Desperate times call for desperate measures. But some desperate measures, like get rich quick schemes, might take that saying a little too far. If you're in a bind and need money now, these are the money-making ventures you need to avoid.
Multi-Level Marketing
If you're on social media, you've probably come across multi-level marketing. In a traditional multi-level marketing situation, someone signs on to sell a product, and the person they work under gets a cut of the profits. Then, the person they work under receives a piece of their earnings, and onward and upward it goes. This type of hustle generally only works out for the limited group that finds themselves at the top of the pyramid.
If you genuinely believe in a product and want to back it, that's one thing. But if you get into a multi-level marketing job as a side hustle to make quick cash, think again. It often takes years to build up enough of a team working under you to make this scheme worth the time and effort.
Lottery Tickets
It sure would be great to win the $10,000 top prize off a $1 scratch-off ticket. But realistically, very few lottery players ever win a substantial amount. Investing money in lottery tickets is wishful thinking at its best and is certainly not a good way to get the cash you need now.
Investing in a Business Online
Some businesses allow you to invest in smaller start-up companies and promise to return the money multiplied when they're successful. These business ventures rarely work out, and on the off chance they do, it won't be fast. Investing in a business is not like investing in the stock market, where you can access your funds throughout.
You'll need to give the money up, hoping that the business becomes profitable years down the line. Any instance where you provide a lot of money upfront should set off some red flags. Generally, these types of investments are the ones you should enter into when you have sufficient money to not rely on the potential returns.
Flipping Houses
Real estate is touted as an incredible source of passive income. And given the rise in DIY shows on networks like HGTV in recent years, flipping a house seems like something anyone can do. If you have capital or an investor to help purchase a cheap property, it may seem like an attractive plan to flip it and sell again in a few months at a profit.
Sadly, you may be in for more than you bargained for. Many homes have unpleasant surprises underneath the facade that could cost far more in repairs than they're worth. Get rich quick real estate investments rarely pan out, and they might eat away at all of your potential profits before you sell.
How Can I Make Money Quickly?
Instead of falling prey to one of the many get rich quick schemes out there, you could opt for a more legitimate side hustle with guaranteed fast returns. Look at the possibility of:
- Walking dogs
- Babysitting
- Delivering groceries or food
- Selling used clothes or housewares online
These types of jobs don't go out of style and often result in much faster and more reliable payments than you'd realistically see from a get-rich-quick scheme.
When you need money now, it's easy to get caught up in the miracle of fast cash for little work. But the most reliable way to earn money is through hard work.
Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.
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Original Source: 4 Get-Rich-Quick Schemes to Avoid When You Need Money Now
