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This is the truth about how to make money online and how to make money from home. This is especially popular with YouTube channels like my own, Graham Stephan, Meet Kevin, Nate O’ Brien, Marco from WhiteBoard Finance, and Ryan Scribner. The truth is that much of what you see on the internet promising you on how to make money online, how to make money from home, make money with no money, learn investing with zero risk and instant profits, are all illegitimate. Let’s talk about how to spot these and how not to fall for them.
One of the most popular how to make money online campaigns going on right now is through the use of the comment section. What they’ll do is as soon as someone posts a video they will leave a comment like this one: “Wow this was a great video, I’m glad I followed this advice and now I work from home and I make $10,000 an hour.” That one was pretty obvious but sometimes, like a good magic trick, this comment can be hard to spot as some of them are a little bit more subtle in nature. Just like a good magic trick, the how to make money online industry consists of 3 acts.
Act 1: “The Pledge” which consists of someone showing you what seems to be ordinary, but what it actually is, is the setup to taking your money. This usually involves beginners and learning how to invest or talking about their best investment which usually consists of outsourcing day trading, forex, or some other form of passive income investing that involves another person.
Act 2: “The Turn” – the next phase is Act 2. More specifically, It’s called the Turn, where you turn from being a skeptic, into a true believer that this person can help you make money by investing for you. That comment will get voted to the top of the video with a ton of likes because YouTube likes to push comments that generate the most engagement to the top of people’s videos. Once you expand on that comment and read what is seemingly a normal conversation, the next phase of the act begins.
Act 3: “The Prestige” – this is where they get your money by leaving positive reviews and testimonials in the comment section about their expert investor and how they are now making a ton of passive income. It’s at this point where they will leave their contact information such as an email or phone number (which will also be formatted strangely with spacing between each character). This is where they take bank accounts, social security numbers, credit cards, debit cards, phone numbers, IDs, and anything they can get ahold of.
The other way consists of pretending to be the creator of the channel itself. The most effective way they use this is by responding to a comment asking for help. Some people have a hard time understanding how to start investing so they think the creator personally reached out to help them set up their account. The reality is that it’s not the creator at all.
According to the Federal Trade Commission, millennials are more likely to fall for this than older people believe it or not. Research is showing that 40% of people aged 20-29 that have reported these cases ended up losing money. The only difference between millennials and people aged 70 or older is that older people lost more money.
Generally speaking, if it promises you the following things, stay away:
– If it promises that you’ll be making money very fast, within just a week or even a few days
– if it’s a trial because what they do is loop you into a monthly subscription model until you cancel
– if they promise you a fancy lifestyle by showcasing their car and their mansion it’s probably not valuable information you’re buying but a “success mindset” which has no real educational value
– if you see an invitation to a live webinar – it isn’t live and they are not being honest with you, it’s prerecorded to make it look like it’s live
– If they advertise as “limited time offer limited space available”, it’s called forced scarcity which is just another marketing technique
– if it’s promising that you will make money for free, or that you will make money fast, or that it’s a guarantee, no risk return investment
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.