Wealth Management

10 Greatest Get-Rich-Quick Schemes to Avoid

Greatest Get-Rich-Quick Schemes

Making money from home is appealing to everyone. Who wants to commute for an hour one way to a job in a major city? It depends on the area; some states have more job opportunities in this area than in others. The idea of spending more money on gas makes most people uncomfortable. At the end of the year, the car expenses incurred for commuting to work in another city or state are more significant than the national debt. These reasons and more make it clear why anyone would want to earn money “the easy way.”

A lot of get-rich-quick schemes don’t work as they seem. These schemes are scams that are often meant to humiliate, embarrass, or steal the identities of those who are scammed. There are certain demographic segments of the population that they target, such as the elderly or the disadvantaged. Below are ten of the Greatest Get-Rich-Quick Schemes to avoid.

1. The Ponzi: Greatest Get-Rich-Quick Schemes

In a During a time when “Nigerian princes” had not yet embraced email, one crafty foreigner discovered the best way to trick wealthy people: by promising them a ridiculous rate of return on their investments. Charles Ponzi (also known as Charles P. Bianchi, Carl Bozzi, or ‘The Ponz’) required his clients to invest money for a 50% return within a short period of time. In the beginning, he paid his past clients with future clients’ investments. Bernie Madoff is most famous for utilizing this evil genius strategy, called “Ponzi Schemes.”. He eventually went to jail, because duh, you know.

2. The Pudding

You don’t have to spend your days in prison if you have a great plan. According to David Phillips, healthy choice pudding snacks were much cheaper when he received mail-in rebates. So he bought 12,150 pudding cups (and spent $3,500) and sent in a rebate to American Airlines, earning over a million frequent flyer miles. His intention was to get ready for Y2K in order to avoid suspicion. He was also able to capitalize on a tax break because he donated all the pudding to charity. Due to this rarity, the scheme was made into a plot in the 2002 romantic comedy Punch-Drunk Love.

3. The Catch Me If You Can: Greatest Get-Rich-Quick Schemes

One of the biggest check fraud scandals in history started with the knee-jerk reactions of frightened 16-year-old Frank Abagnale Jr. Having successfully posed as a pilot, an attorney, professor at a university, and a doctor before turning 21, he cashed $2.5 million in fraudulent check in EVERY state in the US and in 26 countries abroad. (You may have heard of this book and movie.) Additionally, he is now one of the world’s top authorities on check fraud, and he is clean. It is not surprising that the Broadway musical about his life has appeared as well.

4. The Million Little Lies

The book A Million Little Pieces by James Frey told the story of his criminal past and struggles with addiction, and it inspired millions. Quite literally. We’re talking about millions of dollars. It will be used for his book. It was essentially a bag of lies. Despite being shamed by Oprah, Frey got his fortune and fame despite being betrayed.

5. The When In Doubt, Sue: Greatest Get-Rich-Quick Schemes

SomeThere are times when you need to take advantage of the situation. Stella Liebeck, 79, of Albuquerque, New Mexico, was burned by McDonald’s coffee that she spilled on her lap. Despite McDonald’s refusal to settle for the cost of her medical bills, she was eventually awarded over a million dollars in punitive damages. Frivolous lawsuits have been associated with this case since then.

6. The Ghost Whisperer

The Fox sisters are known for their talent for communicating with ghosts. Unfortunately, their talent was conning Fox sisters are known for their ability to communicate with ghosts. However, their talent led them to deceive their parents, the community, and finally the entire world. According to the sisters, ghosts could be communicated through a series of “raps and knocks.” This narrative barely fits into Paranormal Activity 5’s plot. In the end, though, they abandoned the hoax and died in poverty after making tons of money from believers wishing to communicate with the dead.

7. The Fake Illness, Get Money: Greatest Get-Rich-Quick Schemes

Recently, there has been an example of claiming sickness in order to obtain money. An American woman called Lori Stilley pretended to have stage IV bladder cancer for nearly two years. She lied to her children about it as well. Friends and family donated thousands for her treatment during the event. Her story has even been turned into an e-book.

8. The Tower of Lies

A famous con man in the early 1930s (who even conned Al Capone), Victor Lustig (1890 – 1947) was best known for “selling” the Eiffel Tower for scrap metal. A few days after reading the newspaper article about the condition of the Tower, he sent letters to a few metal dealers pretending to be Government officials looking to sell the tower. Finally, with a suitcase full of money, he boarded a train for Vienna.

9. The City of Lies: Greatest Get-Rich-Quick Schemes

Even though he came first, George Parker (1870 – 1936) outdid Lustig in many ways. He “sold” a variety of New York City memorials to unsuspecting tourists, including the real Madison Square Garden, the Metropolitan Museum of Art, Grant’s Tomb, the Statue of Liberty, and most famously, The Brooklyn Bridge, twice a week for many years.

10. The Entire Country Of Lies

Possibly the greatest of all time. Gregor MacGregor, a Scottish soldier, and adventurer are not only named after a funny character but also has a funny story. In 1815, he fought for the independence of South America and then fled to England posing as a cazique of “Poyais,” a made-up island nation off the coast of Honduras. Moreover, he developed a guidebook explaining the landscape and abundant natural resources. More than 250 aspiring colonists paid him money. By the time his investors reached the patch of water where their island was supposed to be, he had already begun collecting funds from potential colonists in France.

Also Read: Top 10 Indian Companies With Monopoly in Their Industry

Hello, I'm Sejal Jain, Editor at Currently, Pursuing B.Tech in Computer Science from Medi-Caps University, Indore. I am a Tech Enthusiast and a Voracious Learner, getting my hands dirty in as many fields I can, including, Content Writing| Designing | Marketing| Develpoment. Connect to me on LinkedIn and let me know your feedback for my work. I would love to hear from you.

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *