myEcon Review (2023) – SCAM or Legit Business Opportunity?
- MLM Reviews
- February 1, 2023
Welcome to my myEcon Review!
If you have found this blog post, you have likely been introduced to myEcon by someone you know or are interested in learning more about different MLM opportunities.
Reading reviews about MLM’s before investing is definitely a step in the right direction!
So what is myEcon all about? What products does it offer and what about its compensation plan?
Read on to learn more about the company and what is has to offer!
Before I get started, if you want to learn how to promote MyEcon or any business online, check out this training here.
Alright now I got that out of the way, make sure you pay close attention and read this to the end…
What Is MyEcon Review?
Based out of Atlanta, myEcon considers themselves to be the “personal financial success company”.
Spearheaded by CEO Larry Gates, myEcon was founded in 2005.
According to his myEcon corporate bio, Gates has
20 years of experience in communications, marketing and business operations.
Mr. Gates also has great people skills having spent several years in the financial services industry.
A little more digging and I was able to find a 2009 blog post by Michael J Smith that identifies Ivey Stokes and Alvin Curry as the original founders of myEcon.
As per his LinkedIn profile, Alvin Curry lists himself as the Owner and President of myEcon, with Ivey Stokes as Executive Vice-President.
Something I did notice was that neither Curry nor Stokes are listed or credited by name on the myEcon website.
myEcon, Inc. is a privately held, debt free company based in Gwinnett County, GA, a suburb of Atlanta. The company was founded by a small group of entrepreneurs in 2005.
One possibility for this is that before launching myEcon, Ivey Stokes and Alvin Curry were Chairman and CEO of Maxxis Group; an MLM company that was launched in 1998 and filed for bankruptcy in 2003.
In 2006, Curry and Stokes were listed as defendants in litigation brought by the appointed Chapter 7 trustee in Maxxis bankruptcy hearings.
Apparently, based on the court document, the trustee sued Stokes, Curry and others for breaching their fiduciary duty, for corporate waste and deepening the insolvency of Maxxis.
In other words, they didn’t act in the best interests of the company.
Larry Gates was on the Board of Directors of the Maxxis Group and also owned shares in the company.
In October of 2016, myEcon and a company called Novae merged together to offer more products to its members.
What Are MyEcon Products?
The myEcon Financial Success Membership offers a variety of financial tools and services to its members. The membership includes access to a Cashflow Manager Software, Identity Theft Protection, and Legal and Tax services. Additionally, the membership offers Identity Theft Prevention resources.
As an added bonus for current myEcon and Novae IBOs, the membership now also includes access to Novae Perks, Novae Library, and Novae Travel, all without any additional cost.
Most of Novae’s products are bundled with “Lifestyle Package” subscriptions, however you can find individual retail pricing on the myEcon website.
- ID Defender – $7.99 a month
- Road Assure roadside assistance – $7.99 a month
- Cash Flow Manager – $10.95 a month
- Credit Restoration – $99.95 to set up and then $99.95 every three months
- Family Shield 360 – starts at $13.95 a month
- Cashback Mall (third-party cashback affiliate network) – no cost
- Travel Portal – no cost, redirects to Priceline travel portal
- Daily Ultimate (“liquid multi-vitamin mineral supplement”) – $36.95 a bottle
- Aloe Gano Black Coffee – $16.49 a box
- Aloe Gano Green Tea – $16.99 a box
- Aloe Gano Rooibos Tea – $16.99 a box
- Body One MSM (Methylsulfonylmethane (sulfur) supplement) – $19.95 a bottle
- MSM Lotion (organic sulfur skin lotion) – $24.95 for two 10 fl oz bottles (295 ml)
You can also find Novae’s Sprayology products in the myEcon product list.
myEcon Compensation Plan
I discovered that myEcon does not provide a copy of their compensation plan on their website.
