January 2, 2017 – Why Nigerians Should Avoid MMM And Other Get Rich Quick Schemes
A ” get rich quick” scheme promises participants high rate of return on small investment, with little risk, skill, or effort ; within a short time.
Get rich quick schemes, also known as Ponzi schemes have been in existence in the Western World since the 1900s, these schemes have been in Nigeria for the past 28 years or more.
The schemes are operated with different styles and names, by different promoters.
Popular and current trending ” get rich quick” schemes in Nigeria includes Mavrodian Mondial Moneybox (MMM), Ultimate Cycler, Icharity, Zar Fund, Givers Forum, Crowd Rising, Get Help Worldwide, and NNN Nigeria.
Here are reasons why you should avoid MMM and other “get rich quick” schemes :
1. Wealth is created by engaging in economic activities; providing goods and services that meets human needs.
2. MMM and it’s like are not involved in any known economic activities.
3. MMM and similar schemes requires new members to pay old members. What happens when there are not enough new members to pay the old members?
4. When MMM returns in January 2017, what will be the priority of students, unemployed graduates, widows, housewives, small income earners, civil servants, and small business owners, who are participants?
Is it to provide help ( paying money to another member) or to get help ( receive their money which was frozen)?
5. All over the world, ” get rich quick” schemes have one eventual outcome, they don’t end well ; people lose money, and plenty of it.
6. People who get rich from Ponzi schemes are the promoters and top level members who cash out before the scheme collapses.
7. The best plan to get rich takes years, hard work, careful planning, discipline, and diligence. There is no quick and easy way.
The current Nigerian economic recession has brought financial difficulties for many individuals and families.
Putting your money in a “get rich quick” scheme is not a cure for your financial problems, it is a step in the wrong direction.
[Written by John Uzie.]