Today we will be reviewing a program called 7K Metals. Is 7K Metals legit? Find out in this 7K Metals review.
These days, we’re all dealing with a lot of doubt in our hearts and minds. I’m sure we’re all concerned that the world will end at any moment, rendering life meaningless. We can’t really cheer up when we overthink, right?
Given how things don’t appear to be getting back to normal, I can see why you believe that. For the time being, it appears that the best we can do is make do with what we have.
As I’ve observed, many have decided to take matters into their own hands. People are looking for ways to supplement their income because one job no longer seems to be enough to support their lifestyle.
That sequence of events, on the other hand, would not surprise me. Salaries haven’t changed significantly in recent years. Many people are expressing their dissatisfaction with how their employers compelled them to endure cutbacks in salary.
The only way to make more money, I suppose, is to work more. Isn’t that a bit depressing?
What brought you to this 7K Metals review is the prospect of making some money on the side. Luckily for you, I did my research, so I’ll be able to tell you whether this program can help you find your way to financial freedom.
Before you decide to commit to this company, you should read this 7K Metals review first. You should check if it is worth your time before you pay for it.
DISCLAIMER: This is a fully independent review. I’m not affiliated with 7K Metals in any shape or form whatsoever.
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7K Metals Review: Quick Details
- Name: 7K Metals
- Website: https://www.7kmetals.com
- Type: Precious Metals Investing
- Niche: Multi-level Marketing
- Owner(s): Roger Ball, Richard Hansen, Zach Davis, Josh Anderson
- Price: $249 (basic membership), $449 (premium membership)
- Recommended?: Not at all. This is literally a type of multilevel marketing scheme, only disguised as an affiliate program. Thus, it’s not-so-stable, and it could collapse at any time.
What is 7K Metals?
7k Metals was created in 2016 by a group of Idaho-based network marketing entrepreneurs. They employ the MLM business model to sell membership packages to persons interested in precious metals, such as silver and gold coins, bars, and bullion.
The company’s mission is to radically enhance the lives of individuals all around the world who want to better themselves. 7K Metals is dedicated to providing people with the resources they need to build wealth and achieve financial independence by investing in gold, silver, and other precious metals.
They provide their members with the most affordable precious metals by just charging them what these metals cost them. 7K buys these precious metals, such as gold bars and silver, for the lowest possible price from the world’s most reputable distributors.
7K Metals Overview
The company’s declared purpose is to provide individuals with financial stability, especially in the case of a global financial disaster, which many experts believe is not far away. Sounds pretty scary.
This MLM is co-founded by Josh Anderson, Roger Ball, Zach Davis, and Richard Hansen.
7K Metals tries to achieve this aim by selling gold and silver at wholesale prices with no markup. If there is no markup on the items, then how is this company paying its members?
7K Metals is an MLM in which you may put a considerable portion of your life savings. After all, what they are selling are pretty expensive items.
If you want to join 7K Metals to grow a downline and make residual income, then I suggest you do not do that. This is an MLM, meaning that it is a pretty unstable business model to invest in. It could collapse at any moment.
Membership Fees
Members are required to choose the type of membership they will be availing. If you want the basic membership, you need to pay $249 per year. If you want to premium membership, then you are required to pay $449 per year.
You are also required to purchased a travel savings card. For basic members, this is $250. For premium members, it costs $500. This travel savings card claims that it can get you the best travel deals per month.
Product Line
The company sells the following items:
- gold coins
- platinum, gold, and silver bars
- mint silver
- jewelry
Seems like they are indeed selling items that are definitely of value. Don’t expect them to be cheap.
In addition, 7k Metals has a contract with a reputable private safe firm to ensure that all of your valuables are kept safe. Yeah, I am not too confident with that, as they are pretty vague with this information.
Now, 7k Metals does enable you to browse their website for certain goods at member prices, but if you want to shop, you must be a US resident with a membership plan.
