Are you thinking of joining My24HourIncome? Before joining, read my review to determine whether My 24 Hour Income is a legitimate passive income opportunity or the latest revenue sharing scam.
- August 1st, 2016
- Banner & Other Online Advertising
- 24 hour income, my24hourincome rev share, my24hourincome review, my24hourincome scam
The My24HourIncome website domain (“my24hourincome.com”) was registered on June 27th 2016 by Derek Burton out of Ontario, Canada. Though it doesn't state it explicitly on the website, one can conclude that Derek Burton is the man behind the company. Derek is a staple in the rev share industry and is known for being on the top of many revenue share leaderboards. It appears as though Derek has become tired of recruiting affiliates into rev share opportunities only to see them close their doors, and has now decided to open up his own rev share opportunity. While rev shares are almost exclusively scams by the nature of their business plan, it is a positive sign that Derek is disclosing ownership of the company.
My 24 Hour Income offers ad packs to their affiliates and also offers members the ability to sell affiliate products through their back office. The addition of affiliate products is something new in the world of revenue sharing sites, as sites typically only offer ad packs internally to their members, and have no retail products. While it is admirable that My24HourIncome is attempting to step up the legality of their opportunity, it appears the vast majority of revenue generated will still come from member adpack purchases, thus classifying the opportunity as a classic ponzi scheme.
My 24 Hour Income Compensation Plan
My24HourIncome offers 3 different advertising packages as follows:
Adpack 1 - Cost: $5
Matures at 110% at 1.8 to 3.8% daily cap. Gives 75 business directory ads, with 12% referral commission to your sponsor.
Adpack 2 - Cost : $15
Matures at 115% at 1.8 to 3.8% daily cap. Gives 200 business directory ads, with 12% referral commission to your sponsor.
Adpack 3 - Cost: $35
Matures at 120% at 1.8 to 3.8% daily cap. Gives 500 business directory ads, with 12% referral commission to your sponsor.
My24HourIncome is definitely a step up from many rev share opportunities, but there are still far too many red flags for it to be considered a legitimate long term opportunity. The biggest issue is that the My 24 Hour Income business model is considered a ponzi scheme by the SEC (Securities and Exchange Commission).
In the My24HourIncome FAQ's, you can find the following question and answer:
Is my24hourincome.com considered a scams or Ponzi schemes or an Illegal online business?
NO. Any program that claims a ROI but has NO PRODUCT IS A SCAM! But my24hourincome.com Advertising Platform
sells ADVERTISING SPACE! Just like a Billboard or a commercial on television. In order for any program to be legal, it is
required to supply a service and/or product to you, the member! Here at my24hourincome.com, we sell traffic which is
our basic product. All members that purchase ad packs will get Traffic exchange credits and guaranteed banner clicks.
However, the SEC has claimed otherwise in a statement about the Traffic Monsoon opportunity. Here is a statement from the SEC on the business model:
Although Traffic Monsoon purports to sell several products, its main product, and the one that accounts for over 99% of its revenue, is the Banner AdPack (“AdPack”).
Because all investor returns are funded through new investor contributions, the company operates as a classic Ponzi scheme.
And with respect to US law, in their own words this is how the SEC views adcredit schemes:
Because of their profit-sharing component and the manner in which they operate, AdPacks constitute securities and, consequently, individuals who purchase AdPacks are investors. If a company is not registered with the SEC the offering is unregistered.
Unregistered securities offerings are a violation of the Securities and Exchange Act and are illegal.
Therefore, while I believe the owner has only the best intentions for the company, it is only a matter of time before the company runs out of funds or is forced to shut down. If you have a total disregard for laws, you may be able to earn as an early adopter (at the expense of others), but I would recommend that you stay away from this opportunity.