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Got scammed? You probably deserved it

Opinion

Got scammed? You probably deserved it

Reading Time: 2 minutes

Here’s one thing that will never change. There will always be someone out there who is scammed in some ‘investment opportunity’. This is despite warnings from family and friends, from financial regulators such as the FSCA (FSB) and I would dare say, warnings from your conscience telling you that something doesn’t sound right.

Same old story

The story is always the same; someone offers you a ‘once in a lifetime’ opportunity to invest in some new investment. You are promised insane returns in a very short amount of time. You don’t fully understand how the investment makes money because it is usually made to sound very complicated. Something tells you that this sounds fishy. Too good to be true. The investment returns sound very exciting. You choose to ignore your conscience and any advice or evidence that this could be a scam. You dive in. You lose your money and blame everyone but yourself.

These are very harsh words but let’s be honest – they are true. I don’t want you or anyone to ever lose money in a scam, so I have to tell you the bitter truth.

The main reason people lose money to scams is purely because of greed. It’s that simple. Greed makes you ignore the warning signs and put your money at risk. You try to make a quick buck without putting in any work. You may get lucky and make a quick buck but for most people – the end is always a bitter loss.

We’ve seen this with multiple cases – the latest so-called WhatsApp stokvels, the MMM saga, Inheritance from some Nigerian prince, TVI – the list goes on and on.

The rule is simple

If an ‘investment opportunity’ sounds too good to be true then chances are IT IS A SCAM! DON’T FALL FOR IT. Don’t allow greed to blind you. Gaining wealth takes hard work and time – you cannot expect to be rich overnight. Do not invest in anything you do not understand.

The author of African Wealth Paradigm Shift (https://www.amazon.com/African-Wealth-Paradigm-Shift-Mothupi/dp/0620725389) likes quoting from the classic book “The Richest Man in Babylon” – ALL FOOLS MUST LEARN. If you’ve been foolish and got scammed then use this as a learning and never get scammed again.

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Nkosi is passionate about financial education and writes in his personal capacity. Opinions expressed here are his own and do not necessarily reflect the opinion of Zonotho and any of its staff members.

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