Truth about MLM
ALERT:
By now, you must have been came in touch with WFG or Premerica guys. If not, sooner or later, you will be. They are MLM guys, just like amway in India. Today, let us talk little bit about it.
MLM schemes (Amway, Quickstar, WFG, Pramerica etc)
1) They will never tell you in first encounter that they are from WFG, Pramerica, Amway etc. (Because they fear that you will run away, well they are not wrong)
2) They will indirectly tell you, how you are a loser, who are earning by hard work. And how they are smart who earns on commission. How they have time and money both etc etc. Ask them, if they are so happy and rich, why they are spending time with you. Offcourse, they will say to improve your life. Hell no, totally not true. They are with you, for themselves (You are not a loser. You are not doing anything wrong in way you are earning i.e your job, business etc, so don’t listen to them)
3) Who brags about their income? Well, they will tell you that, all of them are making 100k, 200k etc. You are just there listening all those, so as to make you feel downgrade and lose your confidence in your day to day life.
So eventually, you get to them. (We will also see, how those money are made in next post. When someone have dreams and hopes, like new newcomers, it is easy to show them all big dreams and trap them. By the time you realize that there was nothing that you got out of joining them, damage would have already been done. You must already have ended up buying bad insurance policy, which you cannot get out easily, your relations with your know person would now be already down. For them, goal is to join you and your relatives, so that they can make more money out of your savings and those of your friends/relatives.)
4) What they want from you? (Your savings, which can be as big as 120K+ 200k+ over 20 years and all your contacts, your friends and relatives etc. so that even their money can be targeted)
5) Will you ever make those top dollars that they say you will by joining them? (No. In any MLM scheme example Amway, WFG etc., the guys who start it plus guys who are on way top in hierarchy structure will rip all benefits of hard work by newcomers. Many countries have even banned such pyramid schemes or marketing style. You still want it, start your own MLM scheme, that’s the only way you may make big bucks in this system (off course out of ripping others)
6) They will say that they cannot do anything wrong as they are licensed by government and they are listed in stock market. (NOT TRUE : Lehman Brothers, Enron, Valent etc worth multi billion dollar companies were all licensed by govt, were on stock market. All collapsed because of years of frauds. Who lost money in the end, it was people like you. Check stock symbols DRYS, TOPS etc. They are listed on NYSE, trading as of now, but they are ghost companies in Greece. See how they defraud investors by continuous stock split. But they can still trade. Stock market is just platform to raise money. Being there is not benchmark of higher moral standards)
7) We work with big banks. If we are bad, why would banks work with us. (NOT TRUE: Just call bank on their fraud alert number and tell them that WFG or premierica guys told me that banks work with them, so I should trust them. Are you OK to guarantee on their behalf? You will get your answer form bank. Off course bank cannot guarantee. Remember it is not bank who is bragging that they work with WFG premerica, it is them who are bragging that they work with bank)
8) Agent of MLM companies involving insurance+investment products will commonly use below line repeatedly.
“Term insurance is like renting, Universal/whole is like buying home” (NOT TRUE)
“You should take loan from your home equity which you can invest in market to make more money” (NEVER DO THAT, this should be your last option in case of extreme emergency but they encourage people to do this just so that they can get more money out of you)
“You should never fully pay your home mortgage as interest rate is low. Keep borrowing from home” (NEVER DO THAT, atleast for your primary home, Keep paying mortgages, at retirement, you need at least one home that is fully paid and its yours. You don't want to see yourself as homeless or living in rental unit at old age)
“buy this if you trust me, you know me, I am your friend and I won’t show you if it is not good” (they won't have any shame to use word trust, that is how people physic become after joining them. By any means they want to increase there network, to see themselves in those big vacations, cars, homes etc)
“how much you are earning, your asset etc” (They want to know how much juice they can get out of you)
Survey of MLM schemes
A 2018 poll of 1,049 MLM sellers across various companies found that most sellers make less than the equivalent of 70 cents an hour. Nearly 20 percent of those polled never made a sale, and nearly 60 percent earned less than $500 in sales over the past five years. Nearly 32 percent of those polled acquired credit card and other debts. Remember below,
Successful MLM person are good sales guys.
A good salesperson will sell BMW to someone who can afford to buy Toyota Corolla. After selling BMW, he will even sell him Mercedes tire for his BMW car. They did this, so that they can make more money out of you. And once you leave compound, they even laugh at you. You don't do this to the people you know, but in MLM business, they teach you to do exactly this to the people you know. Many countries have even outright banned such MLM or pyramid marketing styles.
