Get-rich-quick scheme: Difference between revisions
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{{short description|Scam that promises high rates of return for a small investment}} |
{{short description|Scam that promises high rates of return for a small investment}} |
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{{Redirect|Easy money||Easy Money (disambiguation)}} |
{{Redirect|Easy money||Easy Money (disambiguation)}} |
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{{Redirect|Get Rich Quick|the novel by Peter Doyle|Get Rich Quick (novel)}} |
{{Redirect|Get Rich Quick|the novel by Peter Doyle|Get Rich Quick (novel)}} |
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{{More citations needed|date=January 2020}} |
{{More citations needed|date=January 2020}} |
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[[File:Kopit and Keepit Mining Company Stocks - Postcard.jpg|thumb|A 1910 postcard showing an investor's shock at "Kopit and Keepit Mining Company Stocks" having vacated their premises]] |
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A '''get-rich-quick scheme''' is a plan to obtain high rates of [[return (finance)|return]] for a small [[investment]]. Most schemes create an impression that participants can obtain this high rate of return with little [[risk]], skill, effort, or time. |
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| ⚫ | The term "get rich quick" has been used to describe shady investments since at least the early 20th century.<ref>[https://books.google.com/books?id=rHAAAAAAYAAJ&dq=%22get+rich+quick%22&pg=PA14322 'Get Rich Quick' Insurance from the Inside]", The World's work, Volume 22, (1911)</ref><ref>S.A. Nelson "[https://books.google.com/books?id=xklIAAAAYAAJ&dq=%22get+rich+quick%22&pg=PA111 The Blockite and the Get-Rich-Quick Man]", ''Everybody's Magazine'', vol 10, 1904.</ref> |
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== Online schemes == |
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Get-rich-quick schemes that operate entirely on the Internet usually promote "secret formulas" to [[affiliate marketing]] and affiliate advertising. The scheme will usually claim that it does not require any special IT or marketing skills and will provide an unrealistic timeframe in which the individual could make hundreds of thousands, if not millions of dollars. |
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| ⚫ | Get-rich-quick schemes often assert that [[wealth]] can be obtained by [[working at home]]. Get-rich-quick schemes that operate entirely on the Internet usually promote "secret formulas" to [[affiliate marketing]] and affiliate advertising. The scheme will usually claim that it does not require any special IT or marketing skills and will provide an unrealistic timeframe in which the individual could make hundreds of thousands, if not millions of dollars.{{Cn|date=December 2023}} Since the growth in popularity of [[non-fungible token]]s (NFTs) in the early 2020s, skeptics have accused many NFT projects of resembling get-rich-quick schemes.<ref>{{cite web |last1=Needham |first1=Jack |title='The misconception is that NFTs are like a get rich quick scheme. That's not really how it works.' |url=https://www.musicbusinessworldwide.com/the-misconception-is-that-nfts-are-like-a-get-rich-quick-scheme-thats-not-really-how-it-works/ |website=Music Business Worldwide |access-date=26 June 2022 |date=26 July 2021}}</ref><ref>{{cite news |last1=Kelly |first1=Jemima |title=NFTs are the latest get-rich-quick scheme for the 'cryptosphere' |url=https://www.ft.com/content/2757d760-c29e-4834-8636-7601adbacf47 |access-date=26 June 2022 |work=Financial Times |date=17 March 2021}}</ref><ref>{{cite news |last1=Brittain |first1=Blake |title=Hermes lawsuit over 'MetaBirkins' NFTs can move ahead, judge rules |url=https://www.reuters.com/legal/litigation/hermes-lawsuit-over-metabirkins-nfts-can-move-ahead-judge-rules-2022-05-05/ |access-date=26 June 2022 |work=Reuters |date=6 May 2022 |language=en}}</ref> |
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==Lotto advice as get-rich-quick== |
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[[Richard Lustig]], a seven-time lottery winner from the US, wrote a 2013 booklet explaining the methods to which he attributed his success which became a best-seller on Amazon.com.<ref name=AbcNews>{{cite web|last=Little|first=Lineka|title=How One Man Became a Serial Lottery Winner|url=https://abcnews.go.com/Business/time-lottery-winner-offers-winning-method/story?id=11940379#.UU4xSUrD_IU|publisher=[[ABC News]]|access-date=23 March 2013|date=21 October 2010}}</ref> Finance journalist [[Felix Salmon]] characterized Lustig as "a get-rich-quick" hack.<ref name="Ssalmon">{{cite news|url=http://blogs.reuters.com/felix-salmon/2012/03/14/the-worst-personal-finance-video-ever/|archive-url=https://web.archive.org/web/20120315101816/http://blogs.reuters.com/felix-salmon/2012/03/14/the-worst-personal-finance-video-ever/|url-status=dead|archive-date=15 March 2012|title=The worst personal-finance video ever|last=Salmon|first=Felix|date=14 March 2012|publisher=[[Reuters]]|access-date=11 January 2016}}</ref> |
