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    7 Replies Latest reply on Dec 11, 2008 4:22 PM by EagleEye

    The "Something for Nothing" Business

    Lighthouse24 Ranger

      Last week must have set a record week in the SBOC for the number of "something for nothing" and "easy money" business opportunity posts in this community. Eleven new ones went up this morning (though a few have apparently been removed now).

      Most of these "opportunities" involve selling a product or service that isn't worth anywhere near what it costs, or selling access to data or information that's already available for free. Since it's hard to sell stuff like that, the only promise of real money comes from signing up other people to sell overpriced stuff, and then convincing them to sign up other people who'll sign up other people who'll . . .

      It's the "ugly" side of MLM. Still, the investment is usually small, the work involved is minimal, and the promise of huge returns is irresistible -- so people sign-up and "start their own business."

      The sign-up process is usually web-based, and includes a link to PayPal. The prospective new business owner is instructed to click on that PayPal link and go to their secure site -- where he or she creates a new account to collect payments and commissions by entering banking and other information (when the sign up is complete, a small deposit is even sent to the new business owner's bank account to confirm that everything is in place!). Soon, the money will start rolling in.

      Or maybe it will start rolling out. For at least some of the opportunities posted here, that link doesn't go to PayPal. It goes to a nearly perfect "spoof" site somewhere offshore. Anyone who creates an account there is giving their financial data to . . . well, who knows? What's worse, when things go bad, the people who signed up will probably think PayPal ripped them off.

      It's the "something for nothing" business opportunity: a crook gets something, the business owner gets nothing, and PayPal (who was never actually involved at all) gets the blame.
        • Re: The "Something for Nothing" Business
          DomainDiva Ranger
          Lighthouse, thanks for doing some research on these posts. While I ignore these posts, some do not.

          If anyone has been victimized by any of these get rich quick websites, they should let the BofA admins know.
          • Re: The "Something for Nothing" Business
            Iwrite Pioneer
            Lighthouse,

            I hope this becomes the most read post on this forum. But I fear it won't, there's no promise of funding or claim to make you rich attached. Just information that might save people who barely have anything the little bit they have.

            Everyone who is interested in MLM - be careful, do your homework and protect yourself.

            Great post!!
            • Re: The "Something for Nothing" Business
              NoBullFunding Scout
              Amen to that. I took a guy to task last week for one of those "opportunities". I wish the powers that be would clean this forum up so it doesn't become inundated with snake oil salesmen. It's bad enough that there are "lenders" who tell members that they an help them regardless of the situation.
              • Re: The
                LUCKIEST Guide
                "Something for Nothing"

                Lighthouse, I personally love "Something for Nothing" and I am not talking about SCORE.
                There are a few things in life, like the Moon, the Thanksgiving Parade, a walk on the beach that are FREE.
                Most of the posts give us a tease (with little or no information). When markets and the economy go haywire, Scammers cash in.This was even true before computers and "scammers" were crooks.

                Scammers (criminals find a way to)exploit you. With Home Foreclosures, Debt Negotiations, Bank Phishing,
                *Reverse Mortgages, Emails and more, it helps make it easy today for rip offs.*<br /<br
                **TANSTAAFL *is an acronym for the adage "**There Ain't No
                Such Thing As A Free Lunch".*

                *TANSTAAFL means that a person or a society cannot get something for
                nothing. Even if something appears to be free, there is always a cost to the
                person or to society as a whole even though that cost may be hidden or
                distributed*<br /<br />Great answers from Domain Diva and Iwrite. I really learn so much from your posts.

                Thanks, LUCKIEST
                • Re: The "Something for Nothing" Business
                  LUCKIEST Guide
                  "Something for Nothing"

                  Lighthouse, I personally love "Something for Nothing" and I am not talking about SCORE.
                  There are a few things in life, like the Moon, the Thanksgiving Parade, a walk on the beach that are FREE.
                  *Most of the posts give us a tease (with little or no information).
                  When markets and the economy go haywire, Scammers cash in.This was even
                  true before computers and "scammers" were crooks.*

                  Scammers (criminals find a way to)exploit you. With Home Foreclosures, Debt Negotiations, Bank Phishing,
                  Reverse Mortgages, Emails and more, it helps make it easy today for rip offs.
                  TANSTAAFL is an acronym for the adage " There Ain't No Such Thing As A Free Lunch".

                  TANSTAAFL means that a person or a society cannot get something for nothing. Even if something appears to be free, there is always a cost to the person or to society as a whole even though that cost may be hidden or
                  distributed

                  Great answers from Domain Diva and Iwrite. I really learn so much from your posts.

                  Thanks, LUCKIEST
                    • Re: The "Something for Nothing" Business
                      Lighthouse24 Ranger

                      Sometimes just the "hype" itself should be a tip off. For instance, there's one business opportunity here that claims to be so lucrative and so successful that people are signing-up at the rate of 1,500 per day and earning an average commission of $100 an hour working from home part time!

                      Assume all that is true. This particular company has been signing up MLM affiliates for more than ten years, which would mean that over 4 million people are now signed-up to sell its products. Let's say they work an average of just ten hours a week at this (personally, if I could earn $100 an hour doing nothing, I'd work more than that, but let's just say). They'd earn $52,000 a year, and that company would be paying over $213 billion a year in sales commissions -- about five times as much as Microsoft's worldwide annual revenues.

                      That company actually earns about $9 million a year, almost none of it from product sales, and almost all of it from signing up new affiliates at around $300 a pop. Based on the company's "confidential" commission plan, earning $52,000 in sales commissions would mean signing up 16 new affiliates each and every day. Believe me, if you've got the skills to close that many people on something like this, then you can sell professionally, and make a way better living than $52K!

                       

                        • Re: The "Something for Nothing" Business
                          EagleEye Adventurer
                          Isn't that the truth? People need to stick to the old adage, "If it sounds too good to be true, it is." Several years ago, I got sick of hearing about "get rich quick, make money from home opportunities" and then I found REAL companies to work from at home. I would rather make 1 to 2 hundred a day legitimately than to live on some stupid pipe dream. It might take me 16 hours a day some days, but at least it is REAL and I work for GOOD PEOPLE who are not trying to rip me off or make a buck in a deceptive manner. I think people are always a bit surprised that I manage to support a family of 9 from home with my husband only working part time from home. I can always tell them what I DO and I definitely clue them in to what they SHOULD NOT do!

                           

                          EagleEye
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