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.
The truth is, gaining financial freedom is everyone’s dream. I mean, who doesn’t want a debt-free life, being able to buy what they want or take a vacation when they wish? myEcon promises just that.
However, things are not always what they are portrayed to be, especially by most MLMs. And if you’ve ever burned your fingers before on such promises, you certainly have a right to be skeptical about this.
Research can take you far as it helps you avoid scams and find legit programs/products that don’t disappoint. That’s why we are here. We will help you figure out whether myEcon is a platform you can trust or just another of the numerous MLM scams out there.
This piece handles everything about myEcon – from what it is and how it works to evaluating several myEcon reviews by current and previous users. Let’s get down to it!
What Is myEcon?
Chances are you are here because you are looking for a way to make some extra money. Also, you might have heard about myEcon, a company that promises you the chance to make good money and achieve the highly-sought-after financial freedom. But is the claim true?
Well, myEcon is an MLM company founded in 2005 by Ivey J Stokes and Alvin Curry. The multi-level marketing business is based in Atlanta, Georgia, and promises to show you how to make money and lead a successful life.
The financial services company came into existence intending to help the average Joe improve their finances. And 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
In essence, myEcon’s vision is to help families attain personal financial success. And they will do so by offering tools and training geared toward assisting them to lead a debt-free life and increase their cash flow.
Currently, two people run the show in this company to help it achieve its goals. Larry Gates is the CEO/COO, while Carlis Curry is the CFO.
At the time of writing this article, this MLM company boasts of having more than 50,000 independent marketing associates. And according to their website, it’s among the faster growing MLM companies in the US.
How It Works
For starters, myEcon is a network marketing company that aims 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 investing sounds like a foreign language to you, with their consultancy and investing advice, you can apply their strategies and ultimately benefit from them.
If you’re an existing member, you can promote their product line/services and sell them to others as a distributor. 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 get advice on restructuring your income, saving taxes, investing in assets, and improving your monthly cash flow. And 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 available to iOS and Android users. You have to be an associate of the platform, or a customer directly invited by an associate, to get the app. 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.
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How to Get Started
It’s pretty easy to join myEcon and become a member. But first, you will need a signup link from one of the company’s sales associates. Clicking on the link takes you to the associate’s company-sponsored website, where you get the signup opportunity.
From here, you will need a one-time setup fee of $19.95 to become a Marketing Director with the company. Also, subsequent months will attract a $34.95 monthly fee to keep your membership active.
As a Marketing Director, you will get training on the Income Shifting Membership, which is how you’ll get successful here. For more details, go to the main website, open a support ticket to join, or ask the person who invited you to the program.
Once you successfully sign up as a member, you will also be given a personal website, just like other associates or distributors. The website is a subsite of myEcon’s main website, and you will be using it to sell the company’s products or sign up new members.
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
- Identity theft protection
- Cashflow manager
- Free legal services
- Credit education services
Frankly speaking, the package seems like a great deal. Even if you don’t earn much money through the sales, you’ll have attained quite much in training. This is despite the fact that other MLM companies charge a bit lower for their memberships and programs.
See Related: How to Use ClickFunnels for Affiliate Marketing
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, some members use the platform for their financial services alone and have little to no interest in recruiting/growing their team (and residual income). This alone qualifies myEcon as a legit company and not a pyramid scheme out to scam you of your hard-earned cash.
However, always research before venturing into any business opportunity to avoid scams. Stay alert!
myEcon Compensation Plan: Making Money with myEcon
Making money online with myEcon isn’t as hard or easy as some think. For starters, while the company promises an easy way out of your financial problems, it’s certainly not a get-rich-quick scheme. You must work hard to get the products going and recruit new members.
However, when done right, you can make good money through the company and even beyond if you use their training well. Here are some of the main ways to make easy money on myEcon compensation plan.
1. Income Shifting Membership Sales
After signing up for membership at myEcon, the first thing is to buy the Income Shifting Membership plan. This helps you qualify as a Marketing Director.
Having this membership opens your doors to recruiting new members. And by doing so, you can earn referral money. The first two direct referrals you bring on board will earn you $10 once they purchase their Income Shifting Membership (ISM).
