My (negative) learning moments in earning online
A less pleasant subject, but certainly necessary for those who are about to make their start in earning money online.
On the road to financial freedom, you will come across various pitfalls, but also various people, called fraudsters or scammers, who are out to cheat you out of your money. From my mistakes, I hope you can spot the pitfalls and recognise fraudsters sooner.
Let’s first talk about some of the pitfalls I’ve fallen into myself.
1: Starting without actually knowing what you want and what you want to achieve:
It is very important that, before you invest money in something, you check whether the concept of the earnings model suits you. You have to stop and think about who you are. A little self-knowledge is necessary here. Don’t overestimate yourself but be honest. Who are you? How do you want to earn your money? Are you a team player or do you prefer to do it alone? Are you doing this for something extra or do you really want to replace your job with this? Are you passive or active? And very important, how much can you spend and are you prepared to take risks?
Once you have all this clear and written it down, you start to make a plan. Set goals and make a timeline. You also need to make a visual plan, a kind of poster on which you put the things you want to achieve, preferably with pictures attached. You hang it up in a place where you will see it every day, for example on the toilet.
And then you get to work. You dive into the internet and see what is out there. Facebook, for example, has a lot of groups where different earning models are offered. Don’t jump on the first model you see but make a list, note the company and find out what the advantages and disadvantages are for you. Later on, I will make a list of points that I look at and that can be decisive for me.
In this world, you will soon be inundated with enthusiastic sponsors who will gladly offer you their programme. A sponsor is someone who offers you an earnings model and under whom you subscribe. For this they get paid a commission. So it is a bit logical that they talk very convincingly about their model. Don’t let this distract you and do your own research with the tips I will give you later or that you will encounter on your search.
2: Stand firm and do not lose sight of your plan:
3: Do not be tempted to borrow money
Some sponsors try to seduce you by offering a loan. This is not always wrong but a rule I always keep for myself is not to borrow money to start a business model. What you borrow you have to pay back and what if the earning model doesn’t pay off anymore?
Google the company name and check, for example, Trustpilot and Scam-Advisor to see if there is any mention of the company. It doesn’t always say anything but it gives you a good idea. Some people report a company as spam because they themselves have suffered losses there, because they have done something wrong or because they have bad experiences with a similar company.
Ok, these are the most important things to look out for.
Now, as promised, below I have the criteria that are important for me to make my choice to join or not.
1. The minimum amount to be able to start.
2. What is the interest amount on your investment?
3. the duration until you can make your withdrawal
4. the minimum withdrawal amount
5. How quickly will I get my investment out of my account?
6. do they have a reinvestment system (manual or automatic reinvestment)
7. Is support quickly accessible?
8. is it made public who the CEO is?
9. Does the site clearly explain how their programme works (no hidden rules that only become clear later)
10. How long does the person who offers the program have experience with this company?
11. Is there any evidence of payouts on the bank account or wallets?
12. How is the referral-reward system (if you want to build a team)?
13. does the company have a physical address
14. are there contact groups of the investors
These are the things I look for. They don’t necessarily all have to be present or good, but it gives you an indication of how reliable a company is. Please let me know if there is anything missing from this list. I’m still learning, too.
Finally:
NEVER INVEST MORE THAN WHAT YOU CAN AND ARE PREPARED TO LOSE!!!
These are investments, so again, past performance is no guarantee of future results. You can lose all or part of your investment.