Personal financial services that help you manage your cash flow and credit can really help you stay on track and manage your finances better. But did you know you can also make money selling personal finance services? You probably already did which is why you are possibly searching through various MyEcon reviews to see if they are the real deal. Our MyEcon review will lay out the good, bad and ugly and determine if this a legitimate opportunity. What we found may shock you.
What is MyEcon?
MyEcon.net (short for My Economy) is a personal finance MLM. They were founded in 2005. Currently, Larry Gates is listed as CEO/COO of myEcon. Their headquarters is based in Atlanta, USA.
What Are the MyEcon Products?
MyEcon has a number of products, including an identity protection program, a credit monitoring system, roadside assistance program, a smart credit system, and cash flow management software. They also offer non-finance related products like travel discounts, health and nutritional products, and coffee. These products are typically simply products from other affiliate programs, featured in the MyEcon portfolio without rebranding.
However, their primary product is membership in the company itself, where they have a financial guidance system that teaches you to move your money and manage it more intelligently to create wealth (the company calls it Wealth Creation through Income Shifting). This cash flow management and software system is the primary means through which members join MyEcon, and recruit new members.
How Much Does it Cost to Become A MyEcon Associate?
To become a MyEcon associate, it costs a one-time fee of $47.90, and then a monthly fee for a website and web hosting of $34.95.
How Much Money Can I make as a MyEcon Associate?
MyEcon doesn't disclose earnings and doesn't focus on any potential earnings. But like with most MLMs, you make money as an associate by:
- Commissions from sales
- Residual commissions from your recruits
MyEcon Commission Plan
MyEcon does not disclose their commission plan on the website or provide any documentation. This is information you will receive when you sign up as an associate.
However, there are some associates that do disclose the commission plan on their MyEcon website they are provided with when signing up. Basically, the commission rates range between 15-25% (per order, not per item) depending on your rank and 10% commission from associates in your downline.
If you’re looking for a business opportunity with a straight forward commission plan, you might want to try Wealthy Affiliate. You aren’t left guessing what your earnings will be.
If a business opportunity is not what you are looking for at the moment, you can always try some other free sites to make some side income like Inboxdollars.com, SurveyJunkie.com, Swagbucks.com, and Fusioncash.com
What We Like About MyEcon
Let’s take a look at some of the positives we found about MyEcon
Good BBB Rating
For those of you who pay a lot of attention to these types of ratings, you will be happy to know that at the time of writing this review, they have anA rating with the Better Business Bureau.
Now that you know what MyEcon is all about, let’s dive into some of the complaints and see if these are deal breakers or not.
No Commission Plan on Website
It’s usually quite rare that an MLM doesn’t openly publish their commission plan on their website. They are hoping their hyped up sales pitch video will persuade people enough to sign up. Once you sign up, you will be able to access the commission plan inside your account.
Are You Ready to Recruit?
So, to move up the ranks you have to enroll people to also sign up as associates. So there is a big emphasis on recruiting. The FTC has actually warned MLMs who focus more on recruiting than direct selling.
If you're looking for a business opportunity that doesn't require you to recruit people, you can try sites like Wealthy Affiliate. If you're just looking to make some extra income, you can also try sites like Inboxdollars.com, SurveyJunkie.com, Swagbucks.com, and Fusioncash.com. There's also no recruiting involved for those sites.
Cheaper Services Elsewhere
A lot of the products and services they offer are subscription based which can add up to quite a lot of money over time. There are many financial services out there offering similar or the same services for much less. This is something associates also have to take into consideration when trying to sell MyEcon products.
Just two years after an entity called Maxxis Group Inc. declared bankruptcy. Maxxis Group founders Alvin Curry, Larry Gates, and Ivey Stokes started MyEcon shortly afterward. In 2016, MyEcon merged with Novae, another MLM with leadership from a collapsed MLM called WakeUpNow. So there seems to be a trend of previous failed MLMs which makes it even harder to sign up with them.
Is MyEcon A Scam?
MyEcon is not a scam. They do sell legitimate financial products and services.
However, this is not an opportunity I would recommend. The biggest problem with their business model is that they’re too focused on rewarding recruitment. One example of that is that you need to recruit a lot of people to move up in the rankings.
It's hard to make money in any business but it is more difficult with an MLM business model. But if you are looking for a full-time or part-time income opportunity, you may want to try My Best Work At Home Recommendation. It's free to get started and there is no recruiting or direct selling involved. So that might be worth checking out if you want to start an online business.
So there you have my opinion on MyEcon. If you have any experience using MyEcon or want to share your thoughts, please feel free to leave a comment below.
Until next time,
Eddy with a Y
3 thoughts on “MyEcon Review: Legit or Financial MLM Scam?”
Wow great review I got this girl all around social media that says that this company my econ is great amd she just scam me for a 1,120 dollars
Any chance you remember the name of this girl?? Or where she’s from? I’m not sure if I’m being scammed now myself. I came on here to look up myEcon bec of this woman I’m talking to.
God bless you I am apart of MyEcon and in all Honesty No one ever asks for 1,120 Dollars. She is not affiliated with MyEcon and I do apologize for your loss. Feel free to reach out to me and we can talk about your situation. I would like to know who is it that scammed you so I can bring this to leadership attention. 610-295-9791