The Truth About myEcon Scam Revealed!!

Perhaps the most probable reason why you are checking this page is that you have heard a lot of myEcon scam rumors going on. Am I right?

Well, you are in the right place!!

By reading this myEcon review, you will have a good insight into this MLM company. I also included the latest updates about myEcon for 2019 as a bonus.

myEcon Review Summary

Owners: Ivey Stokes, Larry Gates, Alvin Curry, Carliss Curry

Price: $19.95 Enrollment Fee, $39.95 Monthly Fee

Bare Naked Scam Rating:

Recommended? No

You might want to check out this viable alternative business program instead.

MyEcon-Reviews-2019-Bare-Naked-Scam

I am not promoting nor am I an associate of myEcon.

You can rest assured that every piece of information that you will learn in this myEcon review are base on facts from verified sources.

If there is really a myEcon scam going on, you will find out in a few minutes.

What is myEcon

myEcon-Home-Page-2019-Review

myEcon (aka My Economy) is an MLM company that originated in the United States. Although their website does not disclose any information about their company’s structure…

I am able to find out that myEcon was founded in 2005 by Ivey Stokes and that its current CEO is Larry Gates.

myEcon sells a wide range of products including credit score repair and identity theft services to health and wellness products such as black coffee beans and multi-vitamins. These products are sold through the company’s network of sales associates.

In addition to selling the company’s products for profits...

myEcon associates can also recruit others into joining the company to generate an additional source of income.

myEcon claims that they help their associates attain personal financial success through their “Income Shifting Membership” plan alongside an attached business opportunity.

What are myEcon’s Products

MyEcon-Products-And-Services-2019

It is crucial to check out myEcon’s product line of you are considering into joining this MLM company.

You must make sure that myEcon’s products are actually good and have good retailing potential or else, the only way for you to make money is by recruiting people.

Recruiting people per se is not a bad thing.

What’s not a good thing is that if your only option to make a decent income is thru recruiting people who in turn recruit more people because that would be the definition of a  pyramid scheme.

Here’s a complete list of all myEcon products and services:

ID Defender

  • $14.95/month for the family plan, $8.99/month for the individual plan
  • Offers Free & Discounted Legal Services
  • Advanced Identity Monitoring and Alerts

CashFlow Manager

  • $10.95/month after a free 7-day trial
  • Records, organize and stores all business & personal financial transactions

Smart Credit System

  • $99.95 one-time payment
  • 26 Step Guide to Improve credit
  • A system to eliminate debt and increase cash flow

Book Travel

  • A URL re-direct to myEcon’s affiliate Priceline landing page

Credit Monitoring

  • $4 for a 1-bureau report or $8 for a 3-bureau report
  • Software for score tracking and creating report

CashBack Mall  - $12.95/year

  • Online affiliate marketplace that provides cash back on purchases

Road Assure Roadside Assistance - $7.99/month

Health and Nutrition

  • Daily Ultimate Body One Nutrition Daily Vitamin - $36.95/bottle
  • MSM Body One Nutrition MSM Capsules - $19.95/bottle

Coffees

  • 100% Arabica Black coffee - $16.49/box
  • NuviaTrim Weightloss coffee - $19.99/box

Are the products of myEcon stellar enough to be a source of decent profit?

You be the judge.

The first products are about protecting your identity, aiding with your credit score and financial management.

Meanwhile, the remaining are health and wellness products on top of the roadside assistance service.

How to Make Money with myEcon

Just like any other typical MLM companies out there, there are 2 ways you can make money within myEcon’s compensation plan - selling the products or recruiting people.

Retails Commissions

Each product and services offered by myEcon has a corresponding CV (Commission Value), and this is how the company will determine the amount of your commissions.

Moreover, the amount of money you can earn by selling and promoting the products and services of myEcon will depend on your current associate rank (which I will discuss in full in a moment).

For example...

MDs (Marketing Directors) have the potential to earn a 15% commission on the products they sell while the EVPs (Executive Vice Presidents ) can make a 25% commission.