To make money here, you obviously need to know a lot of affluent individuals who have disposable income. If you don’t, then this does not look like a sustainable business.
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Is 7K Metals a Pyramid Scheme?
Because 7K Metals members profit from both selling services and recruiting new members, it is reasonable to conclude that inCruises is not a pyramid scheme.
However, because 7K Metals is still an MLM, don’t expect to gain money unless you intend to recruit others. Recruiting earns substantially more money and is more encouraged than selling products.
Doesn’t this just make 7K Metals appear like a front for a pyramid scheme?
How to Make Money in 7K Metals
For this section of the 7K Metals review, I will be giving you a brief glimpse as to how earning money in the MLM works.
In 7k Metals, they employ a so-called binary compensation plan. You earn money by recruiting new members.
Consider this pay structure as an upside-down “V” with you at the very top. Recognize something. Looks like an inverted pyramid, right?
Members who join up under you will be your downline.
The company has a point system in place which can help you figure out your sales figures:
- Recruiting new members (100 points)
- Purchasing coins with automatic delivery (25 points)
- Coins purchased by your affiliates will pay you commissions
- You make $500 per week if your downline has accumulated 500 points, and $1,000 per week if it has accumulated 1,000 points
For the next week, accumulated points between 500-1,000 get reset. This means that you need to make more than 1,000 points if you don’t want to lose the points you already earned.
Technically, this means that if you are not able to make more than 1,000 for the previous week, you would have to start over. That means you lose the rewards for all your hard work if your downline accumulates less than 1,000 points.
There are, however, some milestones that you are required to reach in order to get your payout from this company.
- You are required to make at least 25 points for every month.
- You need to sign up at least two new members to the MLM. They are required to accumulate 25 points each.
Additionally, you will be earning a 5% matching bonus for every new person you sign up for the company.
Can You Make Money in 7K Metals?
For every 7k Metals goods you sell, you’ll be compensated according to a point system. This bothers me a whole lot since selling the goods does not generate a lot of revenue. It’s almost as if it’s on purpose, if you ask me.
You’ll gain 20 points for each sale you make, but you’ll need 500 points in minimum to get paid. Given this pay model, I can see how few, if any, individuals succeed in MLMs. The system is designed against you on purpose.
Also, I cannot seem to find any credible information regarding the company’s income disclosure. It looks like they haven’t published any. This means that we don’t really know whether or not the members make any money whatsoever.
That just sounds straight up shady. If you ask me, I think only those at the top of the organization are the ones making money.
Is 7K Metals a Scam?
In this section of the 7K Metals review, I will reveal to you whether this MLM company is a scam or not.
7k Metals appears to be a legitimate network marketing firm because you get something in return for your first fee. A scam is something which will take your money but would not grant you anything in return.
However, there is something about the product distribution system that I find uncomfortable. Since it’s only available to registered members, I’d prefer to see them provide said memberships directly to consumers rather than through MLM business structures.
You may also earn commissions by enrolling new members in the organization so they can buy precious metals at a reduced price. And, because I’m not a big fan of MLM business structures and don’t know much about their products, I wouldn’t recommend 7k Metals to anybody.
Before jumping in to the business opportunity, I suggest that you do some research on the global cost of the metals being sold by this firm.
Also, like I said before, it is an MLM. Whatever claims or promises they make, you should exercise caution.
7K Metals – Pros and Cons
Pros
You can purchase precious metals for lower prices.
I think this is the main reason why people would be interested in this company. After all, those who sell precious metals often have marked up prices. In this company, you can get these metals for a lot less.
Cons
Precious metals are costly.
I’m pretty sure that you are already aware of this fact. As you can already tell, the market for these precious metals are pretty volatile. That means that this will involve a lot of risk.
On the other hand though, investing in gold is not such a bad idea. It is something that you can hold into if the market does drop.
However, for someone without dispensable income, then it is still a pretty costly investment. Maybe you should look at other ventures.
