Whether it’s investing in the newest cryptocurrency, or eyeing some type of “make money while doing nothing!” scheme, it can be hard to resist all the shiny “new” finance trends that constantly pop up. Often, though, these trends aren’t actually all that new—and even if they are, it’s important to look for signs that they’re doomed to fail. Any income or investment opportunity that seems too good to be true is, most likely, just that. And scam or not, chasing these trends is usually a mistake.
Sure, you know not to fall for a phishing scam; e.g., you wouldn’t give your PayPal information to a text from an unknown number. Here are other types of finance trends that you’d be better off ignoring.
Avoid “get rich quick” investment opportunities
It’s important be wary of finance trends that aren’t an outright scam, but are a mighty big risk if you don’t know what you’re doing. Take gaming apps, for instance. If you’re going to put large sums of money into a sports betting app (especially one that promises to pay out in cash), for instance, then you need to budget for compounding losses and long stretches where you win nothing. Even if you aren’t a victim of fraud, these apps aren’t usually a fruitful way to make money.
Crypto falls into this same category, too: It’s a relatively new market, and it demands a higher risk than advocates would lead you to believe.
Avoid income scams, too
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