25-Feb-2007
Money Making Test: A Warning About Wealth Toolbox
| My Money Making Report today is about the Wealth Toolbox, which seems to be doing the rounds. I'll tell you my conclusions prior to writing anything further: I wouldn't touch this with the proverbial bargepole. To me it reminds me of Ponzi schemes. Let's look at what is being offered. They write: 'Start earning money online with WealthToolbox. Get a long-term investment account funded with $50. Create your account today. It's FREE! ' They go on to say: 'For a limited time, we'll start your account with $50 (normally $10). Your account will be instantly created and funded. You could earn money on your account balance today.' So, you might ask, what do you do next? Well you don't have to do anything! This is the instruction: 'Your new long-term investment account will be funded with our own money. You never need to put a penny in your account. In fact, we don't allow it. You don't have to know a thing about investing to get started. We do all the work for you. There are no complicated forms to fill out and no legal red tape. Just sit back and watch as we invest the money in your account each week. We'll notify you by email every time your account balance grows or shrinks.' Exciting stuff, isn't it? But there's more good news: 'If your account balance isn't growing fast enough just tell a friend or family member about our website. For a limited time, we'll add a $50 bonus to your account balance for every new member you refer.' Let's get this right shall we. They give you $50 for joining, on which 'interest' is paid, and all you need is an email address. And then you'll get more $50's (with 'interest') for every new member you sign up. Yes, and there goes a pig flying past my upstairs office window! This really is too ridiculous for words, yet people are promoting the Wealth Toolbox. Let's delve a little further. When do you get your investment, for example? Ah, you have to wait two years for payout. Anyway, I joined to see what else I could find out. Obviously I used a 'special' email address. No other information was requested, though reading the Terms of Service I see that I needed to be over 13 years of age, but they don't ask for verification. A few points, therefore, straight away. Investments have to be regulated, in all of the major countries of the world, these aren't. We don't even know where this lot 'hang out'. There is no address. All the info given is that 'wealthtoolbox.com web site' is a 'service of GeoPoint Marketing.' That's very helpful. Lets look at a little from the, so called, Terms of Service. A quote: 'GeoPoint, in its sole discretion, has the right to suspend or terminate your account and refuse any and all current or future use of the Service, or any other GeoPoint service, for any reason at any time. Such termination will result in the deactivation or deletion of your Account or your access to your Account, and the forfeiture and relinquishment of any cash balance, earnings and bonuses within your Account. GeoPoint reserves the right to refuse service to anyone for any reason at any time.' In other words they can pull out of their commitment to pay members whenever they feel like it. I could continue quoting but you can see the Terms of Service here if you really must! As I mentioned, I joined to see what would happen next. I was a member within minutes and my $50 had already increased in value to $55! That's some investment - but, of course, if they don't have to actually pay you out, they can quote any silly figures. The reason, they said the money had increased was because they had done a 'trade' on the 22nd of February. They bought EUR/USD at 1.3095 and then sold at 1.3125, which gave them a profit of +11.8%. I'll leave you to draw your own conclusions from this.There I was a member and within minutes I was eligible for a $500 bonus! All I had to do was click on a link and take up the offer this led to. So I clicked and this took me to sales material for something called 'Day Job Killer'. I was told that I could learn how to copy a million dollar business by handing over just $97. Ding dong, bells ringing - is this one way they are going to make their money? Surprisingly they say, 'the payment is processed by Clickbank.com (Keynetics Inc)' I won't go on for any longer, or I'll send you off to sleep, but honestly do you believe that anyone can 'give away' $50 thousands and thousands of times? Actually for each new member they are handing out $100 ($50 to the new member and $50 for the referrer). And in return you do nothing at all but watch the money in 'your' account increase. Where is this money (if they did intend to ever pay out) coming from? It can't be done, it's up there in la la land with the fairies. Of course if members took up a few offers now and again Wealth Toolbox might make some cash mightn't they? And if the 'investments' were shown to be doing well (on paper) then who knows what members might be enticed into doing. Remember the old adage: If a money making scheme looks too good to be true, it probably is. Mike's Rating 0/5 Good luck, Suggested reading:  Subscribe to Mike's Money Making Mission Subscribe to Mike's Money Making Mission by Email  Labels: Mike's Rating, Money, money making, Ponzi, Wealth Toolbox |
I´ve heard the same of wealth toobox, and avoided it like the plague (yet foolishly joined Agloco and Cashcrate, Do´oh!)
