Chances are you heard about MyEcon because someone – a friend or family member – introduced you to the company. Maybe you attended an online workshop or webinar, or maybe an in-person information session.
Your head’s probably spinning. This might be the first time you’ve heard about a real way to make money outside of a typical job.
So first off, congratulations!
You’ve just entered a whole new world…the world of making money on your own terms.
However, you came in through the wrong door.
Because MyEcon is – plain and simple – an MLM. Throw whatever fancy name you want on it…multi-level marketing (MLM), network marketing (NWM), direct sales, or anything else, it’s the same concept:
You pay some money upfront for the “opportunity” to sell products.
The products are typically low-quality but with high price tags (because fancy labels and stuff).
You’re told that the key to building your own successful business is selling these products to friends and family, and getting them on a subscription (so you get “monthly recurring revenue”).
Unfortunately, like most people who get taken in by these types of schemes, you’ll quickly discover that the well runs dry faster than you imagined.
After all, they make it sound really simple. “Just get 5 people you know onto this magic widget, and things will just grow from there.”
And in your head, you think “How hard can it be? I know plenty of people, 5 will be easy.”
But then you do it, and you realize people look at you like you’ve joined a cult. You’ve become “that person”, who joined an MLM, and is now trying to sell questionable products or services to everyone they meet.
It puts a strain on your relationships, and you end up stuck between two worlds.
But it’s not your fault. These companies spend millions of dollars each year figuring out exactly how to brainwash and recruit people. And that’s why we’re here.
To help you find a better way before it’s too late.
So, what if there was a way you could build a passive income stream that’s actually passive?
An income stream that doesn’t require:
- Selling to friends and family
- Selling to strangers
- Recruiting people
- Dealing with questionable products that weigh on your conscience
An income stream that brings in consistent revenues every single month (from a couple thousand dollars to well over $10,000)?
An income stream you could actually build in your spare time, and grow as large or as small as you want to, without having to spend hours a day chasing, selling, or managing anything?
If that sounds like something you’d be interested in, check out Digital Leasing.
This is nothing like MLM, and that’s probably a good thing.
However, if you’d still like to know more about MyEcon, keep reading.
What Is MyEcon?
myEcon is a Multi-Level Marketing company headquartered in the United States.
They boast that they are able to lead their recruits to a more successful life by selling or buying the MyEcon products, furthering their financial education after they join myEcon.
Now, before we go any further: it is assumed MyEcon is short for MyEconomy, and not MyE-Con, as in an online con-job.
Some people think it’s sort of a funny name, considering the reputation of MLMs these days.
Be that as it may, the products that are sold through the company range anywhere from health products to services that are designed to help you improve your credit score.
And, of course, their products are sold through a large network of “sales associates” and business opportunity seekers. However, most people who get involved with the company do so in order to start a work-from-home business.
On top of just selling their products, these sales associates are given the chance to sign up other people into the business opportunity as well.
Who Is Larry Gates?
According to their company website, their CEO is a man named Larry Gates and it was founded back in 2005 by a fledgling group of investors and entrepreneurs.
As far as I can tell, Larry has no relation to Bill Gates, another CEO who built a software company.
But I did a little digging and found out that a man named Ivey Stokes is the co-founder of MyEcon, and has a net worth of over $700 Million.
This is only confusing in that his LinkedIn has him listed as an Executive Vice President, but an old Facebook post from MyEcon confirms him as the co-founder:
And yet there is no trace of the man on the MyEcon website.
After some research, I can see that both Stokes and Gates were part of a pyramid scheme named Maxxis in the 90’s, which ended up going through legal issues, eventually declaring bankruptcy after some illicit findings.
It appears Stokes was the co-founder there, while Gates was further down the line.
Maybe that’s why Stokes isn’t mentioned on the MyEcon site anymore.
What’s Inside MyEcon?
MyEcon Product Line
Of course, when you’re taking a serious look at any “reputable” MLM, the one thing that you really need to consider about their product line. If you can’t really put your finger on what the company is actually selling, then you should high tail it out of there.
The products of a company are it’s lifeblood. If the products are good and ethical, then you might have a winner and people may have a good chance of making money with it.
However, if the products are second-rate, or perhaps even non-existent, then it’s really not worth your time because, for the most part, the only money that’s made is when people sign up other people into the company.
From what I’ve seen, it looks as though myEcon does have real products and services that appear to be of decent value.
But the strange thing about these products, is how different they are from one another.
On one end of the spectrum you can buy coffee, and then on the other end you have identity-theft services:
- Coffee Beans
- MyCredit System
- Identity Defender
- CashFlow Manager
- Roadside Assistance
- Health & Nutrition
- Travel Membership
It appears they have recently dropped the Cash Back Mail and Credit Monitoring services from their offerings.
It seems they have renamed the Smart Credit Repair System.
My concern with this approach is that it is difficult to become the best within any one industry.
It’s not easy starting a coffee company, balancing fair prices with high quality.
