MyEcon Review – Pyramid Scheme Or Scam Exposed?

Hello and welcome to myecon review.

In this review we are going to talk whether myecon is a pyramid scheme or a scam or not?

But first thing first,I am not associated with myeon by any means and will not try to sell this program to you in this review.

This means that this review is going to be completely unbiased and from a third party.

And before writing this review,I thought to join myecon too,but didn’t..I will tell you the reasons for which I did not join this company.

Let’s start this review.

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Myecon Review

Myecon stands for my economy is a multi level marketing company which sells different kinds of products to people who need them in the USA.

The owner of this network marketing company is Larry Gates and it ran by a large number of entrepreneurs in America.

However,I am still confused who the actual owner of this company.

Some places say that it is Larry Gates and some information on their site claim that Ivey Stokes is the CEO of this company.

But what we have to do with the owner when the company is providing us financial freedom?

Yes,Motto of myecon is to help people give financial freedom by selling their products to others and making money on it at the same time.

They sell a large variety of products which helps their distributors to choose what they want to promote.

Now,I have reviewed 300+ multi level marketing companies and you know what one thing is common in them?

Before launching any mlm company,the owner of that company focuses on which niche he wants to go in.

For example,if they chose products in the skin care niche,they will make products and focus just on skin care in future.

Not on products like household cleaning,which is totally different niche.

This thing is very unique in myecon,because they have products from different niches,from credit score repair services to coffee beans products.

Now,there are two ways for you to recruit people in order to make money with myecon which I will talk about later,but first let’s talk about whether myecon is a pyramid scheme or not?

Is MyEcon A Pyramid Scheme?

No,MyEcon is not a pyramid scheme.It is legit multi level marketing company which sells legit products to people.

Now,let’s talk about what pyramid schemes are.

Pyramid schemes are when you  make money by recruiting someone into the company without selling them physical products in return.

But in myecon you are selling physical products to others.Now,why are people saying it a pyramid scheme?

Most of the people think that myecon is a pyramid scheme because of the fact,whenever they hear about any mlm,multi level marketing company,without giving it a second thought they resonate it with pyramid schemes.

Because they want to make money by recruiting friends and family members.

This is because of the fact that most people that join mlms are newbies and do not have an existing audience to share their products with.

Myecon Product Line

The good news is that they sell high quality products which eliminates it from the pyramid scheme.

But another best part of this company is that it sells products from different niches.

Whoever enrolls and wants to promote its products,finds it easy to promote because of having different options.

Large variety of products means more options for you to chose from and more money to you.

Anyways, here is a complete breakdown of myecon products..

  • Coffee beans – This is going to cost you approximately $17 for a box.
  • Roadside assistant which is for $8//month.
  • Smart card repair system is for $100.
  • Different health and wellness products which are going to cost you different prices too.Their rates are $20,$25 and $37.

There are more varieties into this,but I do not want to expand this post..

You can go to myecon website and check them all yourself.

Now,the question is whether these products are worth time and money or not?

Well,I have spent a fair amount of time just writing this article for you and did not reached my verdict.

Why?Because there are so many mixed reviews there.Some are saying that their products work like magic and anyone who wants to buy them,look no further.

On the other hand some reviews are saying that they wasted their money and do not recommend myecon products to others.

Best way to know whether these products are worth the money or not is to buy and check them yourself.

When you sign up to be their sales director,you will get Income shifting membership.This membership will help you to get to your goals and make more money with myecon.

myEcon Cashback Mall

This is a very new concept introduced by myecon.

This concept was applied by very few mlms before and the one I reviewed was Kannaway.So what is this concept all about?

The concept is that whenever you do shopping,it can save you money over time.

The system is known as myEcon cashback mall.

Myecon cashback is a place where you can shop from Bestbuy,Amazon and Walmart whatever you want and will get a 5% discount from the company.

How this works and why are they so generous with you?

It is a very simple concept called affiliate marketing.

Means that myecon cashback mall is an affiliate for these brands and whenever they make commissions from your sales.

They do not keep it themselves,instead they give it to you,it’s distributor.

The fact is that 5% cashback(commission rate) is very low in my opinion but I want to give it a positive thumb up.

Because it is a good concept applied and introduced by this mlm.

However the commission that you will be getting as the name of discount can take upto 60 days to come.

