Online Finances That Are Dangerous

Money makes the world spin and practically all of us  are usually after new ideas to make our own grow. Making money is  nowadays easier because the Internet opens a door to any type of  money-making possibilities, from work at home jobs, to online  investments. However and like in the real world, making money  opportunities could be scams in disguise and common sense is necessary  to find a real money opportunity. When it comes to online finances, you  must be aware that even finding legit opportunities, some of them can be  truly dangerous so please read on. Along with the fact that you can add more and more money and ignore just how much you are losing when you see that you will a few coins. 

Get Rich Quick Schemas

These are probably the best known dangers ahead and your common sense will always make you ask yourself if the deal is not too good to be true. You instinctively know that it is, but may still feel tempted to try “just in case” it is not, and it ends up being a way to make money. Get rich quick schemes include, ponzi emails offering an illogical rate of return on investments that you never asked for, inherited money from someone you never heard about, or help to get money transferred to your country from another in exchange for a large lump sum. Whatever smells fishy, surely it is.

Payday Loans, as Legit as Debt

Another danger ahead is the large number of payday lending companies  offering to help resolve your financial problem even when you have never  asked for it. There is nothing fishy here, unless a lender contacts you  for no apparent reason or you do further research to find that the  lending company does not exist. However, when you think of borrowing  money to improve your finances, remember that payday loans are a legit  way to get it, but upon your paycheck. Moreover, payday loans have the  highest interest rate in the financial market and making a wrong move  could lead you to fall in a sort of never-ending debt trap.

Investing in Forex

The Foreign Exchange Market, often referred to, as Forex or FX, is a  currency market where you can make money by trading international  currencies. Once again you will find here a legit solution that requires  further research to find the right places to invest, but also the  danger to lose your money whether due to finding the wrong investing  service, or your lack of experience investing in currencies which  fluctuation in value can make you lose money rather than earn it.

The Hip for the HYIP

Actually not as popular as they were some years back, High-Yield  Investment Programs (HYIP) offer high returns to encourage investors.  However, they are best known to be scams, and usually listed under the  most common and dangerous ponzi schemes that you can find online.

Other Online Financial Dangers

From buying lottery tickets to playing poker or bingo, online gambling activities are considered a good money making source, but they  are also a potential danger to your finances not only because they are  games of chance, but also due to the potential addiction that they  generate and the little opportunities to makes a fortune from them.

About The Author

Keroy King

Keroy King is a Financial Educator, Podcast Host, Keynote Speaker & Empowerment Expert, residing in Los Angeles, California and the Founder of "Life Then Finance" a community where she coaches individuals to overcome personal and financial obstacles that are holding them back so they can quickly and effectively live a full-filled and purpose driven life. Even when they think the odds are stacked against them. She is also an online course creator & instructor of several personal finance and personal transformation online courses.