If you’ve heard about myEcon, then you’re most likely being troubled by questions such as: is myEcon a scam?
Is it a pyramid scheme? Or will myEcon help me make money as claimed?
These queries are the stuff you want answers toright?.
That’s why you didn’t rush into buying this seemingly good money-making opportunity.
This is a clear indication that you’re smart my friend, and you really value your time & money.
Now, relax because I have all the answers you are looking for.
Before we begin with the review, I want to congratulate you and tell you that I’m glad that you do your research.
That means you are serious about finding something legit and avoid any scam.
MyEcon Review Summary
Product Name: MyEcon
Price: $19.95 one time fee + $34.95/month
myEcon (short for My Economy) is a legit network marketing company based in the US. It’s not a pyramid scheme or a scam since it offers good products as well as affordable MLM business for anyone to start.However, the MLM nature of this company and the need to be a pro recruiter to earn money with myEcon makes me not to recommend it to you. It has a success rate of only 5%, meaning that it might be very hard for you to make any money with it. If you’re a good recruiter, you might be able to recruit many people, and maybe you can join the successful 5%. Otherwise, you’ll end up wasting your time and money with myEcon, besides it being a legit MLM company. Find out everything in my review.
In my myEcon review, I’m going to reveal everything about it honestly to help you make the right decision about this program.
So, continue reading to find out all the truth.
What Is myEcon
myEcon is a Multi-Level Marketing (MLM) company in the United States that claims to help you achieve your financial success while still in your own economy.
This is done through the attached business opportunity as well as the “Income Shifting Membership.”
A small group of businesspersons founded the company in 2005 with the CEO being Larry Gates.
myEcon sells a wide variety of products, ranging from credit score repair services and identity theft to wellness products and coffee beans.
This trade is completed through the company’s sales associates’ network, which includes people who join the company in search of a home-based business opportunity.
Additionally, associates can earn money by recruiting other people to join this business opportunity.
How myEcon Works
The myEcon company offers several products that span across health & wellness as well as finance niches.
These products have different prices for monthly individual and family plans.
The finance sector comprises of products such as:
• ID Defender – A service to protect your identity.
• CashFlow Manager – Tracks all your tax-deductible expenses and income to help minimize your taxes.
• Smart Credit Repair System – Improves your financial knowledge regarding debts and credits.
• 750 Credit Monitoring – A service to monitor credits.
• Roadside Assistance – A service on emergency roadside assistance.
• CashBack Mall – Allows you to get some money back after buying through the Cashback platform.
The other niche in the product line is health and wellness, which includes the following products:
• Coffees – These are packed in different box sizes and have distinct prices. Black coffee costs for $16.49-$127.99 and NuviaTrim coffee costs around $19.99-$169.99.
• Health & Nutrition – These includes Daily Ultimate, Body One MSM capsules, and Body One MSM lotion, among others.
Most of the products here seem to be very useful.
Actually, they try to control and automate specific everyday tasks that could affect you negatively if not supervised, so there is some potential in them.
How Can You Make Money With myEcon
myEcon is no different from other MLM businesses and offers two methods through which you can make money with it.
1. You can sell the products directly to other people and earn commissions in return.
2. You can recruit other people to join and make money through your recruits as well as the downline.
This could give you a residual income if you meet specific criteria, which can also earn you incentives and bonuses.
The Compensation Plan
myEcon has a robust compensation structure that’s oddly not located on the website.
However, my research helped me to discover three ways through which you can get compensated on myEcon.
1. Income Shifting Membership Sales
After registering and qualifying as a marketing director (MD), you gain eligibility to earn $10 for the first 2 referrals who buy this membership and become MDs too.
Then, you’ll earn $35 for the third and above referrals, after which you rise up the rank to Executive Vice President (EVP) that represents a new “base shop.”
From now on, you’ll get a new base shop for each referral that you sign up. Each new MD you recruit within your base shop will earn you $25.
Your earning level will rely more on your MDs’ retention rate each month.
If you have a retention rate below 80%, your earning amount will fall from $25 and $30 to $7.5 and $17.5 respectively.
2. Retailer Commissions
The commission rates will vary from product to another based on the commission volume (CV).
You’ll earn 15% of all the sales you make as an MD and 25% as an EVP.
Nonetheless, the commission value is less than the full cost price of a product.
This is to mean that you’ll earn around $0.30-$0.50 at the MD and EVP commission rates.
Depending on the generation of your downline, you will earn about 3%-17% commissions from your referrals.
3. Dream Team Residuals
If you’re an associate within any generation and have paid for the ISM for at least 5 months, you‘ll get this commission that ranges between $1 and $8 monthly depending on your rank.
Are You Tired Of Scams?
To join myEcon, you’ll be required to buy any of the two affiliate packages that are being promoted.
- Sales Associate – costs $80 upfront and $10 monthly.
- Marketing Director Package – costs $179.95 upfront and $34.95 monthly.
GOOD VS BAD
- The products may assist in improving your financial discipline and credit score.
