Being an avid fan of Cockeyed.com, and knowing extensively about multi-level marketing schemes, I thought it was a little fishy when my friend approached me about becoming an associate in a “business venture” he was involved in.
This friend had approached me before about participating in an MLM that was perpetrated by none other than Herbalife. At the time, I was able to point him to Rob Cockerham’s extensive Herbalife information, and he walked away from the scheme. This time, I didn’t find out about this scheme until after he had enrolled.
Normally, I would have just declined his offer and moved on. But from his description, I knew this is an MLM. But, I had never heard of this particular one – myEcon.Net – so I decided to check it out. When I visited the link he sent me, I was taken to his personal MyEcon page. My first clue that something was amiss was that the page didn’t feel professional.
It certainly looked professional. While it was pretty basic in design, it didn’t have typos and broken English commonly found on scam websites. What intrigued me is that this MLM used a pretty good hook – personal finance advice. After all, in today’s economy who wouldn’t want some personal finance advice offering tax savings and debt elimination, which is what the site advertised.
But, it also was advertising travel deals, nutrition, a discount membership program, and even domain and web hosting. Wow, they really covered their bases. But, offering so many different and unrelated products had almost the opposite of their intended affect on me. I was confused as to how and why a legitimate company would offer so many different products that span across seemingly unrelated industries.
Perhaps, their presentation could help clear things up.
A couple of clicks later, I was downloading their PDF. According to the presentation, myEcon is a “multi-million dollar company” based in Atlanta, GA, with a simple mission: “Empower families to attain Personal Finance Success.” They defined that as “having enough cashflow to support one’s chosen lifestyle.”
The presentation outlined obstacles keeping me from financial success, and solutions to those problems provided by, you guessed it, MyEcon. I could “earn unlimited income” and could have “freedom” because MyEcon offers “multiple streams of unlimited income.” I would also be selling “high demand products” in “trillion-dollar industries.”
Those industries are travel, nutrition, and web hosting. For travel, MyEcon works with Priceline, giving a commission for each sale made on Priceline through an associate’s website. A quick comparison of accessing Priceline myself and then through my friend’s myEcon site revealed the exact same prices. So, I’m wondering where the money for the commission comes from.
Why would Priceline or MyEcon pay a commission, but charge the same prices? That, to me, would almost ensure that they’re losing money. Unless, they’re counting on the MyEcon associates to bring in customers who wouldn’t normally use Priceline. It’s possible, but seems odd.
For nutrition, MyEcon works with Body One Nutrition, selling a supplement (can you say Herbalife?) called Daily Ultimate. It “provides nutrients in six areas vital to Whole Body Health, at $45 a bottle. But, if you buy three, you save nearly $31. (See, you just increased your cashflow by saving money.)
They also sell a supplement called Body One MSM, which “helps to keep our bodies vital, healthy and is especially beneficial in supporting our skeletal system.” Note: That statement has not been evaluated by the Food and Drug Administration. The main ingredient in Body MSM is Methylsulfonylmethane. But, according to a review of MSM, “The health claims made on using MSM exceed the number of scientific studies available to strongly support its effectiveness.”
A quick search of Centrum’s website shows that their vitamins contain most of the same vitamins as Daily Ultimate, but are considerably cheaper, but that’s a whole other issue.
MyEcon also has a discount membership program, powered by Access Savings, which allows you to increase your cashflow by saving “thousands.” They even have a handy saving’s calculator. For example, if I eat out once per week, the program will save me $104 per year. Impressive? Well not really considering that’s $2 a week and I could probably save more than that using a coupon or staying home. Still, the website says that the membership retails for $499.95, so getting it for $49.95 per year certainly has to be a deal, doesn’t it? Must… resist…urge…to…sign…up. (The guy holding the wad of cash giving me the thumbs up is really tempting.)
For web hosting, MyEcon uses Tone Dog Media. I found it a little odd that you have to create login just to find out their pricing. Turns out you pay $17.95 to register a domain name for a year. Most places charge you $9.95, some give it free. And, for web hosting it costs $12.95 per month, which is higher than most of the places, including the one I use for mikejsmith.net.
None of these businesses are listed with the Better Business Bureau, just FYI.