Which means that if you buy something then you will have to wait for more than three months for commissions.

Success Rate In MyEcon

Let’s talk about the success rate in myecon.I have reviewed hundreds of mlm companies and you know what one thing is common in them?

Their success rate is too low.

In Fact studies showed that most of the people that join multi level marketing for making money end up losing the money they invested in them.

I have read that their failure ratio is 73% to 99%.

Nothing different with myecon.

Myecon also has the same success rate.Most of the people that join mlm companies like myecon end up losing their time and money too.

You may be thinking why the success rate in myecon is too low?Well,the reason is very straightforward and I hope that you will get this reason.

Almost 97% people that join multi level marketing companies are newbies in this field and do not have any prior experience in marketing and sales.

The biggest and main factor is that they do not have any kind of existing audience.

The audience they want to sell their products in future.For this,they end up reaching out to their family and friend members.You know what’s funny in that?

Their friends buy their products just to get them off their back.

For this finally they enter ‘NFZ’.If you are wondering what is ‘nfz’ it stands for no friend zone.

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MyEcon Compensation plan

Myecon compensation plan is very straight forward,not like other mlms where they made it too complicated for you to understand.

Many times when people make commissions from them,they do not find out where it came from?

Or maybe these mlm companies do this thing intentionally?

Now,before writing this review,or review of any mlm company,one thing I do everytime.

That is to go to their website and find their compensation plan PDF and paste it to my website to help people like you.

I spent most of my time finding this compensation plan pdf or anything about myecon compensation plan but there is nothing about it on their website.

https://youtu.be/EI3ERcoyVs0

But I did my homework on it and here is a detailed video on it’s compensation plan.

Let’s break down it’s compensation plan in detail..

How To Get Started With myEcon?

One thing you have to do before joining myecon.

You have to find an affiliate link of any of their distributors and then sign up for their basic membership.

If you do not get it,watch some youtube videos on myecon and then find the affiliate link of myecon in description.

For joining myecon you have to buy their basic membership which is known as marketing director.

Cost to become their marketing director is $19.95,which is their set up fees and then monthly $35.

As a marketing director,you will get access to all of their marketing tools,training on how to promote myecon and income shift membership.

Income shift membership is based on how you can get success in myecon.

Along with this you will have to pay them their monthly additional fees and get income shift membership benefits which are..

  • Income shifting strategy
  • Cashflow manager system
  • Identity theft protection
  • Free legal services(Woohoo)
  • Credit education services

I think that the cost to join this company is very reasonable and in my opinion you can not ask much if they are giving too much in return.

How To Make Money From myEcon?

Like any traditional mlm there are two ways to make money from myecon,but they have recently included another way from which you can make money from myecon.

Here are the two traditional ways for you to make money from myecon..

1 – First one is to sell its products directly to people and make retail commissions from it.

2 – Second way is to make a downline under you and make residual commissions from that.

This one is going to be recurring.Means that you are going to get paid until the person you referred remained myecon member.

Retail Commissions

Retail commissions means selling myecon products to others and making commissions on it.

This commission rate will be decided by the company itself and you will be paid on every sale accordingly.

If you bought their marketing director membership,then you can make upto 15% in sales.

This commission rate can go up and up to 25% if you purchase their higher membership packages like executive vice president and higher.

So,if you do the math,let’s say you sold their product called ID Defender then you will make 20,30 cents on $7 sale.

In myecon,every product came with a CV value mean commission value.

So,anyone in your downline makes a CV then you can earn 3 to 17% on that.

Now,in this retail commission list they extended it to a sub niche of this commission structure called super retailer bonus commissions.

Super retailer bonus commissions

This is a very new and good idea by the owner of this company.In this they are going to give you more commissions if you fit their criteria.

Their criteria in this is as follows..

  • You have to make a $40 CV in under 5 weeks.
  • Make $120 CV in under 13 weeks.
  • You have to make $240 CV in under 26 weeks period.
  • Make $480 CV in under 52 weeks period.

If you do the math this is equal to making 20 ID DEFENDER sales within the first 5 weeks after joining myecon.

And when you achieve and complete this task,you can earn upto 100 to 85% on direct sales.

Another thing which I want to let you know is that in the first exampleI said that on an ID DEFENDER sale you will make 10,20 cents.