Recruitment Commissions

When you sign up to become an associate of myEcon, you must purchase the Income Shifting Membership to qualify as a Marketing Director (MD).

You will earn $10 in commissions for your first 2 direct recruits who also purchase an ISM.

However...

After your first 2 direct recruits, your rank will advance and you will have the potential to earn $35 for every new direct recruit (starting with your third direct recruit and all that follows) and $25 for every new recruit of your direct recruits.

Dream Team Residuals

This residual income is under the recruitment commissions but you will only qualify if you have

Been paying the Income Shifting Membership for at least 5 months straight. The amount of commission you will earn depends on your rank.

What are the Different Associate Ranks of myEcon

These are the different associate ranks within myEcon’s compensation plan. I also included your income potential as well as the requirements to achieve each rank.

Marketing Director (MD)

Requirements:

  • Signup to myEcon to qualify

Earning potential:

  • $10 on your first 2 direct referrals
  • 15% commissions on product sales
  • 25% matching bonus on your first two referrals total income once they qualify for EVP

Executive Vice President (EVP)

Requirements:

  • Recruit 2 MD’s and maintain your $34.95 Income Shifting Membership OR;
  • Generate 200 personal CV

Earning potential:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% retail commissions
  • $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)

Requirements:

  • Accumulate $8 in CV within the last 5 weeks
  • 10 active associates within your downline

Earning potential:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% of retail commissions
  • $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)

Requirements:

  • Accumulate $60 in CV within the last 5 weeks
  • 80 active associates within your downline

Earning potential:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% of retail commissions
  • $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)

Requirements:

  • Accumulate $400 in CV within the last 5 weeks
  • Have 400 active associates within your downline

Earning potential:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% of retail commissions
  • $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

CEO Infinity

Requirements:

  • Accumulate $1,000 in CV within the last 5 weeks
  • Have 1,000 active associates within your downline

Earning potential:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% of retail commissions
  • $15 on Generation 1-5 referrals, and $2.50 on subsequent generations
  • 17% on Generations 1-5 retail purchases, and 5% on subsequent generations
  • $8 DTR bonus for referrals within Generations 1-5, and $3 on subsequent generations

If you want to learn more about myEcon’s compensation plan, you can watch the video below.

How to Become a myEcon Associate

You will become an official associate of myEcon by purchaing the one-time enrollment fee of $19.95 and a monthly fee of $34.95.

myEcon-Membership-Fee

Completing these requirements, you will become a Marketing Director.

  • Base on the information above, is myEcon a scam in your personal opinion?
  • Do you have any valuable information regarding the myEcon scam rumors that are circulating on the Internet?
  • Do you have anything to add on this myEcon review?

Please feel free to utilize the Comment Section below to express your thoughts and ideas.

What I Like about myEcon

On this part of this myEcon review allow me to present the things I personally like about this company.

#1 An Established MLM Company

In terms of longevity, myEcon has been successfully operating for more than a decade. The company has been around since 2005 until today.

myEcon-Customer-Reviews-2019

I give credit to MLM companies that lasted at least this long because it somehow negates the myEcon scam rumors that is going on. Otherwise, the FTC has long shut down this company.

#2 Excellent BBB Rating

If the BBB rating is something that matters a lot for you in a business opportunity, you might be glad to know that myEcon has an outstanding A+ Rating on this site.

myEcon-BBB-Rating-Reviewed-Bare-Naked-Scam

#3 The myEcon Cashback Mall

Another thing I find interesting about myEcon is the Cashback Mall.

myEcon’s Cashback Mall is a platform that allows members to shop at popular stores like BestBuy and WalMart, and enjoy cash back on every purchase. The cashback rate is small though, generally less than 5%.

Nevertheless, this is still a cool perk that you can enjoy. As long as you are using it whenever you buy the things that you normally buy anyways, I can see no harm.

What I Don’t Like about myEcon

On the flip side, these are the issues that I found about this MLM company in general.

