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Your Opinion: Retiring Young  
User currently offlineWestJetForLife From Canada, joined Jun 2005, 814 posts, RR: 1
Posted (5 years 6 months 1 week 10 hours ago) and read 1840 times:

Hi, folks. Nik again, and this time I am curious to see what your opinion is on retiring young.

Now, the reason I am asking this is going to take a little bit of time, so bear with me.

Okay, so about a month ago, my friends started "working" for this company called ACN. It's a sort of direct-seller sort of deal for telecommunications devices, video-phones, internet, etc.

Now here's what is bothering me. The guy at the presentation I went to said that you could retire by the time you're 30 courtesy of "residual" income, that being: you tell two people about ACN, they tell two people, they tell eight people, etc, and you make money from all of these people. To compare, it's sort of like Tupperware back in the 90s.

Here is what frightens me. This operation is much like a pyramid scheme, and I fear that they are going to bankrupt themselves on this company. Then again, I take risks by investing 10% of my paycheck with my company stock, but at least if my stocks fall, I still have a stable income job.

What do you think, guys? Here is the website: http://www.acncanada.ca/

Nik


I need a drink.
12 replies: All unread, jump to last
 
User currently offlinePhoenix9 From Canada, joined Aug 2007, 2546 posts, RR: 8
Reply 1, posted (5 years 6 months 1 week 10 hours ago) and read 1837 times:



Quoting WestJetForLife (Thread starter):
This operation is much like a pyramid scheme

Save your money. Don't fall for this crap. If everyone was making money like they say....there'd be a lot more people retired at an early age.



Life only makes sense when you look at it backwards.
User currently offlineShyFlyer From , joined Dec 1969, posts, RR:
Reply 2, posted (5 years 6 months 1 week 10 hours ago) and read 1832 times:



Quoting WestJetForLife (Thread starter):
This operation is much like a pyramid scheme

 checkmark  Yeah, I would stay clear of this outfit.


User currently offlineSW733 From United States of America, joined Feb 2004, 6363 posts, RR: 9
Reply 3, posted (5 years 6 months 1 week 9 hours ago) and read 1819 times:

The problem these days in USA/Canada (and much of the world) is that so many people in the 18-35 age range just do not want to work for their money, they want to get it as easy as they can. That's great and all, who wouldn't, but people do stupid things to "make" easy money, which often costs them more (like this possible pyramid scheme).

I'm 25, and I have already learned one big thing - if I want to retire early, I have to work for it, and save for it. Nobody is going to help me, nobody is going to give me money, and there are no tricks to making a quick buck (at least, usually not, and especially not legally). Work hard, save hard, retire early. If you want...I can already tell I am one of those people who will retire and go crazy, getting a job as a Wal-Mart door greeter after 3 weeks at home!


User currently offlineWestJetForLife From Canada, joined Jun 2005, 814 posts, RR: 1
Reply 4, posted (5 years 6 months 1 week 9 hours ago) and read 1815 times:



Quoting Phoenix9 (Reply 1):
Save your money. Don't fall for this crap.

I was ALMOST sucked in, but then my dad told me that I have a better future fixing airplanes, either for the military or for a civilian company.

To be honest, I don't wanna retire young. I want to work for my money. That's why I work at UPS, why I'm saving up for college and why I'm hopefully going to make it big...in 30 years.

Quoting SW733 (Reply 3):
The problem these days in USA/Canada (and much of the world) is that so many people in the 18-35 age range just do not want to work for their money, they want to get it as easy as they can.

Bingo! That's why I avoided the "outfit" as ShyFlyer said.

I just hope my two friends, at 19, realize this.

Nik



I need a drink.
User currently offlineDreadnought From United States of America, joined Feb 2008, 8917 posts, RR: 24
Reply 5, posted (5 years 6 months 1 week 9 hours ago) and read 1816 times:



Quoting WestJetForLife (Thread starter):
Now here's what is bothering me. The guy at the presentation I went to said that you could retire by the time you're 30 courtesy of "residual" income, that being: you tell two people about ACN, they tell two people, they tell eight people, etc, and you make money from all of these people. To compare, it's sort of like Tupperware back in the 90s.

I've known a number of people who have done that sort of thing, and even tried it myself. If you are one of those one-in-a-thousand people who can sell anything to anyone, it will work well for you. Otherwise, forget it. The system depends on having a lot of entry-level sales guys who basically work for free for maybe a year trying to get started, and then they bail, leaving behind some sales for which the company doesn't need to pay them residuals, since they left.

Like I said, if you have the Silver Tongue, go for it. Otherwise, stay away.



