It seems like every Internet guru has their own mastermind group. These are “communities of like-minded individuals” that you can pay money to join.
These groups promise a ton of benefits; like 1-on-1 coaching, putting you in touch with “industry power-players,” and giving you access to exclusive guest speaker events (with big-name stars like Micheal Jordan or Bill Clinton).
Sounds good, right?
Well, maybe. I wouldn’t call mastermind groups scams (though some certainly are), but I wouldn’t rush out and join one either.
Below are three reasons to avoid mastermind groups, as well as three cheaper (and more effective) alternatives to joining one of these organizations.
Three Reasons I Would NOT Join A Mastermind Group:
Before we get any further, I want to make one thing clear. The mastermind groups we’ll be discussing in this article are all ones you must pay to join.
If you and your friends want to start your own mastermind group and share ideas with one another, great. There’s no downside to doing so.
However, if you’re looking to pay membership dues to join a similar program, consider the following.
1. Ineffective Leadership
(Would You Take This “Expert’s” Advice?)
Most general success advice is common sense. “Give 110%,” “believe in yourself,” and so on.
As such, virtually anyone can become a motivational guru, life coach, or professional motivator. Come up with a few catchy platitudes your audience agrees with, buy ad space, create a nice video sales letter, and you’re off to the races.
Unfortunately, having a product doesn’t automatically mean you’ll make money.
Because of this, you see lots of grown men living in AirBnB rentals, and buried in credit card debt, pitching their “success secrets” to you.
These guys generally sell expensive mastermind groups with a $10,000 to $30,000 membership fee. All while marketing the program as an amazing and exclusive opportunity.
In reality, the only people you’ll be networking with are other schlumps dumb enough to buy into the program.
2. “A Community Of Like-Minded Individuals”
If everyone in your group is exactly like you, you won’t learn anything new.
Case in point, the majority of Internet Marketing forums and groups all rehash the exact same advice: Start a business teaching other people how to start a business.
This results in all the members trying to do the exact same thing, without ever even considering any alternative ideas.
Exposing yourself to diverse viewpoints is the only way you’ll ever generate new ideas.
We’ll talk about this more in a moment. But for now, just understand that doing the same things as everyone else creates a lot of needless competition. And it blinds you from spotting better options.
3. Over-Priced Guest Speakers
(Motivational Speaker Ticket Price)
Big-name gurus (like Tony Robbins) often offer an impressive guest-speaker line-up if you join their “inner-circle” mastermind groups or “summit seminars.”
You can get exclusive pep-talks from all sorts of A-list celebrities like Hugh Jackman, Arnold Schwarzenegger, Mark Cuban, etc…
It’s a cool concept, and sounds like a terrific bargain. For $700 you can see five or six well-know stars in person, and hear all their secrets to success.
Where could you get a better value?
Two places. The bookstore and YouTube.
Arnold Schwarzenegger’s “Six Rules of Success” is the same whether you listen to it for free online, or pay a thousand bucks to hear it in person.
Likewise, most celebrities and successful people have written books.
A twelve dollar paperback will give you the exact same insights as a $500 seminar, while saving you quite a bit of money.
Three Alternative To Joining A Mastermind Group:
As you probably noticed, my three major grievances with the whole “mastermind group / success network” scene boiled down to two things: price and audience.
You’re paying huge sums to surround yourself with dorks, while listening to simple information and common sense advice.
Instead of wasting your money, consider investing in the following alternatives.
1. Take A College Class
Most community colleges offer continuing education classes. For a couple hundred bucks, you can take accredited courses on almost any subject.
You can enroll in classes on public speaking, web design, sales, SEO, art history, film editing, learning a new language, and so on. Plus, a lot of small-business owners take these courses. Making it easy to network with them.
2. Move To A Better Neighborhood
(A Trip To Your Corner Rolls-Royce Dealership Teaches You More About Sales Than Any Mastermind Summit)
The easiest way to “think like a millionaire” is to pack up and move to a neighborhood where everyone is rich.
When all your neighbors own a Lamborghini or Rolls-Royce, you quickly figure out which businesses actually make money.
Being around land developers, casino owners, and other successful people broadens your views on which ventures are profitable. It also teaches you a lot about selling high-ticket, expensive products.
Knowing how to market a $37,000 watch or $500 a night hotel suite puts you leagues ahead of any mastermind group that’s busy arguing over self-publishing $9 eBooks or $27 ClickBank courses.
3. Buy Your Way Into Success
Instead of paying to sit around pontificating with other “go-getters,” put your money towards something useful.
Rather than spending $1,200 to join a passive income forum, you can put that money into a mutual or index fund. Don’t spend $10,000 on “self-publishing university,” hire a ghost writer.
For the price of most high-ticket motivational and how-to products, you’re better off paying a professional to do your projects for you. This way you at least have something to show for all the money you spent.