And now after completing their task you will be able to make $2 on every ID DEFENDER sales.Congratulations,YOU ARE RICH NOW!!!

Dream Team Residual

This is the dream team residual commissions,as clear from the name,commission from referrals.

The people that you refer to myecon,if they stick to them and keep working with myecy for at least 5 months,you will make extra money too.

This will also depend on your ranks.But your commission on one person can be $3 to $8 depending on your rank.

ISM SALES

ISM sales stands for income shifting membership sales.

If you want to join myecon,then you must have to buy income shifting membership if you want to become their marketing director.

Once you become their marketing director then you will be eligible to make $10 on the first two referrals.

This means two first two people who join myecon through your link,you are going to make $10 on each of them.

It is the basis of this multi level marketing company.

So,let’s say you introduced myecon to 200 of your friends and 5 of them agreed to join this company.

Then you are going to make $10 on the first two people and $35 on the next ones.The commission will be increased after you refer to two people.

This can happen if you have 200 friends?

This is the image which I described above in this article.

But remember one thing,If your retention rate is low than 80% then this commission is going to drop to $5 and $25 respectively.

What is retention rate?Let’s say you referred 10 people who bought income shifting membership,7 of them left myecon after the first month,then your retention rate will be 70% and going to make less commissions.

Climbing the rank ladder in myEcon

So,how are you going to climb their rank ladder so that your commission will increase?

In myEcon,how much money you can make totally depends on which rank you are in.

They have categorized ranks in 6 parts.Let’s talk about each of them,one by one.

Marketing Director Rank

How To Qualify:

Just signup with myecon.

How much can you earn:

  • $10 on the first two people that joins myecon through your link.
  • 15% commissions on each product sale inside the system.

As I told you that this commission will increase if you have higher ranks.

Watch this one increasing.

  • 25% matching bonus on every sale you first two referral makes when they will qualify for EVP.

Executive Vice President

How To Qualify:

Maintain your income shift membership which is going to cost you $35 each month.

More than this,recruit two people who are myecon marketing directors.

If that looks too much work,you can also qualify for executive vice president by making 200 CV.

How much will you make?

  • $35 on every member that you refer to myecon after the first two one.
  • 25 to 100% on retail commissions.This means that you can make $7 on ID DEFENDER sale.
  • $25 of commissions for every marketing director which is in your downline.They call it baseshop but I want to keep it very simple for you to understand.
  • 10-85% on every time your downline or I say baseshop recruits the first two members.
  • 3% on retail commission on every 1-3 referral you make.
  • 2 dollars in generations.

Executive Vice President Gold(EVP GOLD)

How To Qualify for this rank?

  • Accumulate $8 in CV within a time period of 5 weeks.
  • Have 10 active associates in your downline

How much can you make?

  • The money that you are going to make is very much the same as executive vice president but these are the things which you are going to make extra in EVP GOLD.
  • 7 bucks on generation 1-3.
  • 7% almost on generation retail purchases.

Executive Vice President Platinum

How to qualify for this rank?

  • Make $60 CV within the last 5 weeks.
  • You have to recruit 80 active marketing directors in myecon.Honestly this looks like too much in front of me.

Executive vice president is something that only points at something people could achieve because it looks impossible in my opinion.

Well,you can say that I am gonna do that!But it is not everyone’s cup of tea.

How Much $$ Can You Make?

Money that you are going to make in this will be also the same as EVP,but here are the additional things that you are going to make.

  • 12.50 bucks on making 1-5 referrals.
  • 12% on making retail prices.

Executive Vice President Infinity

How To Qualify?

Make more than 400 active marketing director members in your downline.Other than this you have to accumulate $400 in CV.

How Much Money Can You Make?

  • 15 bucks on every person you refer to this multi level marketing company.
  • 17% on retail sales.

CEO Infinity

How To Qualify for this rank?

Make $1000 CV within 5 weeks.

1000 active members as marketing director in your downline.LOL.

How Much Can You Make Money With this Rank?

Almost the same as EVP infinity.

This is some real s***.I have reviewed almost 300+ multi level marketing companies and to be honest this was the most complicated compensation plan I ever described.

If you see mistakes or errors in this,kindly comment below so other people can have a look on it.

I think you must have to be a math topper to understand this kind of compensation plan.

Above all,in my opinion they are asking too much from the people who are their affiliates.

