Welcome To My Review Is MyEcon A Scam?
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By joining MyEcon, can you choose freedom, live your dreams, grow your income, build great credit, and eliminate debt? Does MyEcon provide cutting edge products? Is MyEcon the personal financial success company? Is MyEcon a scam? This review will reveal detailed information on MyEcon!
As we all know, “Time Management is Life Management”! Next to Time Management Finance Management plays a vital role in our life.
Choose Freedom, Live Your Dreams, Grow Your Income, Build Great Credit and Eliminate Debt – MyEcon.
By enhancing financial education, improving Cashflow, increasing credit score,s and building significant wealth, MyEcon promising you to help you in your Financial Freedom.
Sounds great right? Let us find out, Is MyEcon the Solution For Your Financial Problems?
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MyEcon Review Summary
Product Name: MyEcon
Creators: Larry Gates (CEO), no specific information about the owners (more on this later)
Launch Date: 2005
Product Type: Personal Finance Services – MLM – Direct Sales Industry
Price: Setup Fee of $19.95 (One Time Fee) + $34.95 Per Month + Products Costs (At the time of writing this review)
Best for: People who are interested in MLM and promoting products related to personal finance
Summary: This is an MLM company which promotes personal finance products along with some other products and promising to help you in wealth creation
Rating: 40/100
Is MyEcon Legit Or Scam? Legit
Is MyEcon Recommended? No
Personally, I am not a big fan of MLM but I do agree MLM is a great concept and there are some genuine MLM companies.
Unfortunately, many companies misused this MLM concept as a result nowadays people are afraid of MLMs.
You might be aware it is really challenging to promote MLM products. One of the downsides of MLM is we need to chase people and recruit them.
Normally, with MLM we start promoting those MLM products first to our friends and family members when the company is not legit and when the product is not adding value to them (buyers) we lose relationships or it will create problems.
So, you need to be very careful in promoting MLM products.
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Frequently Asked Questions – FAQ
Below you can find some frequently asked questions for your quick reference…
What Is MyEcon All About?
- This is an MLM company that promotes personal finance products along with some other products and promising to help you in wealth creation.
How Much MyEcon Cost?
- Setup Fee of $19.95 (One Time Fee) + $34.95 Per Month + Products Costs (At the time of writing this review).
Is MyEcon A Scam?
- No
Is It Possible To Make Money Online Using MyEcon?
- Yes
Are There Better Options Available Compared To MyEcon?
- Yes
What’s Your Top Recommendation To Make Money Online?
- You can read my top recommendation below.
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One Important Thing I Noticed On The Review Posts
Doing your research is the best way to find legit and genuine programs and stay away from scams.
I do appreciate you for your time and research on MyEcon that’s the best way to stay away from scams and products that under-delivers.
Unfortunately, realizing people check reviews before buying products some review products are biased. Their main intention is to promote the product or service by writing a positive or good review.
For your kind information, I am not a MyEcon Affiliate, I am in no way associated with MyEcon and I am not trying to sell MyEcon service or products to you.
All I am trying to do is, provide you with additional information on MyEcon and share my honest opinion.
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What Is MyEcon?
MyEcon is an MLM company that started in 2005. MyEcon stands for My Economy. On their sales page, they claim it as A debt Free Technology Driven Company.
They are based in Atlanta, GA, USA. They are claiming that they are Leaders in the Personal Financial education industry. Taxes, Credit, Debt, and Investing.
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What Are The Products Offered By MyEcon?
Below are the Ancillary Services and products offered by MyEcon.
- ID Defender – Protects you from ID theft.
- CashFlow Manager – App to record, organize and store all of your business and personal financial transactions.
- MyCredit System – It’s a financial literacy program designed to increase your financial skills in the subject of credit and debt.
- Travel – Save on your hotel, flight, rental cars, etc., (Comparison sites to find best deals).
- Health & Nutrition – Health & Nutrition Products.
- Credit Monitoring – Help in monitoring, creating and maintaining a good credit profile and score.
- Coffees – T’Amo Café Coffee and Nuvia Trim coffee.
- Cash Back Mall – In addition to saving money shopping online, you get up to 30% CashBack on all your purchases when shopping on the myEcon CashBack Mall.
- Roadside Assistance – Help in Unexpected road emergencies.
How Much Is The Cost Of The Products Offered By MyEcon?
- ID Defender – $8.99 per individual or $14.95 per family (up to 5 members) per month.
- CashFlow Manager – Two versions 1.simple version for $10.95 per month 2. Pro version for $19.95 per month.
- MyCredit System – $99 one-time payment.
- Travel – Save on your hotel, flight, rental cars, etc., (Comparison sites to find best deals).
- Health & Nutrition – Health & Nutrition Products (Find the price below).
- Credit Monitoring – $23.95 Every 6 months.
- Coffees – T’Amo Café Coffee and Nuvia Trim coffee (Find the price below).
- Cash Back Mall – $12.95 Per Year.
- Roadside Assistance – $7.99 per month.