By now, you must have been came in touch with WFG or Premerica guys. If not, sooner or later, you will be. They are MLM guys, just like amway in India. Today, let us talk little bit about it.
MLM schemes (Amway, Quickstar, WFG, Pramerica etc)
1) They will never tell you in first encounter that they are from WFG, Pramerica, Amway etc. (Because they fear that you will run away, well they are not wrong)
2) They will indirectly tell you, how you are a loser, who are earning by hard work. And how they are smart who earns on commission. How they have time and money both etc etc. Ask them, if they are so happy and rich, why they are spending time with you. Offcourse, they will say to improve your life. Hell no, totally not true. They are with you, for themselves (You are not a loser. You are not doing anything wrong in way you are earning i.e your job, business etc, so don’t listen to them)
3) Who brags about their income? Well, they will tell you that, all of them are making 100k, 200k etc. You are just there listening all those, so as to make you feel downgrade and lose your confidence in your day to day life.
So eventually, you get to them. (We will also see, how those money are made in next post. When someone have dreams and hopes, like new newcomers, it is easy to show them all big dreams and trap them. By the time you realize that there was nothing that you got out of joining them, damage would have already been done. You must already have ended up buying bad insurance policy, which you cannot get out easily, your relations with your know person would now be already down. For them, goal is to join you and your relatives, so that they can make more money out of your savings and those of your friends/relatives.)
4) What they want from you? (Your savings, which can be as big as 120K+ 200k+ over 20 years and all your contacts, your friends and relatives etc. so that even their money can be targeted)
5) Will you ever make those top dollars that they say you will by joining them? (No. In any MLM scheme example Amway, WFG etc., the guys who start it plus guys who are on way top in hierarchy structure will rip all benefits of hard work by newcomers. Many countries have even banned such pyramid schemes or marketing style. You still want it, start your own MLM scheme, that’s the only way you may make big bucks in this system (off course out of ripping others)
6) They will say that they cannot do anything wrong as they are licensed by government and they are listed in stock market. (NOT TRUE : Lehman Brothers, Enron, Valent etc worth multi billion dollar companies were all licensed by govt, were on stock market. All collapsed because of years of frauds. Who lost money in the end, it was people like you. Check stock symbols DRYS, TOPS etc. They are listed on NYSE, trading as of now, but they are ghost companies in Greece. See how they defraud investors by continuous stock split. But they can still trade. Stock market is just platform to raise money. Being there is not benchmark of higher moral standards)
7) We work with big banks. If we are bad, why would banks work with us. (NOT TRUE: Just call bank on their fraud alert number and tell them that WFG or premierica guys told me that banks work with them, so I should trust them. Are you OK to guarantee on their behalf? You will get your answer form bank. Off course bank cannot guarantee. Remember it is not bank who is bragging that they work with WFG premerica, it is them who are bragging that they work with bank)
8) Agent of MLM companies involving insurance+investment products will commonly use below line repeatedly.
“Term insurance is like renting, Universal/whole is like buying home” (NOT TRUE)
“You should take loan from your home equity which you can invest in market to make more money” (NEVER DO THAT, this should be your last option in case of extreme emergency but they encourage people to do this just so that they can get more money out of you)
“You should never fully pay your home mortgage as interest rate is low. Keep borrowing from home” (NEVER DO THAT, atleast for your primary home, Keep paying mortgages, at retirement, you need at least one home that is fully paid and its yours. You don't want to see yourself as homeless or living in rental unit at old age)
“buy this if you trust me, you know me, I am your friend and I won’t show you if it is not good” (they won't have any shame to use word trust, that is how people physic become after joining them. By any means they want to increase there network, to see themselves in those big vacations, cars, homes etc)
“how much you are earning, your asset etc” (They want to know how much juice they can get out of you)
Survey of MLM schemes
A 2018 poll of 1,049 MLM sellers across various companies found that most sellers make less than the equivalent of 70 cents an hour. Nearly 20 percent of those polled never made a sale, and nearly 60 percent earned less than $500 in sales over the past five years. Nearly 32 percent of those polled acquired credit card and other debts. Remember below,
Successful MLM person are good sales guys.
A good salesperson will sell BMW to someone who can afford to buy Toyota Corolla. After selling BMW, he will even sell him Mercedes tire for his BMW car. They did this, so that they can make more money out of you. And once you leave compound, they even laugh at you. You don't do this to the people you know, but in MLM business, they teach you to do exactly this to the people you know. Many countries have even outright banned such MLM or pyramid marketing styles.
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