Wealth Generators, sounds kinda scheme-ish doesn’t it?
Well, they are an MLM that promises to generate you income by exchanging foreign currency. Does this mean I’m involved?
This video explains everything:
Make sense? Either way, here’s 11 secrets you should know about Wealth Generators.
Why waste time with small talk when you can get straight to the point?
That’s what Wealth Generators does.
They don’t flirt and play around with talk about health and wellness, love and teamwork, or miracle skin treatments. Cut the crap. We all know what you’re really after – wealth.
This “boot camp” for your finances promises to give you “the opportunity to win Wall Street”.
This get rich scheme sounds a little too much like something Bernie Madoff cooked up. It’s no secret that most MLMs rely on some sort of pyramid-like structure, but this one doesn’t even try to cover it up…
#11. They’re pretty new
Going with an unestablished MLM is always a big risk, considering how many of them fail in the first few years. While they made it past the often fatal 2-year mark, Wealth Generators has still only been around since 2013.
#10. Rebranding of a failed MLM
Like many other direct selling companies, Wealth Generators is basically a rebranded version of failed MLM. Brand new look, same botched flavor.
WakeUpNow (WUN) tanked after 5 years of most of their members losing money. [1] In fact, 96% made absolutely no money at all, which is bad, even for MLM, and what exactly they offered in terms of a product was unclear [2], making them highly susceptible to being deemed a pyramid scheme.
And where did their top-levels run to?
Well, let’s just say those same people are now promoting Wealth Generators, a company with eery similarities to the now bankrupt WUN. Not only do they both sell things (including financial management tools) that are widely available free of cost, but Wealth Generators’s compensation plan is nearly identical to WUN’s, and they both have a razor-sharp focus on recruitment. [3]
#9. Sells a range of financial tools
Wealth Generators wants to teach your average Joe Schmoe how to be a Wall Street trader, raking in the millions with the click of a button.
They sell a variety of financial tools and software, including equities and ForEx trade alerts, personal finance lessons, financial media, and receipt tracking and tax applications. [4]
Their trading applications are their main selling point – they have a team of “market experts” that analyze the market and provide alerts and advice based on their findings. The idea is that users are to “mirror” these experts, being able to rake in the same big cash rewards without years of learning about all the financial details.
#8. Products are vague…
It takes a while to figure out what it is they actually sell when you browse their site, and most of their distributors just talk about recruiting without even trying to sell the product. (You’ve probably been approached to join companies like Daxen or ASEA without even realizing it.)
After a little digging, it starts to become clear as to why their marketing is so vague…
#7. The product they sell is actually free
Here’s the thing – forex software, the one thing they seem to really be selling, is actually FREE.
That’s right, by and large, you can find a number of programs that provide alerts and advice on the forex market without spending a single penny. That’s because most trading software makes money off the trades you make.
In fact, the only substantial product they do sell that actually costs money is their tax software, Taxbot. But even that only costs $9.99. [5]
So in the end, what are you really paying for? The right to turn around and sell this invisible product to more people.
#6. Quality is questionable at best
Their forex software also doesn’t seem to offer anything superior to other trading software on the market.
There’s no proof on their website that their “market experts” are truly qualified to offer trading advice. In fact, they don’t even appear to be certified by the SEC. If they had credentials, they’d probably be advertised on the website, but they aren’t. [6]
Wall Street execs are some of the most loaded people in the world. A real “market expert” is going to be too busy getting rich off of trading to waste time teaching their secrets to people online for chump change.
#5. Their product is extremely risky
While most people don’t actually make money after joining an MLM, they typically don’t lose more than what they paid in start-up costs, and maybe a product order (although they still have product to show for it).
In the case of Wealth Generators, their main product (trading software), can actually cause customers to lose money – lots of it.
The risk in forex trading is extremely high, which is why it’s typically advised for experts only. [7] This company claims to make trading on the forex market accessible for beginners but really provides no proof to back up that claim.
The markets aren’t exactly easy to understand or predict.
Given the fact that there is such a hyper-focus on recruitment amongst their distributors, I’m going to guess that they’re not making much money off trading. Most are probably losing it.
#4. Core mission doesn’t make sense
If the goal of Wealth Generators is to make people rich by sharing some super secret, highly-effective trading advice with as many people as possible, then frankly, their goal makes absolutely no sense.
Here’s the thing about trading – it’s a zero sum game. When you’re trading with other people, every time someone wins, another person loses.
That means that if Wealth Generators’s software can really help people make money from trading, then the more people they recruit, the less money each person makes. The bigger their network becomes (which is the goal of MLM), the less effective their product becomes.
Either their product doesn’t work, or the company is too blind to see that it is inherently illogical.
#3. Confusing compensation plan and bonuses
The compensation plan for Wealth Generators is confusing at best and mostly relies on bonuses rather than a fixed commission on each subscription. [8]
If you achieve 400 PV in a month (three subscriptions sold to others plus your own subscription), you get a bonus of $129.99-199.99 depending on your own subscription price. Selling that plus another 900 GV gets you $500, and hitting 400 PV plus 3,600 GV gets you a $1,000 bonus.
Aside from that, past a certain level you earn 4% on sales down to 3 levels, 4 levels, or 8 levels depending on your status.
There are a handful of other bonuses and luxury trips.
#2. Sign-on cost is in monthly payments
The initial sign on cost ranges from $105-249.99. After that, monthly payments are required and range from 129.99-199.99, with more expensive packages offering a larger payout. [9]
Although, since Wealth Generators members can be held legally liable by the SEC for giving out trading advice to their recruits (because again, they are not qualified), some recommend Errors and Omission Insurance for liability protection. [10]
#1. “Risk Free” Triple Guarantee…isn’t really risk free
Wealth Generators does offer a return policy:
“If you purchase one of our subscriptions for six months and lose money overall for that period, WE WILL REIMBURSE YOU 3X YOUR SUBSCRIPTION FEES!”
Here’s the catch.
You need to prove that you have followed every single piece of advice, training, and alert they’ve given you to a T. How do you even do that? You need to show them you’ve done all the recommended trades – which gets expensive over the course of 6 months, especially if you are continually losing money on their advice. [11]
And, you need to stick to it for 6 months, which means you’re paying a $129.99-199.99 subscription fee SIX TIMES. Most people who start losing a lot of money aren’t going to keep forking it over for five more months.
Needless to say, they will probably find a way to deny you your money back based on their extensive terms and conditions.
Recap
While I’m not an MLM hater, Wealth Generators is still competing against hundreds of other companies getting people on board to join their “hype” rather than building a valuable business. While you could make a few extra bucks with a few sales, by no means will you be quitting your day job anytime soon. There are better opportunities for that.
So, is it for the money? I can help you. Here’s your doctor-recommended treatment for your MLM addiction. See it here.
via http://mlmcompanies.org/wealth-generators/
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