Have you ever gotten a message on Facebook that looks something like this? “HEY GIRL, I HAVEN’T SEEN YOU IN A WHILE, YOU LOOK AMAAAAZING. DO YOU WANT TO LOOK EVEN BETTER AT YOUR NEXT EVENT? BUY MY MASCARA AND I’LL THROW IN A FREE GIFT. BUT HURRY, SALE ENDS AT MIDNIGHT.” Yeah…those messages.
While it may be easy to brush these off, roll our eyes, and hit delete, a surprising number of women in America are caught up in these businesses, known as multi-level marketing schemes. In today's episode, Jean Chatzky talks to Jane Marie, author of Selling the Dream: The Billion Dollar Industry Bankrupting Americans about why MLMs target women specifically, the signs to look out for to know if you’re being targeted by one, and what to do next if you’ve already lost money.
In Mailbag, a listener asks how to find the best low-cost brokerage account and we do the math on whether ‘becoming a millionaire by retirement’ is feasible for everyone. In our news of the week, we talk about Donald Trump’s new stock, the end of swipe fees on Visa and Mastercard, and the passing of behavioral economist Daniel Kahneman.
Takeaways:
Chapters:
00:00:00: Introduction to the podcast and the topic of MLMs
00:10:03: Introduction of guest Jane Marie
00:15:23: The nature of MLMs today
00:18:49: The appeal of MLMs to individuals
00:21:17: The cycle of investment and loss in MLMs
00:23:59: The reality of income in MLMs
00:25:49: Why MLMs target women
00:30:51: The role of the FTC in regulating MLMs
00:32:51: Current trends and "flavors of the month" in MLMs
00:34:37: Jane Marie's hopes for the impact of her book "Selling the Dream"
00:37:13: Mailbag
Join us! Snag all the latest episodes, savvy budgeting tips, investing advice and even giveaways via the HerMoney Newsletter at Hermoney.com/subscribe!
The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Ep 412: How To Avoid Burnout With Ali Abdaal
Ep 411: How To Handle Mean Girls At Work With Rosalind Wiseman
Ep 410: Why We’re Attracted To Our Money Opposites With Scott Rick
Bonus: Discover Your MoneyType With Dr. Jennifer Leigh Selig
Ep 409: Your Roadmap to 2024 Career Success With Fran Hauser
Ep 408: Pay Off Your Debt In Baby Steps With Jade Warshaw
Ep 407: From Blogger to Media Mogul With Sami Sage
Ep 406: Teaching Kids About Money With Yanely Espinal
Bonus: Social Security Clawbacks With Larry Kotlikoff and Terry Savage
Ep 405: The 2024 Economy And What’s Really Happening, With Rana Foroohar
Ep 404: Your 2024 Happiness Reset With Arthur C. Brooks
Ep 403: 2024’s Biggest Trends with PureWow
Ep 402: How To Fail, With Amy Edmondson
Bonus: The #Tradwife Trend And Our Culture With Anne Helen Petersen
Ep 401: Financial Fallout And Our Economy With Bethany McLean
Ep 400: Here’s to 400! AMA with Jean Chatzky
Ep 399: Uncertainty And Your Investments With Maggie Jackson
Bonus: How Investing Is The Key To Unlocking Women’s Power With Gargi Pal Chaudhuri
Ep 398: The Last Girlboss with Marisa Meltzer
Ep 397: The New Value Prop Of Financial Wellness Programs
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
So Money with Farnoosh Torabi
Everyone’s Talkin’ Money
The Payoff
The Mental Wealth Show with Rich Jones
Jill on Money with Jill Schlesinger