'The $12 billion dollar no-code income revolution is shaking up the 9-to-5 world' says Modern Millionaires' Chance Welton as they launch the New Income App (MM SaaS). This app promises a no-brainer way of making money online. It is an all-in-one CRM called 'Leadific' that
Builds sales landing pages, funnels, and websites,
follows up leads and,
nurtures and books appointments.
Subscribers get 3 domain warming accounts, leads and contact storage, a phone validator, and premium support. This top-up subscription costs $399 monthly or $3,990 for a year. Both plan options have a 14-day free trial. Purchases are non-refundable and they don't give prorated refunds on unused subscriptions.
So, who are Abdul and Chance? Abdul Samad Farooqi is originally from Vancouver, British Columbia, Canada. He graduated with a Bachelor of Commerce from the University of British Columbia. Before the online biz, he worked 12 hours a day as an investment banker, 6 days a week. Chance had a completely opposite lifestyle. He lived a hippie, carefree life in a van with his girlfriend. When his father died in 2010, he received $116K in life insurance, which he spent drinking and partying. Four years later, he was down to his last $1,300. In 2014, he joined Abdul in a course called Job Killing mentored by Dan Klein.
Abdul and Chance were Dan Klein's students. Dan taught local lead generation using free traffic. Chance landed his first client a month after joining Dan's course (and made $2K), while Abdul landed a client just 6 days later. Both made $50K monthly passive income. Their relationship with Dan Klein ended when they launched Millionaire Middlemen in 2015 because of various disputes.
Modern Millionaires and AdWords Agency Business Model
In 2017, Abdul generated $2.1 million, and Chance generated $1.2 million since starting their agency. Two years later, they launched Modern Millionaires, an educational platform that teaches how to generate leads for local business owners using Google Ads and Facebook Ads (paid traffic). The course has 5 modules with over 40 learning videos. Students also get pre-recorded coaching calls, VIP bonus content, emails, and proposal templates. It costs $5K to $8K and covers
prospecting and sales,
Google Ads training,
Facebook Ads training,
reviews and outsourcing.
In 2020, 3 years after Modern Millionaires' launch, the course had over 3,200 students who collectively generated $120 million. 400+ of their students made a 6-figure income.
An AdWords agency helps business owners optimize their Google Ads campaign. The business has potential risks and challenges. Google Ads are expensive and unpredictable, so it's hard to keep long-term clients. Since it uses paid traffic, most of the profit goes to ad spending, and agency owners only net 20%. Dan's local lead generation business model has a higher profit margin (85% to 90%) compared to AdWords since it uses free traffic.
Despite an obvious level of difficulty, the course is marketed as suitable for those without experience or coding knowledge. Modern Millionaires' marketing strategy has the tendency to be deceptive. Abdul and Chance make the business model sound so easy when in reality, AdWords agency owners need skills and expertise to optimize ad spend. Otherwise, clients will leave for a more experienced agency that can deliver better results. To be fair, the business model has the potential to scale. But you'll need a good background in digital marketing and $5K to $10K for paid ads.
Mediastrike (a Reddit commenter) raised a good point: If it's so good and easy then they would keep it to themselves and keep getting more business. He continued to explain, saying, "The real reason is that he has found it more profitable to trick people into paying them to be a partner". Maybe it's not that easy bringing in paying clients after all.
Abdul and Chance's Modern Millionaires is one of the more successful online courses. They have plenty of testimonials and success stories to back them and have been on the online biz since 2014. However, an AdWords agency has high start-up costs. In 2023, Facebook Ads cost per 1,000 views is $14.9 and $0.4 cost per click. While Google Ads CPC is from $2 to $4. What's worse with this business model is that clients can leave you anytime if they're unsatisfied with the results. That's a monetary loss on your part after you've spent time and resources setting up campaigns.
Can you make money with the new income app? Yes, you can, but you need to spend a hefty amount on paid ads and make lots of sales to achieve the figures Abdul and Chance promised.