My life change 247review
Name: My life change 247
Owner: Olsen Larsen
Joining/membership fee: A R200 minimum investment.
Overall rank: 0/100
My life change 247 overview
When reviewing a business, it is often important to take an objective standpoint that is free from bias and influenced by personal gains. Often times, companies that seem to be fraudulent turn out to be actual legitimate ventures. This is not one of those times.
My life change 247 brings you typical promises of being a once in a lifetime investment opportunity that can make you wealthy and advises you to go all in on your finances. It claims to be a “global community fund exchanging investment opportunity”. This simply means that it operates by having members donate to each other.
But there is more to this story that makes this business even more suspicious. Of course, even if this setup brings up a lot of red flags in its mode of operation, it is important to understand exactly why my life change 247 could be a scam or perhaps if there is an atom of legitimacy in this business.
How does my life change 247 operate?
Based out of South Africa, My life change 247 passes itself off as a community filled with people who are willing to help each other achieve their dreams. It operates with the use of digital currency, Bitcoin to be precise and the idea is to become a part of a mutual aid system where you can make investments and allow it to mature for a given period of 1-6 months. Sounds good so far?
However, what members are not told is where the money comes from when they plan to cash out. It proposes that you stand to get a 75% monthly compounded growth on your investment at the end of your waiting period.
Of course, 75% investment is definitely one of the highest returns of interest on a business that claims to be a passive income avenue. This is the first red flag to observe.
Another point is the lack of any product by the company, whether digital, virtual or physical. There is absolutely no buying and selling going on but rather members moving funds from each other depending on the time of investment.
Where does your money go upon investment?
Sadly, this is not the first of such system and it is easy to recognize them by their models. Communities that claim to be mutual aid forums with such high yield claims operate on one principle; the availability of new signees.
This means that the system stays alive if and only if there are new members constantly being recruited in the system. The evidence of this is the waiting period of 1-6months. This long timing gives enough time for new members to come in and make deposits in order for old members to cash out. The funds being deposited by the new members is what amounts to the 75% growth as time progresses.
For the system to stay alive not only must there be an availability of new signees, the withdrawal must never surpass the amount of currency present in the system at any point. It is the most basic definition of a pyramid scheme.
Glaring warning signs
- The idea of a 75% monthly growth in any investment is definitely something that is too good to be true. Especially for a company that has no offline presence or even any form of product/service being rendered.
- This program has been marked by several bodies and has even been banned in Namibia where authorities have declared it illegal.
- The lack of sustainability of 75% interest over a year is very disturbing. This means that signing up and making deposits does not get you any closer to getting rich. You must ensure that more members sign up and donate (read: invest) too in order for you to get paid. This process must not only be constantly repeated, it must be multiplied continuously as the number of members increases progressively which makes it doomed to eventually crash leaving the latest investors/donors at a loss.
My life change 247 support
The company has only been around for about a year and has just been renewed. There is no offline method of communication whatsoever as everything is conducted through the website. The company encourages members to host presentation events and are even advised to seek the help of my life change agents. This is also done through the website. There is a list of several recommended venues all spread out around South Africa where these presentations could be held alongside contact lines and addresses. All extra information can be gotten from the official website at www.mylifechange247.com .
My final opinion of my life change 247
If you have followed this review closely, then it would be definitely clear by now that I strongly believe that this is just another online scam that can neither make you money nor deliver on its promise. Investing in this website simply puts you at a risk of losing all your hard earned income. Such promises of quick wealth should never sway you as you should always endeavor to check properly before diving in. there are good ways of making tangible income online but this is not one of them. In conclusion, I do not recommend my life change 247. Put your money elsewhere.
Overall scam rank: 0/100
Verdict: NOT legit
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