Precious metals have a limited market.
It is not surprising for me to know that the market for precious metals is not that big at all. People usually buy these for investments. They don’t really buy them daily or weekly like basic commodities.
This means that no matter how hard you try to market these products, you shouldn’t expect people to be interested.
Membership is mandatory.
Before you can even think about buying precious metals in this company, you have to be a member first. This means that you are required to pay a membership fee upfront first before you can even proceed with your shopping.
Yeah, I guess this is where the company gets its revenue. After all, they promise in the first place that they do not sell products on marked up prices. This is where they make their money instead – from membership fees.
Auto-ship is mandatory.
Even if you are not able to sell any products, you are required to sign up for the auto-ship function. This is because it is required to keep your active status in the MLM.
The main problem with this is that there is a limited market for precious metals. You will be getting inventory shipped to you even if there is no demand for said products. You will just be stuck with inventory you cannot even sell.
If you don’t know why most people who sign up for MLMs fail, then here is the answer.
Why I Don’t Recommend 7K Metals
In this section of the 7K Metals review, I will be revealing why I don’t recommending joining this MLM at all.
I would advise you to steer clear, away from 7k Metals since it is an MLM. Also, if you have no interest whatsoever in regards to precious metals, then perhaps you should look for another side business.
Because of the nature and cost of precious metals, only rich and affluent people are usually interested with them. This already diminishes your customer base greatly.
If your network does not consist of affluent people with dispensable income, then you shouldn’t be in this business. This will drastically decrease your chances of making commissions, as not everyone will be interested with what you are peddling.
Also, what average person would be willing to spend that much anyway? Considering how the pandemic situation is still not being resolved, everyone wants to hold on to their hard-earned money as much as they can.
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10 Shocking MLM Statistics That You Need to Know!
- Almost 99% participants of all multi-level marketing companies lose money, according to the FTC.
- There are 38% more chances of you profiting from your own any kind of small business than joining these MLMs.
- Success rate of an online business, which will give you financial and time freedom, is 20% more than joining MLMs for making money.
- The odds of you winning a lottery worth $10k among 10,000 people is 300 times higher than actually making money from MLMs.
- According to the AARP foundation, 47% distributors of all MLMs lose their money. Apart from this, 27% do not make a single penny.
- In the remaining 26% that actually make money, 53% of them make less than $5000/year.
- 39% of those 53%, who are making $5000/year quit because recruiting and selling crappy products to friends and family members jeopardized their relationships.
- Forget about building a long term business with MLMs, because 50% of all MLMs participants quit within one year.
- 75% people that joined MLMs say that they will never again join any kind of MLM.
- A poll was conducted in 2018 among 1050 MLM distributors and it was concluded that most of them made 70 cents an hour and 20% of them did not make a sale. 60% of them made less than $500 in sales over the past 5 years and 32% of them acquired credit card debt to finance their MLM involvements.
SOURCES:
Final Verdict – 7K Metals
Before I end this 7K Metals review, I would like to share a few more insights that could help you.
7K Metals is an MLM. This means that there is a very low chance for you to make money from joining them.
No matter how much you bombard your friends and family with your business pitches, they will only think of you as an annoyance. Also, you have another problem brewing in the horizon — finding new members.
Since MLMs are focused with recruiting more members than selling products, then you will notice that most of your income would be coming from recruiting rather than selling.
This will mean that no matter the quantity of the products you sell, this is an unsustainable venture if you do not recruit others to join you. Sounds pretty scummy, doesn’t it?
Imagine having to drag people you know into this, all along knowing that they have very low chances of actually making profit.
If you are a person with a working conscience, you will definitely not recruit friends and family into this kind of business. Maybe a different kind of venture may work for you.
MLMs are definitely a bad idea. This is why I suggest you get into a side hustle which is cheaper to start and easier to master. I have just the thing that could work for you.
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