Every semester at the University of Illinois, I read alot of advertisements claiming that you will make thousands of dollars over the summer if you do certain things. These scams are commonly known as pyramid schemes or multi-level marketing firms that skirt the legal definition of a pyramid scheme.
You can read up on pyramid schemes here:
Some of the best known scams that I know of are companies that advertise selling knives sets, and painting companies offering work to college students. Most of the time they advertise that you can make 10,000 or 12,000 dollars in one summer. I can’t believe the amount of people that fall prey to these scams, that end up leaving you worst than you started off.
My personal way of investing money is to just put it in the bank and not touch it. Sure there are good investments out there like stocks and bonds and 401k’s, but I’m too young to be worried about making serious investments. If something sounds too good it usually is. But hey what do I know I’m a 19 year old, so if you want to invest in the painting company go right ahead. Most of you know my number I’ll be waiting to comfort you for your losses.