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Trying to fix your credit score while making money helping others do the same sound great but is MyEcon a scam really or a legitimate MLM company that can really help you?
MyEcon is in the personal finance industry and offers services to help people fix their credit, get their withholding tax correct so you have less withheld, and have products you can sell.
That’s where the business opportunity comes in, as a MLM they will have a line of products for you to sell and also give you the chance to get build your own one business from home.
My review will show you how this all works and tell you what you need to know before you join.
I have written everything out in the following sections:
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WHAT IS MYECON?
Program Name: MyEcon
Price: $19.95 one time + $34.95/monthly
MyEcon is a “personal finance success company” where they help people like you and me find the best ways to get our finances in the best shape.
One of their services is getting your payroll deductions right and making sure you’re maximizing your take home pay.
They say most of the time, employees have too much taxes withheld and could have been in their hands instead.
I, personally, never felt it was too much and I actually liked the fact it did that because it was like giving myself a bonus check every time I filed my taxes.
Anyway, I digress, the other service they offer that is helping lots of people is getting people’s credit score back up to a much better one on the higher scale.
So those are the types of services they offer as well a full product line of various things which I’ll go into in a bit.
This is a multi-level marketing (MLM) company so naturally you can recruit others into this business and offer them their products, services, as well as their work at home opportunity.
The work at home opportunity portion is another way you’ll be able to make money with this MLM and most MLMs will have this feature because it can be quite lucrative if could massively recruit.
But most people can’t and that’s why these MLMs mostly don’t work out for most of us at the bottom of this triangle.
They offer some of the obvious online marketing tactics like going on social media but that’s not going to be enough for sure.
You’ll need to know how to use paid advertising and create sales funnels to recruit massively online which these MLMs should provide their members with appropriate trainings on this.
HOW MYECON WORKS
The Home Business Opportunity
As most people will be more interested in this portion of the MLM, I will be discussing this part first.
If you want to join the home business opportunity you will have to join by paying a one-time fee of $19.95 with a recurring fee of $34.95 to become a Marketing Director member.
Once you recruit two people, you will earn $10 from each of those recruit and they get passed up to your sponsor who will earn $25 from each of those.
From then on, your commissions are qualified and you’ll move on to the EVP level where you could now earn $35 from each recruit instead.
When your direct referrals then recruit, you will also earn their first 2 sign ups and earn $25 each on those, so if you have a bunch of direct recruits, you’ll get to earn lots of $25 if they are good at recruiting too.
You will move up the ranks if you keep adding members to your team so your levels can move up like this:
- Marketing Director – Cost of entry, 100PV a month in sales
- Executive VP – 2 recruits or at least 200PV per month as Marketing Director
- Executive VP Gold – 30 members in your team
- Executive VP Platinum – 200 members in your team
- Executive VP Infinity – 800 members in your team
I’m not going to go into the details of their compensation plan as they actually don’t even want people to know before you join which is not right.
This information should be readily available like all other MLMs I’ve reviewed because we should be able to evaluate the whole business before going into it.
Anyway, the details of the compensation plan is not that important as much as what is really driving the revenues of this business.
I will analyse next whether this MLM is a pyramid scheme or not.
Is MyEcon A Pyramid Scheme?
Just because MyEcon is a MLM, it doesn’t mean it is a pyramid scheme right away, we need to see what drives their revenue.
As you can imagine what this scheme looks like as you start recruit two and those recruit two, it’s easy to see a triangle pyramid shaping.
However, what makes a MLM a pyramid scheme is if they didn’t have any products or services to offer to retail customers.
In MyEcon’s case, they have quite a few products that they sell which are a wide variety from coffee to anti-identity theft as seen here:
So, since they have plenty of products and services available to retail customers, there’s no worry that MyEcon is a pyramid scheme.
Will You Make Money?
Yes, you can make money with this, of course, but will you make enough to call it a success? Not so sure.
Most people going into a MLM by other income disclosures I’ve seen don’t usually make that much and only a small percentage earn the a full time income or more.
I couldn’t find an income disclosure for MyEcon which gives me an uneasy feeling because legitimate MLMs disclose this.
You should know that MyEcon’s marketing focuses on recruiting and encourages you to go out there and do the same.
The way this system is built, it would seem you can make a lot of money with those pass ups for so many downlines that you could potentially have.
However, that is the downfall of such MLM systems because if the products don’t sell that well, then members are dependent on recruiting to make thing meet.
In the end, recruiting runs out because most MLMs don’t do well with training in paid traffic or current internet marketing strategies that will make success more possible in this online climate.
IS MYECON A SCAM?
No, I do not consider MyEcon a scam but I would be aware of the things I’ve mentioned above if you are still going to join.
You should also be aware of joining a system that you don’t own. I mean, if a MLM shuts down, and I have seen them to go down, then everything you’ve invested will be all gone.
This is a reason why I never liked the MLM business model and opted for one that is more flexible and something I can call my own because it really is mine.
Should you join MyEcon?
That’s a question you’ll have to answer. This one sure has some red flags (no income disclosure, no compensation plan,) so I can’t be recommending this to you, but I would do more research if you are serious in joining.
I have to conclude that I do not recommend MyEcon.
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If you have any questions or thoughts regarding whether MyEcon is a scam or anything else, please do not hesitate to leave me a comment below. I always reply to my readers! 🙂
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