Thanks for reading the myEcon review. I’m so glad you’re here and researching this company before buying it. This tells me you’re a cautious person who doesn’t want to waste your time and money.
The myEcon website provides very little information. So I’ve done a lot of research in order to provide you with as many facts as possible. This way you can make an informed decision.
This is, of course, another MLM (multi-level marketing) system, in the shape of a pyramid. But is it a pyramid scam, or a legit company? Can you actually make money with this style of business? Let’s take a look, OK?
And if you truly want to start your own money making online business, and bypass the uncertainty of an MLM, please CLICK HERE.
What Is myEcon?
MyEcon is short for “My Economy” and is based in Atlanta, GA, U.S.A. The company was founded in 2005 by Ivey Stokes and Alvin Curry. It is presently being run by CEO Larry Gates.
There is no mention of the founders on their website. I don’t know why other than these two men had previously founded another MLM company called Maxxis in 1998, which filed for bankruptcy in 2003.
They were sued in 2006 for not acting in the best interests of Maxxis. According to S. Gregory Hays, Chapter 7 Trustee for Maxxis Group, Inc., these men were…
“engaging in egregious acts of misconduct which further impaired Maxxis’ financial condition.”
I suppose this is why they don’t want to be mentioned as the President, and Executive Vice-President on the myEcon website. It would potentially hurt their business’s reputation, lol.
MyEcon Membership – $47.90 + $34.95/month
- ID Defender – $8.99/mo. for individuals, $14.95/mo. for families
- ID monitoring service which covers computer protection software, identity theft insurance & restoration services, legal services, lost wallet assistance, and password protection.
- Cash Flow Manager – $10.95/mo., or $19.95/mo. for Pro
- This phone AP protects your data, tracks income & expenses, captures receipts, and budgeting categories.
- The pro plan offers financial strategies, retirement strategies, debt elimination plans, and maximizing financial success.
- Smart Credit System – $99.95
- The 750 Credit Plan offers 26 videos on how to repair your credit, 4 dispute letter templates, and how to establish new credit.
- Income Shifting training offers strategies for increased cash flow, a minimize expense tool, a debt elimination tool, and an investment calculator.
- Travel – Priceline
- Health & Nutrition
- Daily Ultimate Liquid Vitamin – 32oz bottle $36.95
- Body One MSM Capsules – 90 capsule bottle $19.95
- Body One MSM Lotion – 2-10oz bottles $24.95
- Credit Monitoring – $23.95 every 6 months
- T’Amo Cafe – 90g box (30 servings) $16.49
- NuviaTrim coffee – 129g box (30 servings) $19.99
- Cash Back Mall – low percentage cash back when shopping in commonly used stores
- Roadside Assistance with “Road Assure” – $7.99/month
Who Is This MLM For?
Personally, I want to say no one. But that’s because I hate MLM’s, lol. These types of tiered businesses invariably benefit the few people at the top of the pyramid.
The only way you can create a passive income is by continually recruiting more people in your downline, and constantly encouraging the ones you’ve already recruited, so they don’t quit.
This type of business has worked for people I know, but they are a special breed! They love talking to groups. They love bringing up their business at every turn, whether it’s appropriate or not, lol. They love selling!!
If you are a natural born salesman who doesn’t get offended when people shut you down, or you don’t mind constantly trying to recruit your family and friends, then try it! Just don’t come calling on me, OK?
How Does It Work?
To get started with myEcon, you would have to be approached by one of their associates or come across one of the associates replicated websites.
From the research I did online, the costs of membership and the products seem to change fairly often, and what I listed above are as of February 2019.
Like any MLM business, the multiple levels and payment structure is ridiculously complicated. I’m no dummy, and I love math, but after an hour of looking through everything, my head hurt…
Let me break this down as simply as I can…
When you join, you become a “Marketing Director”. This is the first affiliate rank you receive with the company. You qualify for 15% commission on products you wish to buy. You also get $10 each for the first two people you sign up under you. You are now an Executive Vice President.
When you sign up your third person, you create your “Baseshop” and are paid $35 for each additional person you sign up.
When these new people (not the first two) sign up recruits under them, you get $25 for each sign up as long as they meet certain enrollment conditions.
As an Executive Vice President, you now qualify for 25% commission on your personal products and 10% on your downline’s purchases. These percentages increase the longer you and your recruits stay active.
From there, it gets significantly more complicated. But the crux of it all is to concentrate on building your downlines wide and deep. The best money comes from recruiting, with the product commissions helping your total income.
