Whenever a recession bites, our thoughts invariably turn to ways to make our money go further or maybe we just want more. After all who wouldn’t want more money? It may not buy you love but it buys pretty much everything else. Materialistic or not, surely everyone would want a financially easier life. What not to do though is get involved in dodgy get-rich-quick schemes and here are 7 risky ways to make money.
Admittedly some professional gamblers make a good living but this is an incredibly risky way to make money. It is highly addictive and you can find yourself losing your shirt. And before the light bulb goes on, you realise you are actually a pretty rubbish gambler.
Gambling is a popular form of entertainment that involves risking money or valuables on uncertain outcomes. However, it is important to note that the odds are always in favor of the house, making it a highly risky way to make money. According to a study by the National Council on Problem Gambling, approximately 2 million U.S. adults meet the criteria for pathological gambling and another 4-6 million are considered problem gamblers. The addictive nature of gambling can lead to financial ruin, strained relationships, and even mental health issues. It is important to approach gambling with caution and to seek help if it becomes a problem.
Can you predict how world currency rates move? Not many can but those who forward trade in foreign currency have huge amounts of cash to play with and the rate of return in percentage terms is actually fairly small. This is a risky way to make money because to make anything like a realistic profit you need a pretty big wad of cash in the first place. It is also a major fraud area and is a way of laundering dirty money.
Foreign currency trading is a high-risk venture, as it requires a large amount of capital to make a profit. It is also highly susceptible to fraud, as the lack of transparency and oversight can make it an attractive option for money laundering. While it can be a lucrative venture for those with the capital and knowledge to invest wisely, it is important for potential traders to understand the risks associated with this type of trading. It is important to do thorough research and to consult with a financial professional before investing in foreign currency trading. It is also important to be aware of the regulations and laws surrounding foreign currency trading, as these can vary from country to country.
Have you signed up to one of those survey engines where you can earn $30 a survey etc? Have you ever been offered one for this amount or if you have, did you find that after answering just a couple of questions you were told you didn’t fit the profile they were looking for? You can find yourself filling in surveys that take 30 minutes of your time for absolute minimum of payment. Although not the most risky way to make money it’s certainly not worth the effort you put in.
The allure of easy cash for simply sharing your opinions can be tempting. However, the reality often falls short of expectations. Most survey sites have a high threshold for cashing out, and it might take numerous surveys to reach a payout. Additionally, the frequency of high-paying surveys can be misleading – they're often few and far between. So while sharing your opinions isn't inherently risky, the return on time investment is typically low. The pay per hour, when broken down, is often less than minimum wage, and there may be more fruitful side hustles to consider.
If you haven’t heard of this risky way to make money, what planet having you been living on? Known as the 419 scam, you get a very polite email from a preacher, widow or political prisoner asking you to safeguard their riches. In return for you paying a fee they promise you a portion of their fortune. Of course, this is a massive scam and to be avoided at all costs.
Believe it or not, emails from distant lands promising millions may dazzle the eye, but don't let them fool your common sense. It's the classic advance-fee fraud—you shell out upfront fees for taxes or legal costs with the dream of a hefty payout. Remember, if it sounds too good to be true, it probably is. Keep your money safe and your inbox spam-free; the only fortunes being made are those of the scammers preying on hopeful souls. Always verify before you trust, and never give out personal information to unsolicited correspondents.
Although any drugs or treatments being offered for paid human trials have already undergone massive laboratory testing, as a trialist you are being a human lab rat. You have no idea of what to expect or how your body will react. Also, to make serious money you have to be enrolled in multiple trials which firstly isn’t allowed because of cross fertilisation of results and secondly, is potentially highly dangerous. Definitely, a risky way to make money.
Some people make a great success of this but with the way property prices fluctuate like they never have before it has become a fairly risky way to make money nowadays. It is also something that needs a capital outlay.
Real estate development can be a very lucrative business, but it is also a highly risky endeavor. It requires a large sum of money to get started, and the potential for losses is high due to the volatile nature of the real estate market. Additionally, the process of developing a piece of land can be long and complicated, and there can be a lot of paperwork and regulations to navigate. Furthermore, the amount of time it takes to complete a project can vary greatly, and the cost of labor and materials can change drastically over time. For those who are willing to take on the risk, however, real estate development can be a great way to make money.
You absolutely have to stay away from any schemes which promise a very high return over and above the normal rate of return. Not only are the profits not sustainable over a lengthy period of time, they are highly risky and in 99% cases they are also unlawful.
Unfortunately money doesn’t come easy. For the vast majority of us our money will come in the form of our salaried income. Some of us may win the lottery and some of us will be highly successful in our jobs but really, the most we can hope for is to have enough money to have a nice life where we can feed and clothe ourselves, have a nice home and money for some of life’s finer things like nice cars, holidays etc. For the daredevils there will always be these 7 risky ways to make money and more but is the risk worth it?
Top Photo Credit: Travel Aficionado