The S&P 500 $SPX500 reaches ATH once again after the trade deal is done. $OIL prices reaches $60/barrel. In our portfolio, every stock is in green today and the whole portfolio is up by about 1.2%. The best performers are $DGE.L up by 2.5%, $PE and $CXO both up by over 2%. $POLY.L is recovering after a bad day on Friday. It was clearly an overreaction due to the change on the board of directors. The stock is up by 1% today with $GOLD prices fairly constant.
Today's video is not really about investing but this is a topic that I'm sure many of you are interested about.
Exposing FAKE GURUS - Make Money Online SCAMS 💩
Can you make money online? Of course you can. I am making money online. I don't have any physical business. There are people who are making millions online. However, there are now people pitching their course everyday on how to get rich quick. There are so many options, dropshipping, stock trading, option trading, Bitcoin $BTC trading, high ticket closing,...
The problem is that they are selling an easy life. You will work 4 hours a week on a beach, in a lamborghini, or in a private jet. They make it seems so easy. Many people are being scammed. I bought over $5000 worth of courses online which didn't really serve their purpose. I know people making money day trading or high ticket closing. But these people are working hard. They are doing something that they love and they are good at. I don't know any rich person who doesn't work hard. Warren Buffett is nearly 90 and still goes to work every day. You don't see rich people seeking to work 4 hours a week and retire at 30.
Usually these fake gurus are targeting young people, who just graduated from high school. At this age, one doesn't know much what one wants to do in life. This is the perfect age to indoctrinate someone that they don't need a job, they don't need to go to the university, they can work smart and make money on the internet. It works for some, but fails for most. Some gurus in their 20s are now going to give you life advices and they will charge you thousands of dollars for it. They will even tell you that it is an investment in yourself and that you should not be scared to take a loan to buy their coach.
What about me? I have a research partnership and I'm now working on a course. Am I scamming people? YES, I AM. Because I'm not being 100% honest. I thought of 7 principles that anyone who wants to sell information on the internet has to go through before they begin selling the course.
1. Be honest about your story and your financial situation
Don't claim to be a millionaire when you're not
My net worth is around $20 000 and I made most of my money from the stock market, starting with my personal savings and scholarship money. My stock portfolio is about $14 000. I made $200 selling my research partnership in the last two months and $0 from YouTube. I'm paid $500 as a Popular Investor on eToro.
2. You should be doing what you teach
John D. Rockefeller didn't become the richest man in history by selling a course on how to become an oil tycoon. He was an oil tycoon. I spent most of my time researching stocks and that's what I have in my partnership. I'm just monetizing my research.
3. What qualifies you?
There are 20 years old now selling life coaching. What do you know about life at this age?
What qualifies me to talk about stock? My results are talking for themselves.
4. Don't make false promises.
5. Prequalify your customers
Don't sell a course to someone who is deeply in debt
6. Why are you selling the course?
Let's take the course that I'm working on as an example. Why I'm selling this. There are two ways to learn about the stock market: i) from a university paying $50 k and to learn about CAPM and other things that don't work, ii) learn from an online guru who will tell you how to look at PE ratio to invest. I don't see any course that actually teaches people how to value stocks. And there's demand for it.
7. You don't need to upsell your customers immediately
Only upsell when they have applied what they already learnt and it worked for them
The reason why so many people fall in these scams is because they want to get rich quick with little work. Unfortunately, that's not how life works. And you don't need to be rich to have a meaningful life.
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