6 proven ways to make a dishonest living

This post comes from Stacy Johnson at partner site Money Talks News.

About 10 years ago, I did a TV news story on a local nonprofit claiming to help battered women. Their funding method was to solicit boat donations, which they'd then sell to fund their charitable work.

While the "charity" wouldn't talk to me, their tax returns had plenty to say. For example, in the year previous to my report, their income was about $23 million. But they donated only $50,000 to a local women's shelter. The vast majority of the remaining money -- more than $20 million -- went to marketing. It was paid to a for-profit company, which happened to be owned by the same group of people who ran the charity.

After putting together my news story, I contacted the state attorney general's office to report what was obviously a scam disguised as a nonprofit. Their response was essentially that it was unclear they were doing anything illegal, and even if they were, state investigators were far too busy to look into it.

I've seen lots of similar stories in the 20-plus years I've been doing consumer news. And I'd be lying if I didn't admit there have been times when I wondered why I was working so hard while surrounded by others so willing to throw their integrity under the bus in exchange for some quick cash.

If you're like me -- saddled with inconvenient morals and ethics -- use the following list as businesses to beware of. But if you're not so encumbered, the following proven moneymakers might lead to a lucrative new career.

1. Be an investment guru.

Don't let a total lack of expertise hold you back. Use this simple method to convince the gullible you're the next Warren Buffett:

• Purchase a large list of likely investors. Divide it into two or more groups.
• Send a different stock idea to each group. (Use a dart board to pick them -- it doesn't matter.)
• Wait a few weeks. Throw out the group that received a losing recommendation. Send an additional pick to those who got a winner.
• Repeat this process until what remains is a group you've supplied with three or four consecutive winners.
• Offer them the opportunity to harness your "Super-Secret Proven Investment Method!" for a mere $199 a month.

If that seems like too much hassle, just run ads promising a 50% return. Your victims should be wary: After all, if you can earn 50% on your own money, you'd hardly need theirs. Don't worry. That won't occur to them.

2. Start a nonprofit.

As mentioned above, call yourself a charity, and cash is sure to follow. From children to dolphins, show people pictures of mammals in distress and they'll hand over money. Inexplicably, they'll often do so without taking the few seconds required to check out a nonprofit at free sites like Better Business Bureau, Guidestar or Charity Navigator.

Hate the idea of filing the paperwork necessary to start a nonprofit? Just fake it.

Shortly after Sept. 11, 2001, I began seeing collection boxes on various store counters in my neighborhood soliciting donations for a charity called The Orphans of 9/11. Instead of dropping in my change, I called the charity to request their tax return. Turns out they weren't collecting donations in my state and didn't use collection boxes at all.

Someone had merely stolen their logo and fabricated the boxes. They'd been emptying them regularly for months, but I was the first person who attempted to verify they were legitimate.

When I called my local police department to report this despicable crime, they took a report, but said they didn't have the manpower to stake out the boxes and catch the thief. Their advice: Go around my neighborhood and inform the merchants.

3. Offer simple solutions to complex problems.

From losing weight to getting rich, a lot of people are desperate to believe there's gain without pain.

I did my first news story on weight-loss products more than 15 years ago. The subject was fat-burning pants that supposedly made you thinner while you slept. The expert I interviewed was a physician specializing in weight-loss research at a local university. I don't need the script to remember his exact words: "There are two ways to lose weight: Eat less or exercise more."

Because so many people are unwilling to exert effort to accomplish meaningful change in their lives, this field is wide open. There's no shortage of problems out there. Pick one, create a product or service offering a simple solution -- whether it works or not is irrelevant -- and you're off to the races.

And if you're worried about a watchdog government agency like the Federal Trade Commission raining on your parade, check out the next idea.

4. Cure what ails.

Create a product that promises a quick fix to a common illness, and you're in business. Don't worry about people reading the label. Just create a catchy ad.

In 2008 we did a TV news story on a widely advertised headache remedy called HeadOn: You can watch the story here. The idea seemed appealing: Rub a wax stick resembling lip balm on your head and your headache would disappear.

HeadOn was marketed back then as a homeopathic medicine. (Apparently, it's since been sold to another company and reformulated.) Homeopathic remedies are supposed to work by essentially taking a curative active ingredient, then diluting it to the point where it's basically no longer present. In the case of HeadOn, for example, the active ingredient was diluted to the point of an eye-dropper in a swimming pool. Then it was put into wax tubes and was supposed to cure a headache by being rubbed on the surface of the skin.

If that can be sold, what can't be? Don't be concerned the big drugstore chains will laugh you out of their office when you come up with your concoction. When I did my story, at least one major chain not only offered HeadOn, it created its own generic version.

5. Predict the future.

Whether it's love or money, we'd all like to know what's going to happen next. Alas, life is complicated. There are simply too many variables for anyone to reliably know what the future holds. But that doesn't prevent everyone from psychic hotlines to Wall Street investment houses from promising you they can predict what's ahead -- and charging money to do it.

For nearly 10 years, Money Talks News has been getting annual economic predictions from a major Wall Street analyst, then comparing them with responses from people we stop on the street. The verdict? When it comes to things like oil prices, stock market returns, and housing prices, Main Street is often just as accurate as Wall Street.

Perhaps picking on Wall Street professionals is unfair: At least their guesses are educated, and they'll admit their predictions are based on events subject to change. Psychics and fortunetellers, on the other hand, operate openly without those constraints and rake in millions doing so.

We all know -- or certainly should -- that the future is unknowable. But because the desire to see what's ahead is so compelling, this is an area rife with promise for anyone willing to convince others they have a crystal ball.

6. Kick people while they're down.

While there's always an audience for practically anything that promises a quick fix to a common problem, the desperate are the mother lode for the unscrupulous. From foreclosure rescue to debt settlement to nonexistent government grants, many of the most successful scams target those down on their luck.

People drowning in a sea of debt and desperation will cling to any lifeline you care to throw. Keep in mind, however, before wading in: It's critical to be utterly devoid of decency.

The bottom line

If you're looking to make a buck or two, and can leave your scruples at the door, there's plenty of opportunity out there. So stop worrying about what's honest and start thinking about what sells!

My list is hardly complete. What can you add? Tell me below. And the next time you encounter someone who says there's no need for any sort of government regulation, send them a link to this article.

More on Money Talks News and MSN Money:

• The 10 golden rules of scam prevention
• Are expensive HDMI cables a rip-off? 
• Is there legitimate work from home?
• Should I consolidate my debt?
• 4 ways to spot an Internet scam
• 10 scams targeting seniors