While there are some points in this post, I also want to rant because it is sad to see people losing money in stupid systems in the name of investing.
MMM is among the most popular Ponzi scam. As big as it was, I never invested a dime in MMM. Many of my contemporaries were doing it then, but the sweetness of how they were cashing out did not move me. I felt there was something risky about it. Millions of Nigerians and other people around the globe were victims. I am not a financier or adviserer. I just started studying and giving my time to finance because I now manage a business and I don’t want to fail. But there is something called “common sense”. Everyone has it and when we don’t apply it when doing some things, we become the fool of all time.
Mavrodi came and failed. People languished in pain. Then many more Ponzi schemes came and people were investing their hard to earn cash in them.
After the MMM crash, there have been over 200 quick money schemes that have come and go and some people still put in money in them in the name of investment.
I worked with one of the people that think like that sometimes ago. He worked with the Central Bank Of Nigeria for over 25 years and retired, but all he has been doing after his retirement is MLM, Ponzi, and many poor algorithms. He is the person who forced me to invest $1,000 in Kualian about a year ago. His investment in Kualian was over $80,000. Now Kualian is no more and the $80,000 is gone.
One of my clients told me he invested in an ads company and they pay him when he watches ads. When I checked, I realized they do not have enough publishers and if they cannot grow their publisher base, they won’t last. After 3 months, they stopped the payment and closed up.
Recently, there is another one that absconded with people billions. He uses a similar algorithm as Ponzi and people still invested. I can’t fathom how they get people to invest in such failures. Many of them must have invested in some failure before and they keep investing to lose money.
Why do people reinvest in failures?
Is it greed?
Is it stupidity?
Is it a lack of financial education?
Is it a lack of General education?
Is it about not knowing how to check the sustainability in every system?
What do you think about this?
My name is @tykee (Balogun Michael), a software developer/content writer and the Tech lead of Meshboc Limited. I use my content to share my opinions on tech, lifestyle, and finance.
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