Welcome to this comprehensive blog on 7K Metals, a precious metals MLM company that promises great investment opportunities.
In this article, we’ll delve into various aspects of 7K Metals, including its business model, product offerings, membership costs, ownership, and concerns to consider before joining.
We’ll also address common questions such as “Can you make money with 7K Metals?” and “Is 7K Metals a scam or pyramid scheme?” Additionally, we’ll present 10 reasons why you should carefully consider before joining 7K Metals. Whether you’re contemplating investing in precious metals or becoming a part of the MLM business, this blog will provide you with all the information you need to make an informed decision.
What Is 7K Metals?
7K Metals is a network marketing company founded in 2016 by a group of entrepreneurs in Idaho. They use the MLM model to offer membership packages for people to sell precious metals like silver and gold coins, bars, and bullion.
The company aims to help people achieve financial freedom by providing tools to create wealth through precious metals. The founders of the company are Zach Davis, Richard Hansen, Roger Ball, and Josh Anderson. They purchase precious metals from leading distributors at the lowest possible cost and offer them to members at their cost.
7K Metals MLM Business Opportunity
The 7K Metals compensation plan is a binary plan where you make money by signing up new members who pay a $250 annual fee or buy coins with automatic delivery. The point system determines how much you’ve sold, and you make money from the coins purchased by affiliates you sign up.
The company only pays out on the least amount of sales you’ve made. There are two commission plans based on your team’s sales, with $500/week paid out for 500 points and $1000/week paid out for 1,000 points. Anything between 500-1,000 points gets reset on the following week, so you only have a week to get over 1,000 points or you start over.
To receive a payout, you need at least 25 points every month and sign up at least two new members with 25 points each in a month. The company also offers a matching bonus of 5% for anyone you sign up.
Is 7K Metals A Pyramid Scheme?
7k Metals does not allow retail sales and requires customers to become members to purchase their products. Their main focus is on recruiting new members to make money, which may raise concerns about the company’s business model.
However, because 7k Metals does offer legitimate products such as precious metals, they may not be considered a pyramid scheme, although their business practices should still be carefully scrutinized. It is recommended to check their rating on the Better Business Bureau for further information.
What Are The 7K Metals Precious Metals Products?
7k Metals sells a variety of products, including gold coins, mint silver, and platinum, gold, and silver bars, as well as jewellery. The pricing ranges from $18.88/oz for silver bars to $47,627 for a kilogram of gold. They also offer a safe storage option for your collections through a private safe company.
However, only members with a US residency can shop on their website at the member’s price. While this product line may appeal to people with disposable income, it may not be a sustainable business plan in the long term.
Who Are The Owners Of 7K Metals?
Zack Davis: Experienced with MLM companies, introduced to network marketing in college, and co-operated Black Ink International since 2011.
Richard Hansen: Network marketing veteran for 34 years, experienced in collecting and mining precious metals.
Roger Ball: Entrepreneur and former owner of JD Premium, member of Paycation in 2012.
Josh Anderson: Experienced with network marketing, built a team of over 18,000 people in his first year, CEO of a company with 26,000+ members, and former CEO of JD Premium from 2009-2011.
Can You Make Money With 7K Metals?
The compensation plan for 7k Metals is based on a restricted point system, where you earn 20 points for every product sold, but you need 500 points to receive a payout. This type of plan may result in low earnings for sales representatives, potentially contributing to the low success rate of MLMs, where most members lose money.
It is unclear if 7k Metals members earn any significant income, and the company has not disclosed this information. It is likely that only a small percentage of people make money with the organization.
Is 7K Metals A Scam?
7K Metals is not technically a scam, but it can be difficult to build a successful business with the program. While it is possible to make money with 7K Metals, it requires a significant amount of work and patience. The compensation plan for 7K Metals involves a restricted point system where members earn 20 points for each product sold, but a payout is only earned after accumulating 500 points. However, there is no information available about the earnings of 7K Metals members.
How Much Does 7k Metals Cost?
The cost of joining 7k Metals involves a choice between two membership fees: basic and premium. The basic membership fee costs $249 per year, while the premium membership fee costs $449 per year.
In addition, all members are required to purchase a travel savings card from 7k Metals, with the basic membership travel card costing $250 and the premium membership travel card costing $500. The travel card allows members to access exclusive travel deals offered by 7k Metals on a monthly basis.
Should You Join 7K Metals?
It’s important to do thorough research before joining any MLM company, including 7K Metals. While the company is not a scam, some people have criticized it as a pyramid scheme due to its emphasis on recruitment and limited earning potential from selling products.
Additionally, if you have no interest in purchasing or selling precious metals, then this opportunity may not be for you.
Ultimately, it’s up to each individual to evaluate their own goals, interests, and comfort level with MLM before deciding whether or not to join 7K Metals. It’s recommended to weigh the pros and cons, and to consider other options that may be a better fit for you.
Concerns About 7K Metals
These are valid concerns to consider before joining 7K Metals. It’s important to carefully research any investment opportunity and understand the potential risks involved.
Regarding the cost, it’s true that the market for precious metals can be unpredictable, so it’s important to invest carefully and not overextend oneself financially. The requirement to sign up as a member to buy products and participate in the auto-ship program may also be a potential barrier for some.
The fact that most members tend to fail in MLM companies is also worth considering, as is the limited market for precious metals. It’s important to have a clear understanding of the risks involved and to approach any investment opportunity with caution.
Overall, it’s up to each individual to weigh the potential risks and rewards and make an informed decision about whether to join 7K Metals or any other MLM company.
A Summary About 7K Metals
7K Metals is a legitimate multi-level marketing (MLM) company that offers its members the opportunity to buy and sell precious metals, as well as earn commissions from their sales and the sales of their downline. However, some people have raised concerns about the high cost of the metals, the mandatory auto-ship program, and the limited market for these products. Additionally, like any MLM company, success in 7K Metals depends on your ability to recruit new members and sell products, which can be challenging for many people.
It’s important to note that not all MLMs are pyramid schemes or scams. A pyramid scheme is a fraudulent business model that involves recruiting members with the promise of payment for enrolling others into the scheme, rather than for selling actual products or services. In contrast, legitimate MLMs generate income from the sale of actual products or services to end consumers, not just from recruitment of new members.
In summary, while 7K Metals is a legitimate MLM company, it may not be the best investment opportunity for everyone due to the high cost of the metals, limited market, and the challenges of MLM sales and recruitment. It’s important to carefully consider the risks and benefits before investing your money and time in any opportunity.
What are 10 reasons not to get involved in 7K Metals?
- The high cost of precious metals makes it a risky investment, especially for those who do not have a lot of money to spare.
- Signing up as a member is required to buy products, and the auto-ship program is mandatory, which can result in unwanted inventory and lost money.
- Most members fail, with upwards of 98% quitting or losing money, and the limited market for precious metals makes it difficult to sell and profit.
- 7K Metals is a network marketing company, which may not appeal to those who do not like MLM businesses.
- The products are exclusive for members only, which seems counter-intuitive and fishy.
- The company is relatively new, and it is uncertain if it will succeed in the long term.
- The company’s focus on selling memberships rather than actual products raises concerns about it being a pyramid scheme.
- There are many other ways to invest in gold and other precious metals without the need for a costly membership and mandatory auto-ship program.
- The unpredictability of the precious metals market means that investing in them can be a gamble, and not a wise investment choice for everyone.
- There are many other legitimate investment opportunities available, and it’s important to do thorough research before investing in any company or product.
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