Getting your own personal loan is definitely exciting. The lump cash can be used to purchase many things and secure different investment ideas. However, you shouldn’t just pick the first investment option that you’ll encounter. It’s important to dig deep in your research and get the real numbers so you won’t have regrets later on.
These are the top ventures that you must avoid for the sake of your personal loan:
MLM & Ponzi Schemes
You probably think that people learned their lesson when it comes to ponzi schemes. Well, think again. Many people are still getting baited by MLM companies and ponzi schemers. Their businesses have different faces, but the nature still remains the same. Some of them may even claim that they have products but you really earn money through recruitment. Or their products are crude imitations of local brands. The main reason why you should avoid an MLM company is current market saturation. You might gain few recruits every now and then, but the pool will dry up soon. There are better alternatives like pure direct selling firms or small business partnerships.
Wind Energy Rackets
Do you believe in the raw potential of wind energy? Wind turbines are popular in Europe, and they help different countries in generating enough electricity. Lately, lots of wind energy rackets and investments have appeared. Some are legit, while others are just masked ponzi schemes. If you really want to join a wind energy startup, make sure that all details are clear. Take note of the costs, fees, and business nature.
The eco products niche has seen its glorious heyday in the past decade. Now, the market is almost saturated with eco products, systems, and tons of ventures. Investing in eco products is not bad, but your returns may be low. It will also take time before a ‘wonder eco product’ hits the market. And even then, other investors will probably beat you to the top slots. You’d have more profits by investing in stocks, mutual bonds, ETFs, and virtual assets.
If you have a personal loan at hand, it’s easy to spend it on non-profitable ventures. At worst cases, other people are like sharks – they just want to get your money or they’re after the commission once you joined their venture. In these modern times, it pays to be careful. Invest your money in real, tried & tested ventures rather than get-rich-quick schemes.