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.
In this review, I’ll show you what you need to know…
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.
Thankfully, myEcon does have real products, many of which appear to offer good value.
I have to admit though, I do find the scope of the products a bit strange. On one hand, they sell coffee and on the other hand they sell identity theft protection.
Anyway, here’s a quick breakdown of the myEcon product 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.
Also worth mentioning, when you sign up to become a Marketing Director, you receive an Income Shifting Membership.
Which is all about helping you minimize taxes, increase your income and accumulate more assets. In other words, it’s about helping you become wealthy.
Overall I think the products are legitimate. I haven’t tried them myself, so I am only going off what I can see. But they do appear to be genuine from what I can see.
In reality, the best way to determine how good the products really are, is to try them out yourself. And compare them against other well known brands.
Then you can be sure you’re promoting stuff you’d actually buy yourself.
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 company called Team National does.
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.
Either way, this is a cool concept. So I think as long as you buy stuff you’d already buy, it’s a bonus.
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).
In any case, I did my homework, so I was able to find some reliable information. Including a YouTube video of the most recent compensation plan.
Read on for my full breakdown of the compensation plan.
Update (March 10, 2022): the YouTube video I originally shared, which the following information is based on, was removed after publishing this article.
To join myEcon, you need to find an independent associate’s replicated website. After watching a few YouTube promo videos, it wasn’t hard to find a link from an associate.
Once you find a link to a replicated site, you can then apply to become a ‘Marketing Director’. This is the very first ‘affiliate rank’ within this company.
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).
As I said earlier, the ISM is essentially training to become financially successful.
You also get the following benefits as a Marketing Director:
- Income Shifting Strategy (already mentioned)
- CashFlow Manager System
- Identity Theft Protection
- Free & Discount Legal Services
- Credit Education Services
- Discount Travel & Corporate Perks
Overall, I think the cost is pretty low considering what you’re getting. It’s certainly not the highest cost MLM I’ve come across.
Ways You Can Earn Money
There are THREE main ways you can earn within the myEcon compensation plan. In this section, I will explain these income streams and how they work.
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.
So this is 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 third MD also qualifies you to become an ‘Executive Vice President’ (EVP) and represents a new ‘Baseshop’ within your downline. 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.
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) Retailer 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.
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 Retailer 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.
Climbing The ‘Rank’ Ladder
Now that we’ve looked at the various ways you can earn, it’s important to understand how ‘ranks’ fit into the equation.
Put simply, your rank determines how much money you will make.
And there are six ranks in total within the myEcon compensation plan:
The following is a breakdown of what it takes to achieve each rank and how it benefits you.
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
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
Verdict- Is myEcon a Scam or Legit Opportunity?
From what I can see, myEcon is not a scam.
You get real products and services for your money. Which is one of the first things you should consider before getting into something like this.
If genuine retail customers are getting real value from the products, this goes a long way in determining how legitimate a MLM company is.
There is also an opportunity to build a profitable business, promoting myEcon and it’s products. You could potentially earn a significant income over time. Like any business though, it will take time and effort.
With that being said, there are some aspects of the company I didn’t like. I always like to share the pros and cons when I do a review, because nothing is ever perfect.
For one thing, I think the company should be more upfront about disclosing stuff like the compensation plan and who founded the company.
Secondly, 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. This is often just a way to boost the income opportunity. And I can’t see how myEcon is any different in this respect.
Third of all, there seems to be a heavy emphasis on recruiting. In reality, affiliates earn commissions for recruiting other affiliates, infinite levels deep and wide. The Income Shifting Membership is really just ‘what you get when you become a Marketing Director’.
I’m not saying this makes myEcon a scam. But it is something to be mindful of when evaluating a company like this.
What you decide to do is up to you. But hopefully this review has given you some worthwhile insight, so you can make a more informed decision either way.
29 thoughts on “Full Review of myEcon: Should You Join The Business Opportunity or Is It a Scam?”
