This is the third and final article in my series on Make Money Fast Scams.
The first part was on Chain Letters, and the second on Pyramid and Ponzi Schemes.
Whenever financial times turn into times of financial hardship, people start panicking and looking for ways to make extra money.
They are usually looking for a quick fix to their money worries. When people are desperate, it is easy for us to believe in a slick sales pitch that promises easy money with little or no effort on our parts.
One such pitch common today is Cash Gifting. This is also referred to as “Mailbox Money”. Cash Gifting programs are all over the internet.
They seem like a no work way to make a lot of money simply by giving gifts of cash to people in the organization…usually a “Gifting Club”.
To “join”, you give a “gift”, generally $500 – $3500, to a member higher up in the organization. The new member is promised that they will receive similar “gifts” once they recruit more members into the organization.
Sound like a Pyramid Scheme?
It is.
Cash gifting programs are illegal.
The Federal Trade Commission reminds you to:
* Consider that a legitimate gift has no strings attached and is not an “investment.”
* Avoid being misled into thinking a gifting club is legitimate because the ads say that members consider their payments a gift and expect nothing in return. This is an attempt to make an illegal transaction look legal.
* Be wary of success stories or testimonials of tremendous payoffs. Very few members of illegal gifting clubs or pyramid schemes ever receive any money.
* Take your time. Don’t buckle under to a high-pressure sales pitch that requires you to join immediately or risk losing out on the opportunity. Remember, solid opportunities – and solid friendships – aren’t formed through nerve-wracking tactics.”
Just remember, the famous P.T. Barnum quote:
“There’s a Sucker born every minute”
Be smart and educate yourself so you know the difference between a scam and a legitimate MLM business opportunity.
Believe in Your Success, I Do!
Karen
mentor.karen.j.miller@gmail.com
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