2 Key Signs of a Get-Rich-Quick Scam, According to Ramit Sethi
Written by
Catherine Collins
Edited by
Amber Barkley
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Social media is full of accounts promising incredible results, especially when it comes to building a business and creating income. Ramit Sethi, author of “I Will Teach You to Be Rich,” recently shared a newsletter with two ways consumers can spot a get-rich-quick scheme online.
As a financial expert with over 20 years of experience, Sethi is committed to helping his followers create financial success. However, he acknowledges that building a life they love takes time, and rarely does business or financial success happen overnight.
Schwab’s 2024 Modern Wealth Survey found that 42% of people have considered financial advice that they’ve seen on social media or the internet — but since anyone can post on the internet, there’s a lot of advice out there that’s ineffectual or even harmful. That’s why it’s so important to be able to discern which people are providing quality advice and which are trying to scam you.
Here are the two key signs of a get-rich-quick scam, according to Sethi.
They Show Off Their Wealth
If someone online constantly shows off their expensive lifestyle, Sethi said that’s a red flag. Many people like to portray themselves driving expensive cars, wearing expensive watches and traveling the world. They treat their belongings as proof of their business success and promise that anyone who purchases their product or course will have the same.
Sethi explained you can often spot a scam because, in addition to promising luxury results, they often mention how minimal effort their followers have to put into their method to achieve what they’ve achieved.
Real results take effort, Sethi said.
They Claim To Work Very Little
On that note, Sethi said the other major sign of a get-rich-quick scam is that the scammer will talk about how they never work. They’ll talk about how much money they make and what they’re able to buy all with only working a few hours a week.
Sethi said it’s also common for scammers to put down people who work 9-to-5 jobs or criticize going to college. That’s because they want to encourage whoever is listening to buy their product, service or advice instead.
Sethi encouraged his readers not to fall for it. Truly wealthy people, he explained, like working and earning money.
What to Actually Do To Become Successful
Sethi explained there are a few things that you can do to become successful, and in contrast to those promising overnight successes, Sethi said to expect progress to take time.
Here are some of his suggestions on habits to adopt if you want to be successful:
- Fix your sleep
- Be humble
- Have a support system
- Be coachable
- Be willing and excited to spend time on your goals
- Be consistent
- Celebrate your wins.
Sethi ended his newsletter by reminding his followers that success takes discipline. It also takes significant time and effort. However, it is possible with the right habits, mindset and support system in place.
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