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Cash Gifting Programs – Can You Say PYRAMID SCHEME?
Cash Gifting Programs are the latest face of one of the oldest con games and schemes, the Pyramid Scheme. No matter how you dress them up, or how fancy the wording is, they are all the same and destined to fail. There is no magic formula, or secret method, it is mathematically impossible for any such scheme to work. For x number of people to make $10,000, y number of people must lose $10,000, it is just that simple. Whenever such a scheme finally collapses (which they all must do at some time) almost 90% of the people who have entered it simply lose whatever money they put in.
Don’t let the dollar signs and hype fool you. There is no unlimited pool of wealth out there just waiting to come your way. The number of people required to support the payout must increase exponentially. Perhaps the best way to show this is through a simple example, please keep in mind that the con artists who run these scams will do everything they can to try to convince you why this won’t happen with their club of course.
Let’s say Wealth-4-Life Gifting Club offers a $10,000 payout to each member when they reach the top level of their club, the entry cost is $1,000 but you are going to get back 10 times that, so what a windfall this is! So to pay out the first ‘winner’ only 10 people have to join up and gift their $1,000 and pay off the $10,000. Now, for each of these 2nd level entrants to get their $10,000 you need $100,000 so the club needs another 100 new entrants with their $1,000 entry fee. Now, to make sure all these new 100 entrants get their $10,000 you will need $1,000,000, so now you need to have another 1,000 new entrants come in with their $1,000 entry fee. Next, to make sure these 1,000 new entrants also get their $10,000 you need to come up with $10,000,000, now you need 10,000 new members. Next level, 100,000 new members needed, after that, 1,000,000 new members, 10,000,000 new members etc etc.. I think you can see where this is headed.
Just keep in mind that the job of the person running the club is to use whatever methods they can to convince you to join and to assure you that unlike other plans you WILL make money with theirs. They will use all manner of phoney charts, statistics, testimonials from ‘real’ winners etc. If something seems too good to be true, it usually is.