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Beware internet millionaires in sheep’s clothing

House of cards - get rich quick internet scamsI remember during the heady days of the dotcom bubble, in 2000, being in a meeting where we were discussing the rapid decline in valuations of dotcom companies. The over-valuation of made investors doubt how companies could be valued so high without revenues or guaranteed future income, and suddenly they were looking at internet companies like real businesses.

The bubble burst quickly, just like the current global recession was caused by people realising the financial system was a house of cards based on credit and imaginary money that could not possibly all be paid back.

In my meeting we were joking about the dotcom economy having only £1, with everyone chasing that same £1, buying and selling it over and over again without ever touching it.

I am reminded of that when I receive emails or see websites from so-called self-made millionaires claiming they went from zero to financial hero in a matter of months without doing anything complicated. They boast of the hundreds of thousands of dollars they have rolling in each month in the form of commission cheques.

These internet whizzkids tell stories of fast wealth, easy money-making systems and even show us web stats and pictures of commission cheques, while telling you they can help you get rich too.

Anyone who believes them beyond these claims, consider these pieces of logic:

  1. It is not possible for all of us to be making money from massive commissions online, because commissions come from sales, which come from people using the internet. If we are all making millions in commissions, who is funding those commissions?
  2. Any reputable business is clear about what that business is before you say you want to buy. These “not”repreneurs do nothing more than suck you into elaborate infomercials, selling all the benefits without telling you what it is. Imagine QVC selling a George Foreman grill by only showing juicy steaks and hamburgers – would you buy the grill without seeing it?

Don’t be conned. 99% of the time, these systems work as follows:

  • You pay a large fee to join and gain access to various tools.
  • These tools involve crap websites designed purely to capitalise on popular keyword searches on Google.
  • The Google Adwords ads displayed on these crap websites earn commission for you if people click on them.
  • Google has taken action against several of these.

Now, consider this, if you pay to join this system, you are competing with all the other people who have paid to join, and you are competing with the millionaire whose system you are relying on in the first place. It’s a house of cards, a false economy and best to be avoided – no matter how convincing the millionaire’s book looks.

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