10 Reasons Why “Get Rich Quick Schemes” Are Not The Best Options For Wealth Creation

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Photo by Sharon McCutcheon on Unsplash

Everyone likes money. We want to have it in our possession, as many as we could possibly amass. Interestingly, money does not come by easily. Money is only attracted to those who are ready to go and take it! Unfortunately, legal (illegal too, smiles) money is not easy to take. You have to work hard and long for it. You have to prove that you truly want and deserve it. However, many young ones in the 21st century are not ready to invest the time, energy, work and brain required to amass wealth. Consequently, they turn to short cuts, which are often faster-than-normal means to make lots of money. Many peddlers of such have saturated the world wide web space, promising “quick cash…”, “6-figures in 24 hours”, “7-figures without knowing how to do anything”, “make millions without working” and more. Other forms of these superfast money-making schemes are organised cyber thievery, code-named in Nigeria as yahoo-yahoo or yahoo plus or 419 etc. Hence, these means are collectively referred to as Get-Rich-Quick Schemes.

A get-rich-quick scheme is a plan to generate high income from a small investment. Get-rich-quick schemes are often shady investments. They have been in existence for more than a century ago. Although the legality of some is controversial. However, a lot of people are seen exploring it. Also, many became very rich with it (This is more applicable to the originators/founders of the schemes). This article will look into why they are not the best options for wealth creation.

WHY THEY ARE NOT THE BEST OPTIONS FOR WEALTH CREATION: 10 REASONS

ILLEGAL

One of the main problems with these schemes is the fact that some of them are considered illegal in many jurisdictions. Ponzi schemes, Pyramid schemes or Matrix schemes are known to be illegal in the constitutions of many nations.

INEFFECTIVE

Most times, many of these schemes do not even work, even though they (founders) send fake proofs of authenticity to their potential victims. Some of them eventually hack their victims’ bank accounts and subsequently withdraw money from these accounts.

NOT DESIGNED TO SUCCEED

As it was mentioned earlier, most of these schemes do not eventually work out, because they weren’t designed to succeed in the first place. A smart person understands how a good business operates, and how ‘reasonable’ the acclaimed profits are. Some of the promises made by the founders of these schemes are just impossible to fulfil. Alas! excessive greed blinds. Hence, many are oblivious to the regretful ending such schemes are fated with.

STRESSFUL

Even schemes that will ‘work’ require you to work. Not just working, in fact, it’s hard work. The returns might eventually not compensate for the whole stress. You might end up just promoting someone’s business while you recieve a ridiculous amount of money as compensation for the job. Why not put the whole energy into a more promising business, probably a personal one?

TIME

Success takes time. You might invest a huge amount of money in a scheme and have to wait for donkey years before you recieve your promised returns (That is if you are lucky you weren’t scammed). Investment into a legit business is obviously better.

EASY MONEY?

Some get-rich-quick schemes display the impression that getting money is like chewing a piece of boiled fish (So easy?) The truth; good things don’t always come easy, especially money. You have to work hard and smart. Otherwise, you might just be chasing your own shadow.

FALSE PROMISES

Many of these schemes make false promises. It is simply a means to entice and stealthily rob its victims.

THEY PREY ON YOUR PURSE

Many of them just want to get your money. That’s all! This is why they do all they can to gain your interest. Once this is done, be rest assured that you will start realising how disinterested they are in helping your situation. Initially, they try to give you the best rates that will get as much money as possible out of your wallet into their hands. This is all they care about.

SUCCESS REQUIRES HARDWORK AND SMART WORK

Whether you’re chasing money or you’re chasing other life goals, you need to realise that success requires hard work, smart work, persistence, determination, consistent efforts and not just ‘luck’. Invest your money in legal and promising businesses and not get-rich-quick schemes!

SUSTAINABILITY

Get-rich-quick schemes are not sustainable. That is, they cannot last long. They cannot be bequeathed to the next generation. Wealth creation can only be possible via sustainable investment vehicles such as businesses, real estate etc. not get-rich-quick strategies. You may win at the beginning, but you cannot sustain your winnings, not for long.

In conclusion, to be forewarned is to be forearmed.

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