Wealth Masters International: Does it work on its own?
Wealth. It’s something that most of us strive for in our lives and can be earnt in a variety of ways. Some people derive wealth from a steady income, some work on a commission whereas others run their own businesses.
Regardless of how you accumulate it, ask most people and they’ll tell you that wealth is an integral component of their life plans. Therefore the value of wealth goes without saying.
Given this desire to accumulate wealth in most of us, it sort of makes sense that there’s a market out there to teach people how to not only accumulate wealth but also how to preserve and make the most of what they make.
Wealth Masters International are one such company that combine MLM along with a vision to ‘empower individuals to create success on their own terms and achieve true freedom in all areas of their lives.’
Now as far as visions go, that’s a pretty broad and high reaching aim to strive for. Wealth Masters International (WMI) have set themselves some pretty high goals and the burning question of course is: do they deliver?
Let’s find out.
WMI break down ‘all areas of your life’ into three components; health, wealth and wisdom. Whilst all three areas are pretty self explanatory, I thought it’d be worthwhile defining them just so that we’re on the same page here.
Health is the status of your personal health, both in mind and physical body. With both in check you can say that you’re a healthy person.
Wealth covers the financial side of things. If you’ve got a lot of material wealth, be it assets, cash, stocks or whatever – then the wealth side of things is ok.
Note that wealth can also be used as a descriptor (ie. my true wealth lies in my family) but for the sake of MLM and WMI I believe we’re strictly talking about the financial side here.
Finally wisdom covers knowledge and this is what you learn over the course of your life. The idea is that the older you get the more wisdom you obtain… and hopefully that wisdom was worthwhile obtaining.
When classifying Wealth Masters as a MLM, by looking at their vision it’s accurate to state that they are in the personal development category. However, whilst most personal development MLMs focus on the self, WMI have quite openly mainly targeted wealth creation and preservation.
At the heart of the Wealth Masters product line is their ‘M1 Masters Program‘. This is a $1995 US 100 day course is designed to guide you through making a 1% positive increase in your life each day with the end result of making your life 200% better.
Of course after you’ve made your life 101% better, you need improve more then 1% of your original 100% life to get to 102% (you need 1% of 101%), but we won’t hold basic maths against WMI… or should we?
If I’m going to trust WMI with my financial future I’d wanna hope they can at least get the maths in their marketing spiel right…
For those of you that don’t have $1995 US up front there’s also the 30 day introductory course ‘mPower‘ which is basically a mini-me version of M1. Obviously the idea here is you purchase mPower to get a taste and then go for m1 to finish off the course.
The next product is the ‘M2 Wealth Conference‘ and from here the real focus on creating wealth begins. This $8995 US 4 day course primarily covers financial planning and management with a secondary focus on personal development and health.
Finally you’ve got the ‘M3 Private Wealth Group’ to which membership costs $12995 US. The Private Wealth Group offers you a 5 day conference with more of a focus on ‘personal growth‘.
This essentially means you’ve got your staple of financial advice, planning and management from various speakers and associates (as with the M2 conference), but you’ve also got the feel good activities thrown in too.
If people paying thirteen grand for a conference can’t have them walking away feeling like they haven’t grown as individuals.
WMI’s products naturally lead into each other and from a marketing standpoint it’s pretty solid. You buy the 100 day course and learn what you need to do to improve your life financially.
Realising you don’t have access to the advice, tools or opportunities required just by doing a course, you then buy into a four day conference after which, if everything goes to plan, you then have enough money to reward yourself with the resort style conference M3. By attending M3 you further educate yourself on financial planning with a bit of fun thrown in.
You feel good about yourself, have bucketloads of money and everybody wins.
As you can see, unlike the last few MLM companies I’ve written about, there is definitely a tangible product here in the 100 day course. Product wise, WMI are in the clear but that’s not to say there isn’t some shortcomings in the WMI course though.
The first major problem that jumped out with me is that WMI provide you with all this financial planning and wealth generation information, but fail to truly capitalise on it with an ‘in-house’ solution. Assuming the info is solid (which I’m assuming at least some of it is), the next step you’ve got to work out is what to do with it.
This is where the risk sets in. As an MLM company, WMI itself does offer an income generation opportunity but this is only really effective if we work on the assumption that all of the financial planning advice offered by WMI is geared towards successfully marketing a MLM opportunity to others.
And if so, is there a problem with being given all this advice on how to market a MLM opportunity and finding out that by doing so is the only real way to make money in WMI? For the individual there isn’t a problem but if one person gets trained up on how to market an MLM and then goes out to market WMI’s products which train others how to market an MLM company successfully, then it’s clear there’s a self perpetuated train being created here.
Of course WMI have addressed this by bringing in third party associates and opportunities to present at their conferences, but be aware that any involvement in these is done at your own risk.
Of course any business venture has a risk but the lines are exceptionally blurred when you’ve put trust in a company to give you financial advice, present you with an investment opportunity and then turn around and absolve all responsibility if you don’t succeed.
I’m not saying WMI should take responsibility for each and every member’s business ventures, just that to me it seems like a borderline ethical dilemma in offering financial advice and business opportunities as a bundle, let alone any conflict of interest issues that might be arise.
Purely from an MLM standpoint and ignoring any third party offers (I believe MLM companies should be inclusive for wealth generation), essentially you’re left with training materials and tools that will over time provide you the necessary training to run and manage your finances, but fail to provide you a ‘in-house’ vehicle to channel this knowledge into.
Having to rely on third parties at your own risk for wealth generation isn’t something I’d be comfortable with in a MLM company. Especially if the MLM company (whose, let’s not forget, motivation is to make money) was picking and choosing what business opportunities were being presented to me.
Wealth Masters Information appears to work for two types of people;
Those who are comfortable parting with large amounts of money to gain knowledge and insight on how to market the MLM opportunity WMI provide to others, who then pay to learn the same and have to try and sell the products to others, or;
Those who already have some capital raised and are comfortable risking their capital by investing into third parties or opportunities presented at WMI’s conferences.
Of course you’ll be imparted with the knowledge you’ve learnt from WMI before doing so but at the end of the day, this requirement to work outside of the MLM opportunity itself is definitely a weak spot as far as Wealth Masters International as a ‘MLM company‘ goes.
Naturally this analysis runs on the assumption that the material presented in M1, M2 and M3 is actually of value and works when applied. If not, then you’ve got much bigger problems then simply choosing a third party business opportunity to invest in.