Anyway, in addition to the money I’d be making on commissions from the sales on my site, I also earn income through “team building.” Welcome to the MLM portion of our show… For every new person I sign up, I get $30, plus 5% of their future earnings. I must sign up three people. I also get a percentage of the sales of the first three people that they sign up. Surely, I would make millions by building a MyEcon empire. And, I would get the snazzy title of National Sales Director.
I should note here that on July 17th, I checked the site and downloaded the presentation, which contained slides that contained the information about the team building portion. The presentation was 24 pages long. On July 28th, I checked/downloaded the presentation again, and this time it was 20 pages. Guess what was missing? The team building (pyramid) portion. Hmmm.
Anyway, two-thirds of the way through the presentation is when I get a hint of what it will cost: less than $300, which they say makes it “attainable for almost everyone.” They also promise “lucrative upfront weekly paychecks.”
So, what exactly do you get for “less than $300?” For starters, you get a Cashflow Management Strategy and Software System, which includes online and local support classes. The system is five steps and is “easy to follow.”
Step 1
The system shows you how to correct your W-4 withholding because “100 million Americans have their W-4 filled out incorrectly, causing their employer to withhold too much cashflow from their check.” Wait. You mean that MyEcon isn’t going to make me so much money that I can quit my job and live off my “cashflow?”
Step 2
The system will show you how to minimize your taxes. By signing up for MyEcon I’ll have access to the tax deductions that are afforded to business owners, which can include car and truck expenses. It seems that I can classify lunches at Applebee’s with friends that I am trying to sign up to my MLM scheme as a business expense. Ni-i-i-ce. I even get software that will help me keep my tax records because that’s not readily available at any store that sells computer programs.
Step 3
The system will help me minimize my expenses. The discount membership program will save me $104 on lunch per year, remember? I could invest that $104 in the stock market and turn it into $104,000 in the blink of an eye. I’ll be rich in no time.
Step 4
The system will eliminate my debt because all of the money I am saving using the discount program combined with the money I am making by signing people up can be used to pay down my debt quickly. Of course, if I chose to blow my increased cashflow on a Ferrari, then I guess step 4 doesn’t apply. But who cares? I’ll have a freakin’ Ferrari.
Step 5
The system will maximize my cashflow through investments. Again, with all the money I am getting from my MyEcon business venture, I’ll be able to invest it and make a ton of money. I can see it now, I’ll be on Wall Street in an Armani suit, screaming, “Sell! Sell! Sell!” into a Bluetooth earpiece. Thanks MyEcon!
According to the chart they provide, if I invest $1,000 a month, in 10 years I’ll have made $200,000. Of course that is assuming a return of 9.5% annually. Me? I plan on bringing in a 55% return annually. I wonder what I’ll do with all that money… Private jet? Helicopter?
An extensive internet search didn’t return much more than this information. But, just as I was becoming exhausted and considering wrapping it up, I stumbled on a video someone posted of their MyEcon training seminar.
In the video, a man who identified himself as Ivey, (I later found out this was MyEcon founder Ivey Stokes), said that the goal is to help people acquire the knowledge to move their finances. Moving your finances will allow you to build your business faster because people will, essentially, be more likely to listen to you because you’re doing well.
Huh?
That means that if you’re doing well, and telling people how well you’re doing they’ll be more likely to listen and sign up, thus bringing more people to the MLM scheme, which will make you more money. At least, that’s how I interpreted it.
Anyway, Ivey said that he goes to network marketing (also known as MLM) meetings all the time, and usually the people have little-to-no knowledge. They rely on a “fancy product” to make a profit, or “get rich,” as he put it.
MyEcon doesn’t work that way, he says. He wants to ensure that the people there are in business for 30+ years, and that they become multi-millionaires. And how do they do that Ivey?
He says:
What you have to do in this business…and in your group as a leader… [is to] ask yourself, ‘Am I improving in my finances in my life?’ … If I’m improving, then I keep moving.
Again with the moving? I’m not exactly sure why we need to be moving. Ivey’s not explaining in a way I can understand. All I know, after 14 minutes and 42 seconds, is that I am going to acquire the knowledge to move my finances. And, if I’m moving, I’m improving. But, I don’t know how I am going to move my finances.
