WealthGenerators SCAM

I was recently invited to attend the Boston Super Saturday event for WealthGenerator. It is a Multi Level Marketing business, that like most MLM scams promises limitless wealth.

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Less than 1% of MLM companies make it pass the 5 year mark.I am a firm believer that these type of “businesses” mostly target and take advantage of low income people and people of color.

I posted an article about this very issue. I was promptly contacted on my personal cell phone, on a Saturday,  by a former intern of mine who represents WealthGenerators (WG).  Without even as much as an introduction, or telling me what the conversation was about, or even why I was getting this call, I was “connected” to another WG representative.  She informed me that they saw the article I posted, they took it down, wanted to know where I had found the article, told me it wasn’t credible and then asked me if I knew what the Better Business Bureau was.

PUMP YOUR BREAKS. ICi3yG-k_400x400.jpgMy only response as a very genuine inquiry into whether SHE knew who she was talking to. For every consumer’s information

“The BBB isn’t the “Business Police.” The BBB collects reports on companies from consumers. Just because a business has a good report doesn’t mean they are necessarily a perfect company – it just means the BBB hasn’t received any complaints on them or complaints have been resolved.” Screen Shot 2016-07-17 at 10.13.44 AM.pngWith MLM situations, agents often post bias complimentary reviews on sites such as BBB, Facebook and yelp. Not to mention that the BBB has been under serious criticism as of late, but I digress.

I found the entire call crazy- I mean who calls you about your FB posts and why invite people to a public event but then go out of your way to censor their opinions?After correcting the fact that the woman wasn’t even saying my name right, and being called aggressive although they are the ones that called my phone and most of all because I DO actually care about people’s well being, I wanted to take a minute to break down Wealth Generators for you all.

  • WG  launched in September 2014 with the concept of teaching the masses how to make profitable trades, there are very few companies that are in this space and is mainly because if you are not an expert trading can be a risky business.
  • WG claims that they provide training and recommendation on trades
  • You of course pay for their advice
    • Member: It’s a $99 monthly fee, includes access to monthly 3 pack.
    • Qualified Generator: It’s $229 at enrollment and $99 per month.
    • Generator: It’s $124.99 at enrollment and $99 per month
  • The idea on its own is not the problem, the issue is the nature of these “trade experts” and that they are more focused on recruiting members than trading. This is because according to their compensation plan there’s more money to be made in the Wealth Generator compensation plan. Very similar to a recently bankrupt company called Wake Up Now. 
  • Screen Shot 2016-07-17 at 10.12.27 AM.pngWhen looking at  a company, always look at who is running it.  In this case Kevin Gull – President, Varlin Law – Executive Vice President,Barry Phillips – Executive Vice President,Ryan Smith – Founder,Annette Raynor – Founder,Chad Miller – Founder – do some research before they delete their LinkedIn Profiles on all the different names and companies they have started and have failed in 1-2 year periods. 

Studies show that most ‘day traders’ LOSE money. Only a ‘lucky few’ make good money. As always, I recommend doing your own research and make your own conclusions. My advice would be as follows, if you are interested in the stock market, read How to Make Money in Stocks  and Investment Mistakes Even Smart Investors Make and How to Avoid Them written by ACTUAL experts.   To invest, I would recommend Capital One Investing as it has some of the lowest fees per trade.  Now,  I am not an expert and this post is a reflection of my opinions based on my research, but then again it doesn’t take an expert to know that you probably shouldn’t be taking any sort of money advice from someone that lacks the experience, still lives at home or needs a second job to pay their bills while telling you about #nextlevelfreedom.

If you are considering Investments as a strategy for retirement, watch the following video and Happy Trading!

 

 

 

 

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