My Millionaire Mentor
First off, we should state that My Millionaire Mentor doesn’t really have anything to do with binary options. However, since most binary options robots scams have nothing to do with binary options either and are just promotional scams, we are going to review My Millionaire Mentor to give our readers knowledge on how the shadier side of these promotions can work in other industries.
Software: 100% Automated
Max Returns: Up to 90%
Minimum Deposit: $49
Countries: All nations
- Comes with refund policy
- Legitimate company
- Total cost of program is not disclosed upfront
- Deceptive marketing materials
- MLM structure
Not Reliable Service
What is My Millionaire Mentor?
My Millionaire Mentor is a system created by Ryan Matthews, who claimed to have achieved significant financial success after learning the 21-step system from Matt. This system alleges to be able to teach customers how to become a successful internet marketer by promoting Matt’s own products. The cost of entering this program to learn the system is $49.
So is My Millionaire Mentor a scam or not? Well, the answer is while it is definitely shady, it is not a scam. To explain how this whole operation works you have to understand the players and their objectives. ‘Matt’ in this case refers to Matt Lloyd a successful internet entrepreneur and multi-millionaire.
Matt runs a company known as My Online Business Empire (“MOBE”) which sells a suite of products related to internet marketing. One of these products is known as My Top Tier Business (“MTTB”) which is actually the 21-step system that My Millionaire Mentor is promoting.
How Does It Work?
The MTTB course is basically a training program where Matt teaches people how to become successful internet marketers by promoting MOBE products. By all accounts so far, the information in the MTTB course is useful and most people seem fairly happy with the product and their results.
Now, this is where the shady part comes in.
The first shady part of this whole deal is the fact that Ryan Matthews and My Millionaire Mentor is just a front to promote the MTTB course. ‘Ryan’ (if that is his real name) is a graduate of the MTTB program and set up My Millionaire Mentor in order to promote the same program that he graduated from.
While this is a fine practice, this is not disclosed clearly and the marketing materials behind it have a definite scam feel behind them. The second shady part is that while the upfront cost of the MTTB program is $49, which is the application fee, the entire program actually costs far more: $1,997 more to be precise, which they claim is mainly for the license to promote their products (which is similar to how MLMs work with physical products).
That’s right, in order to access the full MTTB system, people will have to cough up an additional $1,997! While this would be fine if this information was explicitly mentioned in the beginning, this ‘upsell’ (which is how they justify it) is not mentioned anywhere in the marketing materials for My Millionaire Mentor. While this is not a scam as people can opt out, its upfront omission is definitely a shady and disingenuous practice.
To be fair, Matt has also claimed that both the $49 and $1,997 payments are completely refundable if customers are not satisfied. Further, MTTB system graduates are also provided an additional $500 if they prove that they followed all 21 steps of the program diligently but were unable to make at least $1,000 a month in commissions. We see nothing wrong with this practice however many of the details of the $500 refund were glossed over in the marketing materials for My Millionaire Mentor and makes it seem more attractive than it really is.
Nevertheless, we do give credit to My Millionaire Mentor for prominently displaying an Income Disclosure Statement on its front page which states that results in the video are not typical.
The statement does actually show how much the MOBE consultants actually make. And you will see that over 50% of them make under $100 a month. However, the statement clearly states that the typical consultant is lazy and unmotivated; we suppose this can count as a form of honesty.
My Millionaire Mentor is a just a funnel for promoting the MTTB System. While the information in the MTTB System seems solid, potential customers should be aware of the hidden $1,997 upsell and understand that most consultants in the program make negligible sums of money.
If you wish to invest in this system, only do so if you understand fully all the risks and costs before going in and that this is basically an internet MLM.
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