Name : Penny Matrix
Website : www.pennymatrix.com
Type : ponzi scheme hidden behind a seeming MLM company
Price : $7
Owner : Michael Dodds
Who is it for : the reckless
Overal rating : 0/100 it’s a SCAM!
Better alternative : Wealthy Affiliate (read full review here)
Who Is Behind Penny Matrix?
Penny Matrix is owned by Michael Dodd, the man behind a very similar (if not identical) program called GoBig7.
The two programs offer approximately the same thing but behind a different name. In a previous review I qualified GoBig7 as a risky investment and more precisely as a ponzi scheme.
What’s bothering me is that both programs claim you can earn up to $19,659.60 a month… and guess what, both will only cost you $7 !
How Do You Earn Money On Penny Matrix?
Penny Matrix claims you can earn as much as 19,659 dollars a month only by recruiting two people in two days. Then once you’ve recruited these people, you’ll have to get them to recruit 2 people in two days too and so on.
Penny Matrix is all about recruiting and getting people to pay for the $7 monthly fee. No more no less. I’ll spare you the math, if you want to earn good money with Penny Matrix you’d have to recruit over 21,000 people ! I don’t know about you but I don’t have the time, will or energy to chase people and get more than 21,000 of them to spend 7 dollars each month… needless to say they’ll have to do the same as you !
According to their compensation plan, you get 30 cents per new sign up… at this rate I’d rather click on ads and get paid 10 cents. At least I won’t have to be a shark and recruit some 21,000 people.
What Do They Sell?
I can not stress enough that just because a company sells “something”, doesn’t make it legit. There ARE products and then there are “products”, you know what I mean? The only reason Penny Matrix is out there is because it hides behind a so-called MLM company, claiming they do sell a legitimate product. In their case : ebooks.
The thing is if you really look closer at their program you’ll realize :
1) the ebooks covers don’t look that good or appealing. Would YOU buy these books if you weren’t involved in Penny Matrix?
2) Penny Matrix hardly ever mentions the books but rather insists on you finding “just 2 people in 2 days”
Is It Even Legit?
Like I said, if it weren’t for the ebooks, Penny Matrix would have shut down a long time ago. The only reason they can call themselves an MLM is because they offer a product, whether it’s good or not (which they don’t care about now they have gotten around the law).
Making money with Penny Matrix is not about the ebooks they sell, it’s not about doing anything good like helping others… it’s all about massive recruiting. People are not joining because they want to sell ebooks, you know that right? They are joining because they want easy money and because they are made to think recruiting 2 people will be easy. They are joining for the money, and to earn that money they’ll have to recruit tons of people. All pyramid schemes work that way.
The people at the bottom are only here to pay the ones that joined before them. It’s a pyramid scheme, it’s what it is. What you should know and always remember is that there aren’t enough people on the planet to pay every single member of a pyramid scheme. Sooner or later the pyramid scheme collapses and people run away with the money. That is why there are always so many new “awesome quick ways to earn money”. But what they really are is one and the same system, more or less disguised as a new one !
My Final Opinion
When it comes to online business, my moto is “when something sounds too good to be true, it probably is“. And unfortunately Penny Matrix clearly falls into that category. Why do so many people fall for Penny Matrix (and similar scams)? Well simply because they’re desperate and want it to be real more than they want to find a real way to earn money online.
Every time something sounds really too good to be true, be smart and run away. There’s no such thing as earning money quickly, easily and legitimately online. If you follow this #1 rule you’ll spare yourself the time, energy and money you would have invested in a scam and you’ll devote them to a real opportunity. Perhaps it’ll take longer and it’ll mean more efforts but it’ll last over time, trust me.
I am by no means saying that all MLM companies are bad, but Penny Matrix is certainly NOT a legitimate MLM company and not a good one for that matter. I have tried MLM several times over the years but never succeeded. I did make some money and found companies that sold great products but I’m not much of a salesperson or recruiter anyway, so I quit. What I like is helping! =)
So I decided to learn affiliate marketing and ended up building niche websites and earning money from them. I earn money through ads and affiliate programs and I don’t have to recruit anyone. I am promoting things but things I choose and things people are looking for (a book, a computer, a game, a program…)
If you would like to know more about affiliate marketing, you can click here
Thanks for dropping by!