KUCHING: Teachers should stay clear of multi-level marketing (MLM) activities, especially those involving investment schemes which promise huge return on investment.
State Education director Datu Dr Julaihi Bujang, who gave this advice, said he had been informed that some teachers were indulging in such activities, but he did not know how many were involved.
He said the chief secretary to the government had in fact issued a circular some time back advising civil servants to refrain from investing in dubious schemes.
“Many people are greedy, and once you are greedy you will face problems. People are attracted to these schemes because some of them promise returns of 150 per cent per annum,” Julaihi said.
He added that many MLM schemes were actually scams.
Julaihi said he had been told that some people invested all their savings on such schemes with the hope of getting rich quickly but ended up in the doldrums.
“Some ended up with nothing from these schemes, and among the victims are retired teachers,” he told reporters after presenting prizes to winners of Bank Simpanan Nasional (BSN) Student Saving Incentive Scheme at Pustaka Negeri here yesterday.
Julaihi said the people, especially the youngsters, should develop a savings culture and not to be spendthrift.
He gave BSN the thumbs up for creating a scheme which could educate the people to better manage their finances.
Among those present were the director of BSN Sarawak Siti Rodziah Bunsu Drahman and BSN operation manager Rali Ni.