The $10 commission is only applicable for new associates when they refer their first referrals. However, you start pocketing $35 per referral from the third direct referral. This is because your 3rd referral moves you from an MD to an EVP (Executive Vice President).
This new level also gives you a new Baseshop. The Baseshop comprises your direct referrals and their direct referrals who haven’t qualified to be EVPs. You will earn $25 for every new direct referral under your Baseshop, as far down as it goes.
However, the commissions will change if your retention level is below 80%. For instance, if your one-month retention is lower than 80%, your direct referral earns you $17.50, while a direct referral in your Baseshop earns $7.50.
2. myEcon Retailer Commissions
The second money-making option in this multi-level marketing company is through retailer commissions. Each membership or product you sell has a commission volume (CV). The CV helps calculate the actual commission you get for these sales.
So, how does this work?
Take an example of a product like the ID Defender. It costs $7.99, but the commission you earn is not from the $7.99. Since its CV is $2, the company will calculate your commission from the $2.
The commissions will also vary with your associate level in the company. For example, a Marketing Director will get 15% off all products they sell directly. On the other hand, you will get 25% off all products you sell as an Executive Vice President (EVP).
Therefore, in the case of the ID Defender, an MD will receive 30 cents, while an EVP will receive 50 cents. But that’s not all.
If you are an EVP, you earn 10% on commissions earned in your Baseshop. Also, you get up to 17% off commissions in your Generations. Usually, Generations a formed once an MD from your downline becomes an EVP.
3. Dream Team Residuals
Since this is an MLM business, you can earn residual income on your referrals’ monthly membership renewals. In other words, DTRs are commissions you earn when an associate or distributor in your Generation pays their ISM for five months or more.
Depending on your team’s membership plans and your rank within the company, expect to make between $1 – 8 per month per member. And the deeper your downline is, the more money you can make.
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.
Apart from their core products, you can make some dough with the platform’s online cashback and travel services. All of these add to your options for making money online with the platform.
myEcon 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
- Credit score repair services
- Cashflow management
- Cashback on shopping
- Roadside assistance
- myCredit system
- Rent reporting
Let’s check out their main products:
1. Cashback Mall
Usually, myEcon website sells products from companies like BestBuy, Macy’s, and Walmart using their affiliate program. And for that, the company is paid commissions for every sale.
Subsequently, instead of taking all the commissions for themselves, they share them with their distributors/associates. The commissions are, however, not very attractive as they are usually not more than 5%. Also, they might sometimes take forever before getting to you.
But since the commissions come as cash back for products you usually buy in your favorite store, it’s still worth it. You will enjoy some savings on your purchases, no matter how small.
2. Identity Defender
Identity theft is a serious issue through which people lose millions of dollars each year. Insuring yourself against such occurrences is paramount to prevent the loss of your money or property. And that’s where myEcon Identity Defender comes in.
You can opt for an $8.99 monthly individual plan or a family plan for $14.95, with the family plan covering up to five members of your family. Each of these plans offers the following:
- A million dollars identity theft cover
- Identity theft monitoring and alerts
- Computer protection software
- Lost wallet assistance
- Identity restoration services
- Free and discounted legal services
- Keylogging identity theft defense software
With these products, you can detect and protect against identity theft or restore your credit status.
3. MyCredit System
Improving your credit score is the first step towards personal financial success. Banks and other lenders want to see a good credit score before they can trust you with their money. And since you will need some financial assistance to achieve that big financial break, you will need to take care of your credit score.
Sometimes, even employers and insurance companies need to see a positive credit report before employing someone or offering a cover. MyCredit System from the myEcon company helps you achieve your desired credit score.
With their smart credit repair system, you can easily turn around your credit score for the best. The product gives you access to the following:
- 26 educational videos on credit building
- Resources on re-establishing credit
- Four dispute letter templates
- Training and support (both online and offline)
And by the end of the training, you’ll have adequate knowledge on:
- How to achieve a higher credit score fast
- How to easily remove errors and derogatory information
- Lowering credit utilization
- Adding new cheaper credit lines
The entire package costs you $99.95
4. Cash Flow Manager
This is an online cash flow management system from myEcon. It helps you record, organize and store your personal and business financial transactions.
The system makes tracking your income, tax-deductible expenses, and other expenses quite easy and stress-free. Subsequently, you can easily reduce the amount of taxes you pay and save time.
