There are a lot of different opportunities available when it comes to making money, regardless if it’s online or offline.
There are thousands of companies and websites out there that offer various ways for you to earn money.
Now, one opportunity to make money is taking it a step further, they’re not only offering an opportunity to make money, but also an opportunity to save and manage your money.
The company that offers this opportunity is called myEcon, short for My Economy. It’s multilevel marketing that offers products related to finance to help you manage and save money.
As it’s an MLM company, they offer an opportunity to make money as well. The amount of money you can make, though, is dependent on a lot of factors.
But is myEcon really a legit opportunity to make and save money? Or is it just a scam that you should avoid?
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myEcon Offers A Legit Opportunity to Make and Save Money
myEcon is an MLM company that offers products related to finance. Founded in 2006 by Alvin Curry and Ivey Stokes, the company offers several financial tools and software.
The software and tools are designed to help you manage your finances and lower your debt. They do have other products, but their main ones are financial tools.
The company also offers an opportunity to make money through their MLM business model. Based on what I’ve seen so far, I would say that myEcon is a legitimate company.
They really offer financial tools to save money, as well as an opportunity to make money. However, this doesn’t mean that there aren’t any issues or problems.
One of the main issues with this opportunity is the fact that it can be expensive, especially if you are using their different tools and services.
Another issue with this company is that the compensation plan focuses too much on recruitment. I’ll discuss these issues and concerns in more detail as we progress in this review of myEcon.
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Who Uses myEcon?
myEcon is designed for two types of people with one being those who are looking for opportunities to manage and improve their finances. The other type are those who are looking for ways to make some money on the side.
If you are looking to improve your finances, the company offers various finance products. They have products that can repair credit, manage cash flow, and even monitor expenses.
If you are looking to make money, myEcon provides an opportunity to earn through their MLM business model.
This means you can earn commissions whenever you sell products or recruit people into the program and build your team.
In the next section, I’ll discuss in more detail how myEcon works and the different products that they offer.
How Does myEcon Work?
myEcon offers an opportunity for you to manage your wealth and debt and save money. The company also offers an opportunity for you to make money on the side.
By being one of their distributors, you can earn commissions and bonuses every time you sell their tools and services or if someone joins under you.
But before we get into the details of the compensation plan, let’s first talk about the products that the company offers.
myEcon has a total of 9 products available and the main ones they have are Credit Monitoring, CashFlow Manager, and myCredit System.
The Credit Monitoring is a tool that allows you to keep track of the overall health of your credit score and allow you to see the impact of certain financial activities or decisions. The company uses 750 Monitoring for this tool. This tool costs $23.95 every 6 months.
CashFlow Manager allows you to organize and keep track of your personal and business financial transactions. This tool costs $19.95 per month and it basically helps you manage the flow of your money coming in and out.
The myCredit System is a tool that can help you achieve your desired credit score. The tool has a one-time fee of $99.95. It can help improve your credit score, eliminate debt, and increase your cash flow. This tool includes the 750 Credit Plan and Income Shifting, two tools that help with your credit rating and overall finances.
Aside from these financial tools, myEcon also has the Cash Back Mall where you can earn cash backs on purchases made from participating stores and the ID Defender, which protects your identity from theft or hacking.
They also have the Travel tool for easy booking of vacations or business trips and the Roadside Assistance tool for easy access to certain roadside services in case of emergencies.
The company even sells health and nutrition products, as well as coffee beans.
Promoting and selling all of these products mentioned can make you money if you are an independent distributor.
Now the cost of membership is a one-time fee of $19.95 and a monthly fee of $34.95, starting on the second month. Here, you’ll start with the rank of Marketing Director (MD) and the highest rank you can achieve is CEO Infinity.
As a member, you get a replicated website, training, Cashflow Management System, Identity Theft Protection, Free & Discount Legal Services, Credit Education Services, Discount Travel & Corporate Perks.
You also get the Income Shifting Strategy, which is a type of training that is designed to help you become successful financially. Now the company offers various ways for you to make money.
The first one is through retail commissions, where you earn money every time you sell one of the company’s products. As an MD, you get 15% on all the products you sell.
Now, each product will have a commission volume (CV), which is where commissions are based on. For Example, let’s say one product costs $10 and it has a CV of $3, so the 15% commission will be based on $3.
The percentage of the commission goes higher as your rank increases.
The second way to earn is the Super Retailer Bonus Commission.
Here, you get to earn additional bonuses and commissions if you reach certain CV targets. Achieving this will increase the percentage you earn to 100% for direct sales and 85% for indirect sales.
The 3rd way to make money is through recruitment. The first two people you personally recruit and become an MD will earn you $10 each.
The 3rd person you personally recruit will earn you $35 and he or she will also become your base shop. You can have as many base shop as you want and you get to earn $35 for each you personally recruit.
The people you recruit will also recruit new members and you also earn a commission from them. The base shop that your base shop will recruit will earn you $25.
There’s also the Dream Team Residuals, where you earn a bonus for your ISM for at least 5 months.
What Are People Saying about myEcom?
The reviews and comments about myEcom are mixed, especially when it comes to recommending the opportunity.
There are a lot of people who say that what the company offers is a good opportunity, while there are also a lot of people who say it’s not worth recommending.
Now, one of the reasons why these people don’t recommend this opportunity is because of its focus on recruitment.
Sure, the compensation plan shows that there’s also retail commission, but the best way to really make money with this company is by recruiting people into the program.
The issue with this method is that it becomes a pyramid scheme, which is not only illegal but not a really good way to make money.
Another issue with myEcom is that this opportunity can become expensive. Not only will you be required to pay a monthly fee for your membership, but the tools available have their own separate costs.
This means that when you become a member, you are not automatically given free access to the company’s products, you have to purchase them as well.
It could possibly be a problem since this means membership to the company and using its various tools and software can get a bit expensive.
What I Like about myEcom
Now that we know what myEcom is and what they are offering, it’s time to discuss what I like about this opportunity.
- I like that myEcom has a variety of financial products to choose from. It’s always good to have different choices instead of just focusing on one or two products to use and promote. In this way, you’ll have a lot of selection when it comes to finding the product that you really want and are most comfortable in promoting.
What I Dislike about myEcom
Not everything about myEcom is good and desirable, as there are also some things about this opportunity that I don’t really like.
- My first issue with myEcom is the fact that becoming a member doesn’t really mean you can get access to the company’s products for free. This means you have to pay for them separately, which makes this opportunity expensive as it also has a monthly membership fee.
- I also don’t like that myEcom’s compensation plan focuses more on recruiting new members rather than selling the products. To really make a lot of money with this opportunity you need to focus on recruiting. This is because the company’ compensation plan provides more rewards for new members recruited into the program.
Do I Recommend myEcom?
After learning more about myEcom and what it can really offer you, I would say that they are an opportunity that I don’t really recommend.
Though the company is legit, the opportunity they offer doesn’t really provide anyone with a decent way to make money.
One major reason is that the company is an MLM opportunity and there are only a few lucky and special people who are able to make money with this type of opportunity. MLM opportunities require a lot of hard work, time and effort to succeed.
And add in the fact that the company’s compensation plan focuses more on recruitment which makes it seem more like a pyramid scheme.
Not only does focusing on recruiting make this opportunity less trustworthy, but it also makes it extremely difficult for you to make a lot of money.
There are a lot of better opportunities out there. It would be best to check them out instead of wasting your time with this company.