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THREAD: "Why do people keep falling for Ponzi schemes?" 🤦🏾♂️
It's not because they are stupid, smart people fall into the same trap. So, what's the deal and how can we help?
It's not because they are stupid, smart people fall into the same trap. So, what's the deal and how can we help?
For many of us, the pull and pool of wealth is one that keeps beckoning to us. With the number of expenses to attend to, a majority of people are looking for the next opportunity to make it big financially.
QUICK FACT: Ponzi schemes, named after Charles Ponzi, the first person to set up a Ponzi scheme (1920), are FRAUDULENT investments.
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Money put into Ponzi schemes does not actually earn returns and the absurd returns are paid from the money of other investors. 🤯
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Money put into Ponzi schemes does not actually earn returns and the absurd returns are paid from the money of other investors. 🤯
You should check out our article on 5 ways to validate an investment option in Nigeria. ⤵️
blog.cowrywise.com/5-ways-to-vali…
blog.cowrywise.com/5-ways-to-vali…
The reasons why people fall for these schemes are quite evident:
1. The belief that absurdly high returns can be sustained
2. The love for easy money. Who doesn't love easy money though? 🌚
1. The belief that absurdly high returns can be sustained
2. The love for easy money. Who doesn't love easy money though? 🌚
3. Perhaps, the major reason why people continue to fall for Ponzi schemes in their different forms is because of the wrong philosophy that money attracts success...
As long as people keep holding on to this faulty mindset, they will continue to chase money by any means as opposed to investing in self-development in order to offer a value that attracts money. 👌🏾
What do we Suggest?
1. Create/Join an Accountability Circle
One way to check your investment choices is to set up a Circle with goal-driven friends that are opposed to all forms of illegitimate investments. Work closely with them to invest together in proven investment choices.
1. Create/Join an Accountability Circle
One way to check your investment choices is to set up a Circle with goal-driven friends that are opposed to all forms of illegitimate investments. Work closely with them to invest together in proven investment choices.
2. Automate your Investments
“Out of sight out of mind”, this common saying holds true a lot of times and still does with keeping your cash away from fraudulent investments. With this, you’ll hardly ever have any spare cash to risk in unverifiable schemes.
“Out of sight out of mind”, this common saying holds true a lot of times and still does with keeping your cash away from fraudulent investments. With this, you’ll hardly ever have any spare cash to risk in unverifiable schemes.
