Earning your first million dollars. It sounds pretty nice, doesn’t it?
Honestly though, I think everyone here knows that earning a million dollars isn’t particularly easy. It would be nice if there was this great shortcut to help people get started and this really is what Your First Million claims to do.
The site certainly has no hesitation about promoting the wonders of the fantastic life that earning lots of money will (potentially) give you. But, is it realistic?
The big emphasis here is a fantastic ‘technological advantage’ that lets people rapidly earn money without effort – and you are given this technology for free. Does it sound too good to be true yet?
It should, because the promoted approach is completely misleading and unrealistic.
First of all, let’s get one thing clear. The approach isn’t actually free. You actually have to deposit a minimum of $250 to even use the technique. Even then, there isn’t actually any guarantee that you will earn money.
The marketing video for the site completely glosses over what the approach to earning money actually is and the risk that is involved in the process.
What is actually being promoted here is a specific form of trading known as binary options trading. You may have heard of it before, and there are a huge number of online sites promoting the technique.
In fact, most of the sites out there use the same type language and misleading approaches, like claiming that the approach is free or underplaying the risk involved.
Here’s the thing: Binary options trading is a risky way of earning money online.
With binary options trading you are trying to predict the way that a pair of options will move. At face value, it seems like an easy approach but it really isn’t.
This image is one example of a trade. In theory, with Your First Million, the software makes the trade for you. However, that’s not really a good thing.
Relying on software for binary options trading isn’t really as reliable as it seems because machines don’t have a way to predict the fluctuations of the market and software certainly can’t make accurate predictions.
By relying on software, you actually decrease your control over the process and this could make it more likely that you lose money instead of win it.
At the end of the day, binary options trading is something that should only be attempted by people who have done a lot of research into the field and the options that they plan on working with. It is not an easy way to earn money and even experienced traders often lose rather than win.
I want to point out something very important.
One of the videos for this product (after sign up) emphasizes and re-emphasizes the idea that your ‘small’ deposit with the binary options broker isn’t actually spending money. The narrator also claims that you can withdraw money any time you like, so there really isn’t any risk.
That isn’t true though. Withdrawing out of any binary options account is always challenging, particularly if you are trying to withdraw a relatively small amount or haven’t done many trades. This is one of the top complaints I see about binary options companies. Have you ever heard to NOT accept any bonus money from brokers? It's because this “bonus” usually locks you into minimum trades, that often leads to your account going to $0.
In this particular case, you have to withdraw at least $100, and there is a $35 fee each time you withdraw. There are often other issues too, such as having to prove your identity and there is always a risk that you simply won’t get your money back.
Not Internet Marketing
The video emphasizes the fact that Your First Million isn’t an internet marketing approach – and in the traditional sense it really isn’t.
Internet marketing often gets a bad name, because people often expect it to be easier or less time consuming than it actually is. It’s true that the process of creating a website, writing content, doing SEO and driving traffic is all time-consuming and it can seem very overwhelming.
But, there is a reason that so many people do internet marketing.
No, you won’t make your first million in seven weeks like Your First Million claims, but internet marketing isn’t really about making a lot of money quickly. Instead, it is an approach for developing a stable and long-term business.
Think about Your First Million for a minute. Even if the site was as wonderful as it claims to be, there is no way that it could work long term. As more people started to become aware of the approach it would lose its power and eventually get shut down altogether.
Yet with internet marketing, you aren’t manipulating any system. Instead, you are developing something that you can continue to grow over time. Plus, you aren’t gambling with your money and you can start off in internet marketing for a lot less than $250.
I personally recommend trying out a training site known as Wealthy Affiliate. This site is very honest and transparent (unlike Your First Million) and teaches people how to effectively make money online in the long-term.