Money Management

Beware of Online Money Making Scams

There are many legitimate ways of making money online. Everyone needs to choose the type and niche that suits him the best. However, everyone also needs to beware of the tons of online scams that do the rounds. It is because there are so many legitimate ways to make money online that people tend to look for scams and make easy money. You will need to protect yourself from all of these. There are several categories of scams that you will come across in your quest to earn some extra income online.

Outright Scams: There are methods that are outright scams. These should be avoided at all costs. One popular example is the so called High Yield Investment Programs, which states that through some “magical formula” of making money, the person can double your money in a few weeks. These are totally fake and they are simply Ponzi schemes that are meant to swindle unsuspecting people on the internet. An easy way to identify them is to remember that there is no free lunch. If something is too good to be true, it probably isn’t. Never get greedy and jump at opportunities that promise little work and loads of money. Such things never happen in the real life and do not happen online as well. No one is going to pay you thousand dollars for a page of data entry work. Don’t fall for such scams.

Exaggerated Claims: It is not uncommon for highly exaggerated statements on the internet. You will always find such advertisements – learn how a housewife makes $1000/day working 2 hours and similar stories. They are highly exaggerated and you should research and know the truth behind them before deciding whether it join them. It might have been the case that one person out of a million might have made a good deal of money but that doesn’t guarantee anything. You should do your research – use Google effectively and look at real experiences of real people. To know whether a claim is true, an effective way is to Google “XYZ Scam” where XYZ is the program that you want to try out. You should find some reviews. Make up your mind based on facts and not exaggerated claims.

Needing expertise: Some money making methods need expertise in a particular area and if you are not good at it, you are unlikely to make money. They cannot be called scams as such but a lot of people end up unhappy with the experience. For example if you are trying out affiliate marketing, make sure you know your way around attracting a lot of traffic. If you are interested in Forex trading, make sure you know everything about the currency markets. Without specific knowledge and expertise, these methods will simply make you lose money. This happens irrespective of how many successful examples you see of people using this method to make money.

The best way to prevent scams and know which programs and methods to use is to do your research well. Since you are going to invest time and money in the process, it is good to know everything about the method before trying it out to avoid unpleasant experiences.

What do you think about online money making scams?


Comments (4)

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  • I hate scams and spammers. Unfortunately I have had an elderly family member taken for quite a bit of money by these vultures and they are the most horrible people out there preying on the elderly and vulnerable.

    There has to be some better way of handling emails and or categorizing them to remove this blight (I thought that Google Wave had some promise as everyone would have had to register in some way to utilize them, but that never really panned out unfortunately).

    • I agree. Some people are too trusting but that shouldn’t be a bad thing. These days it’s just easy to be taken for a ride.

  • Enjoyed reading your post and agree. Too many scams out there, but there are legitimate fee-based vendor; you just have to find them…


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