Initially, I thought Nigerians were smart but from another look, it seemed the tagged “fraudster nation” just got defrauded in broad daylight. It was meant to be a delightful Christmas for some people in Nigeria until the so called saving grace became a burning disgrace.
The deafening silence of loss is rocking the atmosphere at the moment in some homes because they ventured into an adventure they knew little or nothing about.
I remember the Federal Government warning Nigerians not to partake in MMM because of its Ponzi nature; I could understand that these same governments haven’t played its role effectively that’s why millions of Nigerians set a blind eye to the repulsive threats.
Sometime in July I posted an article, check it out: “5 THINGS YOU NEED TO KNOW ABOUT MULTI-LEVEL MARKETING”
I wasn’t discouraging networking business neither am I going to do so right now, I just want to share three things you must look out for next time you come across something that sounds too good to be true.
1. Always use your spare cash:
To make your money work for you, you need to “Make thy gold multiply”. The book “The Richest Man in Babylon” explains this clearly in Arkad advice;
“…put each coin to work so that it may reproduce its kind even as the flocks of the field and help bring to you more income, a stream of wealth that will flow constantly into your purse.”
Before stepping into any investment, it's wise you weigh your pocket to ensure you won’t be on the losing side, that’s why it’s not really advisable to loan money for a startup cos the risk is higher than when you start with your equity.
Check out this article: Loan Shark
It’s just a sad story to see people plunge into MMM with full force using both their capital and interest to make money, little do they know security is the first thing you put in mind before investment.
There are 0ther networking investments like Onecoin, Zarfund… to mention a few; it’s not every networking business you must venture into especially if you don’t have what it cost to sustain your stance.
2) Because everyone is doing it doesn’t mean everyone gains:
I guess some people came across this the hard way. I heard of stories about people providing help and not receiving help in return. Others witnessed ghost uplinners and downlinners.
C’mon this is Nigeria for crying out loud, what make you think people will be transparent when it comes to money making?
There is the story of a guy who was about to get married, he sold his car and put the money into MMM hoping it will multiply. Only for the system to witness the current glitch and he has been consoling himself ever since.
Get knowledge from this article: 8 Lessons from the Richest Man in Babylon (On Wealth Building)
3) Follow your guts
No heart bleeds when it follows its heart. I overheard people saying “…and my mind was telling me not to do it ooooo”. Some people had already collected their November pay yet input more money because they lost control over greed.
Ever seen it this way that the MMM company is touring around the world, visiting countries with a financial setback, promising them watery returns in one hand meanwhile they are collecting a truckload from the other hand?
The disclaimer is the protective shield sustaining the operation of the company over the years. A recent artile on BBC by Stephanie Hagady (Nigeria's MMM Ponzi scheme: Will investors get their money) stated that MMM isn't registered with financial regulator "Securities and Exchange Commission" so technically it could be breaking the law and they won't be held accountable.
Wrap up
If you study Nigeria’s financial perception, it's crystal clear that many investors in MMM would make tons of withdrawal late November and early December because of the festive season (Christmas Jolly) thereby leaving people due to be paid unattended to not to mention, upload of fake bank tellers...c'mon.
The aforementioned is exactly what the admin is trying to control that’s why they freeze the system. Unfortunately, when it unfreezes, there is likely to be many losses cos lots of withdrawals and shutting down of accounts will occur resulting in a gigantic loss among others.
My prayer is that the system unfreezes so that people can get their hard earned money.
Investment sometimes is like gambling, you really don’t need to be in a hurry cos there are millions of ways one can invest and multiply cash, all you need do is study the waves and have a sharp foresight with laid down backup plans.
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