Health and Nutrition
They offer 3 products…
- Daily Ultimate – Daily Ultimate 32 fl oz Bottle ($36.95 – 1 Bottle, $89.95 – 3 Bottles and $329.95 – 12 Bottles)
- Body One MSM Capsules – 90 Capsules per bottle – ($19.95 – 1 Bottle, $49.95 – 3 Bottles and $179.95 – 12 Bottles)
- Body One MSM Lotion – $24.95 – (2 – 10 fl oz bottles)
Coffees
- T’Amo Café Coffee – Black Coffee ($16.49 – 1 Box, $40.49 – 3 Boxes and $127.99 – 12 Boxes)
- Nuvia Trim coffee – ($19.99 – 1 Box, $50.99 – 3 Boxes and $169.99 – 12 Boxes)
How MyEcon Works?
First, you need to register with MyEcon as a Marketing Director by paying a one-time fee of $19.95 with a recurring fee of $34.95 per month.
After becoming a Marketing Director you start selling MyEcon products and you can promote MyEcon Financial services.
What Is The Compensation Plan Of MyEcon?
There are not many details on the Compensation plan on their website after becoming a member you are given the compensation plan details.
I am wondering why the creator’s details are not available and why the compensation plan is also not available before signing up.
By doing some research I got you below the information. And to be honest their compensation plan is confusing for me and it’s not straightforward.
Pro’s and Con’s
The Good:
→ Online since 2005
→ Some helpful education on Financial Management
The Bad:
→ No Free Trial
→ Before becoming their associate you can’t find the details on the compensation plan
→ Past History (Maxxis Group Inc, bankruptcy)
→ Confusing Compensation plan
→ Services offered by MyEcon can be found at a cheaper and at a better price.
They also claim in their sales video “Enroll Today and begin making and saving money immediately!”. Making Money Today?????
Based on my experience in order to make money, it will take time and effort. We should not mislead customers by stating you will make money immediately or today itself (It might be possible for a few but not for everyone).
Who’s MyEcon For?
People who are interested in MLM and promoting products related to personal finance.
How Much It Will Cost To Join MyEcon?
First, you need to pay the Setup Fee of $19.95 which is a one time fee and then you need to pay $34.95 per month to keep your Membership active and on top of this you need to pay for the products and services.
How Much Can I Make With MyEcon?
There are two ways to earn money with MyEcon.
- Income Shifting Membership Sales
- Retailer Commissions
It depends on mainly how many people you recruit and how many products you sell.
As I mentioned before this is not going to be easy because some services and offers you find with MyEcon can be found at cheaper rates.
Normally, with the MLM companies, people on the top make more money and in order to make more money, you need to recruit more people.
Are you ready to recruit more people to this MLM company?
Is MyEcon A Scam?
No, MyEcon is not a scam. They are in the market since 2005 and offer products and services.
Focusing more on recruiting people, offering services at a higher price (which can be found at a cheaper rate), past history of the founders, etc., are my concerns.
So I am not recommending this product to you.
Based on my personal experience it is really challenging to earn money with an MLM company without a big team. I have tried a few MLM companies so I am just sharing my own experience with you.
Compared to MLM, I strongly believe Affiliate Marketing will be a better option if you are serious about earning money online.
My Earnings
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MyEcon
Setup Fee of $19.95 (One Time Fee) + $34.95 Per Month + Products Costs
Pros
- Online since 2005
- Some helpful education on Financial Management
Cons
- No Free Trial
- Before becoming their associate you can't find the details on the compensation plan
- Past History (Maxxis Group Inc, bankruptcy)
Hi Paul, first I want to thank you for your honest and revealing review of MyEcon. I am always grateful when experts and researchers warn us about what platforms do and don’t deliver on their promises. I think most people in affiliate marketing have been ‘burned’ at least once by companies offering immediate riches and then are greatly disappointed after spending money, time, and effort.
I agree with you, the compensation information you researched and provided does look quite confusing, and when the cons outweigh the pros, the choice is fairly easy to make. MyEcon looks like a platform that I definitely will stay away from.Thanks again!
Sue
I too have fallen as a victim to scams and that’s one of the main reason I created this site and I write review posts to help others.
Overcoming the Shiny Object Syndrome is a must in order to achieve online success because as you mentioned there are many products and programs promising quick and immediate riches.
The truth is it will take time and effort in order to succeed online.
So if I am getting this correctly, MyEcon sells financial advice as well as products? Also, $39.95/ month seems a bit much. Is that how they get the money to pay everyone? I do not trust MLM’s.
As a rule, I am always wary of anything to do with MLM! About ten years ago I took a shot at it because my friend convinced me of all of the potentials.
Have you ever heard of Bazi? It is an all natural energy drink. I was hooked the first time that I had it. Well, it was the typical MLM setup. I had to have Bazi parties to showcase the drink.
I was so uncomfortable trying to sell things to others. Long story short, I was only in the program for less than three months, and it was closed down, and affiliates were no longer getting commissions. So all of the time and money that I invested (over 800 dollars) went down the tubes.
The whole structure that MLM stands for is deceiving. Do you have any suggestions on the most profitable niches in affiliate marketing?