How can I join my econ
I’ve been to & done these types of programs. I’ve generated money but it was just a very stressful way of doing it. They always prey on the less fortunate. All these companies depend on one thing people to continue to pay for a monthly subscription & you have to depend on those people who are barely making it already to decide do I pay for the subscription or pay for a bill or food. How can I feel okay taking money from someone who barely has it? Or buy something that is cheaper at the store. The recruiter finds those who are easy to manipulate into paying for the subscription each month. Those with horrible credit score.
I always have asked the recruiter “if you are so confident this will work then cover my fees for the next two months & whatever I generate in profit I will pay you back the fees” they always say no because they are unsure themselves.
So be careful and do your homework. This may work for you or it may not. You may also lose friends & family time ver this.
I was thinking along the same lines. Seems stressful and similar to a pyramid type of company. You do the work and they become successful. If you don’t generate what your supposed to your back at square one. Seems like your paying into something that’ has its own uncertainties.
I’m interested but see all different prices for initial start-up and that makes me leary. One woman on you tube has an extra bonus but that will cost you another 25.00 or more on top of the 34.95 monthly fee and I believe it’s called income shifting pro where everything is set up for you. It’s like a business in a box. Is this thru the company or is she making extra money outside of the rules of the company. This makes it hard for me as far as who I should go with to be my mentor.
If you are truly interested in joining, get back to me. The difference in the start up has nothing to do with MyEcon – The real start up is $99, however members have the opportunity to reduce that amount via an online coupon. The company has been in business for over 14 yrs, and I have been with it for nearly 5 years. Am I rich? No – but I am debt free and able to do things now that I could not do 4 years ago as I was stuck in the rat race working 3 jobs, 1 full time and 2 part time. MyEcon also pays weekly based on the previous week performance.
Hey Joseph are you a member I am intrested
They been around 13 years is that not long and they are debt free. Message me for more info on this company as I am in it only because I love the product and education. The compensation is even better now.
I think that it is good to note that the network marketing aspect of the company
is just 1 of MyEcon’s optional strategies. If you would like to simply boost your credit
or increase your take home pay or simply sell nutritional coffee, then focus on that.
For many, being paid to share these strategies is well worth the membership.
I like options.
As it is with most product marketing companies where recruiting is allowed…there will always be a handful
of associates that use unethical means to pull people in and thus giving the company as a whole a bad name.
The fact is: There are too many testimonies from MyEcon associates and customers to call
the company anything other than legit. The proof is in the pudding and people are enjoying
the companies pudding.
Unless of course…You don’t like pudding.
its a type of Pyramid company will not last long
Is My Econ only for USA or is it a world wide program
I believe it is only for those who reside within the United States.
Pls is it free to join or will I pay money to join
There is a one time setup fee of $19.95 and a monthly fee of $34.95 to join myEcon.
Tim you have a lot of wrong information and you have a lot of inaccurate information I just wish you would have did your research a little deeper and a little more accurate and for you to say that you have started an online business is very good but for you to say somebody else’s MLM and what they started is a hoax or scam without viable or credible information doesn’t look good on your record or is it that you know that this is a black owned business and you just want to know if people who want to tear down black owned businesses maybe you should really join myecon and find out what my econ is about and not go to YouTube and get bits and pieces of what you found come and join my company my name is beverle Thomas and you can contact me anytime [phone number removed].
First of all, I did do my research and provided a thorough and detailed review here, based on the companies official compensation plan. If you feel there are discrepancies, then by all means point them out (with proof) and I will absolutely update the review accordingly if needed.
Second, I did not call MyEcon a “hoax or scam” at all… so I am wondering if you even read this review before commenting?
Lastly, please don’t come here dropping your phone number as a way to recruit people.
Thanks for commenting and all the best with your business!
MyEcon is a very interesting business because they are centered around info products that legitimately solve an issue and that is financial literacy. People can choose to be sick and tired of the rich getting richer while the poor get poorer. It’s only because education, they have the knowledge on how to leverage credit to make money, and 80% of the population doesn’t. MyEcon gives you a chance for each one to teach one as you’re given an opportunity to make an ROI from the monthly cost and some. People on my team have noticed quick success meaning tons of income proof. I wrote a review from my perspective on the opportunity, you guys can read it if you’d like [link removed].
