Wednesday, September 2, 2015

3 "Get Rich Quick" Schemes That Will Get You Nowhere

"Earn money FAST!"
"Become a millionaire in just six months!"
"Try this, and you'll never have to work another day in your life!"

We've all heard a sell message like this at least once in our lives. People or businesses promise us incredible wealth for little to no work, and we, blinded by our desires for financial success, often fall right into their traps. Aside from perhaps winning the lottery, there really isn't any such thing as a successful "get rich quick" scheme. As dedicated supporters of our clients' financial success, the team at First Bank of the Lake is here to shed some light on some these popular get rich schemes that may not be as effective as you thought.

1. Pyramid Schemes

From medicinal mushrooms to weight loss programs and even essential oils, multi-level marketing programs are a dime a dozen. They each promise the same thing; incredible wealth to anyone who wants to jump on the bandwagon and sell their product. What they don't tell you, however, is that the only real way to make any legitimate money in a pyramid scheme is to bring on other people to work underneath you. This requires time and effort, which rules out the "get rich quick" part of the promise. Not only that, but you chance alienating friendships with those who you recruit to sell underneath you. Is it worth the risk?

2. Penny Stocks

Penny stocks are shares in various companies that can be purchased for "pennies." Generally, anything that costs less than a dollar qualifies as a penny stock. Companies that sell penny stocks promise enormous return on investment and amazing subsequent wealth for anyone who wants to get involved. What they don't tell you is that these shares are for companies that have to undergo several investigations and are frequently shut down from trading. While there could be an incredibly minute chance of making money off of your penny stocks, you can probably count on never seeing any of the money you invest ever again.

3. Anything That Requires You To Pay Upfront

Unless you are starting your own business, you should never have to pay money upfront to make money later. Many of the get-rich-quick schemes advertised on TV or on the radio require participants to pay for a starter kit, training, or some other upfront cost. What the ad does not tell you, however, is that by paying this money upfront, you are the one they are getting rich off of! Do yourself a favor and put your money where it will be more beneficial: a savings account at a trusted Lake of the Ozarks bank.

If These Schemes Don't Work, What Does?
Striving for great financial success is part of the classic American Dream; it's understandable that people sometimes let their desires for wealth cloud their judgment and cause them to fall for these enticing schemes. Remember, however, that real wealth comes from hard work, dedication, and carefully managing your finances. By allocating your resources effectively and not spending beyond your means, you can watch your wealth grow over time. If you would like to learn more about retirement accounts or other investment opportunities, such as money markets or CDs at the Lake of the Ozarks, give First Bank of the Lake a call!

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

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