Here the video explaining the entire payment structure if you want full detail. Maybe take a Tylenol first, haha…
Another thing I should point out is their refund policy. Your one-time payment of $47.90 is non-refundable after 3 days, and if you paid annually for the membership fee, only the unused months are refunded.
This is the first time I’ve seen such an array of different products attached to one company, lol.
With any MLM business, there have to be products promoted to make the system legal. But even though there are, it’s still the recruiting process that makes you the most money.
Two of the products, the Cash Flow Manager and the Smart Credit System, are good to help you learn, manage, and plan your finances. Most everyone could benefit from that.
The travel is simply using the Priceline website, and according to reviews I’ve read, it doesn’t offer you any additional discounts.
The remaining products are costly and seem to be changing brands often.
The Cash Mall is an interesting feature if you shop at many of their affiliated stores. You won’t get rich using this, but if you’re actively recruiting, it can add up with a percentage of your downline’s purchases.
After your initial fee, you need to pay $34.95 per month for your website and hosting fees. My question is why do you need a website for an MLM business?
These websites are duplicates of the original, with your name added to the top. Google will not rank anything that’s duplicated or copied. So if you hope to start using your website to attract online visitors, you’re going to have a very difficult time.
Most MLM’s that I know of require you to meet with people face to face. This is probably the only way to get your recruits excited about anything, lol.
Online traffic is something entirely different, and the myEcon website is far from exciting in my opinion. Plus it lacks a lot of information.
- Low entry fee
- Get your own duplicated website
- Aggressive salespersons could make decent money
- Income is dependant on active downline
- Requires continual recruitment
- Company owners have been previously sued for acts of misconduct
Final Thoughts And Recommendations
So you already know that I hate MLM’s, LOL. This style of business has always proven to benefit the people at the top, with the people below doing all the work.
I’ve personally been a part of several MLM companies in the past and wished I had learned my lesson after the first failed attempt.
The first was with a company that sold consumable products, expecting to have regular, repeat orders from my downline. But it didn’t work out that way. Their products were so concentrated, that reordering didn’t happen often.
The last MLM I was involved in was shut down by the FTC in the US. What we didn’t know was that the owners and upper tier members were proven to be mishandling and misrepresenting the income they were getting. All the company funds were frozen and the downlines were never paid out.
So that was it for me. NO MORE MLM’S!
No matter how good they sounded, it always ended with time wasted and money lost.
Most people get so confused by the payment structure that they never look into it closely. They simply believe that they’ll get rich in a few months time.
But can they? There has been proof that anything beyond 5 tiers is just making the top of the pyramid rich. I found an excellent article by MLM-TheTruth.com about the red flags to watch out for when evaluating MLMs.
Red flag #5 says…
“When an MLM company pays commissions and bonuses on 5 or more levels of participants, the program can be said to be highly leveraged; i.e., a few at the top of a pyramid are enriched at the expense of a multitude of downline participants, the vast majority of whom lose money.”
I couldn’t agree more!
And keep in mind that this company has been around since 2005. The bottom tiers aren’t making too much by now!
Is myEcon a scam? No Would I recommend them? No
My one big concern is what will happen to you if this company goes bankrupt as their previous one did. Will you lose all of your unpaid commissions? Probably.
And despite how quickly they say you can make a large monthly income, that only depends on how quickly you recruit your direct downlines, and how quickly your downlines recruit to their own.
Your income is very much dependant on how active the people below you are.
From my own experience, it’s too difficult to reach your dream of a great monthly income. Especially when it’s out of your control, never mind alienating all those around you.
Can I recommend something safer for you?
What you need is your own business. Something you are in full control of. A business you can be proud of and scale as large as you like.
I’m talking about an affiliate marketing business. This is an online business about something you are truly passionate or experienced in. And it’s all about helping people. I have friends who are making 4 and 5 digit incomes every month. And this is passive income.
I would love for you to come and see where I run my business. It’s on an amazing platform that provides you with all the training, tools, and support you need to start your new journey. It’s not an MLM, lol.
You can even start for free! Your starter membership gives you two free websites with hosting, and enough training to set you on your way. And if you’re truly serious about growing your business, you can join the premium membership. It’s very affordable, never increases, and no upsells!
Click on the image below to read all about it. And when you join, I’ll personally meet you on the inside.
Let me help you create your own profitable online business. This is the safest and lowest risk you can ever take!
Have you joined any MLMs in your lifetime? How did it go? Can you share your experiences with us? I’d love to hear from you.
And if you have any questions or comments, please leave them below.