You are doing research on MyEcon because someone approached you about it and you want to know if this company is legit or a scam. That’s what we’re about to find out.
If you have been here before, welcome back!
Thank you for taking the time to check out my MyEcon review!
One of the common questions I get asked often is if MyEcon a scam or not.
We’re going to take the next few minutes to take a look and get some answers.
The main concern I have for people who are researching this opportunity is that I don’t want them to get burned. In the profession of network marketing, anything could happen.
A company ends up shutting down in a few months due to bad business decisions for being non-compliant, compensation plan change, or the company not paying it’s distributors.
Even worst, your direct sponsor or upline leaves the company. Leaving you hanging to dry.
I understand that many of you are new. Sometimes we are not in a position to make a solid business assessment due to inexperience.
Additionally, I am going to offer you a way for you to escape the ‘9 to 5’ if you decide that this company is not for you.
More information about this program will be at the end of this post.
You landed on this blog because you are thinking about joining MyEcon because someone approached you about it or you just want to try out their products.
Unlike all the other MyEcon reviews on the internet, this is completely third party unbiased. I have no relationship with this company what so ever so when you read this blog post all the way through and pay attention, I can assure you that I am not going to ask you to join or buy.
By the time you have read this unbiased review, you will be able to decide if MyEcon is a fit or not. I do not promote, nor I am affiliated with MyEcon. I stand neutral in the current development of the MyEcon business.
With that said, let’s dive in!
What is MyEcon?
MyEcon (short for My Economy) is a personal finance MLM. The company was founded in 2005.
MyEcon was originally founded by Ivey Strokes and Alvin Curry in 2005.
Currently, Larry Gates is listed as CEO/COO of myEcon. Their headquarters is based in Atlanta.
At the time of writing, on the corporate website, it says that the corporate team consists of Larry Gates (CEO/COO), Carliss Curry (CFO), and June Collier (VP Marketing).
The company offers a somewhat unique product to the MLM industry by providing financial services, more specifically geared towards “personal economy”.
In simpler terms, they are going to provide you with services to help you manage your finances better.
The company’s business model is similar to ACN, 5Linx, Ambit Energy, Organo Gold, and Valentus.
What does MyEcon sell?
MyEcon’s financial success membership includes a cashflow manager software, identity theft protection, free & discounted legal services, and tax advice service & preparation.
Novae will add Novae Perks, Novae Library, and Novae Travel to this membership and at no additional cost to current myEcon and Novae IBOs
Most of Novae’s products are bundled with “Lifestyle Package” subscriptions, however, you can find individual retail pricing on the myEcon website.
- ID Defender – $7.99 a month
- Road Assure roadside assistance – $7.99 a month
- Cash Flow Manager – $10.95 a month
- Credit Restoration – $99.95 to set up and then $99.95 every three months
- Family Shield 360 – starts at $13.95 a month
- Cashback Mall (third-party cashback affiliate network) – no cost
- Travel Portal – no cost, redirects to Priceline travel portal
- Daily Ultimate (“liquid multi-vitamin-mineral supplement”) – $36.95 a bottle
- Aloe Gano Black Coffee – $16.49 a box
- Aloe Gano Green Tea – $16.99 a box
- Aloe Gano Rooibos Tea – $16.99 a box
- Body One MSM (Methylsulfonylmethane (sulfur) supplement) – $19.95 a bottle
- MSM Lotion (organic sulfur skin lotion) – $24.95 for two 10 fl oz bottles (295 ml)
The MyEcon compensation plan
MyEcon Affiliate Ranks
The myEcon compensation plan consists of six ranks:
Sales Associate (no MLM Commissions)
- $80 one time and then $10 a month thereafter
- $179.95 one time and then $34.95 a month thereafter or
- Upgrade from Sales Associate for a one time fee of $99.95 and then $34.95 a month thereafter or
- Sign up as a Sales Associate and generate 100 PV a month in sales
Executive Vice President
- Sign up as a Marketing Director and recruit two Managing Director affiliates or
- Sign up as a Marketing Director and generate at least 200 PV
Executive Vice President Gold
- Sponsor 30 fee-paying affiliates in your base shop down-line (no more than 12 counted in any one generation leg)
Executive Vice President Platinum
- Sponsor 200 fee-paying affiliates in your base shop down-line (no more than 50 counted in any one generation leg)
Executive Vice President Infinity
- Sponsor 800 fee-paying affiliates in your base shop down-line (no more than 160 counted in any one generation leg)
What is a base shop you ask?
