Preview Mode Links will not work in preview mode

This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

  1. All Episodes
  2. EP072 Multi- Level Marketing – Is It the Right Opportunity for You?

EP072 Multi- Level Marketing – Is It the Right Opportunity for You?

Mar 5, 2019

Many people have heard of or become interested in the opportunities offered by Multi-Level Marketing companies (MLM), also known as pyramid selling, network marketing, and referral marketing. This strategy for selling products or services sees the revenue of the MLM company coming from a non-salaried workforce, who in turn earn through a pyramid-shaped or binary compensation commission system, as well as through encouraging new people to join. If you have witnessed friends navigate an MLM arrangement, then you may be wondering if an MLM is an appropriate opportunity for you.

 

Today, by special request, I am sharing insights into how Multi-Level Marketing systems work and the questions to ask to understand the opportunities offered. I reveal the type of person that MLMs will and will not suit and a series of questions that are vital to ask before enrolling in an MLM contract. I also explain what research you should do on an MLM company and stress the importance of understanding the terms and conditions of the company’s agreement.



“If entrepreneurship is not something you have aspired to or are attracted to, then participating in an MLM is probably not for you.” - Tracey Bissett




This Week on Young Money:

 

  • Why it is vital to recognize that when you participate in an MLM you are starting a business.
  • Traits that indicate that you may be suited for an MLM role.
  • The study and research that you should conduct before deciding to enroll in an MLM.
  • The questions to ask to find out if an MLM is the right opportunity for you.
  • How to decide what level of contract works for you.
  • How the commission structures work.
  • Why it is important to know the facts before you sign an agreement.




The Questions to Ask:

 

  1. Do you have the traits suited to this role?
  2. Do you like the company, its products, and what it stands for?
  3. What is your financial commitment at the beginning, throughout, and if you want to get out?
  4. How will you make money?
  5. Who will you be working with?
  6. What do the legal documents say?





Get Your Young Money Questions ANSWERED!

 

Want to learn more about MLM opportunities and how you can stay financially fit? Leave a voice message to get all of your Young Money questions answered.

 

Remember - there is no silly question when it comes to your financial fitness.






Rate, Share & Inspire Other Young Millionaires-in-the-Making

 

Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Visit our website to learn how easy it is to leave a review on iTunes.

 

Don’t forget to share your favorite episodes on social media!

 

Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.