Okay, enough of that. About a year ago, I was in contact with a guy who was interested in making money online. We bantered ideas back and forth and worked at one company for a while until it was shut down. I recently got in contact with him again, and he told me that he was doing Fast Cash Mega.
After reviewing the scam I mentioned above, I have made it my mission to 1) help people avoid getting taken by scams. In fact, the first video I ever uploaded to YouTube had to do with a mystery shopping scam I had discovered. And 2) to help people find legitimate ways of making money. I learned that most programs online, legitimate or otherwise, were too difficult for the average person, or too time-consuming, or too expensive--or all of the above. The program my friend and I were in, ZeekRewards was, or so I thought, the perfect online business. But then it was shut down by the SEC, and for good reason. I was glad I hadn't contacted more people about it, because most of those who came in this year lost everything they had invested. I actually made a small profit, but I had been in early.
And I don't like that. I don't like the "get in early to make it big" because that means that getting in late means you lose. I wanted something where anyone could win, where recruiting was not required, where one could just do a little something, where one could spend just a little to make money, not hundreds of dollars. Where someone willing to risk $10 or $20 or $30 could still come out ahead--instead of a program that cost a lot of money with no guarantee of return on investment.
When my friend told me about Fast Cash Mega, I was skeptical. But because he was making money with it, I figured I'd check it out. So I did. I read everything, watched the videos, slept on it many nights, and read it again. I'm one of those people that needs to know exactly how something works.
So here are several positive aspects that I can see right off the bat:
- Free to join
- No large investment--upgrade for as little as $10
- Not time intensive
- Payout within 24 hours
- Monies paid into the program are used for investments, which are then used for payouts
- There is a way to earn cash within 60 days
There are several red flags, which is why I am blogging about this in detail. This blog is kind of my "Try at your own risk" notice. I value transparency, so I will be updating this from time to time, telling how things are going. You are welcome to email me at mrs [dot] reynoso [at] gmail.com to remind me to update it if it's been too long, or if you have a question.
Anyhow, the red flags that come to mind at the moment are:
- 1-up system
- Cycler feels like a ponzi scheme
- Value given for cash (ie, product or service) is advertising credits, which many people will not use
- Earnings must go through financial programs similar to PayPal, but PayPal is not one of them. These programs all charge for withdrawls, which means the small-time investor will not be able to make a profit for a long time (needing to reinvest earnings several times before earning enough to justify the withdrawl fees).
- Less than 5 years old--indeed, it's only about 1 year old, as best as I can gather
The 1-up system means that the first person one refers will go to their sponsor, not to their own downline. This is good for good recruiters, bad for someone who only refers one person, indifferent to those who never refer anyone (unless they joined to help a friend and suddenly found themselves in someone else's downline). There is a way to bypass the system, but it costs the sponsor $50. That's only worth it if you sponsor someone who is going to put in a lot of money.
I said the cycler feels like a ponzi scheme. Notice I didn't say it is one. First, the money they pay on Profit Units (more on this later) comes from investments, such as ForEx, not from the money other people pay, so that is definitely not a ponzi scheme. However, you have to buy into the cycler (at least $10) to take advantage of the profit units, and 30% of your profit from the profit units must go into the cycler.
Now, some of the money that is used to buy a spot in the cycler is used to add money to the other spots in the cycler, which is why I said it sounds like a ponzi scheme. But not all of it. And that money is also used for investments, if I understand it correctly. And all of the money buys you advertising credits.
I wasn't going to comment on that, but I think I will. most people will probably not spend the credits. I will, for sure. I have a business I would like to promote, so I will make a banner and spend the credits! But most people don't and won't bother. And I don't think it's ethical to advertise your Fast Cash Mega link on their site, because all you would be doing is stealing potential referrals from others.
Anyhow, it seems that the more people that join, the harder it will be to cycle. They do have things in place to speed up the process, such as putting 1% of every purchase into 10 accounts, working their way through all the spots in each line until they get to the bottom and starting over. If that doesn't make sense, go watch their video or call me at 503-919-2145 to ask me to explain it. I don't have time now. Maybe I will later.
Now, you may have figured out that I'm assuming you know something about the system. I'm not here to reinvent the wheel. You can go to my referral link and read the info and watch the videos yourself. Then what I have said will make more sense. I'm not asking you to sign up at this point; I don't know if it's a trustworthy business or not. Being so new, there's no telling how long it will be around. If you sign up, my recommendation would be to not put in more than you can afford to lose, and do so at your own risk without my endorsement or encouragement.
So I'm going to just post my progress over time and my conclusions at some point.
For now, I have set up a Solid Trust Pay account and am in the process of adding $35 to it. $5 is to cover the fees they charge to put money in from a Visa, as well as to pay the $1-something they charged to verify me. I plan on putting in $30 into Fast Cash Mega--$10 into the cycler and $20 into the profit units. Then I will reinvest all my profits from the profit units for a while. I'm not sure whether I will set a dollar goal or a date before I take anything out. I want to watch how it works first. I could have avoided some of the fees if I had waited for my checking account to be verified, but I don't have any money there right now (won't until I get my deposit from Google Adsense in a few days), so I decided to just lose that $5. Hopefully I'll recover it later, but if not, I can afford to lose $5.
I also signed up for a free Fast Cash Mega account. I will be verifying the account by buying a place in the cycler sometime next week, probably.
So there it is. Please subscribe for updates. And please ask me questions, either in the comments, or better, via email (mrs [dot] reynoso [at] gmail.com). And if you have tried this program, please share your experience!
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