August 4

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Don’t Fall For Get-Rich-Quick Schemes

Who doesn’t want instant cash? I understand that getting profit quickly is almost impossible to resist. So there are still a number of our fellow Filipinos who fall for these Get-Rich-Quick or Ponzi schemes that promise too-good-to-be-true returns in such a short period of time. “Invest a minimum of P10,000 pesos and get 30% return on investment per month, forever!” That’s close to doubling your money in just three months… and profit doesn’t stop! Does it sound crazy? Yes, it does! But sadly, many Filipinos belonging in middle and low-income class fell for this. Tons of hard-earned money was lost in the process. Just early in 2019, P50 billion pesos was amassed by a certain group of people that used religion to attract new members/followers. Some people even pawned their lands to invest the cash and end up with nothing. Truly heartbreaking stories.

As a licensed financial consultant, I can’t help but wonder why there are more people listening to scam artists, not even authorized by the government to solicit investments from the masses, than listen to professionals who underwent rigorous trainings and licensing just to be able to practice what they do. My advice would be to take time to consult professionals. They are the ones who are licensed to talk about investments and take your money to invest legitimately. They also put your best interest first. Do your research. Google provides an easy access to information for you to do a background check. This will help you save and protect your money. Trust me, the feeling of losing your hard-earned money to a scam is one of the worst feelings ever.

 

Emerging Rich TIP: Be an informed investor. Research about the person or company online that encourages you to invest in them.


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