There's a saying that there's no elevator to success--take the stairs! It's a problem when people overspend--they ignore basic economics. I confess that I was an overspending teenager, I did flunk my first grading in economics back in high school (though I got better in college with economics during my stay at the University of San Carlos-Main Campus), and I only have a total of 12 economic units in my academic life. My thrifty parents had the habit of not giving me more allowance which caused me to re-evaluate my spending habits. It made me eat canteen food and re-evaluate my actions. Though, I also nearly fell for some get-rich-quick schemes too. Then I almost participated in one but withdrew earlier than expected.
This brings me back memories of cartoons that I watched as a kid. Maybe, one can remember some Hanna Barbera sitcoms such as Top Cat and The Flintstones to name a few. Top Cat was always up to some idiotic schemes which usually backfire at the end of the episode. Fred and Barney in The Flintstones were also constantly trying to get rich quick. They may be funny but real life is stranger than fiction. Most of these get rich quick schemers to go for very absurd schemes. Others would go as far as to betray the trust of others for money. It's really not funny anymore when you've got yourself duped or friends involved in such stupidity.
I've observed (and also heard of) some get rich quick schemes or any stupid attempts to get rich quick done by people trying to get rich quick:
- Offering overpriced products and services (even with a business permit) without any justification for doing so. This is absurd because there are times when selling at a lower price may be more advantageous in the long run. For example, opening a rent-a-car business that's highly-priced yet offers no better products or services than the competitors. Some might even be selling counterfeit goods at a ridiculous price. Sometimes, you may want to avail of products and services that cost more if it's worth the money. However, you may want to avail of products and services of lower cost with good quality. You may also even think of ignoring the target market by offering a place to rent at a high cost even if the area was meant for the lower-income bracket. How's that for a half-brained business plan?
- Trying to run a gambling den in one form or another. I think about how some poor people try to get rich quick with the game of hantak. I heard about tampered coins where they fool their fellow poor into giving them money. It's because when people gamble--there's way more risk in it than in the stock market. Gambling only makes the sponsors rich while most of the people walk out broke.
- Investing one's hard-earned money in gambling activities such as lottery and the like. The lottery isn't a reliable source of income since it's gambling. No form of gambling ever is a reliable source of income. Gambling is all a game of chance where higher risks outweigh higher returns. Spend time playing mahjong and you're bound to be unable to pay for your basic needs.
- Joining game shows to get rich. This is really absurd since how many people ever even take the prize money from the game shows? I guess that's why some poor people got obsessed with Deal or No Deal back then.
- Cheating in the bidding. It became a common practice to cheat in the bidding of the prices of commodities. Make an artificial scarcity if need be in order to increase the prices. Make it look like the supply is down and the demand is up. Make a believable story. Burning down a warehouse if you have to. That's how some people artificially increase the prices.
- Making counterfeit documents such as fake thesis for lazy students. I heard of the lousy excuse that says that they can just have someone make the thesis for them. This can be easily caught by any professor because no one can defend a thesis they didn't make. That's what I learned in my MBA days and undergraduate days. Any good professor will demand that the students see them for consultation. This is a violation of intellectual property such as plagiarism. Others would involve making fake documents. These are very seriously heavy crimes that have helped criminals hide their tracks making one an accomplice.
- If making fake documents isn't enough--have a fake document made to get rich quick so you can enter the black markets nearly undetected. I heard of many times when fake IDs are made in order to get the money that's not meant to be in the bank. It's money meant to be stashed away somewhere and used in mostly unproductive activities.
- Offering promises too good to be true. I remembered a couple of texts that I got offered to pay me PHP 8,000.00 per day. Woah, that's too good to be true. They asked for my bank details. Obviously, they were trying to hack. One way to get rich quickly is to offer such plans to the gullible, they forward information, have a hacker with you, and agree to split the offer. Others that I've encountered are double your money in a very short amount of time with some freebies. In fact, I think one good way to get rich quickly is to make a bank that promises very high interest per year, declare bankruptcy, then run off with the money. Some are also financial institutions that claim to be fund managers but are just there for the money. It's like how I would pretend to invest your money in stocks and let them return to you 30x higher the next day. Maybe, I would invest it in stocks but I'd actually pocket it for my own selfish desires. Charles Ponzi got rich quick that fast by offering promises too good to be true. Ponzi eventually got retribution when his own schemes fell on his face leading to his rather untimely demise.
- Even worse, getting into the drug trade or any criminal activity. Some people get into crime because of poverty. Poverty is a very good breeding ground for crime especially if the poor people just waste their money. Others get into crime because of greed and wastefulness. I think one of the reasons why some people volunteer to be drug mules or drug carriers is because of the promise of getting rich quick. I think the drug dealers pay them a hefty fee for every thrilling escapade. Though, it's really a trap since I doubt it drug syndicates will ever care if anything happens to their drug mules since they can always find new ones. Others may also involve bank robbery or kidnapping for ransom because one gets rich quick robbing the bank. However, the problem after robbing a bank is how are you going to hide all that money you just got illegally?
Getting rich is no walk in the park. The stock market isn't a shortcut either and any expert in the stock market will tell you that patience and alertness are key to winning a big win. Sometimes, it would be better to buy stocks from reputable companies and hold on to them for a long time. For example, if the stock market is at a low, I might consider buying shares from Jollibee, SM Holdings, and the like with extra money. This would mean I might be better off holding on to these shares while waiting for their prices to go up. Some people who lack the expertise may go through a mutual fund with a reputable bank like Metrobank or get into AXA. AXA offers stock mutual funds like Chinese Tycoon which invests in Filipino-Chinese-owned companies. One might even want to hold on to the purchased stocks for as long as 10-15 years or even more.
Some people lack the patience to do so or just want more money to spend immediately. That's why people with expensive taste (regardless of status) enter into these absurd schemes. It reminds me of the irony of some lower-income people who blame the rich for their plight who hypocritically want an iPhone or expensive apparel when there is nicer stuff that cost less. They do whatever it takes to get that money so they can live their expensive lifestyle. True, they can get rich quick fast but easy come is an easy go. Some get rich (for a while) gambling but the addiction eventually rob them dry. Some get rich quick through cheating but the money cycle becomes short-lived.
It would be a contrast to taking the stairs of success. Just think that some of the wealthiest men today were the poorest of the poor or tried losing their wealth. Lucio Tan was a janitor in a tobacco factory (while studying in college) before he became the founder of his group of companies. Tony Tancaktiong started out with a simple life before Jollibee became that global brand. Henry Sy used to peddle shoes before becoming the founder of SM--hence why he called his companies as Shoe Mart. John Gokongwei's family once lost their fortunes after the war but his hard work made them recover much bigger than they lost. These men didn't go with get rich quick schemes. Instead, hard work, dedication, and proper financial planning created them to be the men they are.
References
"Charles Ponzi"
"How To Spot Get Rich Quick Schemes"
"In Ponzi We Trust" by Mary Darby (December 1998)