We humans can be very ambitious, we seek to grow beyond what we are, reach for the sky, fight the good fight, strive for wealth , progress and to be prosperous. Its only natural we want to drive better cars, and live lavishly. Many at times we get beat down, and fall, loose hope or stand tall and by some chance/story of fortune a friend/colleague/ news too good to be true, news that can solve your financial worries and troubles, beyond your wildest imagination, a High Yield Investment Programme (HYIP).
He/she convinces you thus: if you get in on this big opportunity now, you'll be an early investor in the next big thing. Not only that, it's fail-safe and will return your investment in no time(money scams).
These fraudulent investments, steadily Pry on peoples vulnerability, greed and during this Recession stricken times, when employment rates are at all time low, hungry youths and decent working class folks are lured into a scam of promised wealth, luring hard working minimum wage earners to invest their life savings, due to 'he say, she say' there's prospect, profit and a witness to testify and validate the gospel of a get rich quick sheme. Too good to be turned down, much better than bank interests and only 30-45days with your money. Investments and returns are repaid, at least for a time, out of new investors deposits and not from profits from businesses they claim to run. This circle continues for as long as new investors line up with cash, and older investors don’t withdraw too much of their money at once. Thus its a ticking bomb Waiting to explode. Completely illegal, though it's packaged as a wolf in sheep clothing, so you never see the con.
There are so many shades of a ponzi scheme, be it to offer help, referrals, making money on a daily, hourly without actual sale of products or services rendered, they all have one thing in common, they crash eventually.
Funny story I've been a victim of such schemes several times, though my first was after my youth service year in 2012, where I had some cash saved up with a purpose to pay for my PG tuition though I was naive and thought what can I do to multiply this idle money laying dormant in my account, so from word of mouth I heard of this investment I could put in my money and get humongous return. Well to cut the tale short, the scheme crashed, loads of people nationwide lost their money, some made interest, some got back their down payments back before the scheme crumbled. Many were optimistic on getting back their returns but various rumours kept on springing up here and there , and I tell you , one wants to believe and hope to get paid but hey til date there isn't news.
Though investors nowadays tend to be more clandestine, when it comes to their personal investments and financial plans, either to avoid being ridiculed, or used as a point of reference in discussions or gossip. From my personal experiences and and opinion, a Ponzi scheme is of very precarious nature and ill-advised to venture into such get rich quick scheme's improbability. I'll gladly encourage the spirit of entrepreneurship, and small & medium sized enterprises (SME's) investments that can create independence, create jobs and a personal drive for hard work and overwhelming prospects.
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