You’re scrolling your social media feed. And there you see it: a “double-your-money” scheme or a course teaching you how to make money quickly!
These get-rich-quick schemes appear on every platform, in one form or another. The words and calls-to-action might change, but the pitch remains the same. And unfortunately, we keep falling for it. Why is it so and what can you do to avoid taking the bait?
What Is a Get-Rich-Quick Scheme?
The term “get-rich-quick” is used to describe shady investments with unrealistic rates of return. They create the impression that users can obtain this high rate of return with little skill, effort, or time, and with minimal risk.
Most of these schemes are advertised through spam emails, cold calling, or social media ads. They date back hundreds of years and can take the form of a system, a coaching service, a work-at-home opportunity, or some other variation with a deceptive money-making promise.
A Brief History of Get-Rich-Quick Schemes
In October 1822, a Scottish adventurer Gregor MacGregor left the shores of Central America for the United Kingdom. On his arrival in London, he earned the title the “Cazique” or prince of the land of Poyais.
He claimed that he discovered a new land, the country of Poyais, and offered people an opportunity of a lifetime. He described Poyais as fertile land that could yield three harvests a year. The water of Poyais was so pure that it could quench any thirst. And on top of it, chunks of…