It’s a myEcon affiliate’s front-line affiliates.
Each sponsored non-Executive Vice President is placed in a base shop.
Once that newly sponsored affiliate brings in two new affiliates (which are placed in the original affiliate’s up-line’s bakeshop), he/she will qualify as an Executive Vice President and are removed from his/her up-line’s bakeshop.
Commission Qualification Requirements
Executive Vice President affiliates need to have 2 personally sponsored affiliates who are paying monthly fees in order to qualify for commissions.
Recruitment Commission Payout
Marketing Director affiliates are paid $25 for each affiliate they bring into myEcon.
Any commissions that are generated by an affiliate’s first two sponsored affiliates are passed up to their up-line.
Executive Vice President affiliates earn $50 per affiliate they bring in.
The affiliate who sponsored them earns a $25 override commission and can also earn 50% of recruitment commissions earned by personally recruited affiliates.
After an affiliate has brought in two affiliates, they will then be removed from the “base shop” of the affiliate who sponsored them.
Once they qualify as an Executive Vice President and are removed from their up-line’s base shop, any affiliates they sponsor generate a $5 to $30 commission for their up-line:
- Executive Vice President affiliates earn $5
- Executive Vice President Gold affiliates earn $15
- Executive Vice President Platinum affiliates earn $25
- Executive Vice President Infinity affiliates earn $30
Also, each time a myEcon affiliate’s down-line expands by seven people, they are paid a $1000 bonus, which is subject to affiliate retention rates.
Residual Recruitment Commissions
- Executive Vice Presidents earn $1 per month per affiliate down four Executive Vice President generations
- Executive Vice President Golds earn $3 per month per affiliate down five Executive Vice President generations
- Executive Vice President Platinums earn $5 per month per affiliate down five Executive Vice President generations
- Executive Vice President Infinity earn $8 per month per affiliate down an infinite number of Executive Vice President generations
Direct Commissions Payout
Sales Associate and Marketing Director earn 15%
Executive Vice President earn 25% direct, 10% of sales generated by their SA and MD affiliates
How to join MyEcon
A myEcon affiliate membership is associated with the purchase of an affiliate package:
- Sales Associate – $80 one time and then $10 a month (no cashflow manager)
- Marketing Director – $179.95 one time and then $34.95 a month
The main difference between these two memberships is the income potential through the myEcon compensation plan.
What are the pros and cons of MyEcon?
Here are the pros:
- 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.
Here are the cons:
- 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.
- 95% of MyEcon members do not make money
My final thoughts
Before you decide to join MyEcon. I would recommend that you try out the products first. See if it’s a fit for what you’re looking for.
If you don’t believe in the products that you are selling, chances are others wouldn’t. Makes sense, right?
If you’ve decided that you want to join MyEcon, you must have the following if you want to succeed:
- A support team and system that will help build your business.
- A mentor that will take you by the hand and help you reach your dreams and goals.
- A constant flow of new leads and prospects that want to join your business.
It is not easy to be successful in the MyEcon business and which is why more than 95% fail.
If you feel the person you are going to sign up with is not going to be able to give you the necessary tools to help you succeed…
You might want to check this out by clicking here! 😊
MyEcon Is Not A Fit For You?
Now, if you feel that MyEcon isn’t for you. But determined to find a home-based business so that you can create a legacy for you and your family.
I would suggest that you check out my number #1 recommended program.
This program is the reason why so many people are having success with a ‘work from home business’.
Last but not least (drum roll please)…
I would love to hear from you if you are looking to join MyEcon or if you were an affiliate.
Please share your experiences by leaving your feedback below.
The feedback will help out those who are doing research on the company.