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MyEcon Review – Is This a Good Company?

What is myEcon?

myEcon (short for “My Economy”) is a network marketing company located in Gwinnett County, Ga which is in the metro Atlanta area (United States).

According to the website, the company was founded by a small group of entrepreneurs in 2005.  The company operates in the multi-billion dollar Direct Sales industry.  The founders’ vision is to empower people to attain Personal Financial Success.  The company name myEcon, is short for “my Economy”; because the founders envision each individual taking care of their Personal Economy just as governments and corporations take care of theirs.  myEcon empowers its Associates to attain financial success by helping associates earn income through a web-based business system and by teaching them financial strategies.

Larry W. Gates II is currently serving as Chief Executive Officer/Chief Operating Officer of myEcon, Inc.  He brings more than 20 years of experience in communications, marketing and business operations.  Mr. Gates oversees and manages all aspects of the day-to-day operations of the company; ensuring operations are in sync with strategy.  He takes a leadership role in the establishment of performance indicators and monitoring performance against goals.

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myEcon Products

myEcon has real products.  Many appear to have good value.

Here is a breakdown of their products:

  • Smart Credit Repair System- $99.95 credit repair service
  • ID Defender- $7.99 to $14.95 per month identity theft protection
  • 750 Credit Monitoring for $23.95 every 6 months
  • CashFlow Manager- $19.95 per month cash flow management system
  • Roadside Assistance- $7.99 per month
  • Coffee Beans- $16.49 and $19.99 per box
  • Health and Wellness Supplements-  Daily Ultimate for $36.95, Body One MSM capsules for $19.95 and Body One MSM Lotion for $24.95

There are a few  products that are about protecting your identity, repairing your credit score and managing your money.  Then there’s a roadside assistance service, coffee beans and nutrition supplements.

When you sign up to become a Marketing Director, you receive the Income Shifting Membership.  This membership is all about helping you minimize taxes, increase your income and accumulate more assets.  It’s about helping you become wealthy.

The products appear to be real and useful.  If you become a member it is best to become a product of the product so that you have a better understanding of how the products work.  Plus, it is easier to sell or promote something that you would buy yourself.  If you don’t think it’s useful then you would not promote it, right?

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myEcon Cashback Mall

The Cashback Mall is a platform that allows members to shop at stores like WalMart, Petco and Ace Hardware, and get cash back on those purchase.  The cash back rates are usually between 1% and 5%.

myEcon is an affiliate for these companies, so when you buy products through the affiliate links within the Cashback Mall, they earn a commission.  They pass these commissions on to you.  The concept here is that you can save on products that you would buy anyway and the money saved will be paid back to you.  But not only that you can earn a percentage of purchases made by others that you may have recruited (or are in your baseshop).

myEcon Compensation Plan

You can join myEcon through an independent associate’s replicated website.  The first affiliate rank is Marketing Director which is a cost of 34.95 a month.

As a member, you get a replicated website to sell products and recruit people along with some training and an Income Shifting Membership.

Here are some more benefits you receive as a Marketing Director:

  • CashFlow Manager System
  • Credit Education Services
  • Discount Travel & Corporate Perks

This is a low cost business for the value you receive in the products.

There are Three main ways you can earn within the myEcon compensation plan.

Income Shifting Membership

When you sign up, you must purchase the Income Shifting Membership to qualify as a Marketing Director (MD).

You are then qualified to earn $10 for recruiting your first two direct referrals, who also purchase an Income Shifting Membership.

After that you will earn $35 by recruiting your third Marketing Director, and every time you directly refer a Marketing Director thereafter.

Your third Marketing Director also qualifies you to become an ‘Executive Vice President’ (EVP) and represents a new ‘Baseshop’ within your downline.  Every person you directly refer thereafter forms a new Baseshop, infinitely wide.

A Baseshop consists of your direct referrals, and those they recruit, who have not yet become an EVP.

You earn a $25 commission on any new Marketing Directors within your Baseshop, infinite levels deep.

Also, if your monthly retention is lower than 80% these commission rates change; from $35 and $25 down to $17.50 and $7.50 respectively.

Retailer Commissions

Each product or membership comes with a set ‘commission volume’, or CV. And it’s this CV that commissions are based on.

For example: the ID Defender costs $7.99 and the CV on this product is $2.  So commissions are based on this $2.

The actual commission rate (percentage) varies though.

