MyEcon Review – Scam or legit?

MyEcon Review
  • Products
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  • Compensation Plan
1.5

Summary

myEcon says they can help you become financially free, through the training and business opportunity they provide, but not really..

MyEcon has been getting a lot of attention lately.

Many so called leaders like Mack Mills, Alfredo and the like are promoting MyEcon. Many ex MCA reps and leaders are jumping on board too. You may seen seen it all over popular social media sites like Facebook and Instagram.

I am NOT promoting this business opportunity as an affiliate or distributor in any way.

I have done some research in this myEcon review so you can learn the truth and decide if it’s right for you.

Is myEcon a scam? Is it legit?

Let’s check out this Review of myEcon.

myEcon says they can help you become financially free, through the training and business opportunity they provide.

Sounds cool. I mean who doesn’t want to become wealthy?

But if you’re reading this, chances are you’re skeptical, and you want to learn more. Which is smart. It always pays to do your homework before rushing into something.

What Is myEcon About?

myEcon (short for “My Economy”) is a network marketing company in the United States.

Apparently, they help people attain personal financial success, within their own “personal economy”. And they do this primarily through the ‘Income Shifting Membership’ and the attached business opportunity.

According to the website, the company was founded by a small group of entrepreneurs in 2005, and is run by CEO Larry Gates.

However, I did some research and it turns out Ivey Stokes is the founder of myEcon. Although the website doesn’t mention that for some reason.

In any case, the company sells a wide range of products. From identity theft and credit score repair services, through to coffee beans and wellness products.

These products are sold through the company’s network of sales associates. Who are people who join the business opportunity looking to start a home based business.

In addition to promoting the company’s products, associates can also recruit others into the business opportunity itself.

The myEcon Product Line

One of the key things to think about when you are considering joining any network marketing (AKA multi level marketing or MLM) company, is the products.

Because if the products are low quality, or not viable to sell on their own, then the only way to make money is by recruiting people.

Which is never a good thing. Because if all you are doing is recruiting people who recruit people, then you could be involved in a pyramid scheme.

myEcon does have products:

myecon-products

 

I have to admit , I do find the scope of the products a bit weird. On one hand, they sell coffee and on the other hand they sell identity theft protection?

myEcon products line:

  • ID Defender- $7.99 to $14.95 per month identity theft protection
  • Smart Credit Repair System- $99.95 credit repair service
  • 750 Credit Monitoring for $23.95 every 6 months
  • CashFlow Manager- $19.95 per month cash flow management system
  • Roadside Assistance- $7.99 per month
  • Coffee Beans- $16.49 and $19.99 per box
  • Health and Wellness Supplements-  Daily Ultimate for $36.95, Body One MSM capsules for $19.95 and Body One MSM Lotion for $24.95

As you can see, there’s quite a varying range of products on offer.

The first few products are about protecting your identity, repairing your credit score and managing your money. Then there’s a roadside assistance service, coffee beans and nutrition supplements?

The myEcon Cashback Mall

This is an interesting platform that members have access to. And one that could potentially add up to some savings over time. It’s also exactly what another MLM companies do.

So what is it?

The Cashback Mall is a platform that allows members to shop at stores like BestBuy and WalMart, and get cash back on those purchase. Typically less than 5%.

How does it work?

myEcon is an affiliate for these companies, so when you buy stuff through the affiliate links within the Cashback Mall, they earn a commission.

However, instead of pocketing that commission, like a regular affiliate does, they pass that commission on to you.

The commission (AKA cashback) rate, is small though. As I said, generally less than 5%. And it can take up to 60 days to actually receive commissions from these companies. Which means you could be waiting a few months to get your cash back.

The myEcon Compensation Plan

The myEcon compensation plan outlines the various ways associates can earn money, and how much they can earn, within the business opportunity.

MyEcon does not provide their official compensation plan document on their website. Which is odd and a little frustrating to be honest. All this does is make it harder for people to determine how viable the opportunity really is (beyond the sales pitch).

I did find a YouTube video of the most recent MyEcon 2018 compensation plan:

I’m not endorsing this company at all. But this is a worthwhile video to watch, in respects to the compensation plan.

 

The cost to become a Marketing Director is a one time setup fee of $19.95 and a monthly fee of $34.95.

As a member, you get a replicated website (to sell products and recruit people), some training and an Income Shifting Membership (ISM).

Ways You Can Earn Money

There are 3  ways you can earn within the myEcon compensation plan.

1) INCOME SHIFTING MEMBERSHIP SALES

When you sign up, you must purchase the Income Shifting Membership to qualify as a Marketing Director (MD).

In doing so, you qualify to earn $10 for recruiting your first two direct referrals, who also purchase an ISM.

That’s a set commission, and one that is essentially paid on the recruitment of new associates.

From this point, you will earn $35 by recruiting your third MD, and every time you directly refer a MD thereafter.

Your 3rd MD also qualifies you to become an ‘Executive Vice President’ (EVP) and represents a new ‘Baseshop’ within your down line. And every person you directly refer, forms a new Baseshop, infinitely wide.

A Baseshop consists of your direct referrals, and those they recruit, who have not yet become an EVP.

myecon comp plan

 

Don’t worry too much about all the text within the above image for now, I will be explaining all of this shortly. For now, just know that you earn a $25 commission on any new MD’s within your Baseshop, infinite levels deep.

Also, if your monthly retention is lower than 80% these commission rates change. From $35 and $25 down to $17.50 and $7.50 respectively.

2) RETAIL COMMISSIONS

Each product or membership comes with a set ‘commission volume’, or CV. And it’s this CV that commissions are based on.

