Pyramid schemes have been an issue for years, but now our Consumer Warrior Clark Howard says there’s a new demographic being targeted.
“The target is younger people, not older people,” Clark says.
He says young people are falling for the traps on social media now. Clark says people should be careful about anything they see on social media that claims you’ll get rich quick, because a lot of times that’s a big red flag.
“When there’s no product or service actually being sold, eventually you run out of people, you run out of money,” Clark says.
He says the early people get “ill-gotten gains” but then everybody else gets nothing.
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