In other words, no investment is risk free or can guarantee significant returns. The second rule is: the higher the risk, the higher the return. Amassing a small fortune within a short space of time should raise questions about the scheme.
The first is that it takes time to make money. There are two golden rules when it comes to investing. Watch out for them.įirstly, they offer exaggerated and above-market returns within a short period of time, with the promise of little to no risk. There are five tell-tale signs of a “get-rich-quick” scheme. Ponzi schemes have since resurfaced in different forms in South Africa, Nigeria, Zimbabwe, Kenya, Ghana and several other African countries. In the early 1990s, MMM Global – one of the world’s largest and most notorious ponzi schemes – defrauded up to 40 million people, who lost an estimated $10 billion. There have been some massive fraud schemes over the past 30 years. You should avoid them because, more often than not, they are bogus and fraudulent business ventures. They promise financial benefits that don’t exist. The people running them take money through deception: the misrepresentation of information and identity. The schemes are a form of financial fraud. They’re also sometimes called ponzi or pyramid schemes. “Get-rich-quick” schemes are one such trap. We use our academic platform to share our expertise on finance, including common financial traps people should steer clear of. Send us feedback about these examples.Our research interests center on financial systems in emerging economies, and we advocate for financial inclusion and empowering marginalised communities through financial literacy and financial planning. These examples are programmatically compiled from various online sources to illustrate current usage of the word 'get rich quick.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. 2023 When prices were rising, people saw real-estate investing as a way to get rich quick.
2023 The groundbreaking film about two best buddies from childhood, named Salem and Asad, who stumble upon a gun shipment and try to seize this opportunity to get rich quick is set entirely in the Persian Gulf. 2021 The Berkshire Hathaway boss sympathizes, however, with people hoping to get rich quick off it. 2021 Ultimately, some of the new investors will be lucky enough to get rich quick and keep it. 2020 Inspired by America’s Reddit brigade, a new generation of stay-at-home investors in Europe are hoping to get rich quick on the next GameStop-one that’s closer to home. Larisha Paul, Rolling Stone, 22 June 2023 Pundits largely attributed the dynamic to amateur retail traders, including customers of Robinhood, who willingly played a game of hot potato in order to get rich quick even at the risk of catching the stock on its way down. Kevin Collier, NBC News, 2 July 2023 Two years ago, the bizarre story dominating the news cycle wasn’t about a group of billionaires lost at sea, but a different group of billionaires panicking as amateur investors on Reddit and YouTube inflated a doomed GameStop stock to get rich quick. Recent Examples on the Web Those schemes have been boosted by the rise of cryptocurrency as both a tempting way to get rich quick and also as a mechanism for scammers to move large amounts of cash in ways that are almost impossible to retrieve.
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