He continues saying that he knows some people in business whose only goal is to get someone else in business. But when he recruited a woman (who happens to be in the seminar) he helped her improve her finances instead of leading her to recruit people. But, interestingly enough, in the very next breath he says, once her finances improved, she was able to recruit people month after month. This is slowly moving from MLM to pyramid scheme, (not to be confused with the $100,000 Pyramid. Celebrity: “I can’t get anyone to sign up, so I’m not making any money.” Contestant: “Things a MyEcon associate might say.”) An MLM moves to a pyramid when the emphasis is put on recruiting, or as Ivey calls it, “growing” instead of actually selling products.
Let me see if I am getting it? If I recruit people, I’m growing. If I am growing, I’ll be able to recruit people. I’m getting dizzy.
Ivey keeps telling me that he’s going to show me how to build a million-dollar – wait – he said it could be a billion-dollar business if I chose to make it one! Wow. Apparently, it is up to me how much money I make. And, if I’m unsuccessful it means I didn’t try, grow, or recruit enough. Okay, so I’m reading between the lines, but still, you get the idea.
He says you’re not in MyEcon to recruit someone to join. He actually keeps saying this; sort of like that news network that tells you it’s fair and balanced. If you overemphasize a point, that usually means the opposite is true. Ivey continues, saying that you’re in it to learn knowledge to get people to sign up. Wait, what? I thought we weren’t in it to recruit. And what’s worse, the people in the seminar are agreeing with him!!!
I watched all of the segments of the MyEcon Association Training Program and I’m just as confused as when I went in and I have a headache. The only thing I know for sure is that if I’m moving my finances, I’m improving. If I’m improving, I can tell people about it and can use that to recruit them. (Growth.)
So, what else does MyEcon have to offer?
According to the website, MyEcon also has a “World Class Leadership Achievement System” in which they award sales directors with different pins, watches, and rings based on their results. Cashflow AND bling?!?!? Where do I sign…
You get a Cashflow Club Lapel Pin for earning $5,000. You get another at $10,000 and $25,000, all the way up to $1,000,000.
When an Associate becomes a National Sales Director (I think by recruiting three people) they also get a pin. You earn a watch with the MyEcon logo when you’ve earned $5,000 in base shop sales commissions, which means selling Daily Ultimate and the other products. $50,000 in base shop commissions gets you a “Ring of Fame.” Oh yes, you should be impressed. It looks like a high school class ring.
You also get a website and a “World Class Turnkey Business Income System.” All I have to do is pay $299.95 to get started and $19.95 per month after that. Oh, and let’s not forget the $49.95 for the discount membership program.
Hmmm… what if I’m not sure? Well, MyPyramidScheme, oops. I mean, MyEcon has a refund policy. Oh but wait… full refunds are only for a product a “non-MyEcon Associate retail customer” purchases. If you buy a Body One product and are not satisfied, you can return it within 30 days for a refund. But, you have to pay the shipping costs to return it. If an Associate returns a Body One product, they only get 90% back within 30 days, less commissions and bonuses paid out by the company.
You can also get a refund of the discount membership program… for three days. After that, no can do.
Like the discount membership program, you have three days to request a refund of the $299.99. The monthly fee is not refundable, unless you pay quarterly. Then they’ll give you a refund for the unused months. Sorry, they don’t give you a refund for partial months.
After conducting a lot of research, something about this opportunity does not seem legit. For starters, you become a National Sales Director by simply recruiting three people, regardless of how much you or they sell. A red flag of a pyramid scheme is being promoted for recruiting rather than for selling a certain amount.
You also receive a commission based on their sales, and the sales of the first three people under them, another trait of a pyramid scheme. They also sell overpriced products, like the vitamins. Because most people won’t drop $45 on vitamins, I’m sure the cashflow you’ll be making will come from recruitment. And, as we all know, recruit or pyramid schemes like this do not result in making money, except for those at the top of the line. The more people in your upline, the less you make; unless you have a mind control device. Then again, if you have one, you could just make people give you their money. That would be much easier.
If you’re still reading, and still thinking that you want to try MyEcon, then here are some other interesting little tidbits I dug up.
