Tuesday, December 9, 2014

Get Rich "Slow" In Amway?

One of the things upline used to say was that Amway is not "get rich quick". I suppose they say this because most people would more likely think scam if they promoted it that way. But when you stop and think about it, 2-5 years, build it right and you have willable, residual income for like while walking the beaches of the world? That's not get rich quick? Or is it more of a disclaimer so that the opportunity doesn't sound "too good to be true"? One thing is for sure, even if uplines tell you that it's not get rich quick, it's obvious that IBOs think they will eventually get rich, even if it's not "quick".

What most IBOs don't figure out quickly enough, is that they are unlikely to even make a profit, let alone getting rich in Amway. How many of these people exist? Where are all of these retired Amway IBOs who built a business in 2-5 years and then walked away from their business and will be collecting a significant residual income for many years to come afterwards? I don't know of a single person who has done this and none of the Amway defenders and zealots I have encountered over the years have been unable to supply this information either. It's like some kind of myth or urban legend that people have actually retired from Amway on residual income. We also know that due to attrition, it is virtually impossible to maintain a profitable Amway business. People quit the business daily, thus even what looks like a solid business can be gone in a very short amount of time.

I can acknowledge that Amway is a business opportunity and will definitely take some work to be able to achieve something. But thinking realistically, what business could you actually be able to walk away in 5 years and not work again? More than likely that business doesn't exist, whether it's Amway or not. Say you opened a conventional business. There wouldn't be many scenarios where you could walk away after a number of years. The business would still require work and maintenance. But for some reason, people are mislead to believe that you can do this in Amway where there is a high attrition rate and where your business can only expand by person to person.

Sadly, many of the people who are attracted to the Amway opportunity are often young people looking to get more out of life. They are often ambitious but may lack a means to gain wealth, thus the appeal of the opportunity is there. Unfortunately, these nice young people are more likely to end up channeling their hard earned dollars into standing orders and functions which will almost guarantee that they end up with a net loss. The bottom line is that not only is Amway not get rich quick. The more likely scenario is that your involvement with Amway will very likely be not getting rich at all. A net loss is the most likely result. I challenge anyone to try and prove me wrong on this point.

25 comments:

Anonymous said...

Seen a couple who made edc in 2013 for bww. They started in early 80s and diamond ....something like 2005. Only thought was Christ sake I don't have 20 years to make a respectable income. I don't even think he's all that rich as edc now. His son is a diamond and daughter also recently. This guy certainly did it the slow way. What you said is so true with not being able to just walk away with huge cheques coming in

Anonymous said...

Thanks for your blog. I recently got in with WWDB but quickly realized the shenanigans and got out without investing much time and money. It didn't take me long to realize that I didn't actually own a business, the business/system would own me!

Joecool said...

Thanks for your comment. I'm glad you saw WWDB for what they are. Glad you didn't get scammed.

Joecool said...

The real "residual" income is from qualifying and then earning money from speaking at functions. Your Amway business will likely fall apart once you stop working it hard.

Anonymous said...

My god they quit so easily. Finding one to sponsor is hard enough. But getting them to stay seems impossible.

Joecool said...

People quit easily because they are not making money or losing money. If people made money as easy as they show it in the presentation, people would stick around.

Anonymous said...

I read many of your blogs. Where you talk about Scott harimoto. How all his Ruby's and platinum are no longer qualified. Do you know if he's added new platinum leaders. I know my entire diamond/platinum leg quit wwdb. My edc over the last 20 years seems to do a okay job and replaced the leaders who quit. Seen achieve videos and pics of him at diamond club. So it seems the very least he's made it back to diamond. But I wonder how many just fake being diamond and get speaking engagements?

Joecool said...

When Scott first made diamond, he had 7 directs, most were rubies. As far as I know, none of them are active directs anymore. He supposedly had fallen out of qualification and became and emerald for a while but had re-qualified as a diamond later. Allegedly, WWDB allows 2-3 years for you to re-qualify if you drop out before they remove you from speaking at functions. I heard though, that some other groups allow you to speak as long as you have the diamond pin. A good example was Don Lorencz who qualified once and was speaking for many years until he apparently lost favor in the LOS and eventually walked away then blew the whistle.

Anonymous said...

I appreciate this blog. I've been reading through it. A friend of mine is VERY into Amway and tried to get me into it when I returned from over the mountains and knew little about it. I got a bad feeling instantly after the first meeting, worse after the next one (ended up going to 4, though I'm not sure why because every time was like getting my ears water boarded). But she preaches that constantly, every time I mention money in conversation I get the 'well, I'm going to be retired in two to five years so... sorry.' as if 'you're missing out fool!' I feel so bad for her it kinda makes me sick but you try to tell them and they don't listen @.@' I quit going to meetings and pulled out as fast as I could (never even got close to signing up) and now every time I make a purchase anywhere I get quilt tripped for not doing it through her business like that makes me a bad friend. Oh Amyway.

Anonymous said...

My favorite thing that Amway people say is 'Job People'. That was said a lot in some of the meetings I attended. I can't recall by who but they would segregate the people at the meeting from 'job people' as if people who work choose to because they're idiots. They also teach you to ignore your parents and a lot of other cultish fashions. I have literally watched it breed a self-entitled holier than thou attitude in ambots who were once really kind people.

Joecool said...

I find that ironic Amway folks criticize jobs because without jobs, nobody would be buying their cds and attending their functions. But I guess they do that to motivate you to go "all in" with Amway. But for the reasons you mention, people compare Amway to a cult.

Joecool said...

