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July 1, 2010 / Suzie

Suzie’s Top-5 Ways to Lose Money Online

In light of my money-losing activities today,  I will do a quick lowdown of the quickest ways to lose money

  1. Penny auctions, like SwipeBids.com. No, their site is technically not a scam, but be prepared for a $150 charge to your credit card just for signing up. Paying to bid on items is probably not what you had in mind when seeing these penny auctions on their home page. Yes, this is how I was duped today.
  2. Pyramid schemes. A pyramid scheme “is a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, without any product or service being delivered. Pyramid schemes are a form of fraud” (Wikipedia). In other words, if someone says, “pay me to get others to pay so that you get money,” your answer should be “NO!
  3. Nigerian Scams. You know exactly what I’m talking about: those annoying emails from someone leaving you five million dollars if you transfer into their account? No go.
  4. Pre-approved cards or loans. Mastercard, Bank of America, or any other card or bank would be stupid to pre-approve every applicant. If you get an email like this, trash it.
  5. Phishing. If you suddenly have to sign back into a site after being logged on for a long time, check the url. Sometimes you will have been redirected to a scam site that will take your username and password to steal your identity. Yikes!

Yes, I lost $150 dollars today to SwipeBids.com. I intend on making up the difference, but how? I have decided that my next personal challenge will be to regain that money without dipping into pre-known sources of income (in my case, babysitting). I have been scourging Craigslist and came up with some pretty interesting ideas! I might be marketing, tutoring, or publishing in the very near future.

Ta for now,

~Suz

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2 Comments

Leave a Comment
  1. ladyleamarie / Jul 1 2010 3:09 am

    Thanks for the info! I’d never heard of Swipebids.com but I will be staying away from it! I wish you well on getting things fixed up!

    • Suzie / Jul 1 2010 4:50 pm

      Thanks for the good wishes. And yes, stay away from SwipeBids!

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