I love multi-level marketing and have to tell you that the first way to create wealth is: don't believe the hype! Most hotel meetings are full of rah-rah and show you a compensation plan that will make you rich beyond your wildest dreams. Yes, it is absolutely true that you can make money and build wealth with an MLM, and here's what's realistic for most people...
You have to understand leverage. In it's simplest form, leverage is using one thing to get something else that you really want. In most cases, as soon as you join an MLM you have a home-based business (HBB) and are eligible for hundreds of tax deductions that non-HBB owners cannot take. You need to work with an accountant who understands home-based business taxes. Examples of possible deductions include: accounting fees, fees related to your MLM, portions of your monthly rent or mortgage payments, your children if they are ages 7-17, and much, much more! (keep reading for more on this!)
Choose an MLM or direct sales company whose products and services you either need or would pay to use even without being able to earn money. My company offers VIP Personal and Financial Concierge Services that include free professional credit repair, customized written plans to get out of debt, and your own team of financial experts (Oprah, P Diddy, and others have teams - why not you?!)
Once you have selected your company, you must meet the IRS definition of 'intent to profit' so you can take all the tax deductions your accountant says you're entitled to. If you are a W-2 employee, these deductions may significantly increase your tax refund check! The increase in your refund check is what you leverage to create wealth for you and your family! Here's an example using real estate:
MLM earnings of $200/per month (x12 months = $2400)
An increase in tax refund check by $5000 (using accountant and HBB deductions)
TOTAL: $7400 for the year
Depending on where you live, you can take $5000 or less and purchase a 2-unit apartment building that earns $400 income every month ($200 from each apt unit). This $400/mo x 12 months is $4800
Let's add it all up: $2400 + $5000 + 4800 = $12,200
If you stick with your MLM and repeat this example every year for five years, you'll have 5 investment properties and ongoing income from both the MLM and real estate! Hopefully this quick example inspires you to stick with your MLM or join one if you don't already have a home based business.
I'm always looking for quality people who want to truly learn how to create wealth to join my MLM team! Visit my MLM strategy website: www.BiggerRefundCheck.com
Jennifer
www.YEStoSuccessNow.com
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