With the economy reeling under recession, many people are finding various ways and means to improve their income. But many jobs that promise to pay real money are also fraught with risk and danger. The following is a compilation of the top 10 worst ways to make money which can help you to avoid them at all costs.
1. Helping Nigerian millionaires
The advance fee fraud otherwise known as the “419 scam” involves a polite preacher, Nigerian widow or political prisoner emailing you seeking your assistance in safeguarding his riches. They promise you a portion of their fortune and all you may have to do is pay a bribe or a fee. This is a proven massive scam which must be avoided at all cost and is one of the worst ways to make money.
2. Gambling
There are problems which come with gambling namely you can end up losing quite a lot of money if you do not know the art of gambling.
3. Paid medical testing
Paid medical testing has their own drawbacks and cannot guarantee sufficient returns. You have to understand the extent of physical harm you are interested to risk in this process.
4. Blogging
Though blogs make money from advertising, most of the blogs which make large sums of money are professional in nature. This can be attributed to column writing by great industry magnates or well accomplished people. By being an ordinary blogger you may be able to make only enough money to cover your hosting cost.
5. Online gaming
Playing online video games also does not guarantee good returns. In this type of money making you may have to compete with a lot of Koreans and Chinese people who may make big money because of large number of hours devoted for this job. You may end up making just a pittance.
6. High-yield investment opportunities
HYIPs are unsustainable after a few years and are definitely unlawful. You have to stay away from any such schemes which promise a very high return over and above the normal rate of return.
7. Online surveys
Filling online surveys may seem a simple task which promises a great deal of money. Whatever price is quoted, you must understand that even this arena is filled with scams. As the job involves no ability or talent of any kind, you may not get much work or pay. You may also be required to pay for some of these opportunities and some of these may never pay you properly.
8. Foreign currency Trading
Forex trading involves a lot of risk as you may have to work with people who may have more capital than you and who are into this for a living. It also is a zero-sum game in which you will stand to benefit only when someone loses their cash. You cannot be guaranteed profits in this type of trading and fraud in this area is more prevalent.
9. Real estate Flipping
Flipping real estate is also a not very desirable way to make extra money. Flipping has become rare these days with the fall in price of houses. It also involves a lot of risk and you have to seek professional advice before choosing this method of earning an income.
10. Day trading
Day trading involves a lot of risk and can be done only with practice and training. It is seen that day traders earn a lower rate of return than the average investing household. Hence it is actually a complicated and stressful way to make money. Instead you can just give cash to experienced people who will know exactly what they are doing and help you improve your earnings.
