Everyone dreams of becoming rich overnight and there are a wealth of schemes out there telling us that we can make it happen if we want it bad enough. The problem is, a lot of these schemes are actually way more risky or dangerous than they first seem. In this post, we’re warning you about 4 quick cash strategies that have become popular in recent years that people should be extra wary of. Lets get on with it!
We’ll begin with:
Sports betting isn’t exactly a new phenomenon, but it is thriving through more advertising and commercialism than we’ve ever seen before. It’s hard to watch a game or event now without being flooded with betting commercials promising top odds and amazingly tempting promotional offers. Anyone that’s been gambling for even short bursts of time will tell you “the house always wins”. This phrase is one of the most common quotes in gambling for good reason.
Odds are carefully calculated by some of the brightest experts in the industry and many gambling schemes are specifically designed to keep you hooked into the action. If you want to make extra money on the side or get some quick cash in, this is definitely not the safest way to do it!
Short-term share investments
This can also be known as day-trading or spread betting. The basic idea is you take a chunk of your money, buy a certain number of shares that have seen some steady growth over the past weeks and then sell again within a few days or hours. You make a quick profit and if you’re running the trade youself, you won’t have to pay anyone else a commission. It’s fast, accessible and is widely perceived as relatively simple with a low learning curve.
The problem is, short-term share trading is nowhere near as easy as most traders make out. Not only is it much tougher to pick stable trades than many would admit, it’s also incredibly risky compared to long-term trades. Because the trades are unsecured, any changes in the price are directly linked to your returns. Many investments come with some form of risk, but share prices can fall drastically within seconds, that’s how the market really works. Gains can be quick, but loses can be just as instant. If you don’t know what you’re doing and you’re trading with your own savings, the losses you can incur can be utterly devastating.
Pyramid schemes usually entail you having to pay an upfront cost for “products”, so that you then have the means to recruit a new layer of “sellers” below you. The people that run these schemes have refined their pitch to make it sound like a dream opportunity. What they fail to tell you directly is that there’s no real way to make money in these setups other than to con as many other people as possible into joining the scheme. It can be a decent way to make a buck if you’re amazing at sales, made of stone, and ready to ruin a lot of other people’s lives. Since you’re probably not this kind of person, it’s not an ethical or feasible way to make some quick cash. A lot of people use their great credit scores to take out loans, use funding from credit cards, or access other forms of credit to fund these projects. You can imagine the pile of trouble they’re left in if they fail to recruit others to provide sufficient returns.
Using payday loans to trade assets
Low on funding? There are a handful of people selling the idea of using payday loans as a fast means of capital for a variety of buy and sell projects. This is an utterly irresponsible way to use payday loans and the consequences are simply not worth the risk. At Pretty Penny Loans, we aim to offer our short-term loans to people who really need them. When you’re short on cash and need money to help pay for urgent costs, this is the kind of situation we want to help with.
If you tell us you’re interested in using the funding to back some kind of risky venture, our assessment team will be forced to delay your application and make it clear that these loans are intended for emergency circumstances, not business schemes.
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