1/8 🧵 Pyramid schemes can be challenging to identify, often masking themselves with terms like "network marketing", "recruit", "upline", "downline", and "gifting program" #threadstorm
1/8 🧵 Pyramid schemes can be challenging to identify, often masking themselves with terms like "network marketing", "recruit", "upline", "downline", and "gifting program" #threadstorm
indeed, we’ve been watching a pyramid scheme occur and waiting to see when it implodes, it hasn’t yet but it’s due!
2/8 The key distinguishing factor to remember: legitimate network marketing companies sell actual products. The question to ask is, "What products are being sold?" If recruitment is the only source of profit, beware.
Some pyramid schemes masquerade as legit network marketing businesses, making it crucial for individuals to be vigilant and informed. Don't be swayed by the promise of easy wealth or dreams of luxury.
5/8 How can ordinary people protect themselves? One way is by seeking professional financial guidance, which doesn't have to be costly. Citizen advice bureaus and banks often provide free legal and financial advice.
6/8 The promoters of pyramid schemes don't want you to seek advice - they want your money. But remember, participating in pyramid schemes is illegal in many countries and can lead to serious legal consequences.
7/8 Those most vulnerable to pyramid schemes are often desperate, greedy, uneducated in finance, or financially strapped. This emphasizes the importance of personal finance education and consultation with financial experts.
8/8 In the end, knowledge and informed decisions are our best defenses against pyramid schemes. Educate yourself, seek professional advice, and always remain skeptical of promises that seem too good to be true. #PyramidScheme