It’s not easy starting a national roadside assistance company, with all of the moving pieces involved.
I have serious doubts that MyEcon is somehow a top play in any of these products’ industries, frankly.
Also, if you do decide to sign up with the company as a Marketing Director, you are instantly approved for the Income Shifting Membership.
Basically all this does is help you exploit tax loopholes, and thereby increasing your income and acquire more assets.
Okay, that part I like.
The myEcon Cashback Mall
Now this is something that I’ve haven’t come across before, and it’s something that could potentially save you quite a bit of money in the long run. For that matter, there’s another mlm company (Team National) that actually does the same thing.
The way it works is like this:
But instead of keeping that commission for themselves, they pass that commission on to their recruits.
Now the commission rate is generally pretty low (usually under 5%). Also, it can take quite a bit of time for any of that money to be paid out the myEcon, so it could be a while before you see any of your rebates.
All in all, as long as you’re buying stuff that you would normally buy, this is a pretty neat idea, even if you never benefit from it.
The myEcon Compensation Plan
So how do you actually make money with myEcon?
The compensation plan has a handful of different ways in the business opportunity that company associates make money.
Unfortunately, you cant really find anything on the myEcon website about their official compensation plan. This I really don’t like because I would think that people would want to know this information going in rather than hearing first from a recruiter.
The honest truth is that you won’t make much money selling their flimsy products. The real money is in recruiting your friends and family, which comes with its own problems.
But that is the way of life when it comes to MLMs.
You’ll need to find a sales associate for the company in order to sign up with myEcon. Typically, you’ll be using their personal company-sponsored website. After watching a few YouTube videos about the background of the company and listening to a few other associate testimonials, you’ll be sent to the associate sign up link.
After you click on the link, you’ll be taken to a page when you can sign up as a “Marketing Director” for the company.
That’s a nice-sounding gig! What’s the catch?
Well, the cost to sign up with the company as a Marketing Director is $34.95 per month with an initiation fee of $19.95.
When you finally get everything square away, you’ll get a personal website (which is really just a subsite of the company’s main website). You’ll use this in order to sell products and sign up other people. There’s also some training for you to go through at your leisure.
That training is called the Income Shifting Membership and it’s what everyone uses in order to be successful.
Now, as a Marketing Director, you also get the following perks:
- Credit Education Services
- Discount Travel & Corporate Perks
- Income Shifting Strategy (already mentioned)
- Free & Discount Legal Services
- CashFlow Manager System
- Identity Theft Protection
For all that you get, this almost sounds like a good deal, even if you don’t end up selling much.
The 3 Big Income Streams
1) Income Shifting Membership Sales
It’s imperative that you buy the membership for Income Shifting after you sign up in order to become a Marketing Director.
After doing this, you are then qualified to receive $10 for the first couple of referrals that you make as long as they purchase the Income Shifting Membership as well.
This commission is generally only paid out when new associates join the program.
After this, you’ll earn $35 every time someone that you signed up becomes a Marketing Director.
Then, after your 3rd recruit signs up to become an MD, this will qualify you to become an EVP (Executive Vice President). With this, you’re able to create as many individual downlines in your organization as you like. And every person that you refer directly for as wide as you can go.
I know this sounds like a lot to take in, so don’t be concerned if you haven’t quite grasped the concept. Just keep in mind that you will earn $25 in commissions for every new MD in your organization.
A quick disclaimer though… if your retention rate falls below 80% – if more than 20% of your recruits decide to quit the program – your commission rates will also go down.
2) Retailer Commissions
Your retailer commissions are based on every product and membership you sell, referred to as “commission volume” (CV). This CV is what all future commissions are based on.
Just to give you an idea. ID Defender costs $8.99, but you don’t make your commission on the full $8.99 since the commission volume for this product is $2. Consequently, any commissions you earn will come from that $2.
Of course, the commission rates for all the different products will be different.
Now, if you become a Marketing Director, you’ll get paid 15% for all the products that your sell personally. And if you reach the Executive Vice President level, that commission will jump to 25%.
As an EVP, you’re able to earn 10% on any commissioned sales that are made within your MD downline, and up to 17% on commissioned sales inside your “Generations”.
Man, this MLM lingo gets old fast. Might as well make up a new dictionary!
These generations are formed after a referral within your organization reaches the level of EVP.
When any other referral (whether it’s yours personally, or within your organization) gets sponsored by a 1st generation associate and becomes an EVP, they become a 2nd generation referral to you.
This can go on in perpetuity.
3) Dream Team Residuals (DTR)
Based on your ranking, you will get paid a commission of up to $8 per month for any associate (in any generation) that has paid the monthly fee for their ISM account for more than 5 months.
What Does The Internet Have To Say?
