10 Get-rich-quick Schemes & Alternatives That Work

Get-rich-quick schemes promise you riches for little effort. The only downside is that these promises are often false, and you lose money.

However, that does not mean you cannot make money with get-rich-quick schemes. Some may work, just not as well as promised. And for those that do not, there are alternatives.

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1. Get a Sugar Daddy or Mummy

Some people make a living from having a sugar daddy or mummy. While this is profitable, it is a job, not a get-rich-quick scheme.

More commonly, the sugar daddy or mummy scheme is a scam. Someone may contact you with the promise to transfer money to your account. You only need to give them your Cash App or PayPal details.

If you go along with this, the supposed sugar daddy/mummy asks you to transfer smaller sums of money from your account to theirs. They may say:

• You need to prove your loyalty by sending the money.
• They can only set up an automated transfer to your account if you send money first.
• They need to be sure they have the correct bank details for you.

You will never hear from them again once you transfer the money to the scammer. It sounds like an obvious scam. However, their methods are so clever that even alert people can fall for them.

The Alternative

Rather than finding someone who gives you money, look for someone who gives you knowledge. Knowledge that helps you to make money yourself rather than relying on someone’s whims.

You can do this by looking for a mentor. A mentor is someone with experience in their field and able to share their wisdom. They won’t do the work for you but give advice and act as a sounding board for your ideas.

2. Become a Business Partner

Being a business partner of a great company can indeed make you rich. But when someone asks you out of nowhere to become a partner in their profitable business, it is most likely a scam. You will lose money and could face time in prison.

In this get-rich-quick scheme, a stranger may contact you via email, or an old friend may approach you. They will offer a business partnership.

The scammer’s objective can be your money, time, or name (or all of it). Either way, you are unlikely to see any profit.

• They will ask you for capital to start or expand the business if they are after your money. You will never see this money again or any returns of it.
• You will set up the business with the scammer if they are after your time. After that, they will leave all the work to you. This type of scam is common with the old friend scenario.
• Lastly, the scammer might be after your name. This means they will make you the business’s Director or Chief Executive Officer (CEO). Then, the scammers will rip off customers or do whatever they can to make money. In the end, you need to take responsibility for their misdeeds.

Some schemes, such as the Body Shop at Home MLM, might be legal. However, this does not mean it is a great idea to join.

The Alternative

Start a business! Starting a business from scratch has risks, but at least you will not have a scammer as a partner. Before starting your business, research the field. You may also need money to fund your business. Crowdfunding can be an option, or you can use your savings. Some businesses don’t need much capital.

You could approach someone as your business partner if you need someone else. Just ensure you make your choice carefully so you can avoid scams.

3. Money-transferal Proposals

Various alleged get-rich-quick schemes involve transferring money between accounts. And the vast majority of them are scams. These can be very elaborate, like the emails in your junk folder.

Someone promises you a great sum of money. The only caveat is that you have to transfer money to them first. These transfers will continue until you have nothing left. Then, you will never hear from the scammer again.

The Alternative

There are plenty of legal ways to make some cash from transferring money.

Some companies offer incentives for new customers to open an account with them. And you can benefit from these incentives. For example, some banks offer cash rewards if you open an account. If you switch accounts yearly, you can make a fair bit of money this way.

You can apply this concept to many other industries and areas. I usually make about £5-50 extra monthly from random sign-up offers. See my list of free money offers in the UK for great offers.

Once you start, you will find many more of these offers. The critical point is that you do research to ensure the company is legit.

4. Bitcoin Investing

In Bitcoin scams, someone will promise you great riches from Bitcoin. They will give you a link to a website they claim helped them make money. The only problem is that this website is not real.

Instead, its only purpose is to capture your personal details. During the sign-up process, you will need to input personal information. This will enable the scammers to impersonate you so they can go after your bank balance.

In some cases, you need to make an initial deposit. If you have done so, the scammer will encourage you to make further deposits for greater profits. This game will go on until you realise you are out of money.

The Alternative

Bitcoin can play a role in a well-managed investment portfolio. The key is that Bitcoin investing is a decision you must make yourself. You must also be aware that you are unlikely to make a six-figure profit. It is not impossible but as unlikely as winning the lottery.

Once you are ready to invest, ensure that you sign up with a legit platform. Well-known brokers such as Trading 212 may be a starting point. However, you need to do your research.

5. Lotteries and Gambling

Playing the lottery and all other forms of gambling are often called get-rich-quick schemes. And it is a fact that you can win the lottery or hit the jackpot with a slot machine. But let us face it: the chances you will win big are meagre.

When you gamble, you likely lose money. Lotteries and gambling are not scams as they disclose the winning odds. But these odds are low.

Each lottery or casino game has a set return to player (RTP). RTP means how much money you will get back for every £1 you put into the game. Of course, you do not always get back that exact amount. Games also have variance, so you never know if you will win.

