I had an Aunt that tried to get me into Amway back in the ’80s. I was on my way to YWAM in the Philippines at that time, so dodged that bullet.
Now a new friend, who is also an old friend is introducing me to some Finance Coaching.
Is it a Ponzi Scheme?
Is it Multi-Level Marketing?
Is it commision based referals?
We shall see.
I am going to share my experiences here, and at first blush, it sounds good enough to get our toes wet. And it also sounds too good to be true.
I hear you, “How much does ‘getting your toes wet’ cost?”
Here is the thing, even before I put any money on the table, I get access to people who have been doing this coaching and finance investing for decades.I had a two hour zoom call where I asked lots of questions, and while asking the questions I was looking up the person I was talking to online, I was investigating the Companies he was talking about and th other people he is working with.
Some of them have done this job for big money with big financial houses, and are now choosing to do the same job at no cost. There is a cost to me for this coaching, I have to have a membership at $8.88 a month.
But wait there’s more.
At the end of two years, you get all those $8.88 a monthly membership fees back, with interest. When I first heard that it raised alarm bells, why would anyone charge a subscription then give it back, every two years? They don’t want to make money from the subscriptions, but they do want a small barrier for entry, and the $8.88 is going to make me follow through! I have often seen this my self with the IT services I offer the the Websites I Host. When I offer a service to someone for free, often they donot follow through, they do not value what they have, and it falls to the ground..
I had my first zoom call yesterday. I got to talk with one of the coaches,(and did all sorts of internet searches on him as we talked) and grilled him for two hours. I am not a very trusting person. He also asked me some pretty good questions. The outcome is that both Chris and I are now paying $8.88 a month. Their methodology sounds firm, it’s transparent, so far, and has no get-rich-quick quantum to it, no 1000% increase in a year bull shit. I also get to particapate on Zoom calls with about 30 other people like me, and three or four of the coaches. I have already been on a couple now, and been able to ask some rather probing questions.
Helping to make families prosper is one of their goals, and is why the coaches are doing this for no pay, no commissions, as they would appear to be already making their money the same way they are seeking to equip Chris and me. These seems so counter intuitive to everything we see in the world around money.
Here is my question, why do Banks make Billions using our money, but only pay us 1%?
We know that putting money to work is the smart way to grow your own pie, but why is it that I seem to be the only one sweating and not my money?
In the coming weeks, I’ll post more here.