My Econ is not a scam. As a business opportunity researcher and marketer, I have looked closely into MyEcon and found nothing wrong which stands out. It is a company which utilizes Network Marketing, so if you are okay with NM then MyEcon could be right up your alley. If from the start, you do not like NM/MLM, then there is nothing there for you.
I like the products and services they offer, as they have a nice broad appeal. I wish however, they would do away with their health supplements. I don’t think it is a good idea to mix products like that, as they seem to take away from the real ideology of the company.
The cost to start this business is negligible. For anyone who thinks $50 or so is too much to start a business, then I have news for you: You will never succeed at a business.
If you like and believe in the products and services they offer (and ideally you always should have some kind of passion for the products of the company you want to partner with), then go for it. Just treat it like a business, be serious about it and you will do well.
Will you get rich from it? No, I do not think so, but you can make a nice income from it.
One caveat before i take off: Historically, companies with these types of products and services do not stay around long. They never have. Honestly, I don’t know why.
Remember Financial Independence Limited (FINL) back in the 90’s headed by John Cummuta? Excellent company and financial education but it just never hit its stride.
Are you familiar with Financial Education Services (FES). They are currently operational. I actually partnered with that company, but cut ties due to a couple of issues I could not stomach (poor customer service to their own distributors, too heavy an emphasis on recruiting and not enough on retailing and upsells to ridiculously high cost seminars). My opinion is they won’t be around too long.
I hope MyEcon learns from all that and makes its own way and learns from others mistakes. I actually like the look of them and their distributors/marketers seem to be taking this business seriously.
Ok, so I am sorry I rambled. I just love this stuff! 🙂
MyEcon is not a scam. The main objective is your personal finances. I’ve learned to pay off my mortgage in 10 years instead of 30, shift my income and repair my credit.
I’m a member myself. I have a degree and a couple of financial licenses ; not your typical MLM recruit I know…I joined mainly out of curiosity, and for the credit repair. Believe it or not, I’ve had many items deleted off my credit report and signed ppl up and made great money. MyEcon is not a scam. I get a lot of business just off of Instagram alone. Continue doing your research. You’d be pleasantly surprised!
It definitely is real and definitely changed my life!!! Trust me you will definitely not regret it if you are smart to join!!!!
I’d like to speak with you on this more
Can someone please be 100% honest about MyEcon!!!!!! I want to know!!!! Is this real!??
Not a scam. Join and check out your account for 3 days and if you don’t like get a refund. $47.90 to find out. If your serious about changing your personal financial future you will not want a refund.
So far myEcon has been 100% true! The compensation plan is very easy to understand.. I have made very good money with myEcon plus i am repairing my credit! This BUSINESS is NOT A SCAM and I am very thankful that I joined!!
Thank you for your review. I was very skeptical to join, I wanna know what the company itself, and what are the products. It looks to me that is just another recruitment type of how you can make your money. Thank you, but I’m not joining…
First of all, the job posting says PC Solutions Pro. This makes it look like a computer repair company, and I thought it was a tech job part time. No where in the description does it mention marketing or MLM! This is very deceiving and to be deceived at the first step of applying for a job is a red flag!! Im out and will not be interested. Everyone stay away!!!!!
There are regular joes and sues KILLING it with myEcon. I know one guy who made $300,000 within like 5 months…of course he was already a millionaire but nothing is a scam with this company because they have physical products, they have road side service, they have a financial course to fix your credit. Oh yeah, and I’m not even with this company right now so it’s pretty unbiased 😉
Thank yo for your review, it has enabled me to make informed decision. Keep up the good work.
OMG, I got lost in this compensation labirint.
I won’t join this company, as overcomplicating hints at hiding something, in my opinion.
All these products can be purchased from better-known companies without any hassle.