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| ⚫ | Legal and quasi-legal get-rich-quick schemes are frequently advertised on [[infomercial]]s and in magazines and newspapers. Illegal schemes or [[scams]] are often advertised through [[spam (electronic)|spam]] or [[cold calling]]. Some forms of advertising for these schemes market books or [[compact disc]]s about getting rich quick rather than asking participants to invest directly in a concrete scheme.{{Cn|date=December 2023}} |
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==NFTs and cryptocurrency== |
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| ⚫ | Since the growth in popularity of [[non-fungible token]]s (NFTs) in the early 2020s, skeptics have accused many NFT projects of resembling get-rich-quick schemes.<ref>{{cite web |last1=Needham |first1=Jack |title= |
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== See also == |
== See also == |
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* [[Advance-fee scam]] |
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* [[Envelope stuffing]] |
* [[Envelope stuffing]] |
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* [[Ripoff]] |
* [[Ripoff]] |
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* [[HYIP]] |
* [[HYIP]] |
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* [[ |
* [[No such thing as a free lunch]] |
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* [[Land banking]] |
* [[Land banking]] |
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* ''[[The Secret (Byrne book)|The Secret]]'' |
* ''[[The Secret (Byrne book)|The Secret]]'' |
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== Bibliography == |
== Bibliography == |
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* [[Leila Schneps]] and [[Coralie Colmez]], ''Math on trial. How numbers get used and abused in the courtroom'', Basic Books, 2013. {{ISBN|978-0-465-03292-1}}. (Eighth chapter: "Math error number 8: underestimation. The case of Charles Ponzi: American dream, American scheme"). |
* [[Leila Schneps]] and [[Coralie Colmez]], ''[[Math on Trial|Math on trial. How numbers get used and abused in the courtroom]]'', Basic Books, 2013. {{ISBN|978-0-465-03292-1}}. (Eighth chapter: "Math error number 8: underestimation. The case of Charles Ponzi: American dream, American scheme"). |
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{{Scams and confidence tricks}} |
{{Scams and confidence tricks}} |
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[[Category:Confidence tricks]] |
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[[Category:Finance fraud]] |
[[Category:Finance fraud]] |
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[[Category:Ethically disputed business practices]] |
[[Category:Ethically disputed business practices]] |
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Latest revision as of 17:36, 22 May 2024
 | This article needs additional citations for verification. (January 2020) |
A get-rich-quick scheme is a plan to obtain high rates of return for a small investment. Most schemes create an impression that participants can obtain this high rate of return with little risk, skill, effort, or time.
The term "get rich quick" has been used to describe shady investments since at least the early 20th century.[1][2]
Get-rich-quick schemes often assert that wealth can be obtained by working at home. Get-rich-quick schemes that operate entirely on the Internet usually promote "secret formulas" to affiliate marketing and affiliate advertising. The scheme will usually claim that it does not require any special IT or marketing skills and will provide an unrealistic timeframe in which the individual could make hundreds of thousands, if not millions of dollars.[citation needed] Since the growth in popularity of non-fungible tokens (NFTs) in the early 2020s, skeptics have accused many NFT projects of resembling get-rich-quick schemes.[3][4][5]
Legal and quasi-legal get-rich-quick schemes are frequently advertised on infomercials and in magazines and newspapers. Illegal schemes or scams are often advertised through spam or cold calling. Some forms of advertising for these schemes market books or compact discs about getting rich quick rather than asking participants to invest directly in a concrete scheme.[citation needed]
See also
[edit]- Advance-fee scam
- Envelope stuffing
- Ripoff
- HYIP
- No such thing as a free lunch
- Land banking
- The Secret
References
[edit]- ^ 'Get Rich Quick' Insurance from the Inside", The World's work, Volume 22, (1911)
- ^ S.A. Nelson "The Blockite and the Get-Rich-Quick Man", Everybody's Magazine, vol 10, 1904.
- ^ Needham, Jack (26 July 2021). "'The misconception is that NFTs are like a get rich quick scheme. That's not really how it works.'". Music Business Worldwide. Retrieved 26 June 2022.
- ^ Kelly, Jemima (17 March 2021). "NFTs are the latest get-rich-quick scheme for the 'cryptosphere'". Financial Times. Retrieved 26 June 2022.
- ^ Brittain, Blake (6 May 2022). "Hermes lawsuit over 'MetaBirkins' NFTs can move ahead, judge rules". Reuters. Retrieved 26 June 2022.
Bibliography
[edit]- Leila Schneps and Coralie Colmez, Math on trial. How numbers get used and abused in the courtroom, Basic Books, 2013. ISBN 978-0-465-03292-1. (Eighth chapter: "Math error number 8: underestimation. The case of Charles Ponzi: American dream, American scheme").