MyEcon Review [Is MLM Legit Or Scam?!]
Welcome to my MyEcon Review!
When it comes to searching for money-making opportunities, the first thing it comes to mind is searching for financial experts or program. We all know how complex money is and its underlying systems.
Hence, establishing software or anything that aids people to understand the money-making process lures them into investing more money believing that increases the stakes to earning. The reality is, it’s the opposite.
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MyEcon Review - Quick Summary
Founders: Ivey J. Stokes & Alvin Curry
Type: Multi-Level Marketing Company
Price: $47.90 set up fee + $34.95 technology fee
Best for: Honestly, nobody.
Summary: MyEcon is a 10-year-old network marketing company that’s offering financial services to help people attain economic independence by means of their powerful Personal Financial Success System, its flagship program helping people to become millionaires.
Is MyEcon Recommended? No. I’ll tell you the details in a while. For now, focus on learning how to upgrade your high-income skills by learning how to make legit money online. Click the green button below.
What is MyEcon?
MyEcon is a 14-year-old network marketing company that offer financial-related programs helping you to understand the complexity of the niche.
In turn, the members earn and make more money once they recruit more members under their belt and receive commissions from it. Well, what’s so new in any MLM, right?
The main catch in joining the company is merely to understand the tasks of a financial adviser. Rather than hiring one, Stokes and Curry established the company with a mission.
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To allow people without a background in financial education undergo the basics of financial understanding and learn how money comes in and out in your cash flow.
Once you master these through the Personal Financial Success System, not only you gain benefits of the program, but you’re also going to be wise in terms of spending and saving until you reach the financial goals you set from the beginning.
How Does MyEcon Work?
Through their Personal Financial System, MyEcon seeks to succeed in teaching you everything about the money-making process. Within the system, you’ll learn the 3 Smart Cashflow Strategies, which includes:
- Minimize Taxes
- Generate Business Income
- Asset Accumulation
These things are fundamentals in saving more money though, which are apparently learn-able in schools and textbooks. That is if you find the time to read those concepts for some bucks on Amazon or Kindle.
How to Make Money with MyEcon?
Unfortunately, MyEcon didn’t disclose the exact compensation plan you will receive unless if you join the company and become one of their bonafide members.
For sure, you’re going to earn money from the commissions per referred persons in your account and sales generated in your team.
The only thing that is presented to the general public is the membership fee and technology fee, which are clearly tools to start your own business. Hence, you’re going to spend $82.85 before you can finally commence your MLM work.
Not only those fees are needed. But MyEcon also requires members to purchase more products they claim are necessary for the success of their business.
These items include some of their flagship products, such as the ID Defender and Road Assure Roadside Assistance. There are more to access within your membership comprising the following:
- ID Defender - aids in monitoring online credit activity and prevention from hacking
- Smart Credit Repair System - training to repair your credit comprising video training, among others.
- Cash Flow Manager - personal cash flow tracking app
- Book Travel - employee portal to find best travel deals via priceline.com
From there, you don't see any unique products MyEcon manufactures in comparison to other MLMs that offer technology rather than those that belong to the health and wellness niche.
That comprise the majority of the companies nowadays. Mint.Com, for example, is a budget tracking application developed for the same matter.
In order to maximize the earning opportunities from the item, you have to search for people to refer and earn commissions. The same thing with other non-consumable products existing in the market today.
For each referral, you can earn around $25 to as high as $50. The income increases as long as your downlines recruited more people and the process goes on the infinite levels deep.
MyEcon [UGLY] Truths Revealed!
1. Shady Tactics From Executives
You don’t expect a real Return of Investment (ROI) upon joining the company. First of all, the program itself can be learned through attending seminars or reading simplified versions of financial books.
You have many ways to learn those without really spending more money for the sake of learning these concepts. Second, the executives don’t have a real product except selling the concept alone.
2. History Of Bankruptcy
Before MyEcon existed in 2005, the founders, Stokes and Curry, were once related to Maxxis Group, Inc., which has the same structure as the former.
However, it faced its tragic end in 2000. As per the complaint filed against them, it stated, "The Defendants disregarded their fiduciary duties to Maxxis and its creditors and instead promoted their own financial interests as Maxxis' equity holders...by engaging in egregious acts of misconducts which further impaired Maxxis' financial condition."
Granted, why do you want to learn financial education from persons who were responsible for the company's demise? It's not only out of irresponsibility but from "egregious acts."
3. Irresponsible Executives
This is in relation to the previous point though. Prior to MyEcon, the same people, Stokes and Curry, once built Maxxis for the same purpose.
Five years, they threw away the latter and built a new company to lure naive people and take advantage of it.
4. No Real Products
I reviewed a lot of Multi-Level Marketing Companies and most of the legit ones sell real products. Like the members could hold onto something and see themselves the physicality of it.
