Post by @owunnavictor

I got a DM from someone who lives in Canada. He shared that he was misled into joining a pyramid scheme, believing he could get tax refunds from the Government of Canada equal to the cost of whatever he purchased on loan from Salad Master through a finance company. Only to realize at tax time that he had taken on a $14,000 CAD debt and now has to make a $244 CAD monthly payment over nine years to repay the loan. The loan carried a 95+% interest rate due to the amortization period. Immigrants need to pay closer attention to schemes that promise quick money or financial rewards for doing almost nothing. That’s how pyramid and Ponzi schemes are designed. They lure you through a closed loop and bring you into the community of “like-minds”, only to then prey on you until you’re financially drained. Please be careful. If it is too good to be true, it most likely is. #financialliteracy #investing #moneytips