We’re all familiar with get rich quick opportunities: a promise of making a fast fortune that often seems too good to be true, but many people buy into anyway.
Ponzi schemes, pyramid schemes; whatever the description, these investment programmes carry huge risk, even if it isn’t readily apparent.
The term ‘get rich quick’ dates back more than 130 years according to the Oxford English Dictionary. Slightly more recent is the century-old Ponzi scheme, peddled for its supposed high rate of return based on a so-called low-risk investment.
Latterly, you may be aware of the proliferation of schemes proclaiming that anyone can build a property portfolio, and gain certification for doing so in double-quick time.
It’s understandable that eager investors can fall into this trap. Younger clients in particular often take a short-term view. This is driven by the idea of retirement seeming so far away; a general lack of financial education; a boom in cryptocurrency attracting this audience by delivering substantial, albeit volatile, returns; and the need to access capital quickly when it’s harder than ever to get on the property ladder.
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