The third type is those who do not know that they are being cheated continue to be cheated.
Under this Class comes ULIP schemes ,Insurance .
If two guys deserve the award for Cons Concept they should go to ,
The one who invented Interest rate
The One who invented Insurance.
The former is notional , relative to your needs and the greed of the one who lends you.
The other one is born out of the First.
In the first one you imagine that you will keep on earning and one day you will find it is gone or it does not come to you as promised.
Check Pension Plans.
Except Government’s Pension Schemes, you would never receive more than 6 % per annum return.
Insurance is a concept where the Insurer covers himself from all angles and he is sure that the demands from the investors would not come at the same time and he could go on rolling in some one else’s money!
Tale ULIP (Unit Linked Insurance Plan).
You have a Fine print ‘Subject to Market Risk‘
In plain English your money is not guaranteed.
Why do people victims get cheated are well-educated professionals.
Reason.
Greed.
Tendency to Gamble.
If you look at the victims you will not find people from the Poorer section of the Society.
They know the value of earning money.
As you earn more the tendency to over spend and gamble though you know it is likely to fail.
Look at the IT people who earn around a lakh per month.
They would pay up gladly 1500 Rupees for a shirt which they to be worth 300,pay for Coffee 150 which is worth Rs 15, convincing themselves they pay for ambiance and Service aided by advertisements calling ‘Value Addition’
Related.
Top 10 Online Scams of 2012.
A classic pyramid scheme: you get an email with a list of names, you are asked to send 5 dollars (or so) by mail to the person whose name is at the top of the list, add your own name to the bottom, and forward the updated list to a number of other people.
The author of this scam letter painstakingly explains that, if more and more people join this chain, when it’s your turn to receive the money, you might even become a millionaire!
If you are thinking about applying for a “pre-approved” loan or a credit card that charges an up-front fee, ask yourself: “why would a bank do that?” These scams are obvious to people who take time to scrutinize the offer.
Remember: reputable credit card companies do charge an annual fee but it is applied to the balance of the card, never at the sign-up. Furthermore, if you legitimately clear your credit balance each month, a legitimate bank will often wave the annual fee.
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