I was able to find a myEcon compensation plan document from March, 2016 and the following is what I read:
myEcon Affiliate Ranks
The myEcon compensation plan consists of six ranks.
I have included each rank and their qualification criteria, which as are follows:
Sales Associate (no MLM Commissions)
- $80 one time and then $10 a month thereafter
- $179.95 one time and then $34.95 a month thereafter or
- Upgrade from Sales Associate for a one time fee of $99.95 and then $34.95 a month thereafter or
- Sign up as a Sales Associate and generate 100 PV a month in sales
Executive Vice President
- Sign up as a Marketing Director and recruit two Managing Director affiliates or
- Sign up as a Marketing Director and generate at least 200 PV
Executive Vice President Gold
- Sponsor 30 fee-paying affiliates in your baseshop down-line (no more than 12 counted in any one generation leg)
Executive Vice President Platinum
- Sponsor 200 fee-paying affiliates in your baseshop down-line (no more than 50 counted in any one generation leg)
Executive Vice President Infinity
- Sponsor 800 fee-paying affiliates in your baseshop down-line (no more than 160 counted in any one generation leg)
What is a baseshop you ask?
It’s a myEcon affiliate’s front-line affiliates.
Each sponsored non-Executive Vice President is placed in a baseshop.
Once that newly sponsored affiliate brings in two new affiliates (which are placed in the original affiliate’s up-line’s baseshop), he/she will qualify as an Executive Vice President and are removed from his/her up-line’s baseshop.
Commission Qualification Requirements
Executive Vice President affiliates need to have 2 personally sponsored affiliates who are paying monthly fees in order to qualify for commissions.
Recruitment Commission Payout
Marketing Director affiliates are paid $25 for each affiliate they bring into myEcon.
Any commissions that are generated by an affiliate’s first two sponsored affiliates are passed up to their up-line.
Executive Vice President affiliates earn $50 per affiliate they bring in.
The affiliate who sponsored them earns a $25 override commission and can also earn 50% of recruitment commissions earned by personally recruited affiliates.
After an affiliate has brought in two affiliates, they will then be removed from the “baseshop” of the affiliate who sponsored them.
Once they qualify as an Executive Vice President and are removed from their up-line’s baseshop, any affiliates they sponsor generate a $5 to $30 commission for their up-line:
- Executive Vice President affiliates earn $5
- Executive Vice President Gold affiliates earn $15
- Executive Vice President Platinum affiliates earn $25
- Executive Vice President Infinity affiliates earn $30
Also, each time a myEcon affiliate’s down-line expands by seven people, they are paid a $1000 bonus, which is subject to affiliate retention rates.
Residual Recruitment Commissions
- Executive Vice Presidents earn $1 per month per affiliate down four Executive Vice President generations
- Executive Vice President Golds earn $3 per month per affiliate down five Executive Vice President generations
- Executive Vice President Platinums earn $5 per month per affiliate down five Executive Vice President generations
- Executive Vice President Infinitys earn $8 per month per affiliate down an infinite number of Executive Vice President generations
Direct Commissions Payout
Sales Associate and Marketing Director earn 15%
Executive Vice President earn 25% direct, 10% of sales generated by their SA and MD affiliates
Cost To Join myEcon Reviews
A myEcon affiliate membership is associated with the purchase of an affiliate package:
- Sales Associate – $80 one time and then $10 a month (no cashflow manager)
- Marketing Director – $179.95 one time and then $34.95 a month
The main difference between these two memberships is the income potential through the myEcon compensation plan.
Is MyEcon A Scam?
Overall MyEcon is not really a scam, it has legit products and services and a decision compensation plan to pay you.
Only thing you should look into is how competitive is the pricing in this company compared to the marketplace…
Now you can do a quick google search or if you want to compare their health products, check out sites like Amazon and eBay…
From there see if you can sell around the average price and still make a profit…
Anyway, I hope you enjoyed my MyEcon Review and if you have any questions, leave them in the comments below…
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