BTW, congrats mate! You hit the big $100 with google, a task which separates the small bloggers from the big-timers, hope the next ones come sooner!
Great entry Mike. Looks like the Wealth Toolbox site is down too!
I agree, wealthtoolbox is too good to be true, it doesnt make any sense! Most of my traffic comes from my wealthtoolbox post, its a shame it is a load of rubbish or I would have a LOT if referrals!
Matt
hi there , want to exchange links ? Check out my blog . Leave your reply in my blog's guestbook or chatbox . Thanks !
jcm: Wealth Toolbox obviously can't do what thay claim. I looked in again today (26 Feb) and in two days my supposed $50 has increased in value to $60. If only life was that easy.
Rhys: Wealth Box seems to be up and running today (26th) - unfortunately!
Matt: Yes, If only it were true!
edward. Thanks for the comment I'll get back to you.
Thanks all,
Mike.
yes Mike, I looked at it a little while back and closed the browser. It is too good to be true and it most like will be. I just didnt bother to give out my email yet another time.
Irwin
____
http://reviewszone.blogspot.com
Thank you Mike for the headsup on this site. I actually did see it on someone's website and almost fell for it until I found your blog first.
Apparently you get $5 per day just for checking your account - according to my contacts.
You're probably right but I'll admit, I have an account there because "what if"? I'm not spending a penny so it's not costing me anything to see what happens anyhow.
Here's a real doozy for you: the girl that told me about it has almost $8000 in her account and she's only been a member there since the beginning of January '07. She's been doing alot of promoting it seems.
I read about the Ponzi schemes and it didnt seem like WealthToolbox was that similar. For one, there is no cash out at all. :|
The worst thing that could happen is a bucket full of spam I guess.
I agree. I don't expect there'll ever be a payout on this, however unlike a Ponzi, they don't ask for any money up front.
Like you said, it looks like they're making their money via selling stuff as an affiliate in the hope that the cash they say will go into members wealthtoolbox account will act as an incentive to buy. Needless to say this "money" is worthless.
Another point of note is there is no security with member accounts. If I know the email address of a member (which I do), I can log in to their account (which I have).
I've got myself an account, too. I want to see how it all ends :)
Arkad
The Richest Man in Atherstone
P.S. Interesting blog. I'm looking forward to having a good look around.
You know what I think?
In 2 years time, if the site has not been pulled, they will tell each free member that they have a gazillion dollars there and we only need pay $100 release fee for the legal paperwork or some such baloney.
Mind you, they couldn't get away with that for long. Luckily these days we can all type Wealth Toolbox in Google [as I just did having had another e-mail letting me know "my" money [that they had kindly deposited for me] had grown again. I don't think they'd get away with many $100 release fees in their pockets [or $1000 or whatever] before they were exposed. Mind you with no address where could any of them be arrested? Hmmm
http://www.passporttowealth.com/?id=Raine
Its called Forex. And if you actually looked at what this person is trying to accomplish, you would understand WHAT he is doing and WHY. But of course, just like anything, you only look at the surface and not at the underlying structure.
If he gives you an account, he can take that money and flip it many times, which covers the initial money. It really is easy if you know anything about trading currency pairs. He has it for two years which means the initial $50 has turned into much more, covering the initial cost, plus your commission for just being along for the ride. Who knows how much money they really have to do this with. Do you? Of course you don't.
But the key is this. He is going to upsell Forex training to his members and bring them on as clients. THAT is the real plan. He is doing that right now in fact.
At the end of the day, there is an "aquisition" cost for customers. $50 is not very high. Vonage is paying about $650 right now and will never recover enough to break even.
Think outside the box for a change.
