Get Rich Slowly or Go Broke Quickly?
20 August 2008
According to this report on CNN, it appears that investors in a massive Ponzi scheme (huh?) have lost millions:
A Florida man used facilities at the University of Miami to run a multimillion-dollar Ponzi scheme and recruited school employees for the operation, angry investors and investigators tell CNN.
Andres Pimstein, a UM business school graduate, has confessed to operating the scheme in which some investors were promised returns of 18 percent, Miami-Dade County police said.
Wow! 18 percent on a short-term investment–that doesn’t set off some red flags?
Several years ago I followed a broker’s advice on a stock. I invested about $3,500. About a year later the company didn’t exist and I lost my investment. Seemed like such a good idea at the time…
By contrast, a time-tested way of gaining wealth is to regularly save over a long period of time. It’s not glamorous like getting 18 percent in a few months or years; in fact, it’s boring and it takes discipline. But it works. Read The Wealthy Barber or Total Money Makeover or Get Rich Slowly for the details.
Filed under: Money by Michael
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