The Alternative

With matched betting, you can beat the bookmakers and online casinos at their own game. Matched betting is not gambling. You won’t get rich, but it is a solid extra income.

Matched betting means placing sports bets that cancel each other out. Then, you can make a guaranteed profit from the promotion associated with the bet. For casino games, matched betting means only completing offers with a positive expected return.

Matched betting sounds like a scam, and I was sceptical initially, too. What sets matched betting apart from scams is that you do not make upfront payments.

You can learn matched betting for free through freely available resources such as YouTube videos, blogs, or Outplayed. Outplayed teaches you matched betting for free. Read more in my Outplayed.com review.

6. Affiliate Marketing

I love affiliate marketing! Once you have mastered it, it is a great low-effort way to make extra money. Getting to the point where you can earn regular money from affiliate marketing takes time and effort.

Overpriced courses, self-proclaimed gurus, or marketing experts are often just after your money. They will lure you in with buzzwords such as passive income and earn money in your sleep. You may receive unsolicited emails or see adverts for:

• Affiliate marketing courses
• Workshops
• Special coaching sessions

The results will be disappointing after you have paid for the course or coaching sessions. The course may not have valuable content other than information that is already freely available. Coaching will be generic and not personalised to your circumstances.

When you sign up for these courses or sessions, you also give the scammer personal details. Scammers can sell them to marketing companies.

The Alternative

Affiliate marketing is still a great way to make money. You need to be aware that it is not a get-rich-quick scheme. It took me a year of learning and hard work before I made an income from affiliate marketing. Even now, I don’t make a fortune from it.

If you want to start affiliate marketing, start with free resources. If you want to take a course or coach, look for legit opportunities that do not promise the impossible.

7. Post-COVID-19 Robocalls

Many people have lost their jobs due to the COVID-19 pandemic and the subsequent cost-of-living crisis in the UK. This created a vulnerable audience for scam get-rich-quick schemes.

With robocalls, you will receive an automated phone call promising passive income. They may tell you to expect an extra £100 or £1000 a month without doing anything.

The caller promises to do all the work for you. But before they can start, you need to make an initial investment. Once you transfer the money, you never hear from the caller again. If you are lucky, they will deliver something, but it won’t work. You certainly won’t make money.

The Alternative

First, hang up when you receive an unsolicited automated call. You are probably already aware of this, but scammers are talented at using words to reach even the most scam-aware people.

You can add your phone to the Telephone Preference Service (UK) or the Do Not Call registry (US). This service blocks unwanted robocalls. Then, start a legit side hustle to make an extra £200 per week or more.

8. Pump-and-dump Schemes

The scammer will hype up a product or company in this scam. Then, they will encourage you and others to buy company stocks. Once the stock reaches a peak, the scammer sells all their stocks to make a profit. Subsequently, the stock loses value, and investors lose money.

The Alternative

While all investments come with a risk, you can still profit from buying shares. However, don’t listen to what others tell you to buy. You need to do research, for example, with apps such as Finimize. Finimize is an excellent app for researching stocks. The app also provides financial news in an engaging and easy-to-understand manner.

9. Coaching Schemes

People may advertise courses or coaching services promising to teach you how to make money. However, you will get low-quality information once you pay for the course or coach. Your purchase won’t help you make money, leaving you at a loss.

The Alternative

Plenty of free resources are available if you want to learn a skill. You can:

• Read blogs
• Listen to podcasts
• Watch YouTube videos
• Ask someone to mentor you

10. Tax-return Fraud

In this scam, you receive an alert that you have been overtaxed and will receive some money back. This notification typically comes in the form of a text message or email.

The message directs you to a form asking for your bank details. Once you complete it, the scammers have your details and can use your card. They will empty your account, and you will never hear from them again.

The Alternative

If you want your tax money back, using a Self-invested Personal Pension (SIPP) is the easiest way. You will get 20% to 40% tax relief on money in your SIPP. How much exactly you will get depends on your tax bracket.

Another way to save money on tax is to use an Individual Savings Account (ISA). Interest you gain on money in an ISA is tax free.

What Are Get-rich-quick Schemes?

Get-rich-quick schemes are “a plan to obtain high rates of return for a small investment.” This often means shady investments and scams.

These scams are prevalent. According to the City of London Police, people lost £890 million in 2021 to investment frauds. This is almost a 50% increase compared to 2021. Clearly, scammers are getting smarter and better at tricking people.

Financial influencers may also play a role in this increase. Content creators often promote products without fully understanding them. If you hear about a promising product or service, you must research it yourself.

Get-rich-quick Schemes and Alternatives That Work Summary

Get-rich-quick schemes promise to make money quickly and without much effort. However, in most cases, these promises are baseless.

However, this does not mean all get-rich-quick schemes are lies. Some work, just not as well as promised. For others, there are legit alternatives that enable you to earn real money. Yet you have to put in the effort.

Read next about 100 ways to make money.

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