Debunking get rich quick schemes: Why they don’t work​

6 min read

If you’ve spent any time on the internet, you’re bound to have encountered the “get rich quick schemes” plastered across pop-ups, social media posts and sponsored SERPs. Often pedalled by self-proclaimed entrepreneurs with an undeniable whiff of slime, these miracle strategies promise the world at the price of a button. But are they really too good to be true? Don’t the best things in life come free? Read on as we discover why get rich quick schemes don’t work and how to evade their allures.

What are get rich quick schemes?

First things first, what are get rich quick schemes? According to the Collins dictionary, “a scheme that promises to make a person extremely wealthy over a short period of time, often with little effort and no risk.” For the literary scholars among us, it’s a bit of a Goethe/Faust affair.

Your most common “get-rich-quick” scheme profile ranges from multi-level marketing (MLM) opportunities to full-blown cryptocurrency plots and pyramid schemes. You can spot a get rich quick scheme by these three features:

Anecdotal success: Stories about incredible turnover with a near 100% success rate are typical.

Urgency: Purveyors of get rich quick schemes will create pressure to act before the opportunity passes.

Minimal input for maximum output: Somehow you’ll be promised the world for a proportionally tiny investment of time, money and effort.

Famous “get-rich-quick” schemes

Some “get-rich-quick” schemes have gone down in history. Whether it’s Frank Abagnale Jr.’s fake-cheque escapade in “Catch Me If You Can” or the subprime mortgages that caused the 2008 financial crisis, these enterprises can have gargantuan impacts. Here are the most famous examples of get rich quick schemes which are commonplace in 2025.

Do get rich quick schemes work?

Occasionally they do. Most of the time they don’t. Here’s why:

Unsustainable strategy: Authentic wealth creation relies on consistent effort, sustainable methods, and long-term investment strategies. In contrast, get-rich-quick schemes neglect these core principles, providing no lasting value or viable business framework.

Excessive risk: High potential returns are often paired with significant risks, leading many individuals to lose money instead of profiting. This is especially common with speculative ventures such as penny stocks or unregulated cryptocurrencies.

Questionable legality and ethics: Numerous get-rich-quick schemes function in ambiguous legal zones or are outright fraudulent. These often involve dishonest tactics that can result in legal issues or financial setbacks.

Are get rich quick schemes illegal​?

There’s no simple answer to this. Get-rich-quick schemes aren’t illegal in of themselves, but many are scams. Fortunately there are laws in place to protect customers. Anything promoting a product on social media is now legally obliged to attach an ad disclaimer. False claims are also penalized as part of the Truth in Advertising Act.

Do be wary of anything that looks like Multi-level marketing. Even that friend-of-a-friend is probably getting a commission off you. MLMs aren’t illegal if they’re focused on selling products. If they purely monetize through recruitment, then they are. That’s what we call a pyramid scheme. Participants make money by recruiting others to pay an entry fee. You can also call this a Ponzi scheme

The most famous Ponzi scheme is that of Bernie Madoff. Kicking operations off in the early 1990s, Madoff promised consistent returns to investors, which he did supply up until 2008. But it was all money from new investors. The financial crisis caused participants of the scheme to withdraw their money and the whole thing went haywire. Madoff’s sons reported him to the authorities and he was locked up. The total amount of fraudulent money he moved? $64.8 billion.

Are there any real get rich quick schemes?

We’re not here to push negativity, only truth. With that in mind, here are three get rich quick schemes that can bring you sizeable wealth if done properly:

How to become rich the right way

Building wealth should be a gradual process. There are many ways that smart investments can yield results over time. Adequate financial planning should be your top priority. That means budgeting, managing debts and saving consistently to ensure you have a secure financial base.

Beyond this, you can take the opportunity to cultivate your entrepreneurial spirit at IE Business School. While the idea of getting rich quickly is alluring, we’ll provide you with the tools you need to succeed in a volatile and ever-changing world. With a focus on sustainable practices and a hands-on approach to learning, we’ll ensure you have a stable future that doesn’t need quick-fix solutions.