Maybe I'm wrong, but I really don't think so

Posted at 12:04 on Friday January 19, 2007 | Filed Under Investing

Jam writes:

i've been approached by a colleague to think about investing in abbfund.com.
i'm not very good at this sorta thing. Never invested before and all that.

i would very much appreciate your feedback on what you think about this setup.

I write back:

i looked at the site for 2 seconds and searched "abbfund" on google, and i wouldn't go near it

I dunno, maybe it's the HUGE CAPITALS about the REFERRAL SYSTEM or PAY-4 PROFIT SYSTEM (it really says that) that makes me wary. What do I know, though.

PS--Please kill me if one of my iwillteachyoutoberich readers signs up for something like this

[Update]: I doubt this is related, but the URL abbfund.com stopped responding about 24 hours after posting this

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Comments (18)

1.: "What do I know, though."

Unfinished sentence?

Posted by Katie at January 19, 2007 01:12 PM

2.: This post is bad for abbfund.com - what a heist. I just reported them to verisign for misuse of the seal. We'll see what happens.

Posted by Ryan at January 19, 2007 01:43 PM

3.: that reminds me a bit of this: http://www.googleityoumoron.com/
a bit brusque, but a rather reasonable point...

(full disclosure: purely coincidentally, i work at google =))

Posted by sasha at January 19, 2007 01:50 PM

4.: Run away from this as fast as you can! I tried to decipher the "modules" and read the fine print on stuff, but gave up. There are too many clear, open and above-board ways to invest to get mixed up with this group.

It was even scarier when I Googled the company. Not one respectable money Web site had a profile on it.

Ramit, you'll be glad to note that the "sign-up" link does not work on the front page. Maybe we should all take that hint.

Posted by S at January 19, 2007 02:00 PM

5.: I agree--stay away from that.

For so investing tips try:
http://finance.webaplex.com

Posted by Nagel at January 19, 2007 04:35 PM

6.: I read the books Rich Dad and "Cashflow Quadrant (rich dad part 2)" because they were featured on my beloved PBS. Here in Seattle, we have three PBS channels.

Anyway, I'm sure most readers here have a fair amount of contempt for R. Kiyosaki. In Cashflow Quadrant, he very briefly, but surely mentioned "network marketing" and identified himself as a proponent of it. Ugh!

Bad PBS!!! How the heck did a guy like that get on PBS?

Posted by Daniel Lee at January 19, 2007 05:04 PM

7.: Looks like one of those autosurf scams:

12dailypro?
http://www.sec.gov/investor/pubs/autosurf.htm

Posted by Hoo at January 19, 2007 07:24 PM

8.: "Googleityoumoron", rotfl....
run away from this site,
I'd agree

Posted by Harm at January 19, 2007 08:27 PM

9.: How do I invest into the ABBFUND program?

"Please refer to your club organization policy to obtain permession in order to join the program. Without club member refer ID, your are not quarified to join the program."

from their FAQ...man, even if you DON'T google, their own site gives you reasons enough to not trust it.

Posted by James at January 20, 2007 12:40 AM

10.: Yeah, I've researched and even tried a program like this before. They're practically all scams. Stay away.

Posted by Jonathan at January 21, 2007 11:24 AM

11.: "In Cashflow Quadrant, he very briefly, but surely mentioned "network marketing" and identified himself as a proponent of it. Ugh!"

Of course he mentioned them, his RDPD book only started well when an MLM company started recommending it to their associates in brainwashi - I mean, educating them. So, he feels indebted to network marketing.

Posted by Anonymous at January 22, 2007 08:51 AM

12.: I don't think anyone of you knows how to invest abbfund so you all claimed it's a scam.

I invested in abbfund. In fact, I even got my money back in just 43 days.

If you don't know it, just shut up. Don't pretend that you know it and act smart. If you are interested to make money, look for me, otherwise no point to discuss with people who only says "it's a scam".

Posted by Abb investor at January 22, 2007 10:40 AM

13.: But Ramit... I got this email saying a stock was about to go through the roof... doesn't that mean I should buy it asap???

Posted by Tim Grahl at January 22, 2007 12:34 PM

14.: The key difference with your site is the 'teach' part. A good rule of thumb is if something claims it WILL make you rich, run away.

Posted by patrick at January 22, 2007 03:03 PM

15.: "I don't think anyone of you knows how to invest abbfund so you all claimed it's a scam. "

Hahaha. So tell us.

Posted by MM at January 22, 2007 06:28 PM

16.: 1. Ramit, you are giving ABBFund too much airtime. I think the guy who sent you the first email already got he wanted. For all we know, he could be the owner/founder of ABBFund.

2. I sent the customer service at ABBFund this comment:

Hello,
Can I have your bank account number so I can transfer money to start my account immediately?

Is there a maximum amount for the account? I am thinking about starting with $1,000,000.

Hope that's sufficient.

Do you also have an ABBFund Foundation? I am thinking about donating another $1,000,000.

I don't mind if the donated money goes directly to the owner of this awesome site.

He deserves it.

Thank you and I'm looking forward to your response.
John

Posted by John Steele at January 23, 2007 02:59 AM

17.: ABBFUNG website is gone. The site cannot be found.

Posted by mamat at January 27, 2007 05:00 AM

18.: i am definately agreed with you all bout abbfund. i do invested in this program but dunno how long it will survive. so so good. hey guys, temporary website for abbfund is http://abfund.mine.nu

Posted by embuns at January 30, 2007 07:05 AM

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