Now,let’s talk about things which I liked in myecon and things which I disliked..

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Things I Liked In MyEcon

To be honest in any of my reviews on beastpreneur,I want to be completely honest with you.

But there is nothing that I liked about this mlm except that you can at least make money from this company.

Other thing is that they are offering legit products to people and their distributors.

Let’s talk about things which I disliked in Myecon..

Things I Disliked In MyEcon?

There are many things which I disliked in myecon,but keeping it short for you..

Recruitment,Recruitment,Recruitment

Chances are that this is going to be shut down by FTC in near future.

Why?Because it is almost a pyramid scheme and focuses too much on recruitment.

There is no other way for you to make money from myecon.

Because if you focus on selling its products and making commissions on it,then you are going nowhere.

It’s the company structure that you have to recruit people and that is why this company is getting famous day by day in America.

The reason I am saying that it can be shut down by FTC is because it is an outright pyramid scheme.

I have reviewed another outright pyramid scheme which was got banned by FTC called Fx trading.

You Can Make More Money In Other Mlms

I have reviewed almost 300+ multi level marketing companies and in my opinion this is the worst company,IF you want to make money from it.

There are many better alternatives to myecon which I reviewed on beastpreneur such as Vector marketing,Cutco Marketing doTerra and Arbonne.

If you do not want to read those reviews then there are more better options such as quicken.

This is a quick search I did on a personal finance program.

10 Shocking MLM Statistics That You Need To Know!

  • Almost 99% participants of all multi level marketing companies lose money,According to the FTC.
  • There are 38% more chances of you profiting from your own any kind of small business  than joining these mlms.
  • Success Rate of online business,which will give you financial and time freedom,is 20% more than joining mlms for making money.
  • The odds of you winning a lottery worth $10k among 10,000 people is 300 times higher than actually making money from mlms.
  • According to the AARP foundation,47% distributors of all mlms lose their money,apart from this 27% do not make a single penny.
  • Remaining 26% that actually make money,53% of them make less than $5000/year.
  • 39% among those 53%,who are making $5000/year quit because recruiting and selling crappy products to friends and family members jeopardized their relationships.
  • Forget about building a long term business with mlm,because 50% of all mlms participants quit within one year.
  • 75% people that join mlms say that they will never ever join any kind of mlm.
  • A poll was conducted in 2018 among 1050 mlms distributors and it was found that most of them makes 70 cents an hour and 20% of them did not make a sale.60% of them makes less than $500 in sales over the past 5 years and 32% of them acquired credit card debt to finance their mlms involvements.

SOURCE:

Is MyEcon A Scam?[FINAL VERDICT]

NO,myEcon is not a scam and it is very close to being a scam.

But it is an outright pyramid scheme which is the worst business to go all in 2020 and moving forward.

That is the reason why I did not joined myecon.It was very easy for me to put a link of myecon in this review and make money on it.But I do not promote crap on beatpreneur.

Pyramid schemes are not what I recommend to my readers.Myecon is just a trap.Yes,if you want to join this never ending trap,then you can join this mlm.

I have a question for you.

Why join mlms when there are more sustainable,scalable and long term business models out there?

As I already told you that the success rate in myecon is very poor.Not just myEcon,I have reviewed almost 300+ mlms and they are just getting worse when it comes to success.

Mlms are destined for failures,Mlm = Waste of time and money

Not fond of mlms anymore,been there done that.Other then this I hate selling to my friends and family members.

You know what,the only person who makes money in multi level marketing company is it’s owner.

You are company’s best customer,and whenever you lose money,company makes money.

Here is a better business model,lead generation.I highly recommend you to join lead generation instead of myecon so called business opportunity.

In lead generation,you have to generate leads for busibess ownerss,and whenever they make money,you will make money too.Let’s say that you generated a lead for a lawyer and he closed that customer and made $1000 on it.

He will be more then happy to pay you $100 on that single lead.And we are going to teach you how to generate 100 leads for that business owner every single day.That’s $30k/month.

Most of our student are making $100k/month and thousands are making $10k/month.

If you want to watch the exact training that helped 6000+ people to build passive income online and work from home,then click the link below.

Simple,proven,legit,long term and sustainable business model.

That’s it for today’s review.

BOOK A CALL,with my team and let’s see if we are a good fit to work together or not.

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