Posted by If you read this article, you probably want to know the answer to this question: Is MyEcon a scam really or it’s a legit multi-level marketing company? Don’t worry; I help you find the right answer!
Opportunities to make money online present themselves regularly. These opportunities include those that could not be completely sincere and those with which one can earn a lot of money if they put in the right efforts.
You may have heard about MyEcon from friends and families and other people in your space. You may have even heard about the organization from other platforms such as social media. This review is set to share as much information as you need to know about MyEcon. It is important to be sufficiently informed before making business decisions, and this article provides the information you need to decide if MyEcon is a suitable opportunity for you.
Summary
Product Name: MyEcon
Official Website: http://myecon.com
Owner: Reco McDaniel, Carlton Calhoun, and Justin Owens
Type: MLM company that works based on personal finance advises
Cost to Join: $34.95/m
Recommended? 50%
Overall Rating: 5 out of 10
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What Is MyEcon All About?
MyEcon is a shortened form of the full name, My Economy. It is a multilevel marketing organization that has a goal of guiding members towards financial success. The organization aims to achieve its goal within the personal economy of the members. The organization was created by Ivey Stokes and has been around for over a decade, since 2005.
Although the creation of the organization is attributed to Ivey Stokes, its website states that the organization was founded by a group of entrepreneurs. The CEO of the organization is Larry Gates.
As an MLM, MyEcon is designed to sell products as well as to recruit associates that sell the products. There is thus a product line of MyEcon, and there are marketing associates of the organization. The marketing associates of the organization are the members who sell the products as well as build teams. Thus, the average marketing associate of the MyEcon is the person that strives to begin a home-based business selling products as well as building teams with other marketing associates.
The operations of the organization expanded in 2016 when a merger occurred between Novae and MyEcon. Because MyEcon is an organization that is aimed at improving the personal finances of individuals, the products offered by the organization are aimed towards financial development and freedom. The commitment of the organization towards improving the finances of its members could e likened to the commitment of a government to the finances of its people.
How MyEcon Works?
MyEcon has a product line which its associates can sell. Associates of the organization can also build teams and earn from those teams. A major focus of MyEcon is credit repair. As a credit repair company, the organization thus has products that has aimed at improving the credit score of individuals. The organization teaches financial strategies.
When one becomes a member of MyEcon, certain products become available to them. These products and services include those highlighted below.
ID Defender: This is a product that is aimed towards protecting one’s identity as well as activity online. With this product, the user can be assured of safety of their transactions online. A software is also part of this product. This software prevents cyber-attacks based on one’s activities also protecting one’s devices.
Cash flow manager: Just like the name suggests, this is a tool that helps one keep track of their financial activities. With this tool, one would be able to maintain proper records of their income as well as expenditure. Features of the tool include the upload feature that allows one to upload receipts.
Health and Nutrition: The health and nutrition products are products that are on a different line from the financial products. These products are three addressing different health and nutrition needs.
Smart Credit Repair Tool: The smart credit repair tool is the tool that is directly linked towards the purpose of credit repair. With this tool, one gets access to training materials with which they can offer credit repair services. This tool guides members towards repairing their credit score with credit agencies. One gets videos on steps to take as well as materials with which they can take these steps.
Cash Back Mall: This is the tool that is related to affiliate marketing. With this tool, members can send links to prospective buyers and make a commission off sales that are made.
Book Travel: This is a product of MyEcon that gives you access to affordable means of travel as well as other travel products. With this tool, members can get access to the website of priceline.com. With the access to the employee portal of the website, one can find travel deals such as flights, hotels and car rentals.
Credit Monitoring: This is a subscription-based tool of MyEcon. With this tool, one would be able to monitor their finances more effectively towards financial freedom. This tool is specifically aimed at keeping a track on the credit score of the user. A six-month subscription is required for one to access this tool.
Road Assure: This is another subscription-based tool under the MyEcon line. With this tool, one gets a form of road assistance that could be likened to AAA. A one-month subscription requirement applies to this tool.
It is noteworthy that MyEcon also has a mobile app from which one can carry out activities that are related to their finances as well as other activities. One can track their expenses and credit score from this app, for example. One can also earn commissions from this app. One can also find information on different types of activities on this app.
MyEcon – Likes & Dislikes
Since MyEcon focuses on financial freedom, it also an opportunity for members to improve their credit score, also providing security for one’s finances. Persons that require assistance with improving their credit score could thus find the platform particularly helpful.
Information on the compensation plan of MyEcon as well as its products are noted readily available to the public. The fact that the compensation plan is heavily focused on recruitment may be a discouraging factor.
How to Make Money with MyEcon?
MyEcon provides two options for members to make money. These options include earning a commission from one’s sales activities. As one builds a team, they can also earn from the sales activities of members of their team according to measures that have been established by MyEcon.
Just like any other MLM, certain requirements are necessary before one can begin to earn commissions. These requirements include having people in one’s downline as direct referrals. These two people must be committed to the platform by paying the required monthly fees regularly.
It is noteworthy that one’s earning potentials improve as they build their activities improve and their rank increases.
The commissions which one can earn include the referral commission and the direct commission. The direct commission is the commission which one earns based on the volume of sales which they make to retail customers. The direct commission which a marketing associate with the basic rank earns is 15% of the total worth of the retail order.