Usually, 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 your cell phone, vehicle, travel expenses, and much more.
This way, you can legally make back thousands that you’d otherwise pay to the tax man. This can be a valuable service for many, especially those in the high-income bracket – unless you have an accountant who does everything for them.
For a monthly fee of $10.95, you get access to the following features:
- Income and expense tracking for individuals and businesses
- 256-bit encryption to protect your data
- Ability to capture and store receipts online
- Tracking several businesses under one account
- Customizable expense and income categories
- Recurring entry feature
5. Travel Membership
People love traveling. In fact, travel is among the largest industries globally. And travel memberships are on the rise to help give members discounts on travel for a fee.
However, with myEcon travel membership, the package here is a bit different. Besides getting discounted prices on hotels and flights, this membership allows you to save significantly on membership fees.
For instance, the standard fee for a premium travel membership is between $600 and $800. But with the myEcon website, all you need is $139.95 annually. That’s around a 70% discount on the membership fee.
You can also opt for a $13.95 monthly plan with a $39.95 one-time setup fee. These two options have zero obligations, and you can cancel the plan anytime.
Some of the best features of this plan include the following:
- Up to 70% savings on travel
- 110% Price Guarantee and rewards credits
- One-for-all family membership plan
- Access to over 300,000 premium residences and over 15,000 cruises
- 24/7 dedicated customer service and travel concierge
- Access to more than 1,000,000 global hotels and resorts
- Over 50 car rentals
See Related: Is It Works a Scam? (A Pyramid Scheme in Disguise)
6. Health & Nutrition
While myEcon is designed to help you make money and achieve financial freedom, it also doesn’t forget that you need good health. And with their “Health and Nutrition” package, you can easily take care of your health.
A good example is the Daily Ultimate package. It is a bottle of vitamin supplements and goes for $36.95.
You can also pick the Body One Nutrition’s MSM which costs $19.95 a bottle. The idea is to help you stay healthy at a minimal cost.
7. Road Assistance
Road emergencies are never pleasant, especially when you have no one to turn to. It might be a simple thing like a flat tire, battery jump-start, or even a major one that needs towing, but quite frustrating.
However, with the Road Assistance cover from myEcon, you will be all sorted. The package costs only $7.99 a month, and you won’t have to worry anymore whenever you are on the road.
8. Coffee Beans
myEcon also claims to offer the best solution for coffee lovers and those seeking to shed some weight. At just $19.99 a box, you can treat your senses to the sweet aroma of a NuviaTrim cup of coffee. This coffee comes from the famous Sumatran Arabica coffee beans and is sure to leave you wanting more.
NuviaTrim is roasted to perfection, bringing out a richly flavored drink that’s also rich in weight loss extracts. It combines the potent extracts of Garcinia Cambogia, Green Coffee Bean, Green Tea, African Mango, Raspberry Ketones, and Ganoderma.
However, this also has a disclaimer. The company acknowledges that the purported coffee effects haven’t gone through the Food and Drug Administration evaluation. As such, the company is not obligated to compensate you if you don’t achieve the expected results.
As mentioned earlier, myEcon is a multi-level marketing company. As such, you earn from your direct efforts and the efforts of the salespeople in your downline.
When you join this company, you have a chance to rise between different ranks as follows:
1. Marketing Director
This is the first level or rank once you join myEcon company. Here, you only need to sign up and buy the income-shifting membership package to become a member.
Once a Marketing Director, you can sell products or refer new members to earn commissions. A referral here will earn you $10 each.
2. Executive Vice President
After you bring in the 3rd referral, you rise ranks to become an EVP (Executive Vice President). You can also become an EVP by generating a commission volume of at least $200.
As an EVP, your commissions also change. You will earn $35 for any direct referral you onboard and $25 on referrals in your downline.
3. Executive Vice President Gold
The EVP Gold rank requires you to have 10 or more active referrals under your sleeve. Alternatively, earn at least $8 in commission volume (CV) within 5 weeks, and you are good to go.
At this rank, you earn $35 for each referral you onboard and $25 for any MD signed up in your Baseshop. Additionally, you get 25% to 100% commissions for your direct sales and 10 to 85% for sales in your downline.
