Millennial Talk: How Millennials Can Avoid Losing Money to Pyramid Schemes
A Pyramid Scheme is a fraudulent system of making money based on recruiting an ever-increasing number of "investors." The initial promoters recruit investors, who in turn recruit more investors, and so on.
The scheme is called a "Pyramid" because at each level, the number of investors increases. Some pyramid scheme promoters disguise their true purpose by introducing products that are overpriced, of poor quality, difficult to sell, or of little value. Making money out of recruitment is still their main aim.
This edition of the Millennial Talk show features co-anchors Bukunmi Adejobi and Josephine Eriyo as they discuss "How Millennials Can Avoid Losing Money to Pyramid Schemes".
They acknowledge the fact that in a densely populated country like Nigeria with rising poverty levels, the get-rich-quick schemes are everywhere, and quite easy to swindle people who are ignorant.
The co-anchors highlight 6 steps for millennials to take in order to avoid the traps of several Ponzi schemes.