Avoid getrich-quick schemes from "summary" of The Bogleheads' Guide to Investing by Taylor Larimore,Mel Lindauer,Michael LeBoeuf
Get-rich-quick schemes promise fast and easy money with little effort or risk. They often prey on people's desire for quick wealth and financial security. These schemes may involve investing in high-risk ventures, trading in volatile markets, or participating in shady practices. However, the reality is that get-rich-quick schemes are rarely legitimate or sustainable. Most of these schemes are designed to benefit the promoters rather than the investors. They often involve high fees, hidden risks, and unrealistic promises. In many cases, investors end up losing their money instead of making a profit. It is important to be wary of any investment opportunity that seems too good to be true. Instead of chasing quick riches, it is better to focus on long-term, proven investment strategies. By following a disciplined approach and investing in a diversified portfolio of low-cost index funds, investors can build wealth steadily over time. Patience, prudence, and persistence are key to successful investing. Avoiding get-rich-quick schemes and sticking to a well-thought-out investment plan can help investors achieve their financial goals in a responsible and sustainable manner. Remember, there are no shortcuts to wealth, and any scheme that promises otherwise is likely to be a scam.
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