And that’s not all. You will also get the following;
- $7.50 for the 1st to 4th Generations referrals
- 7% for the 1st to 4th Generations retail purchases
- $3 DTR bonus for 1st to 4th Generations referrals
4. Executive Vice President Platinum
To become an EVP platinum, you must have at least 80 active referrals. And if that seems difficult, try generating $60 in commission volume within five weeks.
These conditions show that the higher you rise in the ranks, the harder it becomes to achieve the next rank. But also, the higher you rise, the more attractive your commissions become.
For instance, you get what an EVP gold gets, except for the;
- $12.50 for the 1st to 5th Generation referrals
- 12% for the 1st to 5th Generations retail purchases
- $5 DTR bonus for 1st to 5th Generation referrals
5. Executive Vice President Infinity
Once you have at least 400 active referrals under your name, you become an EVP infinity. You can also become one if you can grow your commission volume to $400 within five weeks. Here, you are one step shy of achieving the highest distributor rank in the company.
As for the commissions, you get everything in EVP platinum plus these additions;
- $15 for the 1st to 5th Generation referrals, plus $2.50 for any subsequent Generation.
- 17% for the 1st to 5th Generations retail purchases, plus 5% for other Generations.
- $7 DTR bonus for 1st to 5th Generation referrals, plus $2 on successive Generations.
6. CEO Infinity
This is the highest rank you can achieve in myEcon company. However, achieving this rank needs some work.
For starters, you need at least $1000 in commission volume within five weeks to become a CEO infinity. Alternatively, you are also good to go if you can accumulate 1000 active referrals. That might not be easy to achieve.
When it comes to earnings, this rank earns most of what an EVP infinity earns, except for a few changes. For instance, regarding the DTR, a CEO infinity will earn an $8 bonus for referrals signed within the 1st and the 5th Generations. Any subsequent Generation earns them $3 per referral.
The Good of myEcon
- The company sends weekly payouts.
- The compensation plan is simple, and there are multiple ways to make money with the system. Not to forget, the payouts are handsome as well.
- You can get started with as little as $54.90 ($19.95 one-time and then the recurring $34.95 fee)
- A+ rating on Better Business Bureau/BBB platform.
- The positive reviews for the website far outweigh the negative ones.
- Financial education is something many people can use, and it’s a solid industry to be in.
See Related: Expert Secrets Review – Ultimate Guide to Building an Online Business?
- Their web-based tools aren’t the best, and you can certainly do better at a fraction of the cost.
- Depending on the person you join, you may/may not have the right expectations initially. It’s important to have an appropriate upline/sponsor.
- Compared to the competition, myEcon’s products are a lot more expensive.
- The business opportunity is only available to people based in the US.
- They serve too many marketers ranging from coffee to dietary supplements to health & wellness to financial education. At times, it feels like there’s a mismatch between the products.
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Final Words – Is myEcon a Scam?
No, myEcon is not a scam. They are a legitimate company that has been around for over 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 an A+ rating from BBB, and that’s quite an accolade. If you’ve had difficulties managing your finances and 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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Simply select a product of your choice (the one you like), and get some sales. Moreover, unlike most multi-level marketing programs that have pay-to-play characteristics, you don’t have to pay a dime to be an affiliate for a product. At least not to legitimate affiliate marketing programs.
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.
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Are multi-level marketing companies the best way to make money online?
No. There are other more profitable online ventures you can pick and make money. For instance, affiliate marketing or stocks and real estate investing can offer you a more lucrative and stable source of income. But ultimately, researching each option and making a decision based on the information you gather is essential when deciding which route to take.
Are there any hidden fees in myEcon?
No, there are no hidden fees. The only charges you will incur are the one-time setup fee of $19.95 and the monthly membership charge of $34.95.
Do I need a sales background to become an associate in myEcon?
No, you don’t need any sales background to join myEcon as a Sales Associate or Marketing Director. However, if you want to maximize your success in this program, it would be beneficial to have some knowledge/experience in marketing and sales.
How do I make more money with myEcon?
The best way to make more money with myEcon is by leveraging their Income Shifting membership and marketing system. With the help of these tools, you can start bringing in new members and customers through your unique referral link while also earning commissions from any sales made.
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