Everybody and their mother must know very well about the latest Money Making Machine in town where you don't even have to break a single sweat and you can make a whooping 40% profit from any amount above 20big ones in investment.
No, this is not an advertisement or an enrolment motivational speech, this is actually my own 2 cents on the latest Nigerian money making game as a Networker, multi-level marketing entrepreneur and financial market aficionado, In every business model 2 things are vital : Buying & Selling. Products, services, talents, information etc are exchanged for money or the likes. In network marketing, the unique and distinguishing factor is cutting out the middle man and advertising so as to reward the consumer for using "word of mouth" to spread the "gospel" thereby making "sales".
MMM is not MLM simply because it has no product or service, it has no reward system, there is no value created, there is also no security for "investors" or "investments". It is simply a well played out system where peter is convinced to pay Paul for nothing in the hope that James will pay Peter in a month and on and on.
Here are the heavy side effects of such an arrangement.
Here are the heavy side effects of such an arrangement.
1) People get easily addicted to "awoof". There is a pheaning effect where the addict becomes hooked and can't seem to get enough of the "rush". Suddenly, he sees MMM as a means to an end and sees other forms of legit labour to make value driven earnings simply a waste of time and energy, after all, MMM just needs me to put money and I get more in 2weeks. Why work?
2) MMM is hopelessly insecure. In order to get help, you must give help, and unfortunately, the comfirmatory system is solely reliant on an unsecure web portal that has no physical office in existence anywhere in Nigeria. So if one were to pay monies into an account after he or she was disqualified without prior notice, there would be no way to be reconciled.
3) MMM has no license hence isn't backed by law: MLM companies have licensing, has the law backing them up and also are scrutinised by government for any irregularities or malpractices.
MMM is basically an app, as a matter of fact, an app would be better. MMM is a web page that BOLDY has it written in the terms and conditions to have the right to be offline at any moment without notice. Dig that.
MMM is basically an app, as a matter of fact, an app would be better. MMM is a web page that BOLDY has it written in the terms and conditions to have the right to be offline at any moment without notice. Dig that.
4) MMM is a BIG TRAP set to catch the RATS in the RATRACE. From the inception of MMM, it would shock you to see that those that are fully involved are actually those that should know better. Bankers, Insurance brokers, Teachers, Lawyers, Accountants and everyone in model career fields are involved, making it one of the biggest potential traps of all time in Nigeria where the moment the cheese is eaten to the right weight, the trap will spring and catch every unfortunate soul in its wake.
5) MMM thrives on the crowd momentum effect. More than 1 in every 10 "educated" Nigerian is fully involved in MMM. And going by the Nigerian lifestyle, everyone wants to outdo the other, so what you have is people drawing out their life's savings, some sell their cars, some pull out their inheritance money, some even borrow from unsuspecting lenders and invest into MMM believing that "I no fit carry last" This feeds the belly of the money making machine called MMM and when it is full, it would close its mouth.
No disrespect to anyone cashing out, matter of fact, no one would blame you in this recession. But the best advice would be to research more, discover more and never test the depth of the river with both feet.