You got it correct!
Sorry this is the first time I hear about Bazi but I am aware of the method you mentioned i.e conducting small parties at home and promoting our products but it involves a lot of work and hassle.
Sorry to hear that you lost $800 and I have lost nearly $4000 to scams and I know how it feels and how it will hurt. Thanks a lot for sharing your story and experience.
When it comes to Niches…
I strongly believe all the niches are profitable niches and there is no such thing called failure niche it’s all depends on our work and effort.
A quick advice instead of choosing a profitable niche I will advice you to choose the niche based on your passion and interest which will help you in the longer run.
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Hi Paul
I could not agree with you much more, as I too are weary about MLM schemes as I think they are only be beneficial for those at the top. You will find most MLMs offer some truth but they do take a lot of hard work to get the benefits. I personally think the reputation and association with pyramid schemes have damaged MLMs beyond repair. In my eyes anywhere.
I thank you for writing this review and I will add it to my list of website not to be used. I think for what you are getting it looks expensive and not worthwhile.
Why do people use MLMs if they are not highly trusted?
Thanks
Antonio
Not all the MLM’s are scams and there are some genuine MLM’s. And the reason why many people join or use MLM is mainly because of their commission structure and earning potential.
Even though MyEcom started it’s journey in 2005 still they have been still unable to achieve a good reputation the market, and as a result, you rated only 40 out of 100.
It’s really unfortunate that some companies always hide things, and again I found My Ecom is one of them! As you said, before becoming their associate I can’t find the details of the compensation plan. This is not fair at all.
It is real that, the concept of MLM is not bad but people are really misusing this nowadays.
Thank you for this information. Though you said MyEcom is not a scam, due to its drawbacks I’ll better avoid this program.
I was wondering why their compensation plan was not easily accessible and also their compensation plan is confusing.
You are correct, MLM is a great concept but many companies misused and misusing it. In the part of the world where I live if we approach someone with the MLM concept they will run away from us.
Many companies misused the MLM concept and a lot people lost their money and those are discussed in the media and it totally created a bad name for MLM among the people where I live. They came to a mindset “MLM Means Scam”
Hi Paul,
Thanks for an informative article on this particular MLM company. Though it sounds legitimate, I am not a fan of any MLM companies.
I have tried several of these companies, with minimal success. It takes a lot out of you, and not just the money. I ran up a lot of debt on my credit cards following their methods, travel, meetings, losing friends, family avoiding me. It gives me the ‘Heebie Jeebies’ just thinking about joining another MLM. Another one to avoid thanks.
I am inclined to agree with you, Paul. Affiliate marketing is booming with more and more companies turning to this method of marketing their products and services. I don’t have access to the info right this minute, but do you know of some household named companies that now have affiliate programs available for the ordinary people like me to join?
Many thanks,
Paul.
I faced the same challenges and lost some good friends. So I decided not to do it anymore although we try to share the opportunity with our friends and families and by trusting our words they join the MLM company and suddenly the company is closed which is a big mess and struggle. we are not able to answer our downlines and I felt guilty.
Thanks for sharing your experience with MLM’s.
I believe you are asking about Affiliate networks… Amazon, Shareasale, Ebay, ClickBank etc., are some Affiliate Networks where you can find products which you can promote related to your niche.
For more information you can read my FREE GUIDE…
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Hi, I have just left a comment on your AutoTraffixPro Review which was great by the way so I thought I would take a look at what else you have written
I haven’t tried working with MLM before as I have heard it can be difficult to get the ball rolling if you don’t know what you are doing
I don’t understand why MyEcon would make you pay a monthly fee to sell THEIR products, what’s that all about?
If somebody joins as a Marketing Director does that mean that they own shares in the company or something?
After reading this MyEcom Review it’s fair to say that it isn’t something that I would want to be a part of, Thanks 🙂
You need to pay $34.95 per month to keep your Membership active.
LOL no by joining as a Marketing Director you don’t own any shares all you can do is sell their product. Nice captivating designation title right?
Thanks for your time!
Having a fourteen-year run in the MLM market definitely shows MyEcon’s legitimacy, but I’m not fond of the fact that they don’t provide info on the owner unless one does their own research. For me, that is a scam characteristic even though it’s true they’re legit. I think this is great for those into MLM, but I’ve never been a big fan of it though I’ve been approached numerous times to market numerous products. And just looking at images of that compensation plan shows its confusing nature. I agree on that one.
I believe it’s a must to share the details on the company history and about the owners. It will help to determine the credibility and reputation of the company. Hiding it is a red flag for me.
I am also not a fan of MLM although it’s a great concept but many are misusing it.
I heard MyEcon before on a review website but I did not know enough so I did not join it. However I definitely don’t want to be a part of MLM so I will look into alternatives. You mentioned affiliate marketing and I wonder what is the potential of it?
The Potential of Affiliate Marketing…..
“Affiliate Marketing has made Businesses Millions & Ordinary People Millionaires.” – Bo Bennett
You can learn more about Affiliate Marketing from my FREE GUIDE…
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