MyEcon says that they will help you become financially free through the training and business opportunities they have. In this myEcon review, I will give you my honest opinion on whether the program can boost your financial status or it is just another fraud.
Too many individuals are flocking to services that give a chance to make money. And corporations are preying on individuals that might seem desperate or are in a financial situation that is threatened. Having said all that, I’m going to go with a review over this business opportunity to give you some answers.
MyEcon Reviews: The Company
MyEcon is short for “My Economy” and is the acronym that symbolizes a person’s economy that the company founder came up with. The organization works in the multi-level marketing field called Direct Sales. The company’s vision was for people to take care of their own economy just like theirs is taken care of by the government and companies. MyEcon supports families with their financial progress by offering resources and training and also providing financial solutions to get them out of debt and being optimistic with cash flow.
MyEcon was founded on 1st of September 2009 by a small group of entrepreneurs, then incorporated on 28th of September, 2005 and privately owned under myEcon, Inc. The niche that I would consider the business to be would be the for credit repair. It is a debt-free business headquartered in a suburb of Atlanta, Gwinnett County.
MyEcon Reviews: The Products
The key product sold by MyEcon is funding and taxing instruments in the form of software and digital products to help lower your debt. You get a few things when you join MyEcon at the Financial Success Membership stage.
- The app for smartphones.
- The chance to win commissions.
- The software app to be installed on any smartphone and has features to help you track spending, driving miles, and even capture receipts.
The Cashflow Manager is called MyEcon Cashflow Manager App. The app also provides data on other providers, such as:
- Tax Advice
- Preparation of income tax
- Protecting Identity Fraud
- Discount Legal Aid
- Financial Education
- Services for credit restoration
The business also markets discount travel, all-natural nutritional items. It has an online shopping center that includes many famous brand stores like Walmart and Macy’s that you can share with others. The following is an array of all the things that MyEcon provides: (it is important to note that not all of these are included within your membership, most has an additional cost before you can use these services and tools)
- ID Defender- This service has an extra fee. It helps track your credit activity, allows computer software to defend against theft, and when your identity has been compromised, it helps to recover your identity.
- Smart Credit Repair System- This is a website for training that lets you repair your loan. It offers several video training modules and also provides pre-written sample letters to help delete bad credit marks from your credit report you plan on sending to the different credit agencies.
- Cash Flow Manager- This is the app listed above that allows you to keep track of your receipts and drive your miles. Simply put, this is an employee link to the website priceline.com to help locate the best offers for air travel, car rentals, cruises, and hotel prices.
- Health & Nutrition- Extra costs for these items. Basically, this is a portal for 3 different nutritional items, a multivitamin liquid, MSM tablets, and oral nutritional sprays.
- Coffees- This is an Aloe Gano portal, offering a balanced coffee at an additional cost.
- Cash Back Mall- This portal is described earlier, where you can give individuals your connection and get a small percentage of their purchases when they buy. I believe you receive cashback points when members enter, which can also be redeemed
- Path Assure- This is like AAA, a roadside assistance service. The starting cost of participating is $8 per month.
- Credit Tracking- This is exactly what it is called. This service tracks your credit score; however, it comes with a Using it would cost you $24 every 6 months.
Now, I mentioned that most of these services and goods come at an extra cost; you can earn up to 30 percent commissions from your members and team members who take advantage of and buy any of your team’s MyEcon products.
Cost to Become a MyEcon Associate
The standard enrollment price is $99.95 to enter as a Marketing Director (Income Shifting Membership). And there’s a $34.95 monthly recurring membership charge, which begins 30 days after you join. The stuff you get when you become and connect are here:
- A website and marketing scheme.
- The business system of the organization.
- Their Membership Changing Profits.
- Support for your efforts and appreciation.
- A website & marketing system.
- The firm business system.
- Income-shifting Membership.
- Recognition and Support of your efforts.
You may visit the myEcon website to join and send a help ticket or get their number to call their corporate office. You may also get back to the person who informed you and referred you to the opportunity.
MyEcon Commission Plan
MyEcon provides a compensation package for those seeking to earn extra money from home. The standard and most popular pay system designs include matrices, binary, and uni-level compensation package models. MyEcon works in the unilevel MLM pay schedule system, but it is a twist and turns, of course, when it comes to how you can earn commissions. MyEcon supplies members with:
- A free advertising website, the company branded website coded to you with your special link.
- Marketing Training
- Leadership Support
MyEcon EVP associates earn 100 percent on personal sales and up to 85 percent on team sales with unlimited weekly incentives and residual profits when you apply. You become EVP after enrolling 2 members or selling 200 worth of personal product sales. With the MyEcon compensation package, there are at least 5 ways of earning money.
1) Personal Sales
For each income-shifting membership sale that you make personally after sponsoring your first membership, you will receive $100. All you have to do, to put things in context, is make 10 transactions a month and you’re at $1,000 per month.
2) Dream Team Residuals
When your team members pay their monthly membership, you earn between $1–$7 depending on your rank per month on all active members of your downline. This kicks in after 1 month of an Income Shifting Membership.
3) Product Sales
In addition to the company’s main products, you can also earn on other services such as Travel, roadside service, and online cashback shopping.
4) Retention Bonus
You earn a $45 retention bonus each time 3 personal or Base Shop Marketing Director/Income Shifting Membership sales make their 1st renewal payment within 31 days. This is paid in addition to the Dream Team residuals.
5) Base Shop Overrides
On all Income Shifting Membership sales from your downline (Base Shop) and the regular enrollment sales of $99.95, you earn $90.
These are just some of the highlights from the comp plan.
MyEcon Review: Conclusion
MyEcon is not, from what I can see, a scam. This organization is not a fraud and not a pyramid structure. I have to remind people of what a real pyramid structure is in each multi-level marketing analysis that I do, and myEcon is not one of them. They market legal goods and services for financial purposes.
For your money, you get real products and services. That is one of the first things you should remember before getting into anything like this. This goes a long way in evaluating how credible an MLM business is whether the actual retail consumers are getting real value from the goods.
This is not an opportunity I would suggest, however. With their business model, the main concern is that they are so focused on rewarding recruitment. One example of that is that to step up in the rankings, you need to recruit many people. For one thing, I believe that the company should be more upfront about revealing items such as the compensation package and who created the business.
Secondly, I’m a bit wary of their goods for health and wellness. This is common among MLM companies, I see statements, with very little facts, of how great their products are. This is a way most MLM Companies grow their sales. And in this regard, I can’t see how myEcon is any different.
Thirdly, there appears to be a strong focus on hiring. Affiliates receive deep and large levels of commissions for hiring other affiliates. When you become a Marketing Officer, the income-shifting membership is always ‘what you get.’
It’s up to you what you plan to do. Hopefully, this review has provided you with some worthwhile insight so that you can make a more informed choice either way.