Yet, we can’t avoid those who are confident enough to recruit members to sell concepts. One of those is VOLO, selling spirituality and KidsGetMoney.Co, selling make-money schemes. The same thing as MyEcon does to its target market. There are no real products.
5. No ROI Guaranteed
Of course, this is certain. Aside from the non-disclosure act from the company’s behalf with its exact compensation, there’s no need to analyze the returns.
Certainly, you’d get nothing from the company. You can’t gain anything right when you merely sell concepts and recruit members in hopes of earning commissions from it.
6. Focused On Recruitment
As I mentioned earlier, you won’t have any physical products to sell except concepts. This is why the need to increase your personal sales is considered a necessity to continuously generate income in your account.
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Otherwise, you’d lose your chances of getting your money back simply because you can’t sell any of their items to prospect clients.
What I Like About MyEcon?
1. High Rating On BBB
This is quite surprising though. As much as the negative connotation of MyEcon goes forward, the Better Business Bureau (BBB) shows a contrasting report.
Apparently, they earn their accreditation status and an A+ rating from the platform without questions asked. That means, the company satisfied them with the sufficiency of the records.
2. Fewer Complaints On BBB
This is another surprising thought, too. Aside from the accreditation status and an outstanding BBB rating, they also have fewer complaints recorded on the same platform. For 14 years in the business, they only have 29 complaints filed against the company.
3. Comprehensive Financial Program
We are all aware of how complex it is to understand any financial-related concepts. Thus, having MyEcon as the way to learn these as comprehensive and as detailed it could is beneficial. Especially if they made so much effort to explain these in layman’s terms.
Though you won’t sell anything or go through failure in increasing your income in the company, you still benefit from the important lessons from them for your future endeavors: your plans for achieving financial independence possible.
MyEcon Review - What Others Say?
Most of the blogs I have read tackled the same thing. MyEcon is a scam. Before I make my conclusion here, I dug into the people’s first-hand experiences with the company and how they came up with a thought about its schemes.
Ethan Vanderbuilt referred to the founder’s previous bankruptcy that led to their former company, Maxxis, and its demise in 2000 due to their irresponsibility.
Given, it’s easier to judge the fate of MyEcon through examining the legibility of its leaders. In fact, it’s also noted that they joined forces with another shady company, Novae.
Another thing to consider is that it does promote more on recruitment due to the infinite levels deep compensation plan. However, it doesn’t guarantee the members more commissions, apparently.
"They do not offer information that verifies people make any significant amount of money by participating their business opportunity," Ethan Vanderbuilt wrote on his blog.
However, another blogger contrasted this idea. Albeit the caution needed before you join the company, SEO Spark disagreed that it’s a scam.
Jerry Huang of Smart Affiliate Success told the same thing. But he doesn’t recommend the company and its program to others for a legit income opportunity.
Is MyEcon A Scam?
"MyEcon is far from being a scam, and I would consider it a legitimate MLM business opportunity," Jerry Huang wrote. Yes, MyEcon is not a scam either. But I admit their program isn’t recommendable.
It’s not because it’s shady per se. Rather, it’s a concept you could learn for free online and by reading financial-related materials on Kindle.
Depleting your credit is even learn-able to affordable online courses on Teachable or on Udemy. There are many options for you.
Regardless, MyEcon is not a scam but a real company with real but not a recommendable program for you and for others, who want to make money.
If you want to earn a steady, legit, residual passive income this year, don’t miss the next section.
#1 Online Business Opportunity
Now, you learned more about MyEcon and its company background as well as your income opportunity from their program.
From there, you also realize that you couldn’t get anything from the company but disappointment for obvious reasons.
With that being said, I could tell you there’s one important you should make sure you earn more this year without chasing money. Rather, the opposite.
If you take a look at Dan Lok’s 3 secrets of wealth (Wealth Triangle), improving your strengths to become your high-income skills is one of them.
Granted, once you put your strengths into practice to the point you excel in something, more and more people recognize that and willingly pay you for that service. A payment that is higher than an average 9 to 5 regular employee. That’s the secret of wealth.
The same thing with understanding financial education to its depths. If you want to lessen your credit and increase your savings until you become this year’s millionaire, master the principles and take these as part of your lifestyle. If so, you couldn’t resist but invite fortune in your home.
This FREE program has the same concept. You’re going to upgrade your online marketing skills as an affiliate in order to pave the way to your passive income.
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Now that I shared my thoughts in my “MyEcon Review?” post, it’s time to turn the table and ask about your experience, in general.
What kinds of experiences do you have with MyEcon? Is it worth your time, money, and effort?
Do you prefer to begin earning your first passive income through affiliate marketing or you rather invest your time, money, and effort to MLMs like MyEcon?
Let me know in the comments below! 🙂
If you need any help to get started making money online, don't hesitate to ask in the comments below and we'll be happy to help you out!