Be Aware of Scams and Rip Off Artists - Part One
Scammers and rip off artists know that internet is a good place to cheat people and specially people who are looking for a business opportunity and want to make some money. They know that those who want to make money are ready to spend money achieve their goals too. So this is the best chance to cheat them. There are different kinds of scamming on the web but if you want to work online, there are some special kinds of scamming right for you.
Unfortunately although making money on the internet is possible, it is not easy and most people who decide to do that try for a while and as they really don't know what to do, they fail or give up. At the same time they may find so called HYIP programs and decide to participate. HYIP stands for High Yield Investment Program. HYIP websites pay huge amount of interest to the money you invest in them. For example they pay 150% interest every ten days and also they allow you to re-invest the money you have made in the previous cycle.
For example if you invest just $100, after ten days you will have $150 and you can re-invest the $150 right from your account and after ten days you will have $225. So if you invest $100, after one month you will have $337.50. It looks really great. What if you invest $1000? After one month you will have $3,375 without lifting a finger. If you keep on re-investing, after three months you will have $38,443. Sounds good, right? But no; Seems too good to be true.
People are used to see the interest rate the HYIP programs pay and most of them never think even for one second that how these websites are able to pay such high interests. What businesses or investments they have that makes not only the money they have to pay to their members but some profit sill remain for them? Unfortunately most people who join these programs do not think about these things and only see the big money they can make.
I have never seen and heard that any of these programs work for more than a few weeks. All of them get disappeared after a reasonable number of investors join and invest. So they all lose their money and there is no one to answer and tell them where their money has gone.
I see that there are some other opportunistic people who make money with these programs. They just invest once for the shortest cycle that can be as short as 5 days and then withdraw the money and stop investing. I says opportunistic because these people know that HYIP programs are all scams and will stop working and run away with peoples' money after a few weeks but they invest in them just to make some money. They are opportunistic because the money they make is in fact belonged to those people who lose their money. I like good opportunities but hate opportunistic people. What about you?
Some of other HYIP programs stay up and running for a little more. They take money from new members and use it to pay the previous members. They keep on this for a while (maybe about two months) and run away when they have collected few millions of dollars. The amount of money they have is always higher than the money they have to pay to the members because most members are too greedy to withdraw their money and re-invest it to make more. So when they run away, they have millions of dollars.
These kinds of HYIP programs are called Ponzi scheme HYIPs. I will talk about Ponzi scheme in another article. So if you like to work online, the golden rule is "Avoid HYIPs".
Related Tags: home business, work at home, scams
Vahid Chaychi is one of the SirLook guys. He helps the SirLook team to promote their website, improve their products and services and support their clients. This article can be distributed but not sold as long as no single word is modified or deleted. http://www.SirLook.com owns this article and in every publication of this article, this copyright notice must exist at the bottom:
© Copyright 2005 http://www.SirLook.com All Rights Reserved Worldwide.
Recent articles in this category:
- Advantages Of A Grind And Brew Coffee Maker
Should you really invest in a Grind and Brew Espresso maker? The answer is yes, having a Grind and B - Monitium. A Paradigm Shift In Network Marketing
As you may have heard, Monitium is representing a huge paradigm shift in Network Marketing. It is in - 55+ And Scared. The First In A Series On Making A Second Income
You've worked all these years looking forward to the day when you could retire. Now you are able to - Considering Starting A Home Based Business On The Internet?
I'm someone who has trouble working for someone else. I really hate long periods of routine and I ha - Is Herbalife Network Marketing Business A Scam?
You are on this site because you are thinking if Herbalife is a scam or not. Well you have come to t - So Why Are People Calling Herbalife Mlm Venture A Gimmick?
The people calling Herbalife a scam are usually the folks that were involve in the business before b - Mlm Training - Free Mlm Training Courses
We'll begin by dealing with the old saying "You get what you pay for". This implies that free things - Mlm Training - What Mlm Training Do You Really Need?
MLM and Network Marketing can be a very confusing business. That's mostly because there are low entr - The Top Mlm Recruiting Strategy: Mlm Recruiting For Top Earners - Mlm Recruiting Success
When it comes to MLM recruiting, there's a right way and a wrong way. But, most people only know the - Adzzoo Review - How Could This Improve The Page Rank Of Small Entrepreneurs?
There are so many network marketing companies online and let us see about one of them and their prod
Most viewed articles in this category:
- Work at Home Mom - How to Find Time for Your Business
Any work-at-home-mom will confess that owing her own business is as challenging as it gets. While th - Is A Home Daycare The Answer For You?
In America today, it takes two incomes in most cases to live a regular middle class lifestyle. This - MLM Online Tips and Tricks on the Internet MLM Trade
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill There are two main th - How Do You Win At Home-Based Business? Hit The Floor Running
Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion... or - MySpace Just for Fun
There are many who take advantage of the MySpace community for business purposes such as advertising - Gone Phishing and your the fish!
Believe it or not, there are rascals inhabiting this very planet, their consequence emanates from un - Is A Home Business Right For You?
You should have motivation if you want to succeed as an entrepreneur. Motivation comes naturally to - How to Promote your Network Marketing Home Based Business
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill The key to any networ - The Tax Grind
As an owner of a home based business, a person is also responsible for keeping track of everything t - Meeting People on MySpace
The process of meeting people on MySpace is extremely easy. MySpace is an online community which enc