There are many money making business ideas that will earn you cash relatively quickly. However, there are also many scams that will steal your money even faster. Two of the most problematic money making ideas are multi-level marketing and HYIPs.
Another idea that can be difficult to do is working with penny stocks, although the difficulties associated with that are entirely different than the first two.
One great money making business idea is multi-level marketing, although it is certainly a double-edged sword. On one side, some people do make a lot of money doing it, but on the other side, many people fail.
Multi-level marketing, also known as MLM, involves selling products and then recruiting other people to sell products under you. You earn commission for the items you sell and also a small commission for the people who sell under you. If you have a very social and “salesy” personality, then MLM might be a good option.
Some examples of multi-level marketing companies include major companies like Avon or Mary Kay and other less-obvious choices like Market America, which is essentially an online MLM scheme.
Unfortunately for many people who want to earn cash fast and make money at home, they end up being scammed in some way. Multi-level marketing schemes can be a scam, but what’s often even worse are high yield investment programs, also known as HYIPs.
If you read almost any HYIP review, you’ll see examples of people who were ripped off. Often the scam involves a website which has an investment program that supposedly pays a high percentage every month. But there are no details about how it earns such large amounts.
One example of a HYIP that has broken up recently is Zeek, which was investigated by the Securities and Exchange Commission in 2012. CNet reports that OSGold, another HYIP, scammed more than 60,000 people to the tune of $250 million before it shut down in 2002.
Another money making business idea many people wonder about is penny stocks. This idea can be troublesome if you don’t know what you’re doing. It carries more risk than a number of other money making ideas, although with great risk comes great reward—sometimes.
In the U.S., penny stocks are those that are sold for less than $5 per share. The reasoning behind investing in penny stocks is simple: if the stock is cheap now, it might be worth a lot in a couple of years. Unfortunately it also could drop even lower than the price you purchased it for, losing you money in the process.
If you read financial news often, then penny stocks may be one of the best money making ideas for you.