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The land of the gullible and the home of the stupid

One of our mentorees posted recently that they had been approached by a spruiker touting that they could generate them a 1000% pa return. Thats correct 1000% – I have not made a mistake.

So I did a back of the envelope calculation on $100k invested at 1000%pa and got the following –

Year 1 – 1,100,000
Year 2 – 12,100,000
Year 3 – 133,100,100
Year 4 – 1,464,100,000
Year 5 – 16,105,100,000
Year 10 – 2,593,742,460,100,000

Consider that the US deficit about $55,000,000,000,000 – the Yanks have got it all wrong all they need to do is invest $100k with these fools and their deficit will be gone in a few years.

The sad thing is that irrespective of the cost someone will buy this spiel simply because of a

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