Depending on who you get your reviews and info from, some say MyEcon could be a great opportunity while others say it’s a scam, scheme, pyramid scheme, you name it.
When it comes to me personally, I’m somewhere in the middle of this subject in that I don’t believe the overly negative things that are being said about this program, but at the same time, I am also 100% certain that this isn’t the best business opportunity for people.
I’d like to give you 3 positions regarding MyEcon, with the last position in my opinion being the best…
The first is that I want to give you the positive side of this program, and really point out where it does indeed have merit and opportunity to look at.
The second, is that I want to talk about the negative speculation about this MLM program, show you what I found and even link to what I consider to be very definitive reviews of the program.
And third, I’d like to give you a entirely different program to look at instead, which quite honestly, through my own years and success through it has proven to show more potential, less red tape, and less confusion overall.
But of course, before we can go over these 3 things, let me just clearly outline what MyEcon is (whether there’s a space between the Y and E is irrelevant here, you guys know what I’m talking about).
What is MyEcon?
It’s an MLM program that is affiliated with numerous products and programs which you can promote when you become a member. Each product is said to offer it’s own unique and great benefits, from health products to tax saving products.
Now just to be on the safe side, I’d like to mention that I’m speculating in this part, because it may also be possible that MyEcon owns these same products they are selling, but my research has shown it’s likely the first thing (affiliation with companies) that’s happening here.
Here’s a screenshot of these products (link to the page):
Now these products and programs each have their own price tags and benefits and from what I have seen, you should be able to join them individually and promote them (without going through MyEcon) but where the MLM program gets added to the mix is where it offers benefits of being part of their recruitment plan and that is where you NEED to be a member to get the benefits.
In other words, you can promote one of more of these products and services, while partaking in the recruitment opportunity.
Let me briefly go over the MLM part of this program:
There are 6 membership levels (ranks) from what I have found, and each has it’s own entry fee and monthly cost. You’re looking at spending anywhere from $50 to start to almost $200 in a one time fee and at it’s cheapest level, $10 a month to be a member of their lowest program and about $30+ for it’s most expensive one.
This is where I’ll talk about the first part I promised earlier, aka the positive things I saw…
1) The products and services you could buy are fairly cheap and each provide their own earning opportunity in that you can promote them and get paid.
2) This program in general is quite large and old and I didn’t find that many negative reviews on it, although the positive ones I did see tended to usually be promotional blogs and sites so that should be taken into consideration.
3) Partaking in the recruitment plan (MLM side) is also fairly cheap.
This is where I’ll talk about the second part where I’ll talk about the negative things I saw and found…
1) Firstly, there is no compensation plan to be found on the main website.
As much as I REALLY dislike reading compensation plans in any MLM program, I can at least claim that most of the ones I’ve reviewed, have actually had them easily accessible on their sites, but not in MyEcon’s case and this is troubling. Now you CAN find the compensation plan through YouTube videos, their affiliates do like this one, but to have to search for something that should so obviously be available on the main site is a problem…
2) Second, the actual compensation plan is very, very confusing…
And this is usually typical stuff to expect from these sorts of programs. Basically the 6 membership levels I noted above, are broken up into this compensation plan and explained in detail, but despite that detail, it still amounts to a large web you have to figure out.
I honestly don’t want to repeat the complex things I saw about it (I almost fell asleep reading all of that), so instead, I’d like to refer you to a GREAT site that actually untangles that compensation plan rather well. Here it is. That site is also not favorably reviewing the program either, so it’s rather unbiased.
3) Can we call MyEcon a pyramid scheme?
Well that depends on IF they actually own their products and how expensive those products are and here is this is where it’s mixed. Let me explain…
If the products and services you can join through MyEcon are NOT actually belonging to the MLM program itself and they are affiliated with it, then what you really have with this MLM is in essence, just a recruitment plan and that itself may lead one to suspect a pyramid scheme being afoot.
But on the contrary end(s), if this MLM owns these products and the price is fair, then it’s not (here’s how I determine if an MLM is a pyramid scheme). Furthermore, the prices of these products, whether they belong to them or not are quite cheap.
What you would need to do is examine each product for it’s authenticity to see if they are individually legit. I cannot honestly answer that, but I do know in general, products pitched through MLM programs are rarely higher quality things than competing products and services on the market.
4) Fourth, I honestly don’t see a big opportunity here.
In 2005, I began a journey into creating my own business. A few years later, I settled on making that business an online one and through my journey, I went through a lot of different opportunities, some of which were MLM programs.
To be honest…
My experience has taught me that MLM programs with complex plans and hard to sell products are usually great sounding opportunities but VERY hard sells and in the end, the MLM program itself is the one which makes the most money.
Of course, being that I am NOT a member of MyEcon, I can’t associate my experiences and claims to this program directly, BUT believe me, I know a ton about these businesses and the success rates.
Do not overly read into the hype and opportunity any program pitches (Basically them saying, join us and secure your future, blah, blah, blah.), look into the reality and transparency of the said opportunity…
Before I get to my final part (the third part), let me give you my personal rating of this program:
Final Rating: My Econ.
3 out of 10 stars. Taking into consideration the pros and cons, I do see an opportunity, but I also see a lot of red tape and difficulties in selling this MLM (not just the products) to people. It’s just a VERY hard industry to succeed in my based on the things I’ve learned.
The third part I promised, the alternative program…
Any type of business, not just MLM is hard to create and succeed through, and there’s a few indicators I’ve come to notice that really tell me if someone is going to fail or succeed:
1) Are they just starting a business because they hear about some opportunity or are they starting it based on something they love?
I assure you, MOST people get involved in business, with the intent to obviously become financially independent, but unfortunately, chase the first reason (they hear about an opportunity) rather than the second.
If you can’t make a business based on something you love, there’s a HIGH likelihood that you’re going to fail.
You’re just basically forcing yourself to succeed in something you have no passion for, and building a business is tough enough as it is, but without the lack of passion or love for this, that’s even harder…
2) What kind of training are they getting?
Considering you go into this whole business thing with a passion, the next best thing you need is training and let me tell you, most places suck at this.
A lot of opportunities at building personal businesses offer horrendous training material which leads people who try that opportunity to start selling their stuff in the worst ways imaginable (through friends and family to name a few BAD ideas).
I’d know, I’ve seen more of that bad training out there than good.
I am mentioning both these things, because when someone asks me for business advice, I tell them to make sure they have these 2 things down. If one or both things aren’t in play, forget about that business opportunity and find something else (another opportunity that DOES meet both standards).
With that advice, in regards to MyEcon, if you don’t see yourself LOVING this business and promoting their products or pitching the opportunity, then it’s not an opportunity I’d go for.
If it is then go for it, but do not mistake the potential of making good money as being a passion and one of the qualifications, it’s not, it’s an illusion and it suckers people into making failed businesses from the start.