On Friday 27 April 2007 17:33, ealicearn wrote:
> I was approched by 2 people to sign up for an MLM. I am doing
> research now before I do anything. I am very conservative at heart
> and not a great risk taker. But has anyone heard of or had experience
> with wealthpools.
> Rober Lane? Any advice on this would be appreciated.
I think you're quite wise to protect yourself. Here's a few thoughts:
There's a rule of business I've never seen written before, but one I've
learned from running a business: Don't count on the money until AFTER
the check clears. My clients love me because I boost their income.
They don't want to cheese me off in any way, but still, I cannot count
the number of times a check came in way too late and messed up a credit
card payment (thank goodness they're all paid off now!) or a client had
to drop out and only gave me a day's warning, or a check from a lawyer
I knew was 100% reliable bounced. I had one case where a business
wrote me a check on a bank which had 3 branches in town. I went out of
my way to go by one bank -- carefully selecting the branch that was in
a good part of town and not far from a branch of my bank -- took the
company's check to their bank, asked if the funds were there and cashed
it, took the money, went to the car, stuffed it in my sock (way too
much to fit in my wallet and I get paranoid with over $75 or so on my
person), then drove to my bank and deposited the cash. That way if
they had problems, there was no way I'd lose a cent. Be that paranoid
with your money, otherwise you'll spend a lot and not get much back.
Do not count on the money until the check has cleared. Period. No
exceptions.
I bring that up because you are adverse to risk, which is great. When
it comes to any expectations of you buying product, remember that every
cent you spend is LOST. Yes, LOST. You may or may not sell it. You
may sell it and a check could bounce. The money is LOST until the
payment you get for the goods clears the bank. They can promise you it
sells fast. They can say anything, but until the payment has cleared
the bank and you're holding pictures of dead presidents in your hands,
you can't be sure you'll get it back.
I've spewed on about it because it is that important. If they start
urging you to buy business tools, like CDs, books, and so on, then
remember, it is NOT an investment, as they say. It is a purchase. You
can't write off MLM expenses on your taxes and just say you lost money.
The bottom line is don't let them get your money. In many businesses,
you can make a sale, then order the product and deliver it. That means
you have the sale set up and there's a chance the product won't just
sit around.
Okay -- enough on that.
Do they answer questions directly? Or do they tell you that you need to
listen to a long explanation? Can they give you hard numbers, or just
blather that there are reasons you can't tell for sure? Will the
upline show the business part of their tax return to you, or do they
not have one because they don't make money?
There are a lot more, but these are starters. Other people here will
fill in with more things to look into.
Hal
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