Veni Vidi Castratavi Illegitimos
User currently offlineMayor From United States of America, joined Mar 2008, 10601 posts, RR: 14
Reply 6, posted (5 years 6 months 1 week 7 hours ago) and read 1786 times:

These kind of outfits always prey on people that are younger or on servicemen or servicewomen in the armed forces that are always living from paycheck to paycheck. A pyramid scheme only works for the very few that got in on the ground floor and that's all.


I'm glad to see, at such a young age, that you've got your head on straight. So many do not.

Good luck.



"A committee is a group of the unprepared, appointed by the unwilling, to do the unnecessary"----Fred Allen
User currently offlineType-Rated From , joined Dec 1969, posts, RR:
Reply 7, posted (5 years 6 months 1 week ago) and read 1746 times:

I call these the "Get Rich Quick" schemes. My sisters brother in law fell for these kind of things over the past 30 years. He is still struggling to live week to week. All the money he should have been investing or squirelling away for retirement isn't there. He'll still be working until the day he dies.

User currently offlineJetsGo From United States of America, joined Jul 2003, 3086 posts, RR: 5
Reply 8, posted (5 years 6 months 6 days 23 hours ago) and read 1730 times:

Holy sh*t....

I actually went to an ACN meeting this morning and was going onto A.net just now to ask about it. They had a guy there named Jeremy Rose who claims to make over $50k a month and talk about how great his life it. Then they paraded several other people up front to talk about how much success they had. I couldn't stand the bullshit about how they were different and this really works all you have to do is try. Then to top it off, they wanted $500 not to join in, but to "buy a franchise" of ACN or something along those lines. Then of course you have to spend nearly $100 on materials to give to people at meetings in your own home. This is of course after you have to spend $30 a month for a "personal" website. Sorry, but I'm not going to go looking for suckers to bring into my own home and sell them some useless videophone.

ACN can kiss my ass.



Marine Corps Aviation, The Last To Let You Down!
User currently offlineType-Rated From , joined Dec 1969, posts, RR:
Reply 9, posted (5 years 6 months 6 days 15 hours ago) and read 1674 times:

And I am willing to bet that the presentation you attended was followed by a high pressure sell with lots of "You have to decide NOW! Don't miss this opportunity!"

Those statements alone are cause to pause.....


User currently offlineMayor From United States of America, joined Mar 2008, 10601 posts, RR: 14
Reply 10, posted (5 years 6 months 6 days 14 hours ago) and read 1661 times:



Quoting Type-Rated (Reply 9):
And I am willing to bet that the presentation you attended was followed by a high pressure sell with lots of "You have to decide NOW! Don't miss this opportunity!"

Did one of those condo deals like that once, too. We even pre-warned them that we wouldn't be buying, but they went ahead with the tour, lunch, etc., anyway and at the end we said, not thanks and they got pissed off.

Had it happen with an encyclopedia salesperson, once. Told them we wouldn't be buying but they asked if they could present it, anyway. We said, okay, as long as you know we won't be buying. They got done with the whole spiel and we said thanks but no thanks and they, too, got mad at us.

Go figure.



"A committee is a group of the unprepared, appointed by the unwilling, to do the unnecessary"----Fred Allen
User currently offlineIAirAllie From , joined Dec 1969, posts, RR:
Reply 11, posted (5 years 6 months 6 days 14 hours ago) and read 1654 times:



Quoting WestJetForLife (Thread starter):
This operation is much like a pyramid scheme,

It isn't like one it IS one.

Quoting WestJetForLife (Reply 4):

I just hope my two friends, at 19, realize this.

Good news is they are young. They might waste a year or two on this and lose some money but they don't have far to fall at that age. Hopefully they will learn their lesson young and rebound quickly when it all goes to crap.


User currently offlineWestJetForLife From Canada, joined Jun 2005, 814 posts, RR: 1
Reply 12, posted (5 years 6 months 6 days 12 hours ago) and read 1639 times:



Quoting Mayor (Reply 6):
I'm glad to see, at such a young age, that you've got your head on straight. So many do not.

Yeah, if I am gonna spend $300 on something, it's going to be either A: an upgrade to F on an airline, a suite at the Fairmont for a night or something worthwhile.

I already invest in stocks, and that's risk enough (10% of my paycheck goes toward UPS stock), so, to quote Patrick Bateman, I "just said no" to ACN and it's Pyramid Scheme.

Quoting JetsGo (Reply 8):

SPOT ON! You are on my RR list.

Cheers,
Nik



I need a drink.
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