Thanks for your comment. Yeah, once someone bites the hook line and sinker, you really can't do much to convince them that Amway isn't all that. The person needs to come to self realization that Amway sucks and people opposing them just become "negative nellies" that Amway folks are taught o avoid.

Anonymous said...

You guys are not understanding the beauty behind the Amway Business Model.
"Go to school, get good grades, go to college so you can get a good paying job with benefits and your job will take care of you." The missing part of the equation is that "school" never teaches you about financial education. You are trained to be an employee or a specialist/small business owner where you have to trade your time for money. This became the norm during the beginning of the Industrial Revolution, where industrial titans such as Rockefeller needed laborers to be the driving force behind his steel empire. The Prussian school system was then adopted in the U.S. which was designed to crank out employees/laborers for corporations.

Nowadays in modern society you work hard for your money, you are taxed by the government for working hard as an employee. You then go out and spend your hard earned money at stores which makes their CEO's rich and help get their kids private education. You have the power to vote with your dollars. Would you rather go to Walmart and spend your money there because it is what everyone else is doing and because you are constantly bombarded by mass communication advertising. Or, would you rather purchase certain goods through Amway, which is a Network Marketing Business, where instead of paying HUGE amounts of money to 3rd party marketing companies, since you and other IBO's are doing the marketing for this company, the revenue that would then be used for marketing is trickled down to your pockets and your fellow IBO's?

The main goal of Amway, in my opinion, is teaching Real World Financial Education and then spreading that knowledge to people that know that something is terribly wrong in the direction our Economy is heading. This is about unlearning everything that you've been taught and learning the way of the Information Age. Because as you may already be aware, the Industrial Age is over. This isn't for everyone, to those that don't see the beauty behind the curtains of this business model. I say continue waking up early everyday to go to work in the car that you are making payments for every month just so you can get to the job that you need so you can continue making payments for your car and home (Bank's asset not yours because if you stop paying the bank will take their asset back - unless you're renting, then you deal with landlord) so that you have that roof over your head. Continue this same pattern say for the next 40 years or until you burn out. You could make a good amount of money for yourself but who really benefited from all of your hard work? You? Or the company that you have been working for? You traded so much of your time and life for a steady paycheck and a nice 401K.

Or, you can decide to take control of your source of income and build yourself an asset which will give you enough Ongoing Residual Income (after a lot hard work and dedication) where it will no longer make sense for you to continue your "job." Then with your newly acquired wealth and free time () you can focus on building yourself other assets with ORI (Ongoing Residual Income) for example: a Real Estate portfolio of 40 assets - homes, apartments, hotels, commercial buildings, etc. that will generate income every month for as long as you own those assets free and clear.

If you think the only way to become rich is to work hard for a good company then kudos to you. You can continue to make a living the same way as everyone else around you, or, you can decide to make a change in the way you make your money.

Not to mention the tax breaks that can be had for having your own home-based business. Creating jobs will also reward you with tax breaks, while your employees are taxed harder the more money they make.

Namaste and Godspeed!

Joecool said...

There is documented proof that college educated people earn more than their non educated counterparts. Yes, many work jobs but there is nothing wrong with that. With a job, you also have benefits such as medical insurance and possibly a pension or a 401. In Amway, you are basically a commission only sales person (basically a job with no benefits or guaranteed salary).

You are taxed as an employee but you are also taxed in you make money as an Amway IBO. The IBOs who get tax refunds are doing so because of income tax withheld from their job paychecks.

Buying stuff and making the WalMart CEO isn't so bad. At least you get a decent product at rock bottom prices. In Amway, you pay many times more than what the product is worth so you can make the Van Andels and DeVos familes billionaires.
Do you really think double x is worth $80 for a one month supply?

Amway doesn't teach financial education. If you think buying cds and function tickets is a good use of your money, then you've been duped. All that does is make your upline wealthy. What do you learn at a function that's practical? Why are most IBOs losing money?

Where are these Amway folks who made money and collect residual income? Why are people like Bill Britt working until they pass away? Why can't anyone name a few people who walk the beaches of the world off residual income from Amway? The only residual income I can see is coming from speaking at functions. Feel free to prove me wrong.

Anonymous said...

That's some crazy long speach anonymous made. Please come back and tell us how much you made minus expenses and how long you've been in Amway? My gut says his success is similar to ibofb. Which is practically nothing.

Joecool said...

Not to mention that IBOFB is a liar.

Anonymous said...

Joecool did you ever read Rich Dad Poor Dad. And what is your job now?

Joecool said...

I haven't read rich dad but I read some reviews about it. I think Kiyosaki is a scammer like the Amway diamonds. My job is irrelevant to our discussion. But why do you ask?

Anonymous said...

What about "Secret of the millionnaire mind", have you read "reviews" about it?

Joecool said...

No, I haven't read it but my understanding is that Kiyosaki gives very general and vague advice and that his advice doesn't really help. Also, Kiyosaki himself doesn't even appear at all of his seminars from what I have read. And most of the time, the beginning seminars only exist to sell you more expensive seminars.

Anonymous said...

So i suppose you dont want to be rich. Am I right?
If not then you should read the two books i mentioned. You should see for yourself if the books are good or not instead of listening to reviews.

Joecool said...

People reading Kiyosaki's books or following his advice are not getting rich. Most of them lose a lot of money paying for his seminars and never make a dime. Kiyosaki is an author. He makes his money writing books, not by following his own advice.

Anonymous said...

Ok.if you say that buying books is losing a lot of money then good luck to you :)

Anonymous said...

I swear uneducated stubborn people. Go back into writing accusations!

Joecool said...

What accusations? That most people make nothing or lose money in Amway? That's a fact!