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Money-Making Schemes to Avoid

Money-Making Schemes to Avoid

An expert provides advice on student finance scams that sound too good to be true.

By Chris Diehl

Short on funds shouldn’t mean you’re short on brains. Don’t be that guy who has to admit, “I was young; I needed the money.”

True: being a college student means making mistakes, but in these financial times, there are some lessons it’s better not to have to learn the hard way.

No matter how bad it gets, making one of these poor financial decisions will probably make your situation worse:

  • Payday loans: Don’t mortgage your future paycheck by paying exorbitant fees to get your money a few weeks or days earlier.


  • Credit card cash advances: Interest rates on cash advances are usually much higher than the credit APR.

  • Selling textbooks early: You’re in college for an education to help you make money later in life. Don’t jeopardize that by selling books you will need to succeed in your classes.

  • Gambling: Placing bets online or through the campus bookie might be a tempting way to double or even triple your money very quickly. However, the risk you assume is simply not worth it when money is already tight.

  • Get-rich-quick scams: There is no shortage of offers that claim to earn you a lot of money in a short amount of time for doing next to nothing. Use common sense—offers that sound too good to be true probably are and should be avoided.

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    michaelirizarry1

    19 days ago

    I'm guilty of selling textbooks early.

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    dks89911

    about 1 month ago

    I'm sure the selling textbooks early was in reference to selling them a week or so before your course is through. Who's is something a lot of students do then later regret.

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    chocoboblue99

    3 months ago

    For selling textbooks early, I'm going to disagree with that. Most of your text books you don't need after the class. If you really learned the material then why keep the textbook? You already know the information, right? If you need to reference something look at your notes or look it up online. I have kept dozen of textbooks that I thought I needed over the years, but you know what? I never opened them up after the class. Why? Because I know the information in them.

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    MichelleC38

    10 months ago

    If you don't already know all of this, you're probably not going to make it through life.

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    TriciaH30

    about 1 year ago

    If you do want to go with the online money making option, keep it to programs that you know are legit, such as Google Adsense, or something that has been recomended by a trusted friend.

    http://studentswhostillhavesouls.blogspot.com

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    RifathJ

    almost 2 years ago

    Hi mrobeng,
    I've been visited your suggested website for making money in online. But I'm kind of confused how to start or what can I do after getting the Bidtz product. Will you please explain briefly, how do manage the business or make money by using that website?
    Thanks

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    anisha206

    over 2 years ago

    80000$ howcome?

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    ThomasM1409

    over 2 years ago

    'win' easy loose easy.
    Shortcut always get you the long-wrong way.You ought to be smart upstairs.

    Mwalavu, Nairobi-kenya

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    PatrickN190

    over 2 years ago

    scams are much determined by elements of greed .want to reap where you have never sowed? ...then you"re potential con victim.unless u want to con someone pliz dont venture because however smart you think you are they always get you

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    SharonD166

    over 2 years ago

    Good article but I wish I had read it sooner. I did the credit card advances and now my credit is so bad I can not get a student loan.

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    JeffreyB599

    over 2 years ago

    The newest one I've seen is a letter for a secret shopper job - IT IS A SCAM.
    Never Western Union Funds you are given by unknown "employers"!
    No matter you think - remember you are not the beneficiary of millions of dollars from someone you do not even know from another country!
    Also do not ever accept payment to your bank account and then send out most of the money via Western Union (keeping your 6-10%).

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    JermeleL

    over 2 years ago

    To bad I didnt read this article two years ago. Im now twenty years old and all of those things have happen to me in the past two years, and its even harder now for me. Luckily i realized my errors and was able to bounce back while im still yong and willing. So watch out future prey cause the predators are out there lurking.

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    BarbaraA222

    over 2 years ago

    Dang, I heard that. I just want to tell those business pushing people where to get off! I'm so sick of getting these off home business promoting emails, I'd like to send them a threat of law enforcement tracing or something!!!

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    Olaoye

    over 2 years ago

    am single any female serious one sholud contact me +2348051270441

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    DdamuliraL

    over 2 years ago

    more