For example: the ID Defender costs $7.99 and the CV on this product is $2. So commissions are based on this $2.

The actual commission rate (percentage) varies though.

As a Marketing Director, you earn 15% on any products you personally sell. This goes up to 25% if you’re an Executive Vice President or higher.

So in the above example, if you sold the ID Defender, you’d earn 30-50 cents per month depending on your rank.

In addition, EVP’s and higher can earn 10% of the CV generated by anyone within their Baseshop. And between 3-17% commissions on any CV generated by referrals within your ‘Generations’.

Your first generation forms when a referral within your Baseshop becomes an EVP.

myecon-generation-EVP-example

 

When any referral (directly or indirectly) sponsored by a first generation associate, becomes an EVP, they become your second generation referral. This process repeats infinite levels wide and deep.

2.1) SUPER RETAIL BONUS COMMISSIONS

This is really just a ‘boost’ on the previous income stream. If an associate meets the following criteria, they qualify to earn a higher rate of retail commissions:

  • $40 CV in any given 5 week period
  • $120 CV in any given 13 week period
  • $240 CV in any given 26 week period
  • $480 CV in any given 52 week period

This is the equivalent of selling 20 ID Defender subscriptions within a rolling 5 week period.

However you get there, qualifying for this means your retail commissions shoot up to 100% on direct sales, and 85% on indirect sales.

So in the previous example, this would result in a $2 commision for personally selling an ID Defender subscription, or a $1.70 commission if someone in your Baseshop made that purchase.

3) DREAM TEAM RESIDUALS (DTR)

This is a commission that is paid on any associate within any generation, who has paid their ISM for at least 5 months. The payout for this is between $1 to $8 per month, depending on your rank.

How MyEcon Ranks Work?

Put simply, your rank determines how much money you will make.

And there are 6 ranks in total within the myEcon compensation plan:

myecon-ranks-compensation-chart

 

CLICK HERE to MAKE MONEY ONLINE – LEARN 3 METHODS THAT CAN MAKE YOU $5,000 PER MONTH.

 

MyEcon Ranks:

MARKETING DIRECTOR (MD)

How to qualify:

  • Signup to myEcon to qualify

What you can earn:

  • $10 on your first 2 direct referrals
  • 15% commissions on product sales
  • 25% matching bonus on whatever your first two referrals earn once they qualify for EVP

EXECUTIVE VICE PRESIDENT (EVP)

How to qualify:

  • Recruit 2 MD’s and maintain your $34.95 Income Shifting Membership OR;
  • Generate 200 in personal CV to qualify

What you can earn:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% retail commissions from those within your Baseshop
  • $2.50 on Generation 1-3 referrals
  • 3% on Generation 1-3 retail purchases
  • $1 DTR bonus for referrals within Generations 1-3

EXECUTIVE VICE PRESIDENT GOLD (EVP GOLD)

How to qualify:

  • Accumulate $8 in CV within the last 5 weeks
  • Have 10 active associates within your downline (counting no more than 5 from each Baseshop or generation)

What you can earn:

  • Same as EVP except;
  • $7.50 on Generation 1-4 referrals
  • 7% on Generations 1-4 retail purchases
  • $3 DTR bonus for referrals within Generations 1-4

EXECUTIVE VICE PRESIDENT PLATINUM (EVP PLATINUM)

How to qualify:

  • Accumulate $60 in CV within the last 5 weeks
  • Have 80 active associates within your downline (counting no more than 20 from each Baseshop or generation)

What you can earn:

  • Same as EVP except;
  • $12.50 on Generation 1-5 referrals
  • 12% on Generations 1-5 retail purchases
  • $5 DTR bonus for referrals within Generations 1-5

EXECUTIVE VICE PRESIDENT INFINITY (EVP INFINITY)

How to qualify:

  • Accumulate $400 in CV within the last 5 weeks
  • Have 400 active associates within your downline (counting no more than 80 from each Baseshop or generation)

What you can earn:

  • Same as EVP except;
  • $15 on Generation 1-5 referrals, and $2.50 on subsequent generations
  • 17% on Generations 1-5 retail purchases, and 5% on subsequent generations
  • $7 DTR bonus for referrals within Generations 1-5, and $2 on subsequent generations

CEO INFINITY

How to qualify:

  • Accumulate $1,000 in CV within the last 5 weeks
  • Have 1,000 active associates within your downline (counting no more than 100 from each Baseshop or generation)

What you can earn:

  • Same as EVP Infinity except;
  • $8 DTR bonus for referrals within Generations 1-5, and $3 on subsequent generations

Conclusion:

As is typical of MLM companies that sell third-party products and services, myEcon’s compensation plan is confusing. The gist of the plan is recruit three affiliates (to qualify as an Executive Vice President) and then focus on those in your downline recruiting three affiliates.

There is an opportunity to build a business, promoting myEcon and it’s products. Like any business though, it will take time and effort.

There are some aspects of the company I didn’t like.

I’m a little skeptical of their health and wellness products. All too often among MLM companies, I see claims of how amazing their ‘lotions and potions’ are, with very little proof.

There is a heavy emphasis on recruiting. In reality, affiliates earn commissions for recruiting other affiliates, infinite levels deep and wide.

I’m not saying myEcon is a scam. But it is not something I would get involved with or promote with confidence.

CLICK HERE to MAKE MONEY ONLINE – LEARN 3 METHODS THAT CAN MAKE YOU $5,000 PER MONTH.

 

MyEcon Review - Scam or legit?
MyEcon Review - Scam or legit? 1

MyEcon has been getting a lot of attention lately. Many so called leaders like Mack Mills, Alfredo and the like are promoting MyEcon. Many ex MCA reps and

Editor's Rating:
2