THE NEGATIVE EFFECTS OF PONZI SCHEME
INTRODUCTION |
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Dear Steemians, I thought to share with us some negative effects of Ponzi schemes. I am nailing what i have discovered to be few of the possible effects of Ponzi schemes.
Every young person will try many ways for financial stability or to someday attain some level of financial freedom. Many of us are deceived into investing in various platforms and lose lifetime savings.
My intention is to remind you that it is always painful to lose the little you have to Ponzi schemes that are floating online.
WHAT IS A PONZI SCHEME? |
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According to the Merriam-Webster online dictionary, it is an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and big risks.”
It is an illegal investment they present to seem legal to scam their victims. In every 10 of an average Nigerian looking for money, 2 to 3 will be a victim of ponzi.
Funny thing about ponzi is how sweet and promising it is from the beginning. Using myself as an example, I have been a victim of ponzi for many times, in fact I do not believe i will fall a victim again or allow any one to fall for it.
HOW WILL YOU KNOW PONZI SCHEMES |
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Any investment or business that demands your to invest 1000 naira and get 10000 naira in 2 day.
When there is too much pressure for you to have members downtime.
Investment that keep increasing your money daily but you can't withdraw.
Some referrals investment are pure ponzi.
Any investment without a clear strategy for long term will swallow your money.
Final, an investment with so much profits in proxy is ponzi.
NEGATIVE EFFECTS OF PONZI SCHEMES |
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- VICTIMS BECOMING POORER: I know of a person who borrowed about 1.5m naira and added his money to investment into of the ponzi schemes. When the money gone, his has not be the same. He can't even pay is rent talkless of paying of the debt.
- MENTAL ILLNESS: some after losing the money gone into depression, anxiety at times causes death.
- DISTRUST: Your referrals to an invest that collapses will not trust you again. It definitely destroys relationships.
- LAW CONSEQUENCES: Any business that turns out to be ponzi, those involved face the law.
CONCLUSION |
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The summary of this short article is seen on the image above, new investors working for the promoter of the investment.
I am a victim of ponzi and I wouldn't have anyone fall into it. My experiences took time to mentally and financially recover.
Study every investment before you commit your money into it. Study before you invest.
Upvoted! Thank you for supporting witness @jswit.
https://x.com/Ubyson/status/1985434060630512083?t=ur_XZqOtVkB9OfggzyhDLg&s=19
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This message is quite rampant and is an occurance that is always trending in our society.
Ponzi schemes have reaped people of their life savings. Finances we should have used to start an establishment for our personal wants, but due to sweet talks , flashy gains and insatiable desire of our human existence, We normally fall victims of this schemes.
I remember one experience I've had recently.
Peers who lured me into it got lucky but mine was the opposite. All expectations and budgets I had vanished into thin air.
And I was mentally struck as you've stated.
I'm very sure the consequences you've listed on this post are truly an eyeopener and a timely reminder to everyone in this ecosystem this season.
Truly one must be wise and careful before attempting investment.
Yes! I personally put this article on steemit community to remind Steemians to be careful.
It's always looks real and profitable at the beginning until your money is gone.
God will help us