Is myEcon a Legit Program or a Scam?
Welcome to this myEcon review.
Can it really help improve your overall finances, and get you a step closer to financial freedom? Whether or not it's a scam or a legitimate business opportunity, we'll soon find out.
Doing some research can take you far since it can help you avoid scams, and also in finding legit programs/products that don't disappoint. With that said, let's learn more about the myEcon site.
What Is myEcon?
myEcon is a company that was founded in 2005 by Ivey J Stokes and Alvin Curry. The multi-level marketing business is based out of Atlanta, Georgia.
The financial services company came into existence with a goal to help the average joe improve their finances. To accomplish this, myEcon or My Economy as it's sometimes known makes use of three main pillars:
- Generate income from businesses
- Reduce taxes
- Buy assets
How It Works
The goal of the firm is to restore financial equality in the country, and help people improve their financial status. It's in the financial education space which is a billion dollar industry.
The company claims to have helped hundreds improve their monthly cash flow, including a few who became millionaires. If the idea of investing sounds like a foreign language to you, with their consultancy and investing advice, you can apply their strategies and ultimately benefit from it.
If you're an existing member, you can promote their product line/services and sell to other people as a distibutor. You're eligible to earn retail commissions on your sales, and can also build a team if someone joins the program through your unique referral link.
You'll be shared advice on how to restructure your income and save taxes, invest in assets, and improve your monthly cash flow. Using their software services and investing advice, you can also supposedly manage credit better and take care of debt.
They also have a members-only mobile application that is available to both iOS and Android users. You have to be an associate of the platform or a customer directly invited by an associate. With the mobile app, you can:
- Record expenses
- View reports
- Get prospects to sign up from your device
- Access audio/video training
- Get notified in real time with app messages and much more
How To Get Started
It's easy to get started with myEcon as a member. Pay $99.95 one-time and become a Marketing Director with the company with the Income Shifting membership. For more details, either go to the main website, open a support ticket to join or ask the person who invited you to the program.
Apart from this, there's a monthly renewal fees of $34.95 next month onwards. As an associate, you get access to the following:
- A done-for-you marketing system and a website template
- myEcon business system
- Income Shifting membership
Is myEcon a Pyramid Scheme?
No, myEcon cannot be considered a pyramid scheme. Unlike pyramid schemes, they actually have tangible products and services to offer, and you'll only make money when someone consumes them.
Then, there are some members who use the platform for their financial services alone, and have little to no interest in recruiting/growing their team (and residual income). In case you're interested, here's a video that shows how you can spot a scam/pyramid scheme:
The Product Line
The company offers a dozen products catering to people interested in health & wellness and financial education. Following are some of the leading markets they serve:
- Health & wellness
- ID defense
- Cashflow management
- Cashback on shopping
- Roadside assistance
- myCredit system
- Rent reporting
Offering tax deduction advice on your monthly/yearly cash flow and investments is one of their premier services. Utilizing it, you can save more money by writing off cell phone, vehicle, travel expenses and much more.
This way you can legally make back thousands which you'd otherwise pay to the tax man. This can be a valuable service for many if you're in the high income bracket unless you have an accountant who does all this for you. We have ours and she's indeed very competent.
As an myEcon associate, you can advance between these ranks:
- Marketing Director (you'll start here)
- Executive Vice President
- Executive Vice President Gold
- Executive Vice President Platinum
- Executive Vice President Infinity
- CEO Infinity
There are several ways to make money with the platform, let's have a look:
1. Direct sales - Refer people via your link and get them to buy the income membership, and you'll make $100 per sale. Get 5 of these per month, and you're up $500.
2. Dream Team Residuals - Since this is an MLM business, you're also eligible to earn residual income on your referrals' monthly membership renewals. Depending on your team's membership plans and your rank with the company, expect to make between $1 - 7 per month per member.
3. Services - Apart from their core products, you can also make some dough with their roadside, online cashback and travel services
4. Bonuses - If three or more of your directly recruited people (team members) renew their monthly membership within 30 days, you'll get a $45 retention bonus which counts towards dream team residuals. It will be paid as a part of override commissions.
5. Override commissions - If your direct referrals bring more people into the system and get them to buy the $99.95 membership, you'll receive $90 as override commissions.
Final Words - Is myEcon a Scam?
No, myEcon is not a scam. They're a legitimate company that has been around for more than a decade. Even though they utilize the MLM business model that isn't loved by many, they still offer real products/services that are beneficial for all.
The company even has A+ rating from BBB, and that's quite of an accolade. If you hard a hard time managing your finances and your cash flow, why not give them a shot and see for yourself? Either way, we all need one service or the other.
However, if it's the business opportunity that you're interested in, you can do better elsewhere. If you're a beginner, you certainly won't thrive with MLM-based businesses unless you fancy recruiting.
There are better (and cheaper) alternatives that can have you generate some dough working from the comfort of your home. All that's needed is some commitment to the process, and some learning to help you gain an edge.
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You're also never married to a product in any way. Since you don't have to pay to promote the system, you can always switch between different products. You can even ditch the ones you don't want to promote at any point as there's no risk involved.
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Definitely check it out if this piques your interest.