Saturday, May 9, 2009

BIM Pyramid Scheme To Take $3200.00 From You!

How to recognize a pyramid scheme

Who doesn't want to make more money these days? An economic crunch combined with massive layoffs make money schemes all the more tempting. But if profits rely on recruiting others, you could be part of a pyramid scheme, which is illegal in Canada.

Here are some pointers on how to spot a pyramid scheme:

Arrow The scheme is promoted word of mouth or through closed door meetings. Beware of promises of extremely high commissions.

Arrow Products associated with pyramid schemes often have little real value and it is difficult for the average consumer to determine their actual worth.

Arrow Consider if there is a true market for the product and if it is actually being sold to people outside of the scheme. If not the name of the game is likely recruiting.

Arrow To survive, pyramid schemes rely on a continuous inflow of new recruits. But basic math shows they will eventually collapse.

Arrow Be skeptical about testimonials about the product or the plan. The company may be paying individuals to give testimonials or may have strategically ensured their success in the business.

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