I'm a member since January 2007 and I have to say - Wealthtoolbox is not worth any time and hope to invest! My Account grew fastly over 1000$ in the first weeks - but when I logged in today it shows just 67$..... - so my time is too valuable to comment this.
Have been a member of Wealth Toolbox since February 8, 2007. With money credited due to signup, trading and making referrals, balance jumped to $4,759.32. Then all trading ceased. Balance stayed there several months. Suddenly, on December 12, 2007, balance dropped to $746 without explanation. Am too looking for a means of contact and an explanation.
Let’s take it for a spin. It would be nice to find out what will happen after 24 months. Since it is free, I signed up early February 2007. Beginning balance of $50 grew to $402.90 in 11 months. If it turns out to be a hocus pocus, I have nothing lost and nothing gained. No loss plus no gain does not equal scam. Maybe an education or a make believe game, but certainly not a scam.
Looks like WealthToolBox is a scam. I should have known.. if it sounds good to be true, it is.
I signed up with them about 1 year ago and referred a bunch of people but was only given the credit of referring 3. My account total dropped recently, even though it shouldn't have while one of the people in my downline you hasn't referred anyone watched their account go higher than mine did. Strange.
Anyhow, today I get an email telling me they are about to launch some new system and that I need to go to the site and create a new user name and password. Great. So I do and I tried about 3 dozen different unique usernames and I'm told that each one has already been taken by another member. Right.
I'm guessing this is where the "joke" comes in because they say that if you don't create the new user name and password, you will lose your money within a couple of days. Funny since I can't seem to be able to create a username that isn't already in use by someone else. No matter what I type in, it's taken. I have a feeling that very few people are going to be able to log into the new "system" for some strange reason.
Someone call me a sucker and kick me in the ass..
Wish I had read Mike's blog a year ago!
And there's me up to $772.15 and getting an average of $60 a day from referrals.
There is now a form to fill in to creat a username and password although it is impossible to create the passord unless you are a master hacker.
I already bought the car too
So far I've had up and down balances. I joined the hive thing with my usual "I'll use this email addy as I'm not sure of these people" address. Once it's active it just sits there for as long as you're online 'processing' data. Every 100pct my balance increases a bit. Odd. But they say they'll payout in just under a year so gotta be worth the try. Nothing to lose except some bandwidth.
I'm, frankly, intriqued, as one is by a card trick or something else that one can't see how it works.
As far as I can see, the Hive thing is (at the moment) nothing more than a Flash gizmo. I am not too sure but I don't believe that Flash presentations have the ability to download data to one's PC, ask for it to be processed and then upload the results. The numbers, as they say, go down as well as up and seem to vary in proportion to the amount in the account ... shh! I was looking at someone else's as well!
Frankly, it seems to be a nice little display of smoke and mirrors ... harmless, because they have asked me for nothing except an email address as yet. You can't call it a scam until they deprive you of something, I suppose. (Money? time? sanity? ...)
I just did a little research and found this comment by Dave Cottrell on AdlandPro: http://community.adlandpro.com/forums/thread/556599.aspx
He discounts WealthToolbox on three main points: They use Aweber (a mailing list company) and, at the time of writing, a month ago, their account was 'not active'; their payout is 24 months hence (now, it seems, everyone is being shown around 350 days); they have chosen PayPal as their payment processor and he considers it likely that this type of company would fall into the category of 'undesirables', so their account would quite likely be frozen.
I am not sure how much I agree with the validity of these points in relation to his argument, it has to be said ... all the same, they are observations worth making.
He has also done better than many in discovering that geopoint.com and geoservice.cc are registered to a Mr Domenico Pagano [not 'Ponzi', LOL ... perhaps a cousin?].
All in all, an interesting and apparently informed posting, which throws a little more light on the subject!
Interesting to see that now they've pulled the hive application and are offering a guide on how to make money. Lessons are available to training group people only however. Unless you feel like exploring the website and finding the un-secure, un-protected, un-passworded links to these lessons! Still not been asked for money though so I too am still intruiged.