Quote:
Originally Posted by legion
A few not-so-bright members of my wife's extended family were all ready to make money on the RE boom as soon as it spread to the UP (of MI). It never did...
(You can still buy a decent house for $10,000 up there...)
Now they are involved in some multi-level marketing scam called TEAM. So far, I have politely declined any participation. A cousin of my wife, in particular, is getting more and more persistant. I'm at the point where I'd like to debunk the whole MLM scam and dash his hopes if he sits down next to me with his folder and starts talking about "unlimited growth potential" again.
I have no issues debunking the math. What I do want is some background on the TEAM organization. Is it an offshoot of Amway? (The families that control Amway often create their own side scams.) I usually find that these scams are either controlled by the high-ups in Amway or con-men with long rap sheets. The capstone to my debunking is always showing who exactly is really getting rich...
For some background, the TEAM scam has you buying products through something like an online version of Costco or Sam's Club. You get a rebate on each product that is deposited into an "account". I'm not sure if there are restrictions on accessing that money or not (not like my wife's cousin knows or would tell me). Where the MLM thing comes in is you also earn a percentage of the rebates of each person you sign up...
Unlimited growth potential, right?  |
Chris, Your relatives have my sympathy. I feel sorry for those who constantly search for the big score. I have an old high school friend who does that. He once suckered for one of the day trading scams...a "formula to get rich quick" thing. Poor guy lost all he had, and was actually pissed when a bank turned down a home equity loan so he could plug even more in.
This friend once said he couldn't understand why Cindy & I didn't wish to join in with this "sure thing". I responded that over time, we'd gained a comfortable net worth, that we didn't want to risk it.
The response: "Well, it's not fair! You worked for over 30 years to do this. I don't have the time left!"
I had trouble keeping a straight face...
But really, it's sad...