Home Success The 20 Biggest Lies About Becoming A Self-Made Tycoon

The 20 Biggest Lies About Becoming A Self-Made Tycoon

ShannonDecember 4, 2019
Don’t fall for a pyramid scheme. Credit: Shutterstock

2. Sell This Product, and You Will Succeed

At some point in your life, you may have had someone try to convince you to join a multi-level marketing company. These are companies that require you to buy a product up-front in order to sell those items to your family and friends. During team meetings, you will be encouraged to work hard with the promise that one day, maybe you will become a millionaire. Many of the CEOs claim to be motivated to help others succeed. In reality, 99% of their salespeople lose money and never earn a dime.

There is no guarantee that selling a product will make you rich. Credit: Burst by Shopify

These MLM’s encouraged people to recruit others to sell because you earn a commission from their sales. This is actually a pyramid scheme. Don’t be fooled if a company is called a “multi-level marketing” company. In truth, they are actually pyramid schemes, but they just haven’t been legally found to be one in court (yet). If you think that you or a loved one might be a victim of a pyramid scheme, please read the FTC guidelines

Don’t trust when someone tries to convince you to invest in a particular asset. Credit: Pexels

1. Buy This Stock (Or Cryptocurrency) And You’ll Be Rich

No one can predict the future. So if someone tries to tell you that a certain stock or cryptocurrency is about to skyrocket, they are lying. Maybe it’s not intentional or malicious. They may truly be hopeful and excited, because they are invested, too. However, no one should be telling you how to invest your money unless you are paying them to be your financial advisor. 

Do your research before you choose to invest in the stock market. Credit: Pexels

The next time someone tries to convince you to buy a stock, ask yourself what this person’s motivation is. A popular YouTuber or public figure might promote a new cryptocurrency because they want the value to go up. Once the stock is worth more, they can sell it for a profit. This is illegal in the stock market, but cryptocurrency is so new, that many public figures are getting away with this scam. Always do your own research before trusting a someone’s investing advice.