5 Most Common Online Money Making Scams and How to Avoid Them

There are many scams to watch out for when trying to make money online. However, most of them are based around the same basic ideas.

Online Money Making Scams

Making money online is one of the best ways to live your life. You can do it wherever you want, whenever you want. You won’t have a boss telling you what to do, what time to do start doing it, and when you can stop. What stops most people succeeding is getting scammed one too many times and just giving up.

Online Money Making Scams
Image by Gerd Altmann from Pixabay

So, this article will try and help you avoid the online money making scams and get you making money online as quickly as possible.

Before we start, let me tell you that the best advice is to take your time no matter what you decide to do. If something is legit, it will be around tomorrow, next week, next month, and next year. So, here are some of the most common online money making scams and how to avoid them.

1. Sounds Too Good to Be True

I know it’s a cliche but the fact is that if it sounds too good to be true, it probably is. Some classics are, “Homeless man learns this one weird trick and earns $50,000 in less than a month.” Or, “Unemployed (insert job title) learns the secret to making money online and retired in one month.” I think you get the idea.

Image by Binay K. Sahoo from Pixabay

One of the ways scams work so well is that they coerce people into making quick decisions. Their language is persuasive, using techniques to make you want to follow in the same the ‘heroes’ in the stories. You’re thinking that if a homeless guy or a waiter can make all that money, why can’t you? That’s why these long sales letters work so well.

2. Investment Scams

There are thousands of these and they are all fake. Never give your money to anyone promising to double your money each week or some other nonsense like that. If you do trading, learn how to do it yourself and start small whatever you do.

Online Money Making Scams
Image by Maklay62 from Pixabay

How they work is that they promise something unbelievable, and then they deliver. But it’s just a Ponzi scheme, buying time for the big scam. After a month or so, they’ll be another scheme, where instead of 1% a day, you can get 10% a day, but you have to invest at least $10,000. The scammer only needs 5 schmucks and he’s made enough to live for a year.

3. An Unbelievable Backstory

Many scams are presented using long sales videos or letters. They almost always follow the same story. There’s a sad story, followed by a stroke of luck, eureka moment, or chance meeting with a stranger with inside knowledge. Then, some weeks or months to perfect whatever method is being pitched, plus hundreds of thousands of dollars invested. Then, the ‘proof’ of earnings, which are normally enough to make you want in, but not too much to make you suspicious.

Image by seemamardi from Pixabay

This is similar to #1. Yes, it almost sounds too good to be true, but that’s not the main similarity. This scam works based on the idea that if the person in the story can do it, so cna anyone. It’s the, “If he can do it…” scenario that makes so many people fall for these scams.

4. Cryptocurrency ICOs

Not all ICOs are a scam but many are. My personal recommendation is if you want to invest in ICOs, spread your investments out, $100 for each one. Most will fail but if one does well, you could do seriously well. I bought $30 worth of Electronium and sold for $740, so there are really good returns. Just be careful.

Image by Aaron Olson from Pixabay

When checking into ICOs, research as much as you can. There are websites out there specifically for warning potential investors that things don’t look right. Maybe the white paper has been copied, the photographs of the people involved are fake, or the potential earnings are unrealistic.

5. Shiny Object Syndrome (SOS)

Okay, this is not exactly a scam but it happens to so many people that billions of dollars must be wasted on this problem every year. It’s also one that I suffered from myself for a while and it’s easy to catch.

If you have some spare money each month, what you may do is buy something, mess around with it for a month, get some new spare cash in the bank, buy another product you like the look of, muck around with it for a month, and so on.

Online Money Making Scams
Image by Binay K. Sahoo from Pixabay

Make a promise to yourself. After you have decided what you’re going to do, stick with it for six months. If after half a year you’re not making any real money, try something different. Whatever you do, make sure you have given it a fair go. If you haven’t, it may be that the amount of work you’re putting in is not enough and that’s the problem, not the program itself.

How to Avoid Online Money Making Scams

So here is my advice for avoiding online money making scams. There are half a dozen things that everyone knows work. Choose one of those things and stick with it. If you’d like to know what I do, my big thing is affiliate marketing, as you know. However, I’m also experimenting with Kindle eBook publishing.

Good luck in your future career. As long as you choose an accepted way to make money and you stick with it, you will almost certainly succeed.

Giles Ensor

Ex-soldier, ex-teacher, present-day stay-at-home dad. Recently retired from the real-world education business, now working in the online e-learning industry,

View all posts by Giles Ensor →

Leave a Reply

Your email address will not be published. Required fields are marked *

Wordpress Social Share Plugin powered by Ultimatelysocial