Investing is “putting your money in something with expectation of profit.” Investing is the best way to accumulate wealth. Instead of working extra yourself, your money will be working for you. The most common investments include stocks, bonds, and real estate. People have made ridiculous amounts of money investing, but for most people, it’s the slow accumulation of wealth you’re looking for. Unfortunately a lot of people are impatient. The focus has gone away from ‘building wealth’ and moved towards ‘get rich quick.’
One of the newest ‘get rich quick’ schemes is buying the Iraqi Dinar. The Dinar is the currency for Iraq. After the United States’ military involvement, people are hoping Iraqi money will increase in value (significantly), much like the Kuwaiti Dinar following Desert Storm. I first heard that something was supposed to happen 1 year ago today. I also heard something was going to happen about 6 months ago. Heard the same thing last month, and last week. Wait a second, maybe this was a bad idea…Maybe I won’t become a millionaire over night by doing nothing?
Here’s a comment I found online, by a loser that will remain unnamed:
“The closer the dinar gets to being revalued, the MORE everyone will hear it’s a hoax, because people are buying it up by the millions. It will revalue this month and I have bought my fair share of it and will be a millionaire. Even if you purchase 100,000 and can spare the amount it sells for, GO FOR IT, you will not be let down, I PROMISE you. Low income families…(you get where I’m going with this) was not even supposed to know about this investment. This was only supposed to be for the RICH, the already “well off” people.”
Let’s take a look at an example provided by Iraqidinar.org:
When you purchased the Iraqi Dinar, like everyone else, paid a premium of $40 ($30 markup, $10 shipping) and lost $21 due to inflation, so really, you paid $161 for 146,000 dinar. Right now, the value of those 146,000 dinar is $125, that is a loss of $36.
Weird…So it won’t make you rich, and it won’t happen quickly.