#1 Undisclosed Crucial Information

I find it intriguing why myEcon does not mention the personalities behind the company, so I decided to dig a little deeper.

During my research, I discovered that Ivey Stokes and Alvin Curry were also the founders of an infamous MLM company Maxxis Group Inc.

Maxxis Group Inc was founded in 1998 and was known to provide a variety of marketing and intercommunication services. The company later filed for bankruptcy in 2003.

Furthermore, Larry Gates who is the current CEO of myEcon was also listed among the people behind Maxxis Group Inc.

On top of that...

Any information about myEcon’s compensation plan is not made publicly available on their website.

Having a detailed compensation plan laid out in a company’s website is essential to make it transparent to anyone interested in what they are getting into.

#2 A Pyramid scheme in disguise?

Although myEcon has some real and legit product line, you can clearly see in their compensation plan (the one I presented above) that the fat paychecks are in recruiting people to join the company.

Take note that this is how a pyramid scheme operates.

#3 Inferior Product Line

myEcon products are not really unique nor outstanding enough to be in high demand among your customers. Moreover, these products and services are relatively expensive when compared to their commercial counterparts.

Besides, other than the services, all the products promoted by myEcon comes from third-party vendors. As a matter of fact, you don’t have to be myEcon’s member to buy any of these products.

As such the case, your potential income in direct selling commissions is massively diminished.

You may also be interested to read:

#4 Customer Complaints

While writing this myEcon review, I stumbled upon various complaints about the company.

myEcon-Scam-Complaints

Some people claim about not making enough money in contrast to what myEcon promises while others complains about not getting paid.

#5 MLM Companies have a very high failure rate

This is true not only for myEcon but across the MLM industry in general.

The latest statistics suggest that more than 95% of the people who join an MLM company or engages a business in the MLM industry ends up not making money at all.

Worse, some people even claim to lose money in the end. There are many reasons as to why the majority of distributors fail in the MLM industry.

I suggest that you make sure to educate yourself about the cold truth regarding the MLM business model before you invest your time and money.

It is crucial that you take your time to do some checks and investigate any business program such as myEcon that comes your way.

This will save your money and time and a whole lot of regrets in the end. So to answer the ultimate question that brought you here…

Is myEcon a Scam after all?

myEcon is definitely not a scam. You get real products and services in exchange for your investment.

The company also gives you an opportunity to build a profitable business by promoting its products and services.

However, with all that being said, I wouldn’t recommend myEcon as a full-time business. There are so many things that will work against you in an MLM business model.

  • First, you do not have control over what products you are selling, including the price.
  • Second, you don't even have control over how and when will you be paid whenever you earn commissions.
  • Finally, other than the fact that you are likely to fail in an MLM business model (I am not saying you absolutely will but statistically speaking, 9.5 out of 10 times), if the MLM company you are in suddenly shuts down, you will be left with nothing.

My Sincere Advice to You

It is true that most people fail in the MLM industry, but you could also be among the few who succeed in the end. If your heart tells you that myEcon is the ticket to your financial independence, then, by all means, give it a try.

My only request is that you learn more about this company and that you equip yourself with the proper set of skills to succeed in the MLM industry.

Meanwhile, if you are considering other legitimate ways to make money, then I suggest that you learn more about Affiliate Marketing.

With Affiliate marketing, you won't have to recruit people to generate a substantial income. You also do not need to purchase any products in order to gain profits. The best thing about it is that you can get started for FREE!

This amazing affiliate training program will guide you all the way on the basic steps to take and provide you with a better chance of success even as a complete beginner.

Final Words

Thank you for taking the time to read this myEcon review. Hopefully, this has given you some helpful information and fresh insights so you can make an informed decision.

Should you oblige...

Kindly share this to the people who might be needing this kind of information. You could be an instrument so they too would know the right course of action to take regarding the rumored myEcon scams.

If you have any questions, let them be heard in the Comment Section below. Until here and I wish you all the success in the future.

Your pal,

Jay

About the Author

Jay is a scam buster who have objectively exposed hundreds of business opportunities.