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Lifestyle

Ponzi Gist: My Part of The Story

It was one of those interesting moments of my days in the University, it seemed like a sudden epidemic of economic downturn had hit the pocket of every student; especially those of us in the school hostel with a heavy bang, BOOMMM!!! It was in this light that several ‘quick cash’, ‘get rich quick’, ‘funding trends’, ‘passive income’ and the thousand and one other names they are and can be called flood in the school premises with the expertise of a swarm of bees…

Before people like me could have asked ‘What’s happening? How does it work?’ And other sensibilities, participants were already seen all over the school hostel with their stand fans, plates, cutleries, food provisions and of cos money. It was at the sight of all this goodies that my cousin, Amie joined as a participant of one of the schemes; she mouth ran a catchy ad for me to join but I swung my head east and west like an Indian that’s signaling a ‘yes’, but for us in this part of the world, Nigeria, it’s a No!

She later convinced Peace, my sister to join and she did and had me as a target prospect but to her disappointment, I didn’t oblige; the whole thing doesn’t just sound authentic to me. Few days after then, it was her turn to get her returns but school was on break so she had to go to the office address in Umuahia to get her rewards.

See: Visible Investment Guidelines For All Time

She had woken up so very early that particular day with the excitement of someone who’s going to cash out her long awaited fortune. She had just only her transport fare from Aba to Umuahia; as if I was inspired by God, I told her to go with an extra cash for transport even if she doesn’t have, I was willing to supplement her towards that ‘cos I know it’s risky banking your interest in someone or something you hardly know, which was one of my main reason for not opting in for the venture.

Later on that day, she came in from her trip or will I say adventure? The first thing she uttered was, “thank you for advising me to go with extra cash” when she said that, I knew I was in for a detailed gist. She narrated to me how she had gone to Umuahia, how she located the name of the said street address but kept on going up and down looking for number 93, the house number; and continuously dialing the company’s phone number which kept reiterating ‘switched off’.

She resorted to ask a roadside seller about the address and narrated her ordeal, how she’s looking for a funding company she invested with and all that… The woman replied her, “my daughter, if I’m not mistaken, you are the fourth person asking me about this same address today aside many others who have been looking for this fake address since past weeks. Please go home, there is no such address so you don’t fall into danger while looking for fraudsters who have technically scammed you”.

See: Things You Should Know About Ponzi & Pyramid Schemes; How To Avoid Being Scammed

I felt like laughing out loud then and saying something like ‘I told you’, but my humanity will not just allow me, I instead pitied her and told her to carry on with life and count the said invested capital as loss and be wiser in her further financial dealings.

There was also another occasion of my friends losing a reasonable amount of money in a well thought out scam scheme. This particular one looked and sounded so genuine from all ramifications but when you look carefully at the features, you will be able to spot out the fishy marks on it. Back then, I advised them freely and pointed out the fishy marks on it for them to see but they wouldn’t listen; the sight of those making some fast cash from the venture had blinded their eyes, all they wanted at that moment was to join the bandwagon and make some fast cash too.

On the verge of making some fast cash, they lose a huge amount of money fast.

At that time years back, I was already feeling like a financial pro who will never fall into investment frauds like that; at least I’ve seen and known enough about how they operate and how to know them… Sit tight till I bring you the second part of this story; it has to do with me. You see, no one is above mistake especially when you neglect the rules…

See: Warren Buffet Says Buying Bitcoin Isn’t Investing

WHAT YOU SHOULD LEARN FROM THIS STORY

  • Never invest into what you have not researched about; take out time to do a lot of findings
  • If it’s too good to be true, it’s probably too good to be true
  • Look before you leap! Be mindful of those rush hour rowdy investments, it mostly does not last for long. Do not rush off so quick into a venture
  • DO NOT bank your interest on something/someone you hardly know

Did you learn any other things from this aside the above I pointed out? Do you have a story you’ll like to share? Feel free to send it in; let me hear from you.

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