Let’s hear the voice of the people:
“So I almost got suckered into Myecon a couple months ago… it caused a huge fight with my bf and I and I was even resentful of him because he made me cancel the account and get a refund for the start up fee. Now looking back, hindsight is 20/20 and I am glad I didn’t go through with it. My original “recruiter” was very nice and seemed knowledgeable but it was the “too good to be true” information that she was pushing that made me uncomfortable. I politely told her after careful consideration I won’t be moving forward. She occasionally still emails me but isn’t pushy. I just haven’t blocked her emails or unsubscribed.
Later, I had another lady try to recruit me and I told her no thanks, already been scammed by Myecon and its a MLM… she sends me a voice message on fb messenger cussing me out and blocks me before I can respond.
Bahahaha. NOT TODAY, SATAN.”
“It’s like they decided to jam a whole bunch of MLM schemes in one. Financial planning. Lotions and skincare. Herbal supplements. Travel planning. And for novelty, a knockoff of eBates.
Bottom line, the three people that started it were all involved with Maxxis back in the 90s. Scammy, shady business.”
One more for the road:
Is MyEcon A Scam?
So, is MyEcon a scam?
You can make money with this program, but it’s definitely not as easy as the company makes it sound.
There’s a ton of work to be done upfront, no real guarantee of success, and – most importantly – the actual commissions are pretty small.
Now, there’s nothing wrong with front-loading the work and making the money later.
But if you’re grinding it out for 3 months and then your reward is a $50 commission, it’s not really worth it.
What if, instead, you could do that same 3 months of work (in your spare time), and your reward was a $500 to $2,000 payment that came in every single month?
And what if you actually didn’t need to wait 3 months? What if you could get started today and have your first payment in a week?
And what if you could double it next week?
Well, that’s the power of Digital Leasing.
And, unlike an MLM, you can legitimately do this from anywhere. It’s a true lifestyle business.
Your laptop and an internet connection is all you need.
Some of the most successful students in this program run their entire 6-figure businesses from:
- A camper in the middle of the woods
- A beach chair on the water in Mexico
- A small villa in Greece
They’re able to travel around, living their lives first, and focusing on their income second.
Because even if they stop working for an extended period of time, the money keeps coming in.
So adventure, memories, and experience are the top priority.
And they never have to worry about how to pay for the next trip, or consider asking for time off.
If this sounds more like the type of life you want to lead, just click here to find out more about Digital Leasing.
How Much Does MyEcon Cost?
Here are some prices on their retail:
- Coffee Beans: $19.99 for a box
- My Credit System: $99.95 per year
- Identity Defender: $8.99 per month
- Cash flow Manager: $10.95 per month
- Roadside Assistance: $99 per year
- Vitamin Supplements: Daily Ultimate for $37.95
- Travel: $139.95 per year or for a one-time setup fee of $39.95 and then $13.95 per month thereafter
As mentioned previously, signing up as a Marketing Director is $34.95 per month with an initiation fee of $19.95.
So, if you’re going to join, you run a risk of racking up debt if you’re not selling or recruiting.
MyEcon Refund Policy
Are There Alternatives To MyEcon?
Yes, there are plenty of MLM companies to choose from if you want to pursue this business model. Here are just a few:
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Our Review team has spent months researching, reviewing, and vetting dozens of business models and thousands of programs.
While there may be no “perfect business”, the research IS conclusive:
Whether you’ve never made a dollar online, or you’ve been in this space for a while but never really “made it,” Digital Leasing is for you.
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Imagine taking 3 months off to just tour around Europe, rent a cabin in the woods to write a book, hike the Appalachian Trail, or live on the beach and surf all day.
This is only possible if you have an income stream that’s not tied to your time.
2) You Own & Control EVERYTHING: With MLMs and Network Marketing, you don’t really own anything. You have no control over the quality of products. You don’t even own your “team”.
Look at the fine print for most of the agreements folks sign when they join one of these companies. At any point, the company can change your commission structure, reduce your profit margins, or kick you out entirely.
With Digital Leasing, you own the assets, which means you have all the power and all the control.
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Imagine finally landing your first customer, and then losing them after one sale because they had to wait 6 weeks to get their order.
With Digital Leasing, a 100% online business, you never even have to think about that risk.
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If you wanted to double your income with an MLM, you’d have to double your customers OR double the average order size of your existing customers. And, guaranteed that’s a lot harder than a few clicks and a few minutes of your life.
6) Make Money Helping Real People: This part is what makes it all worth it. In an MLM, your “upline” might convince you that what you’re selling improves people’s lives, but deep down, you likely know that’s not true.
Most of the time, you’re either selling a dream or a poor-quality, overpriced product with a fancy label.
And that makes it pretty hard to sleep at night.
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Now, the choice is yours.
You could continue browsing, looking at opportunities like MyEcon which could one day make you money.
You could continue researching, never making a decision.
OR, you could take a look inside, consider what you really want, and join a program that makes your dreams a reality. At the same time, joining a community of over 2,000 successful students that are living life on their own terms thanks to Digital Leasing.
A consistent, reliable, semi-passive stream of income that doesn’t depend on you or your time to keep producing profits.
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