Earning 20K overnight sounds great, but is it possible? Let me start this article by answering the question right away – no, it’s not possible unless you are a professional athlete or a rock star. The likelihood of you becoming a rock star is probably bigger than the chances of you making money through a get-rich-quick scheme on the internet.
How do I know? Well, it sure isn’t from personal experience. I’m proud to say that not once, in the seven years since I decided to explore the exciting world of web entrepreneurship, have I spent a dime on a get-rich-quick scheme. I have, however, spent enough time studying and analyzing these schemes after being genuinely surprised how many people come to my Facebook page expecting to find the “secret formula” to getting rich (right here, right now).
Anyone who’s hoping to get rich quickly after liking my page or after reading my upcoming e-book, will be sorely disappointed. The only way to making money online known to me requires time and work.
What is a Get-Rich-Quick Scheme?
If you’re reading this article, you’ve probably stumbled upon one of the many websites that claim to hold the secret to getting rich quickly and promise that anyone could do it – no particular skill or substantial effort required. Furthermore, these websites promise to pump up your bank account while you’re sitting in the comfort of your home, and all you have to do is make a “small investment”, buy a training CD that will teach you the “secret techniques” or post some (spam) links.
But guess what happens after your sign up and pay the fee? Absolutely nothing that will make you rich. You get bombarded with much hyped emails, videos and “success stories” that are ultimately trying to upsell more “secret techniques” to compliment the “formula” that you originally purchased, and you end up spending more money not making it.
Some Popular Get-Rich-Quick Schemes
Get-rich-quick schemes have plagued the web for almost a decade. The legality of these schemes is often controversial and while some get outlawed relatively quickly, others are allowed to pillage the Internet for years. Here is a list of some of the popular get-rich-quick schemes that can be found on the web today:
- Multi-level marketing (MLM) or network marketing – regardless of the fact that MLM is not illegal, essentially it’s a pyramid scheme. The only difference between the two is that unlike pyramids, MLM schemes sell products. In MLM the emphasis is not on selling the product but on recruiting more and more marketers, who pay a fee to get in. In order to get their investment back and make a profit, they need to attract new recruits. Essentially, this is a pyramid, because the company is using the money collected from new investors to pay back its senior members.
- Work from home schemes – the job might be stuffing envelopes, data entry or assembly of products like jewelry and while some work-from-home programs are legitimate, there are many scams that require you to pay a fee in order to get the job.
- Chain letters – chain letters are illegal schemes that have been around for decades and are now operated by email. The scheme is simple – you receive an email with a list of PayPal accounts and are offered to include your own account in the email, but only after you send a small amount of money to each of the listed accounts. After that you delete the sender’s contact details, forward the email on and wait for the cash generated by subsequent investors to flow into your PayPal account.
Get-rich-quick schemes target a sore spot that most of us have – the desire to enjoy financial freedom and have enough money to live an expensive and enjoyable lifestyle. The self-proclaimed secret holders who promote such schemes exploit this feeling for personal gain, and if anyone is getting rich quickly that’s them. If you’re making your first steps in web entrepreneurship, it’s important to understand that there isn’t a secret formula that will make you rich quickly. You can make good money on the Internet if you’re persistent, if you don’t stop learning and are ready to work hard, but it’s not easy and it’s sure not quick.
Photo courtesy of photoxpress.com, author: Oleg Seleznev