Avoid Risky Money Schemes and Instead Embrace Tips on Consistently Making Decent Bucks
By Mwangi Wanjumbi – Newtimes B. S. CEO & Chief Consultant/Trainer
Wherever you are, I can almost bet, that you intend to one time, venture into business if not there as yet. As an experienced marketing practitioner, trainer of even trainers and passionate change agent, I come across many people variously wanting to acquire one or more forms of wealth creation. Some are on track only requiring guidance, whereas others are still finding their way. Apparently, invaluable marketing and selling skills even at their basic form are vital in almost every situation in life, as we strive to achieve this desired wealth creation. This is so because we all to need to understand and package our products and services appropriately. And that is where most of our challenges lie.
Perhaps, it is in view of those challenges that many acquire short perspectives towards success in life. It becomes a matter of acquiring material desires whatever it takes. Sometimes, achieving those desires becomes a game of wits amongst the different players in the society. Alongside, many methods of crafting success are continually developed by the seemingly witty to achieve their own ends, sometimes at the expense of those who may be perceived not to be too witty.
Some strategies of achieving these desires are out-rightly illegal. Others are legitimate, but capable of achieving enviable results only through a long term process. But, do we still have people patiently waiting to succeed in the long term? No wonder, there have been numerous attempts of luring Kenyans into quick riches, some of which have eventually left untold sufferings. One of the methods has been through pyramid schemes of different forms that keep sprouting at different times. They are only differentiated by the approaches and the players.
One of the most recent cases resembled a well thought out micro financing concept. My attention on the same was drawn by somebody I will refer to as Dawson. He had severally listened to my business presentations on radio. He had also variously read my writings and therefore thought that I could provide wise counsel on the then new scheme of quick riches. Sadly, I couldn’t. Instead, I sought to know from Dawson whether the sponsoring institution was authorized by the government. “The Central Bank is on behalf of the government aware of this scheme. It is even common knowledge that every shilling deposited is earning 2 more, within a month,” said he.
No matter the convincing, I dissociated myself with the authenticity of such a scheme. Nevertheless, I asked Dawson to make well informed choices on the matter. Thereafter, the scheme spread like bushfire. Early investors were ensnared through being made to smile all the way to their banks for a while. But, as time went on, things changed. The riches were no more. Painful losses followed, which later culminated into emotional bankruptcies and deaths as well. The rest is history.
Like always, I insist that people need to empower themselves with knowledge that will lead them into well deserved success no matter how long it takes. As such, I would wish to highlight a few strategies that could eventually give rise to the desired success. Some of them demand heavy investments, whereas others only require that we identify our passions and pursue them to the end. Some ideas, which I have been sharing especially with retirement candidates, may be worthwhile taking note of.
Firstly, one can invest in real property, which could eventually bring rental income. This evolves into fully fledged business once we engage in buying and selling property. Secondly, one can invest in interest earning securities especially savings and fixed deposits in the various commercial banks. Alternatively, one can invest in treasury bills or government bonds. Treasury bills are short term in nature and sold by the central banks. The bonds are long term borrowings from the public, which are continually issued by the central banks as well.
Thirdly, one can today invest in what is known as unit trusts largely managed by insurance companies and other financial institutions. The deposits placed with the unit trusts are variously invested on behalf of the customer, leading to continued value addition. Fourthly, it is these days easy to invest in stocks and shares in any one of the regional stocks and shares market. One can invest in the same either for speculation (profiteering) or simply accumulation of wealth.
Fifthly, one can consider starting a business of one type or the other. Unfortunately, the intricate process is outside the scope of this space, therefore left for a future write-up. So far, we have considered a hierarchical process of creating wealth. The earlier ones attract lower risks, but sometimes heavier investments accompanied by comparatively lower returns. Notably, the notion that higher risks yield higher returns, quite often holds true, in ‘my perceived,’ hierarchy of investments.
But, we may wish to consider a sixth form of creating wealth which is perfectly legal anywhere in the world. Net work marketing concept was developed in 1945 by the California Vitamin Company, later known as Nutrilite. The plan allowed existing Nutrilite distributors to recruit new ones and draw commission from their sales. Due to payment of commission whenever a customer re-ordered, direct sellers were able to build a sales organization that could generate a residual-like income, in form of commissions.
This concept has flourished invaluably over the years. It has been adopted by numerous companies of all kinds and is variously referred to as multi-level marketing, referral marketing, personal or agency marketing. In some sense, it is confused with pyramid schemes. But, whereas pyramid schemes operate on the basis of monetary transactions, multilevel marketing involves marketing and sale of goods and services. The products are sold through word of mouth ensuring that whatever advertisement costs that are saved, are passed on to distributors as commissions.
Are you familiar with any successful network marketing companies? Indeed, I am personally aware of a number of locally entrenched companies. Moreover, I know some people who have been on network marketing for years on end, as their only way of life. In fact, I am an admirer of James Waheire (www.wahiere.com) who was in form 6 when I was in form one, at Kagumo High School, Nyeri County.
After university, Waheire became an IT Guru, who we shared the same employer at some stage. But, after living formal employment in the 90s, he initially switched from one network marketing company to another. Waheire has since stabilized and become a devoted network marketing Guru who is respected by his team for his globetrotting missions. They have continually been part of the rewards by his network marketing company for his enviable achievements. What then is the future of this network marketing?
Undoubtedly, network or referral marketing is serious and decent business. Furthermore, it has been highly recommend by Robert Kyosaki of the Rich Dad; Poor Dad fame. As experienced motivational trainers and change agents, we find the idea of joining the league of full network marketing firms becoming attractive. Meanwhile, we feel inclined to recognize, empower and appreciate existing and potential referral marketers who could easily unearth previously dormant opportunities. Ultimately, that increases the possibility of contributing towards unleashing unexploited growth potentials, for all stakeholders. Our esteemed reader, do you see yourself anywhere in this whole scenario? Indeed, it could pay invaluable dividends if we all embrace and support different and decent forms of wealth creation based on our different circumstances in life.