To say that I am not a fan of money hype would be a huge understatement. I’m not a fan of hype in general. But money hype?
I abhor it. Disdain it. Loathe it.
I believe you get the point. Does that mean that the ability to earn income and potentially a lot of it isn’t a good thing to discuss at times? No. This is not what I am saying at all. I am against hyping the money. Are there people who are attracted to money hype? Yes. There are. But even if you sponsor the people that are lured by the hype, in the long run it won’t be a good thing.
I’m all about two primary things: Helping the everyday person building a long term successful business and helping the network marketing industry as a whole develop the image that it truly deserves given all the good it can do in the world.
Money Hype Damages Both Your Long Term Business Potential and the Industry
Recognize that I am someone who has earned a lot of money in the industry and I know lots of people who have made much more than me. Do other legitimate businesses hype that you can make a lot of money? No they don’t. Most people understand already that if you have a viable product or service or some other way you are bringing value to the market, you can earn a lot of money. Big money is available in every industry that exists for the people who care enough about earning it and are willing to pay the price in time, effort, and resources.
There are many ways it hurts you and the industry, but for today I will give you the three most glaring.
- It Cheapens and Tarnishes the Industry– Hyping the money and how big and fast it can be made, makes the business seem like a game, a gimmick, a scheme, and any other non-flattering word you can think of. This is a 70 plus year-old industry that has struggled to be seen as a real thing. How could something that has stood the test of time still have an image problem? Because of money hype. It is the thing that tarnishes the image. Many of the exact kind of people you would want to work with; honest, hard-working people, who are truly looking for a way to create a better future for themselves and their families, won’t even look at what is one of their best options, because their perception is that it is not an above board thing. It is true that occasionally someone creates a big check in their first year. This is also true of every business that exists. Some go big fast. But 99%+ DO NOT. You don’t see other businesses hyping that the one or two people got rich in year one. They are smarter than that. We as an industry should be smart too.
- There is No Loyalty in Money– People develop loyalty to people. If it’s only about money, it will not last. You may catch lightening in a bottle. It definitely happens. However, it’s been my experience that the faster something goes up, the faster it comes down. Typically opportunities that grow very fast in the first few years are driven by people who already have network marketing experience. When networkers are recruiting networkers things grow quickly because it is like recruiting hundreds or even thousands at a time. This has nothing to do with true long term fundamentals. This doesn’t show that the product or service will be used long term by people who have no interest in the business. At some point the growth is completely driven by people who have never been in the industry. The pace will slow to a more normalized curve. Suddenly the money hype is not relevant. What will happen? Those that are in it only for the money will look for the next place they can drive money. This is one of the big reasons why historically you have seen companies get big fast and then a few years later, they aren’t in business anymore.
- False Expectation-When people come in with the wrong expectation, you have a recipe for disaster. Money hype plays on people’s desire for instant gratification. For most people, they are not going to have much results early in the business. This is true of all businesses. In the first year or two of any true business, you put way more in, than you get back. In network marketing, money hype has people expecting significant return faster than this! Within a short period of time it becomes obvious it’s not goin to happen fast. So a higher percentage of people quit. It absolutely leads to higher attrition. That’s unfortunate, but the news gets worse. These people now have a negative experience and association. How do you think they will talk to others about the industry? So now you have negative news, which we all know travels much faster than positive news. This goes back to point one of tarnishing the industry. The worse news of all though, is that now this incredible option for creating a better life, is no longer an option for this person. In a changing world where jobs are less and less secure, financial markets are less and less stable, and economies change quickly, if someone does not understand the options to help themselves, they will become increasingly less hopeful. Stealing hope from someone, just to make a some money, is a horrible thing to do.
I know this was a bit longer than my usual blog article. But it needs to be said and this message needs to get out so please share it. We all have to work together to make this industry great and serve as many people as possible. It is simply too important not to do it right. Believe it or not, I actually share a bit more in the video!
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