- The services and products sold are relatively cheap for you to buy and promote.
- The entry fee is low.
- It offers you a duplicated website for your promotional uses.
- Experienced salespersons can earn good money.
- It looks too much like a pyramid scheme.
- The products are not really unique since they are from third parties and therefore, they’re overpriced.
- Lack of transparency on compensation structure.
- Income depends on the active members in your downline.
- It needs a lot of continued recruitment.
Who Is myEcon Meant For (And Not For)
In my opinion, I would say no one.
I don’t like the tiered businesses and MLM’s since they usually benefit the few folks at the pyramid top.
To make a passive income through myEcon, you’ll have to keep recruiting more people in your downline while encouraging the ones that you already have not to quit.
This is not a bad business.
If you can be able to recruit people continually, maybe it can work for you.
Otherwise, it’s going to be hard for you to make any money here.
Ugly Truths Revealed
1. Lack of transparency.
myEcon website doesn’t provide any information regarding its compensation plan.
This lack of transparency is a red flag.
Why don’t they want you to know how much you’ll be earning for different tasks?
I can’t really tell this.
2. It requires you to do a lot of recruiting.
This is not very different from other MLM companies out there.
You’re needed to be an expert at recruitment in order to make good money with myEcon.
Even to move up the rank and be eligible for higher commissions, you’ll still need to recruit several people.
The more people you have in your downline, the higher your income will be.
I’ve seen this same case in other MLM companies that I reviewed recently, including:
However, recruiting is not an easy thing to do, as you may probably know
This is because you’ll need to have a lot of traffic to convert into sales, which is not easy at all, meaning that your earning potential is a bit low.
In case you choose to use paid traffic, the process might be quicker, but you could end up spending a lot of money.
3. The commissions are small in value.
The Commission Volume (CV) system isn’t impressive at all.
Besides the commission rates being around 15-25% on the 2 lower ranks, the actual maximum commission you can make isn’t based on the true value of the products/services but another relatively more economical cost.
This is ridiculous.
They do this intending to impress you that you’re making huge commissions, though it’s just a lie.
How do you see this? It’s very annoying especially for someone interested in this product.
4. Actually, only around 5% of members manage to achieve this.
So, if you thought it was easy to make several thousand dollars or even sustainable income with MLM’s like myEcon, think again.
Unless you’re highly driven and willing to learn a lot to make it work, you can hardly succeed with this business
myEcon is a company that’s privately held and based in Gwinnett County, GA, a suburb of Atlanta.
A small group of entrepreneurs founded it back in 2005.
They were envisioned to help people attain their personal financial success.
Larry Gates is the current Chief Executive Officer (CEO) of the myEcon company.
He has over 20 years of experience in communications, marketing, and business operations.
He manages and oversees all daily operational aspects of the company.
His role as a leader is to establish performance indicators and monitor performance against the company goals.
Is MyEcon A Scam
myEcon is not really a scam or even a pure pyramid scheme.
Rather, it’s a genuine MLM that works to make money for some members.
However, there are several red flags as we have seen above, which may deter you from joining this opportunity.
The good things about myEcon include the fact that it’s fairly affordable to get started, it has more credibility compared to some newer MLM’s since it’s been around for a while now, and the products are good are likable.
The problem comes because of the business model used by myEcon.
It’s not easy to succeed in the network marketing business model since it requires a lot of recruiting.
Because of this necessity, only about 5% of all members can make some decent income with myEcon.
Now, why do you have to keep paying the monthly fee?
I think it’s meant to make the opportunity a part of the referral scheme and bring in new members.
The commission volume of myEcon is also very bad since it lacks transparency.
This makes it hard for you to accurately indicate whether you’re going to succeed with the myEcon company or not.
But as we saw above, it’s not something easy, and it’s very unlikely.
Because of the products and services sold by myEcon, I don’t think it’s one of the best MLM opportunities available online.
Therefore, I don’t recommend it to you.
But if you still want to go ahead and join it, definitely it’s not the worst company you can join.
A Much Better Opportunity To Earn Good Income Online
I hate scams entirely and believe that you do too.
They are totally bad since their only aim is to enrich the owners behind them.
Despite all the enticements and huge income claims, they never deliver what they promised you.
Would you want to waste your time and money on such products? Of course no.
But now, we are lucky because I found a legit online platform.
It has helped me to earn a four-digit income monthly in less than a year.
Fortunately, I’m very willing to help you do the same.
This platform offered me step-by-step training.
Now I understand everything about the online business operations.
Upon joining this program, you’ll also be provided with all tools that are necessary for your success in online business.
You’ll be granted access to a huge community with active and knowledgeable like-minded members (including me), who will help you with anything you might need.
If you want to earn life-changing amounts of passive income, I highly recommend you to join this platform.
It’s free to begin, and I’ll be very ready to assist you to attain your desired income.
Just enter the platform and contact me in a direct message through the platform, and I’ll be there to help you.
If you have any questions or thoughts whether MyEcon is a scam or anything else, then please leave them in the comment section.
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