As a Marketing Director, you earn 15% on any products you personally sell.  This goes up to 25% if you’re an Executive Vice President or higher.

So in the above example, if you sold the ID Defender, you’d earn 30-50 cents per month depending on your rank.

In addition, EVP’s and higher can earn 10% of the CV generated by anyone within their Baseshop. And between 3-17% commissions on any CV generated by referrals within your ‘Generations’.

Your first generation forms when a referral within your Baseshop becomes an EVP.

When any referral (directly or indirectly) sponsored by a first generation associate, becomes an EVP, they become your second generation referral. This process repeats infinite levels wide and deep.

Super Retailer Bonus Commissions

If an associate meets the following criteria, they qualify to earn a higher rate of retail commissions:

  • $40 CV in any given 5 week period
  • $120 CV in any given 13 week period
  • $240 CV in any given 26 week period
  • $480 CV in any given 52 week period

This is the equivalent of selling 20 ID Defender subscriptions within a rolling 5 week period.

By qualifying for this means your retail commissions shoots up to 100% on direct sales, and 85% on indirect sales.

So in the previous example, this would result in a $2 commission for personally selling an ID Defender subscription, or a $1.70 commission if someone in your Baseshop made that purchase.

Dream Team Residual

This is a commission that is paid on any associate within any generation, who has paid their Income Shifting Membership for at least 5 months.  The payout is between $1 to $8 per month (based on your rank).

Your rank determines how much money you can make.

Here is a breakdown of how you can achieve each rank along with what you can earn:

Marketing Director (MD)

How to qualify:

  • Signup to myEcon to qualify

What you can earn:

  • $10 on your first 2 direct referrals
  • 15% commissions on product sales
  • 25% matching bonus on whatever your first two referrals earn once they qualify for EVP

Executive Vice President (EVP)

How to qualify:

  • Recruit 2 MD’s and maintain your $34.95 Income Shifting Membership OR;
  • Generate 200 in personal CV to qualify

What you can earn:

  • $35 for every direct referral
  • 25-100% direct retail commissions
  • $25 per MD in your Baseshop
  • 10-85% retail commissions from those within your Baseshop
  • $2.50 on Generation 1-3 referrals
  • 3% on Generation 1-3 retail purchases
  • $1 DTR bonus for referrals within Generations 1-3

Executive Vice President Gold (EVP Gold)

How to qualify:

  • Accumulate $8 in CV within the last 5 weeks
  • Have 10 active associates within your downline (counting no more than 5 from each Baseshop or generation)

What you can earn:

  • Same as EVP except;
  • $7.50 on Generation 1-4 referrals
  • 7% on Generations 1-4 retail purchases
  • $3 DTR bonus for referrals within Generations 1-4

Executive Vice President Platinum (EVP Platinum)

How to qualify:

  • Accumulate $60 in CV within the last 5 weeks
  • Have 80 active associates within your downline (counting no more than 20 from each Baseshop or generation)

What you can earn:

  • Same as EVP except;
  • $12.50 on Generation 1-5 referrals
  • 12% on Generations 1-5 retail purchases
  • $5 DTR bonus for referrals within Generations 1-5

Executive Vice President Infinity (EVP Infinity)

How to qualify:

  • Accumulate $400 in CV within the last 5 weeks
  • Have 400 active associates within your downline (counting no more than 80 from each Baseshop or generation)

What you can earn:

  • Same as EVP except;
  • $15 on Generation 1-5 referrals, and $2.50 on subsequent generations
  • 17% on Generations 1-5 retail purchases, and 5% on subsequent generations
  • $7 DTR bonus for referrals within Generations 1-5, and $2 on subsequent generations

CEO Infinity

How to qualify:

  • Accumulate $1,000 in CV within the last 5 weeks
  • Have 1,000 active associates within your downline (counting no more than 100 from each Baseshop or generation)

What you can earn:

  • Same as EVP Infinity except;

$8 DTR bonus for referrals within Generations 1-5, and $3 on subsequent generations

 

Summary

I became an independent associate (starting as a Marketing Director) based on the information I gathered;  real products, training, and a nice looking compensation plan.  I signed up with a great team.  We have a Facebook group with training materials, documents and step by step instructions.  We have a training website with videos from 6 and 7 figure earners.

The goal of the business is to help you become your own economy.

If interested CLICK HERE TO JOIN!