to high cost and missed expectations – they can teach you the wrong things that actually hinder your progress and take months to unlearn. 

 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance