I review the different websites and systems out there, mostly to expose the scams. This one is no different, but is it actually a legit system that’s going to help you reach as much success as they claim you can?
I’m not a big fan of MLM programs, they are not real businesses, and they can go down at anytime, meaning all your time and money wasted.
But each to their own. You may enjoy MLM programs, you may not. I am here to help you make the right choice that best suits you.
Let’s get started on this My Econ Review.
I will decipher all the feedback from the online world, check the website out for myself, and find out what it has to offer – if anything at all. Enjoy!
Features
Website: www.myecon.net
Type: MLM
Price To Join (Cheapest Compensation Plan): $80 one time payment. $10 per month thereafter
Owners: Larry Gates, Ivey Stokes, Alvin Curry
Overall Rating: 1.9/5 stars
About My Econ
My Econ is yet another multilevel marketing program.
They are describing themselves to be a “personal financial success company”. They have been running for 11 long years and are located in Atlanta of the United States.
My Econ was created by a group of entrepreneurs back in 2005 and is currently still active.
The owner of this program is named Alvin Curry, while the Executive Vice-President goes by the name of Ivey Stokes.
Furthermore, the CEO of the company is Larry Gates.
Gates has a bio on the website and this is where he claims to have “20 years of experience in communications, marketing, and business operations”.
Let’s cut to the chase – Stokes and Alvin were the respective Chairman and CEO of another company called the Maxxis group.
Maxxis group was another MLM company that was created back in 1998 and ended up filing for a chapter 7 bankruptcy in 2003.
Now in 2016, I can see they they have merged My Econ with Novae.
My Econ Overview
The Financial Success Membership offers a ton of products and services that you can sell or purchase yourself.
These include:
- Free & Discounted Legal Services
- Tax Advice Service & Preparation
- Identify Theft Protection
- Identity Theft Prevention
- Manager Software
- Tax Advice Service & Preparation
If you are a member of My Econ AND Novae IBO, there are additional bonuses for you to use:
- Novae Perks
- Novae Travel
- Novae Library
These are available for you at no additional cost.
The products they they are offering come from third parties, they vary in different types as well – tremendously.
You will find that they sell green tea, supplements, identify theft software, skin supplements, and much more.
I don’t know why they do this, but they seem to be all over their place for everything they offer.
Compensation Plan
I also don’t know why they haven’t placed a copy of their compensation plan on their website either. This is definitely not a good look for newcomers.
But here’s what I’ve discovered:
Affiliate Ranks – Just like all other MLM programs, they offer ranks for affiliates who wish to work for them and get paid in the process.
There are 6 ranks.
The secret to gaining as much success as possible with the affiliate program is simply by recruiting QUALITY people for your downline.
And of course, the more the better – because you are increasing the chances for you to make more money.
But to participate in this affiliate program, you need to pay the $80 upfront fee, then $10 per month after that.
Commissions For Recruiting – You get a commission each time you recruit someone into the affiliate program.
This is $25 to you as soon as they have paid their upfront cost.
When you have moved through the ranks, your commission rate will go even higher. This goes up to $50 for each person you can get into the program.
To get the most out of the compensation plan, you need to build your downline as much as possible.
Commissions For Products – If you sell any of the products or services on the website, you get a 15% commission for that specific product.
As you move through the ranks, this number moves up to 25%.
Furthermore, you will gain an extra 10% from sales made from your downline.
What Ultimate Benefits Does This Website Provide?
It could be profitable for someone already in the internet marketing industry and has a list with thousands of people on it.
There a wide range of tools, services and products that you could probably benefit from too but we all know the main reason behind anyone joining this or any MLM for that matter.
To recruit others so that you can make money.
Nothing new.
Pricing & Purchase Details
Sales Associate – To get into the affiliate program, the start up cost is $80, then you need to pay $10/month thereafter.
Marketing Director – This one is $179.95 one time payment, then $34.95/month.
Obviously, the bigger membership costs more, but you get higher commissions. That’s the only difference between the two types.
Who myEcon is For
You will need an email list with thousands of people if you want to start earning money right away with this system.
Even then, you will have to market the hell out of it before you get your first commission, and that’s WITH a huge list.
If you have a website that’s getting hundreds of visitors a day then this might be something to consider (somewhere to place your ad for free).
You’ll have the upper hand against others who don’t have a website.
Who It’s Not For
This is by no means a viable way for a newbie to try make money online.
Recruiting is extremely hard, and you’re only going to sound like a desperate begger when you spam your affiliate link all over social media pages where your friends and family can see.
If you aren’t making any money online yet, and have no experience within the online world, then it isn’t for you.
I don’t care what any guru tells you, this is NOT for everyone.
Pros and Cons
Pros
- Can be profitable if you have an email list with thousands of people. But you will STILL have to know how to market it correctly without looking like a spammer in the process
Cons
- My Econ isn’t the best choice for newbies
- Very challenging to learn the ropes and very difficult to find where everything is
- You will need a LOT of marketing and lead generation experience before you can even start profiting off of this MLM program
Do I Recommend My Econ?
Definitely not.
Although I’m glad this isn’t a scam, it is still something you need to be careful with.
There are just way too many MLMs out there and there are a lot to choose from than just settling for one that doesn’t have a solid product line.
So no, myEcon is not a scam now you need to be a responsible adult and make a wise decision before you find yourself losing family and friends because of your new “opportunity”.
My Final Opinion
In the end it is really going to be up to you and no one else.
If you think you can help a ton of people get in and make money then I don’t see what the problem is.
Now if you are looking to make money online without the whole recruiting nonsense, you need to checkout my #1 ranked program.
Rather than talking to people about how awesome your new found business is, you will be giving them things they are already looking for in the first place.
Click here to learn more on the same program I use to make money online!
Other than that, thanks for reading my myEcon review!
If you have any questions about this or any other make money from home program feel free to leave the in the comments section below.
To whatever it is that you do next, I wish you nothing but the best.
Now go out there and make that money!
– John
A Work at Home Jobs
First Bitcoin Revshare Review: Advertising Scam?
Hello John thank you for being honest and I’m so glad that I decided to check more into the
econ business. I’m pretty sure its not for me. People like me want to make money not give it away. I work 2 jobs and I’m tired and want to make money from home somehow but its really hard to find and I’m not sure how to go about it, sense I’m not great at computers. can you plz steer me in the right direction. I know you have to spend money to make money my my cash flow is small and I would not be looking for something on the internet if I wernt needing and extra income and wanting to be able to do it from home and in my spare time. Suggestions welcome. thank you Jacqueline
Hey Jacqueline you are most welcome! I too was once in your shoes and was also tight on cash, so spending money was not something I was looking at doing but I knew that money could be made online. I fell for many scams and threw away the little I had just to realize I was in some type of recruiting based program that provided no real value. All that happened until I came across a site called the Wealthy Affiliate, where I was taught how to build an actual online business. Best program ever and one that has allowed me to work from home for the past 4 years now. They do have a free trial but if you want to continue, it is going to cost you $49 every month. That membership comes with training, websites, tools, support and even some 1 on 1 help from people like myself on the site. If you know anything about business and investing, you will know that $49 is an absolute steal to run any kind of business. I know you are on a budget but if you want to make anything work, that is where you can do it. I can always help you, so do pay me a visit once you get in. You can read my full review on that company and you can learn more about what they have to offer or you can just create your free account to take it for a test drive yourself. Other than that one, I don’t know of anything that even comes close. Give that a try and let me know what you think. Hope this helps Jacqueline!
I appreciate the review on MyEcon, I’m new to the online marketing world. And I can’t afford to jumping on something just because someone is telling me that it’s gonna make me money and it doesn’t. I already did that!
Don’t worry Stellatesha, I think we have all done that before and about 100% of the time it is because they are trying to recruit you.
Yea. Eventually you run out of people to recruit and your down-line will experience that as well. Then you have to deal with charge-backs.
There are no charge backs with MyEcon
Hey John. I did a Google search for “MyEcon reviews” & this article brought a lot of clarity to me. I just signed up for MyEcon in January and a month later I’m finding out that I can get these same services, at better quality, through non-MLM companies. The guy that I signed up under is an EVP but he always has to sign people when his downline doesn’t renew their membership. Having to prove that an MLM’s products work and to hunt down new recruits is not a sustainable business. LOL
Definitely not sustainable man and people think they have to stick with it because they already invested. Cut your losses and move on to something that actually works. When people ask me what works I’m always going to say building your own wealth is the only way and not someone else’s. Without a program called the Wealthy Affiliate I really don’t know what I’d be doing. Probably promoting something like My Econ! lol.
