Who will not like to earn a lot of money & the easier you can earn it – the better it is. What about paying Rs 10-12000 in a year & getting Rs 52000 back? Let’s sweeten the deal – also get huge passive income. Yes this is the plan that is shared by Speak Asia – an online survey company (they claim). You just have to play some tic-tac-toe in survey form & earning starts. But my mind is not allowing me to think beyond that they are just another multilevel marketing company (MLM).
For more details how it works – check this mouthwatering presentation.
Wow – life is so easy. But the whole episode reconfirms one thing – nothing in this world is more seductive than the dose of money.
Why I am writing it today on Speak Asia Online
My uncle is speak asian – no it’s not taken from speak asia ad that flashes regularly at the time of IPL. Yesterday one of my friends called me asking “Who is Mr ABC Beniwal” – I said “He is my uncle – not real but very close. What happened”. He said “He is part of speak asia & doing some wonderful job.” He shared some login password of his ID & I checked how he is minting money. Almost Rs 5-6 lakh in last 1 month on his investment (in my friends language – he thinks it’s investment for new venture) of Rs 12000. I checked with my cousins & the figures are correct – even they are making lakhs every month. (Even their new Skoda Laura is shouting this) Check screen shot of earning report.
I feel that “when something is too good to be true – avoid” be it investments or something like speak asia online.
Read – Costly Credit Card Mistakes
Few interesting facts about speak asia & it’s panelists:
I just want to share few things which I feel one should know about them.
- They are registered in Singapore but not in India. Registering a company is not a big deal but no one is going to do a case in Singapore court for his Rs 12000.
- They are selling subscription of online newsletter (Ezine) – so in case if surveys stop coming; you can’t take them in court because you will still be getting Ezines.
- Their so called E-zines are just copy paste from some other sources & most of the time Wikipedia. (check this on insurance link 1 & link 2)
- Why they are charging – why not give a chance to start as free.
- They even don’t mention that people should be proficient in English or know internet. (only above 18 is the criteria)
- Right now they have added 7.5 lakh panelists (read agents – ok.. members) & they want to take this to 1 Cr by year end. When company do survey they do it with sample but not the whole market.
- So once they reach a mark of 1 Cr – every year the panelist will be sharing a revenue of Rs 52000 Crore (1Cr members * 52 Weeks * Rs 1000 per week) & who is going to pay this amount.
- Why one member is allowed extra panels at some fees. Don’t you think it will impact quality of survey?
- Interesting nos.: 3 lakh of their members are from Utter Pradesh – I don’t want comment but do all of them really understand English. Amar ujala newspaper quotes people who are not able to fill surveys due to lack of English or how to use internet give Rs 50 to others to do the same.
- This Singaporean company has changed their name 3-4 times in last couple of years. And their registered address show details of 4-5 companies.
I can write n no. of logics & members or prospective members of speak asia can give n no. of arguments. We both are biased with our thoughts.
Read – Why we make mistakes
There are no shortcuts for long term goals/dreams. I don’t see this more than a ponzi scheme – where you make a pyramid & bottom of the pyramid takes the pain. As warren buffet said “you only find out who is swimming naked when the tide goes out”. Right now music is loud & party is going – let’s see when music stops but I think it should happen soon. (and some time it even runs long – hope you remember Madoff Scam)
Speak asia ads remind me of days when Shahrukh, Tendulkar & Hrithik were doing ads for Home Trade. And couples of months later promoters were behind the bars for committing a big fraud.
What Indian Media Have to Say:
Times of India: Another company goes to town with easy money scheme
Money Life Magazine: Another MLM scam in the happening, this time under the pretext of an online survey
What’s common in above 2 titles “ANOTHER” because these type of things keep happening – few are big enough that comes to everyone’s notice including speak asia.
These are my personal views & I don’t want to force them on you. Only one suggestion always keep your head cool while taking decisions.
Will love to see your views & if you agree with my views must share it with your friends.