September 28, 2022
In recent times, countries of the world have experienced economic recession in different degrees with some surviving rom the shock while some are still plunging more into the pit of economic meltdown. This gave rise to many developments introduced by people as a way to get out of this mess. Some have developed strategies that end up defrauding others and enriching them (the developers of these strategies).

Some of these strategies appear real at first but on the long run, they turn out to be what they really are. An internet entrepreneur earlier this year reportedly lost close to ₦2 million to various internet investments according to what he posted on his Facebook timeline. This huge amount of money was lost during this recession? You could imagine the trauma he has passed through because of this loss.

To avoid falling victim of this, we will be discussing the top three online business investments to avoid this year 2017. We will start by explaining how each of them works and then reasons to avoid them.

TOP THREE ONLINE BUSINESS INVESTMENTS TO AVOID THIS YEAR 2017

Ponzi schemes: as described in one of our previous posts, Ponzi scheme was developed by Charles Ponzi in 1920. This scheme is one that promises people some percentage of their investment as profit after a while or even immediately after registering and providing help to existing members of the community (site).

The truth about Ponzi schemes is that only the admins or owners of these sites and a few others that registered early enough that benefit from this. People who enter late are left with nothing after they make payments. These admins open multiple accounts and enrich themselves so much. Some Ponzi sites accept crypto currencies for payments and promise to either double triple or quadruple it after a while. Others accept currencies like naira, dollar, etc. as medium of payment also.

Some crypto currencies: crypto currencies have gained their ground in recent time and have been used for online transactions. Ranging from purchase of domain names, to buying of goods and other digital services online.

Some crypto currencies like bitcoin, litecoin, blackcoin, etc. are known to be good investments for people, but some other coins like TBC (THE BILLION COIN), trumpcoin, etc. are not advised to be invested in. so many people have made lots of money buying bitcoins when they are cheap and reselling them in times of scarcity.
With this point, it is advised that you investigate the crypto currency you are trying to invest in to avoid losing your hard-earned money on any.

Sports Betting/pool: this is probably the worst of the three in that it has made so many people loose more money than the rest. Sports betting is the act of placing a bet (of course with money) on the result of a sporting activity i.e. predicting the result of a sporting activity with money and getting paid if your guess is correct or losing your money if otherwise.

Although so many people will claim that they make so much money out of this, the fact still remains that it is not a good way to make a living. Not only is it not a good way of making a living, it is time consuming, it makes one consume more money than budgeted or speculated (reason being that the person will not always win) and also, is addictive. You want to live a good life? Flee from any form of sports betting.

Conclusion:
Having discussed these

top three online investments to avoid this year,

it is left for you to make a right decision whether or not to invest in them. Remember, live smart and be entrepreneurial in all your doings. We will as usual like to know your opinion. Do well to air them via the comment box below.