Making Money Seminars – what seminars gurus don’t want you to know
I have been to a lot of seminars about different ways of making money. I have also seen a lot of programs advertised.
These seminars have promoted a lot of different ways of making money but of all the different variations these fall broadly into three categories: Property, The Sharemarket and Business. Under the category of Business – Internet Business is very popular.
Come along to my Free Seminar! (+ join my 3 day course)
Some seminars I have paid a small cost to attend ($30-$100).
But most of the seminars I have been to have been free. The seminars are often provided free because there is a more detailed course offered at the end of the seminar. Often you get bonuses and a reduced price (or ‘never to be repeated price’) for joining on the day. This more detailed seminar I have seen advertised for between $2,000 and $8,000.
How a free seminar runs (a gross generalisation)
Part 1: Being Wealthy is Good!It starts with talk about – how I am so wealthy, how I quit my job and sit on a beach. Wouldn’t you like to be wealthy? Write down or think about all the things you would do if you were wealthy.
Part 2: Guru Introduction – a bit about the person history & how they got to where they are
Part 3: What I do to make money – about what they do to make money (& how they do it)
Part 4: Selling the program –information about the detailed seminar/coaching program, etc. they run including cost, bonuses if you join now, etc.
A bad free seminar
I have been to a few bad seminars. These are where Parts 1,2 and 4 take up most of the time.
Part 3 (what you have come to learn) is covered very quickly in not much detail.
Also with a bad seminar they might tell you WHAT they did, but nothing about HOW they did it or the EFFORT involved to get there.
So basically the only way you could replicate it is by getting the detailed information and signing up for the course.
A good free seminar
A good free seminar will include a lot of detailed information in Part 3 so that even if you didn’t join the course, you have a good idea of WHAT they do, HOW they do it and HOW MUCH EFFORT it might take. You might be able to go and use the information to go and do things on your own.
Then you would sign up to the more detailed seminar to get exact examples, coaching or help so that you can go and make the most money in the quickest/most efficient way possible (by avoiding all the traps that most people who haven’t purchased the seminar might fall into).
Before you go to a seminar
Before you go to a seminar, Do your own research.
- Google Search – their name
- Google Search – their name + scam –this might not come up with anything useful – there will always be a few people who did the course and it didn’t work for them. This doesn’t mean a lot.Two gurus even had theirnamescam.com own site registered so they could repeat the good points of their program!! But if there are heaps of sites, lots of people telling stories how it is a scam and worse (mentioned by ASIC, criminal convictions, etc.!), then you might reconsider!
- Their website – It might be worthwhile looking at their website (usually there will be a website that you make the booking). However information on the site is usually repeated in the seminar (definitely the important stuff anyway).
- Similar gurus websites -You might be able to work out what they do and research their competitors.
- Your personality – consider whether this making money method would be for you. I.e. If you work/study 6 days a week and you need to spend 2 months renovating a house, etc. – it might not be for you.
Why you would purchase a seminar
- Knowledge& Application =Make Money – you have a greater chance to make money in a shorter time if you apply the knowledge learned.
- Save time – you will probably receive materials that show you how to get setup to earn money sooner that doing it on your own.
- Less mistakes/money spent – materials should show key mistake areas and how to avoid them. Might also show how to reduce money spent to achieve your goals.
- Support – you can email or read a website with common questions you have (or speak to someone) so that you stay on the right track.
- Force Action – if you suddenly pay $5,000 to do something – you are more likely to do it and put the required effort in. Although similar to a gym membership – you might start doing it then slack off or get disheartened.
Seminar Event Management
There are a few companies out there that are like event management.
They book the rooms over the country, do the advertising and take payments for the 3 day seminars (and sometimes call you in the next few days to try to sell you on the 3 day seminar).
So all the guru needs to do is turn up each day.
The event manager may be the person who you would try to get a refund from (which might make it harder). But generally, if a guru has an event manager, it is more reputable in my eyes.
If means that the event management company can lose their reputation as well if the guru is a bad guru so it is less likely that the guru is not reputable (although still possible).
But an event manager needs to be paid as well – so you might pay more for the seminar (or the guru may charge the same but make less – given that they have to less work in terms of organizing the seminar).
Getting your money back
Obviously for a Guru – the key risk of running seminars is that someone signs up then wants out. So you would imagine if you do not meet the conditions for refund – you won’t get one.
Some seminars might offer a 30 day no questions asked money back guarantee. The good guru might think – the course is so good they can do it for 30 days then will realise how good it is and stay on. Or bad gurus – they can do the course for 30 days without learning anything or at minimal cost to me so if they stay its good for me.
Others won’t offer money back guarantees (probably more don’t have money back guarantees than do)..
And if you do the course, don’t get anything out of it, it is probably not worth suing them (for the cost and time involved).
Why you wouldn’t purchase a seminar
- Trust – If you don’t trust the person, don’t’ buy the seminar. Doing a seminar presentation involves selling the concept to you so you end up buying the detailed seminar.
- No time – if you don’t have the time to use the information provided – no seminar will work for you
- Bad personality/skill match –Different ways at creating wealth suit different people. For example if work as a salesman, have lots of contacts and love people a seminar on trading share markets at night on the internet (where you don’t talk to people, do complex maths formulas, etc.) might not be your cup of tea. Whereas for a quiet person who enjoys graphs/numbers – it might work well.
- Too much effort – as above with time, if you are not prepared to go to the effort required then the seminar will not work for you. You should look for a seminar that takes less effort (or not purchase any seminars)
- Just because of money-back guarantee – Don’t ever purchase a seminar thinking, I’ll give it a small go, then get my money back. You must purchase a seminar thinking, OK at least there is a guarantee but I won’t have to use it.
ASIC talking about seminars
Both the articles below portray a negative view on all seminars. I saw that “there is no such thing as a get rich quick scheme” – well I disagree – I think it depends on your definition of ‘quick’. I believe that in 6 months or 1 year (or even it takes you 2 or 3 years) it could be possible to replace the income of an slightly-above-average Australian wage (ie. Say $1,000 a week).
Money you could make
With the Sharemarket – if you had $10,000, traded 10% of that ($1,000) and either made $1,500 or $750 on each trade trading something with leverage (note you win more than you lose) – then it could be possible to make $1,000 a week.
With Internet Business – I have put a few examples below – you could do one or a few of these:
- Affiliate -People clicked on a link and purchased someone else’s products where you received a commission (say 10%).
- Advertising -People clicked advertising links on your site (like Google Adsense) and you made 20c-$1.00 a click.
- Guru -You were selling videos/information products you made at $49 each
- Membership Site – Sell monthly lessons for $49/month.
Affiliate -You would need $10,000/sales to make $1,000 in commissions.
Advertising – you would need 1,000 clicks at $1. (or 5,000 at 20c) to make $1,000.
Guru – you would need 20 x $49 purchases to make $1,000 in sales.
Membership Site – you would need 20 x $49 to make $1,000/month.
With Property – you could buy (possibility renovate) and sell a property in 3-6 months (12-26 weeks) and make between 12,000-26,000 (i.e. $1,000 a week).
Soon – I’ll go into more detail about different types of seminars and ways of making money.