Like I always say, I have a phobia for high yield investment programs. My fear isn’t just born out of ignorance or stupidity, it’s from an experience that left me in a pretty bad shape. I’ll break it down simple and plain: I GOT SCAMMED!
Are you new to HYIPs? Wondering what it’s all about?
“A high-yield investment program (HYIP) is a type of Ponzi scheme, which is an investment scam that promises an unsustainably high return on investment by paying previous investors with the money invested by newcomers.
Operators generally set up a website offering an “investment program” promising returns as high as 45% per month or 6% a day, disclosing little or no detail about the underlying management, location, or other aspects of how money is to be invested.”
-Wikipedia
There are so many HYIP sites online where you invest a little amount of money and they swear on their grand ma’s grave to pay you back an unbelievable percentage after a short period of time, sometimes as high as 50%. Sounds good, huh?
Now don’t get it twisted, the fact that I got scammed doesn’t imply that all HYIPs are scams or there’s absolutely nothing good about them. What I’m only trying to point out is that some are real and others are simply put up to get a big chunk out of your hard earned cash. I was a victim.
I know of people who are making money online through High Yield Investment Programs and I made some dollars to my Liberty Reserve account before I got “busted.” I even know of some friends who got scammed a couple of times but still continue in the business anyway. They will only tell you every business has its own risk.
You’ve only got to be careful, I mean extra careful when investing in HYIPs. There are certain precautions you ought to take when investing and I’ll lay this out in one of my next posts. It’s a different subject on it’s own…sounds rather sad, but you might learn from the mistakes that got me scammed.