Monday, August 30, 2010

You better watch out.

Years ago, a friend of mine introduced to a multilevel business involving gold coins. This business scheme was later exposed to be a pyramiding scheme. The coins were overpriced, and members earn by recruiting other people to invest in gold coins. Needless to say, only the early joiners really profited from this arrangement. The people who joined late found it difficult to recruit new members who would pay for overpriced gold coins.

I would prefer buying gold coins from more trustworthy sources. My father used to buy gold coins from the banks in Hong Kong. I do not know if there are other sources here in the Philippines, but I've found a site which seems to be legitimate -- the US Gold Bureau. Of course, I am still exercising due diligence and investigating the company before I actually plunk down my hard earned money.

Which brings me back to my point. Before investing in any business, make sure that you investigate the company first and check if the business looks plausible. Remember that if it's too good to be true, it probably is.

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A part time ophthalmologist, part time micro business owner, part time graduate student and FULL TIME MOM struggling to find balance in the confusing world of multitasking :)