The Midas Touch: Avoiding Get Rich Quick Scams

If you’re familiar with Greek mythology, you’re no doubt aware of “Midas’ Touch,” or the “golden touch.” Aristotle, one of the greatest minds in the Ancient philosophy, tells the story of a man so greedy, that when giving the opportunity, wished that everything he touched instantly became gold. This eventually led to his demise as he was unable to eat food and starved to death. The following are ways in which to avoid get rich quick scams, thus, avoiding your own demise.
Hire a Professional
Most people don’t change their own oil, they wouldn’t plan their own wedding and they shouldn’t be entirely in charge of their finances. That being said, you wouldn’t just trust the first person you saw on Craigslist that said they could change your car’s oil. Therefore, don’t trust just anyone with your money. If you are promised a return on your investment that sounds too good to be true, it probably is.
Most that succumb to get rich quick schemes are those that get greedy. If you’re promised the world, it is probably an “investment” that should be avoided.
Diversification
The number one rule of investing is diversification. It won’t allow you to get rich quick; however, it will keep your money relatively safe. You’ve heard the cliche: “don’t put all your eggs in one basket.” This holds true to most aspects of life, especially investing.
Putting too much faith in one stock, one investment or one scam, is a sure-fire way to ensure that your money goes up in smoke before your very eyes.
Run a Background on Yourself
If you feel as if you’ve dealt with someone fishy or that you may have given someone too much information, check to ensure that you haven’t fallen victim to identity theft. The FBI has recently categorized identity theft as the fastest growing crime in America.
Everyone is guaranteed a free annual credit check. Taking advantage of your free credit check is a way to ensure that you don’t fall victim to get rich quick scams.
“Investment” Seminars
One of the most common scams is to make an individual feels as if they are getting something valuable for next to nothing. This could be costly information or worthless swampland in Florida. When it comes to seminars, high-pressure scammers will push on you high-risk investment strategies. Additionally, they profit through attendance fees for events in which no real substance was given to the attendees.
Avoid Royalty
Possibly the most ridiculous get rich quick scams are those involving “Nigerian princes” and other royalty. For whatever made up, ridiculous reason, the person that contacts you will feed you a line about how they have millions of dollars waiting for them and all they need is an American bank account to retrieve it. All you have to do it give them your bank information, and they will cut you in for thousands of dollars.
If it sounds too good to be true, it probably is.
When it comes to get rich quick scams, the majority of victims are placed in a trick bag because of two reasons: greed and gullibility. If your gut tells you “no” and your brain sends up red flags, it would behoove you to step back and contemplate whether or not you may be stepping into a get rich quick scam.