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In this myEcon Review, I’m going to give you my unbiased opinion on if this program can really right your financial ship. Or is it really just another fraud.
So many people flock to programs that offer an opportunity to make money. And companies prey on people who may seem desperate or are in a compromised financial position.
Haivng said all of that, I’m going to go over this business opportunity with a fine tooth comb to give you some answers. Because there’s nothing worse than wasting time when you’re looking for real solutions.
Ok, let’s dig in.
What is myEcon?
myEcon is a financial services multi-level marketing company that was founded by Ivey J Stokes and Alvin Curry in 2005. The company is headquartered in a suburb of Atlanta, Georgia here in the US.
The name myEcon stands for ‘My Economy’ and the company prides itself on helping people improve their financial future.
The bedrock of the company’s program is centered around three core strategies.
- Minimize taxes
- Generate business income
- Accumulate assets
How Does myEcon Work
This company is a debt-free, technology driven company aimed at restoring financial equality in the US. myEcon is in the personal financial education industry, which is a multi-billion dollar industry.
To-date, they claim to have helped thousands increase their income and some have even become millionaires. The company is best known for giving investment advice and education on concepts and strategies of investing to its users.
As an associate you can promote the myEcon portfolio of products and services at a deep discount. And grow a team and earn commissions while doing so.
As a member you learn to increase your cash flow by shifting or restructuring your income. You’ll have access to their strategies and software that can help you get your finances in order. This platform helps you with with taxes, credit, debt, and investing.
What Are myEcon’s Products?
The company offers products ranging from financial education to health and wellness and dietary supplements.
Some of their product and service categories include:
- ID Defender
- CashFlow Manager
- myCredit System
- Health and Nutrition
- Credit Monitoring
- Cash Back Mall
- Roadside Assistance
- Rent Reporting
One of their more popular product features is one where they show you how to use tax deductions as a business owner to qualify for writeoffs on your personal vehicle, cell phones, internet access, travel and more.
They show home business owners how to use this info to their advanctage and get thousands of dollars in tax deductions back every year.
Personally, I have an accountant who handles most of this stuff for me when it comes to business write-offs. But I can see the value that this provide for people as most of us aren’t tax professionals.
How to Join myEcon
To join, at the time of this review, the normal enrollment price is $99.95 to join as a Marketing Director (Income Shifting Membership). And there’s a monthly membership recurring fee of $34.95, which starts 30 days from when you enroll.
Here are the things that you get when you become and associate:
- A website and marketing system.
- The company’s business system.
- Their Income Shifting Membership.
- Support and recognition for your efforts.
To join you can visit the myEcon website and submit a support ticket to be contacted or get their number to contact their corporate office.
You can also get back to the person who referred you and told you about the opportunity.
The myEcon Compensation Plan
With the myEcon compensation plan there are at least 5 ways to get paid.
1) Personal Sales
At the time of this review, you can earn $100 for every Income Shifting Membership sale that you make personally after sponsoring your first membership. To put it in perspective. All you have to do is make 10 sales per month and you’re at $1,000 per month.
2) Dream Team Residuals
When members of your team pay their monthly membership you earn between $1–$7 depending on your rank per month, on all active member of your downline. This kicks in after 1 month of an Income Shifting Membership.
3) Product Sales
In addition to the company’s main products you can also earn on other services such as Travel, roadside service, and online cash back shopping.
4) Retention Bonus
You earn a $45 retention bonus each time 3 personal or Base Shop Marketing Director/Income Shifting Membership sales make their 1st renewal payment within 31 days. This is paid in addition to the Dream Team residuals.
5) Base Shop Overrides
On all Income Shifiting Membership sales from your downline (Base Shop) for the regular enrollment sales of $99.95, you earn $90.
These are just some of the highlights from the comp plan. Here’s an excellent and engaging video on the myEcon Compensation Plan.
There are a few different ranks to climb as an associate. When you first get started, after your first sale you become a Marketing Director. Here are all of the ranks with CEO Infinity being the highest rank.
- Marketing Director
- Executive Vice President
- Executive Vice President Gold
- Executive Vice President Platinum
- Executive Vice President Infinity
- CEO Infinity
The myEcon App
Today, everybody has an app. And myEcon also offers this for their members. The myEcon Mobile App allows you to:
- Record expenses
- Capture receipts
- Tracking your mileage
- Communicate with prospects
- View reports
- Sign up prospects from your device
- Access audios and videos in the media library
- Get messages real time
- Grow your business from your mobile device
The app is available for download for both iOS and Android platforms and you must be an active associate or customer of an active associate to access the app.
Is myEcon a Pyramid Scheme or Scam?
This company is not a scam and not a pyramid scheme. In every multi-level marketing review that I do, I have to remind folks what a real pyramid scheme is and myEcon is not one of them.
A pyramid scheme is a business model that recruits members with the promise of payments or services only when they sign up other members into the scheme. There is no real product or service to stand behind and the sole purpose is to separate members from their money.
But the fact of the matter is, you have some members who have no desire to recruit other members as part of the business opportunity. And are happy with using one of their myEcon’s products such as myCredit System to boost their credit only.
Better Business Bureau
The company has been accredited with the BBB since 2018 and has an A+ rating. They claim to have over 50,000 independent marketing associates at the time of this review.
As far as revenues, according to Business for Home the company has been stagnant for the past 3 years. Here’s a quick look at the revenue numbers from their site.
2018: $5 million
2017: $5 million
2016: $5 million
Pros and Cons of myEcon
- Weekly commissions and the company pays really well at $100 per personal sale and 4 other ways to earn in their updated comp plan at the time of this review.
- Low cost to get started. Under $100 to start a business is insanely cheap.
- A+ rated with the Better Business Bureau.
- Most of the reviews are mostly positive with only a few negatives.
- It’s multi-level marketing so you have a lot of people who blame everything on the company. But their business model and product portfolio is solid.
- Great market they’re in with the financial education market.
- Their web tools aren’t very good. So you’d need to bring your own marketing skillset to the table.
- Training depends a lot on your upline. So it’s important to join with the right person.
- Their products are expensive as with most mlms where the products and services are marked up significantly.
- Their products are solid, but not sure if they are differentiated from the rest of the market.
- This opportunity is only in the US and not in other markets.
- Their products don’t relate to each other. From coffee and health and wellness to financial advice to travel. They don’t compliment each other.
After reviewing myEcon, I think they have a solid opportunity. With so many people struggling financially, their business model makes sense. Get more cashflow and learn through better financial strategies how to improve your financial future. I like their mission.
Most people despise mlm companies. So if they joined under the notion that the company was just a credit solution company for example and then heard about recruiting, they’d probably freak out.
In the end, I recommend giving it a try for yourself and seeing what it’s all about. It doesn’t sound like a pyramid scheme or scam to me. And I’d only work with people who are a fan of multi-level marketing and not waste time with the rest.