4 ms·
Ponzi schemes, MLMs, a whole set in the “if it’s too good to be true” bucket
by yellow_postit 4y ago
Ponzi schemes, MLMs, a whole set in the “if it’s too good to be true” bucket
- ch4s3 4y agoI learned about Ponzi schemes in US government in middle school in VA in about 2000.
- duskwuff 4y agoA unit explaining some common financial scams, and how to recognize and avoid them, would be excellent to include. For example: Check cashing scams are extremely common, and can be financially ruinous. Many of these scams could be avoided if students knew that checks take time to clear, and were warned to be extremely suspicious of requests to spend or give away money from a check that might not have cleared.
- ciupicri 4y agoHonestly this is the bank's fault. The bank should not give money for the check unless everything is alright. Or if it gives money, it should also give a warning or something. You can't expect customers to know all the quirks.
- kube-system 4y agoI think checks made a lot more sense to people when no consumer transactions were electronic, and cash was the only instant transfer people dealt with. Bad checks were an easy concept to understand when everyone was carrying around a handwritten checkbook register