As the rank of the associated increases, they can earn as much as 25% of the value of the total order as direct commissions, while also earning from the sales activity on their downline. There is an established system for determining one’s commissions from the sales activity on their downline.
The referral commission is the second form of earning which is a flat rate for every new affiliate one introduces into the platform. However, the affiliate has to be an active member of the platform for one to get the associated bonus. As the rank of an affiliate increases, they can also earn higher referral bonuses. The basic referral bonus is $25 and can increase up to $50 as one’s activity improves.
Another form of the commission could become available to a person as their rank improves. This form of the commission is known as the Dream Team Residuals. The Dream Team Residuals allows one to earn based on their generations, a classification established by the guidelines of MyEcon. The Dream Team Residuals is also dependent on one’s activity.
To become a member of MyEcon, one needs to register on the platform with the affiliate link of a person that is already part of the platform. Every associate gets a replica website through which new affiliates can register, and one needs to find such links to register,
Registration requires a monthly fee as well as a one-time fee. The one-time fee is currently $19.95, while the monthly fee is $34.95.
After one makes these payments, they become a Marketing Director. As a marketing director, they own replica site where they can carry out activities which include selling products. A marketing director can also receive training necessary for managing their credit score as well as products that would help them achieve their goal. The Income Shifting Membership which is associated with being a managing director of MyEcon includes all the pieces of training one would receive as regards managing their finances.
MyEcon has six ranks, and these ranks would determine one’s earning potential. For each rank, there are requirements as well as applicable bonuses. The six ranks available to affiliates of MyEcon include Marketing Director, Executive Vice President, Executive Vice President Gold, Executive Vice President Platinum, Executive Vice President Infinity and CEO Infinity.
One simply needs to fulfill the requirements of signing up to become a marketing director of MyEcon. The applicable commissions include the $10 bonus on the first two affiliates the marketing director introduces. A marketing direct of MyEcon also gets 15% sales commissions as well as $25 matching bonuses when the first two affiliates they referred get to the Executive Vice President rank.
The Executive Vice President rank which is the next rank comes with extra benefits such as retail commissions that could range from 25% of the value of the order to 100% of the volume of the order. Other bonuses which apply to this rank include the $35 referral bonus.
One also benefits from activity in their Baseshop, earning up to 85% on retail commissions from their Baseshop and up to $25 for each MD that is part of their Baseshop. To become an Executive Vice President, one should have recruited two affiliates in the marketing director rank. One could also generate a minimum of 200 as their personal CV to become an Executive Vice President.
The Executive Vice President Gold rank is the third rank. Requirements of this rank include having a minimum of 10 affiliates who maintain regular activity. One also needs to have $8 in their personal CV within 5 weeks to qualify as an Executive Vice President Gold rank.
The financial benefits of this rank include extra earnings such as $7.50 for the first four generations on their downline. An affiliate within this rank also earns 7% of retail purchases from the first four generations on their downline. One also earns Dream Team Residuals from the first four generations of their downline.
The Executive Vice President Infinity rank is the penultimate rank of MyEcon. This rank has eligibility requirements which include an accumulated sum of $400 during a period of 5 weeks as well as 400 associates who maintain regular activity within one’s downline.
Financial benefits of this rank include a referral bonus of $15 for the first five generations of one’s downline. Such an associate also earns a 17% commission of the retail activities of the first five generations within their downline. DTR bonuses also apply to the first five generations of one’s downline as an Eexceutive Vice President Infinity.
The CEO Infinity rank is the highest rank and naturally attracts the most benefits. This ranks requires an accumulated sum of $1,000 as one’s CV within a period of 5 weeks. One also needs a minimum of 1,000 associates that maintain activity on their downline to attain the CEO Infinity rank. The extra financial benefits of this rank include DTR bonuses on both the first five generations as well as subsequent generations.
Final Word – Is MyEcon a Scam?
Programs that you can make money from are endless like Amissio Formula, EdX or Elite Marketing Pro but not all of them are worth trying. From the available information, MyEcon cannot be labelled as a scam. The organization has legitimate products, and the performance of the organization will be determined by the value attributed to the products.
We are able to state that MyEcon is not a scam because of the findings made. Scam organizations usually offer a lot of promises without substance. A scam organization, for example, will promise a lot of wealth with a formula that is unbelievable and without tangible products. Scam organizations also may not have actual persons behind the organization.
MyEcon has founders as well as a CEO that runs the affairs of the organization. The merger with Novae is another indication of the legitimacy of the organization.
Although clear details about the compensation plan of MyEcon are not available to the public, the fact that the public has basic insight as regards the compensation plan excludes MyEcon from being labelled a scam.
Conclusion
MyEcon is an MLM company which provides opportunities for one to make money based on their direct activities as well as the activities of their team. The ability of one to sell the products and build their team will determine their earning potential and should be considered before becoming a member.
Persons that have been become successful through ventures such as MyEcon have strategically combined traditional marketing measures with digital marketing measures to build their teams and sell their product. One’s commitment to these processes determines how successful they would become from the venture.
In this review, we have been able to establish that MyEcon is an MLM organization with a compensation plan that is based on sales and recruitment. We have also highlighted the products and established that, from available information, it is not a scam.
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