Wealth Building vs. Quick Money Schemes

As you continue your efforts in making money online, you must have heard of these schemes before. “Build your wealth in a number of weeks!” or “Subscribe to our scheme and get rich… quick!”.

If you’ve looked around the Internet, you may have heard varied views regarding either scheme.

I’m here not to stop at telling you what the advantages and disadvantages of each scheme are, but to give you an honest and clear comparison of what you’re getting yourself into by choosing to be part of either a wealth-building or quick money scheme.

I’m going to lay out questions that apply for both schemes. This way, you not only get a definitive answer to the lingering question in your mind, you also get to compare and contrast the two.

How will I earn money?

Before anything else, let’s look at how you can make money online in both methods. This is the first step in assessing if a moneymaking method is for you. If you don’t feel comfortable with how the model is, then you better follow your instinct and choose an alternative of making money online.

Quick money schemes
Quick money schemes are often associated with “easy money”. With the way its business model is designed, you can say that there’s a reason behind this connotation. Also called get-rich-quick schemes, it involves earning increasingly high rates of return for a fairly small investment. In spite of promises by these schemes, they are usually risky.

They are also characterized by the little skill and time required of you. Unlike wealth building schemes, you will not have to exert too much of your energy to earn income with this scheme.

Wealth building schemes
Now let’s look at how wealth building schemes work. Unlike quick rich schemes, the investment you will have to put in this kind of scheme involves effort and discipline. More like a philosophy than an actual method, these schemes are made not only to help you make money, but also how to manage your finances by yourself.

This scheme involves the reduction of risks, the certainty of earning money, the possibility of getting tax cuts and advantages, and investment of your hard-earned cash.

Unlike the get-rich-quick schemes, money will not come in droves. Rather, it will be a steady flow that will come only after you work hard enough for it. An important highlight of this scheme is the continuity of the cash flow.

Now, which of the two schemes should you choose?
If you have an initial amount of money but no time to spare, maybe you can find a legit quick money scheme.

Wealth Building

If, on the other hand, you don’t have an initially start-up money, are willing to exert massive efforts in earning money, and are determined on creating a steady flow of income, then you should find an wealth-building scheme that works for you.

How are they advertised?

Although quick money schemes are often advertised online, you can see a number of them in infomercials or newspaper ads as well. You may have even encountered a few in some radio shows.

The ads that you hear or view in traditional media are usually legitimate or quasi-legitimate (that is, there is a shadow of doubt as to its legitimacy).

On the other hand, wealth schemes are commonly advertised with a coach. This coach must know not only the ropes of how to earn money but also how to manage it.

Think of Donald Trump, William Patterson, and many other wealth coaches. They are advertised in print ads and can also be seen online. However, make sure you double check their legitimacy with popular financial blogs who must, at the very least, know who they are.

Are they legal?

The legality for either method is not guaranteed. Disappointing as it may sound, many get-rich-quick and wealth-building schemes are often not true, and will either exploit your skill or your money.

For quick money schemes, there are quite a number of schemes that you should stay away from:

• Ponzi schemes
• Advance Fee scam
• Pyramid of matrix schemes

Although there are scams in wealth building and quick money schemes, there are still legit ones that can help you earn money. Spams and cold calls encouraging you to join a particular program are definitely scams you shouldn’t trust.

So there: most quick money schemes are illegal, and the chances of finding legit wealth building schemes are much higher.

Which ones should I avoid?

As I said, there are a lot of scams in wealth building and quick money schemes. For that very reason, you should learn how to differentiate the legit ones from the scam. Here’s a list of indicators that can help you:

Get-rich schemes:

• It has a catchy title that will promise you a certain amount of income after a number of months or a year.
• It claims to have a “secret formula” that you will have to purchase.
• The sales page contains numerous pop-up ads that will pressure you to buy the product.
• It will require you to pay up an inordinate amount of money, whatever the guarantee is.

Wealth building schemes

• The promise of managing your finances only after you’ve paid a certain amount of money. At the very least, the scheme must give you an idea of how it works and be able to deliver clear cut evidence (not digitally manipulated ones such as their “monthly earnings” or “testimonials”).
• Subscribing to a scheme of a person whose reputation has not been established. There are many wealth coaches that have proven their worth in the industry, so don’t take your chances on others.

Dave Ramsey is a popular coach that has helped thousands of people eliminate debt and, ultimately, build their wealth.

Notice that wealth schemes are only applicable for people who claim to know the secret. Technically speaking, wealth building can be done by you all on your own, so long as you know the best means to earn money online and to invest it properly.

As you can see, the ways for you to detect scams in either scheme overlap. You can use the standards in get-rich schemes for wealth schemes, and vice versa.

Wealth building & quick money popular examples

For quick money schemes, there are a HYIPs and Forex programs that you should watch out for. There are, however, a few ones that do work.

As for wealth building, you should try the following: affiliate marketing, residual income moneymaking, writing and selling ebooks, and so much more. However, you don’t stop at these activities. You should be able to 1) manage them properly and 2) invest them so as to ‘build your wealth’, so to speak. For such purposes, you can try use these.

Now that you know exactly how different and similar both schemes are, you can make a decision: which road are you going to take?