Yea. Eventually you run out of people to recruit and your down-line will experience that as well. Then you have to deal with charge-backs.
That is exactly what happens and a lot of us have to learn the hard way Blake. The same people that try to defend it will be the same exact people that will go down that road. Sad but true.
You have to know MLM, recruiting is the hallmark of any MLM, with MyEcon the fee is 69.95 to join and 34.95 a month. You can earn money several ways, you can recruit, you can sell products if thats what you like, or you can simply use the income strategies to increase your income and not recruit one person. You also receive over 21 benefits once you become a member. The CFM and Identity theft is worth the 34.95 alone plus 19+ other benefits. You do need a to recruit if you want to make large compensation payouts and the comp plan is posted in your back office it is no mystery. This company is based on personal financial success, in other words educating you on how to manage your money and lead a debt free lifestyle. And it works. It affords you the opportunity to stay home and write blogs like you do John. Like any business in order for it to work you have to work it, then it will work for you. Thanks, John for the review.
Cynthia Thomas- just a few moments here for a quick response to your come back to John’s review on the Myecon opportunity and why this is a horrible opportunity not only for the newbie but even for a relatively experience network marketer online.
I will preface my comments by saying that unlike John here, I know and believe that network marketing is a viable business model that can offer a genuine opportunity for someone to earn additional income, possibly even a full-time and substantial income. I am living proof of that. Having said that, I am not involved in any typical MLM company. I am, however, a successful online, home-based business entrepreneur.
As John pointed out and you clarify here, the compensation plan is not on the company’s website but is only found in the distributor members back office. That’s a big “red flag”.
Regarding the products, the first thing that came to me when I went to the company web site was the adage, “Jack of all trades and master of none.” which point was commented on by another here pointing out that there are similar or same products available from non-MLM companies at better pricing and often better benefits-“bang for the buck”. One specific product category is the nutritional supplements of which I have decades experience testing and using products from numerous companies including MLM and non-MLM companies. I could with ease name 3-4 MLM companies in this category with absolutely outstanding results oriented products, however, they are dedicated singular focused deep science-based companies.
They are a reseller for the instant coffee product, which by the way is not cheap even when you buy it online from places like Amazon with free shipping at a lower price than the retail pricing on the company website. And let’s not talk about how if you’re distributor you get it at a lower price baloney often heralded by distributors after lunch really good , because it there is no true retail customer potential than all you end up with is distributors churning amongst themselves and their downlines. Another “red flag” and high risk for Attorneys General crackdowns!
Another big red flag is being compensated out of the ridiculous sign-up fee for each new recruit a distributor brings in. When I see that, I clearly understand that the company created that bogus enrollment fee purely for attracting certain individual types who are entirely motivated by signing up as many people as possible from their lists and have zero interest in the overall opportunity or in supporting any of those people who join. Before long they are on to the next “deal”. The benefit for the company of course is the monthly stream of income starting at $10 with the upsell to as you pointed out $34.95. Those monthly fees are a total scam when a company does that. As John here can attest once a superior premium commercial website is built, the cost to add a sub site that points to an individual is a one-time out-of-pocket programming cost to the company less than the cost of a breakfast sandwich at McDonald’s.
Lastly, the history of Chapter 7 bankruptcy with these people should frame the daylights out of anyone who values their personal time, reputation and financial future.
P. S. – And no I am not affiliated with John or the Wealthy Affiliate program he is promoting.
Awesome points Jeff and I’m glad you’re doing well with network marketing as I too think it is better than any regular old job out there. However, I just feel for those that are simply looking for a way to make money but will most likely not succeed due to the lack of knowledge and/or experience needed to make it. The biggest problem I have is the whole recruiting thing, which I have nothing wrong with but most people are just not into that kind of stuff. I of course recommend the Wealthy Affiliate as it is probably the only other legitimate and affordable way for the little guy to make money without recruiting. Thanks for the input though my man and I hope things are going great on your end.