Ivey Stokes and Alvin Curry, the founders of MyEcon, were Chairman and CEO, respectively, of a company called Maxxis Group Inc, an MLM that was founded in 1998. It specialized in communication services, marketing services, and nutritional products (Body One?). The company filed for bankruptcy in 2003.
In 2006, Curry and Stokes were listed as defendants in litigation brought by the appointed Chapter 7 trustee in Maxxis bankruptcy hearings. Apparently, based on the court document, the trustee sued Stokes, Curry and others for breaching their fiduciary duty, for corporate waste and deepening the insolvency of Maxxis. In other words, they didn’t act in the best interests of the company.
Also listed in the Maxxis complaint was Larry Gates, current COO of MyEcon. And, Dr. Naomi Kirkman-Bey is listed as MyEcon’s CEO. She was also listed as a creditor for Maxxis Communications. That’s way too many connections to the bankrupt company for me.
Earlier this year, the Securities and Exchange Commission revoked Maxxis’ registration of registered securities because they were delinquent in the periodic filings with the SEC because they had not filed any forms with the SEC since 2002. But they were bankrupt in 2003, so I am not sure how big of a deal this is.
A Better Business Bureau complaint was initiated in which a customer complained that Maxxis’s service was delayed, inferior, Maxxis did not provide promised service, or the products were damaged. (They don’t go into much detail for complaints on the BBB’s website.) Maxxis tried to make an offer to fix the problem, but the customer would not accept it, according to the BBB.
Also, according to this website, Maxxis 2000 (Maxxis Group) was listed as a recruiting MLM (AKA pyramid scheme.) So, do you think that the people that started and subsequently bankrupted Maxxis would start another legit MLM? Maybe… but I highly doubt it.
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Awesome post
I’m glad you enjoyed the post. It took a lot of work to uncover, but I’m hoping that it saves someone from making a $300+ mistake. While I don’t agree with get rich quick schemes, I don’t have a problem with them so long as they’re legal. I just think the people who decide to participate in them should go in with all the information to make an informed decision.
[...] be. (I might have to start Mike’s Tie Tying Service. I’ll be rich and I won’t even have to join MyEcon.) Other things on the list, in order, are “how I met your mother” (it’s a TV show for those [...]
I believe that the person who wrote this is a complete idiot who knows nothing about myEcon or Maxxis but what they read. MyEcon has changed my life with the financial training it teaches. I have been a member since 1998 and haven’t worked for anyone since 2002. Financial Education is the key to any one’s life if they are to achieve any success, and MyEcon’s teaching of tax deduction, business ownership, reducing debt, etc. is the key!
Wow there are still some dumb people in the world giving dumb advice like you. Most people like yourself don’t even know what a pyramid is and let me ask you this since you are so smart, do you think stores like Target, Wal-Mart, Best Buy, and other Fortune 500 companies would do business with a pyramid business. network marketing is a 30 billion dollar industry that’s bigger than the NFL and NBA and all of you spend money with them with no problem. The Bible said we parish for a lack of knowledge, so keep doing what you do an mislead folks so they can stay broke. My 300 investment has made me thousands and my 30 year mortgage will be paid in 6 years, now you give out a plan to do better. It’s always some clown in the bunch so enjoy the circus.
Thanks for reading. Glad to hear you’re making thousands based on your myEcon business. I never doubted it was possible to make money in pyramid schemes, but how many myEcon members make this six-figure cash flow you claim? Not many because in order to make money in network marketing, you have to get people to sign up. And these days, people are leery — and rightfully so — of these sorts of business. I’m glad there are still people out there willing to buy overpriced vitamins and joining the discount club which doesn’t really offer discounts. The fact is, most of the people who sign up don’t make the money you claim you’re making.
Have a good one.
It’s interesting that you’re one of the people listed on the myEcon webpage as a success story. I don’t doubt the value of the teaching myEcon teaches. But, the financial training they provide is no better than a non-profit financial counseling center. So, why pay $300 for something I can find out using the internet and going through a non-profit?
Glad to hear it is working for you. Sadly, you’re an exception, not the rule.
Mike J Smith you are clueless. I’m pretty sure you are still on a job doing the 40/40 plan & know nothing about how money works, taxes, or investments. The rule is everyone gets free financially by following our cashflow management system WITHOUT RECRUITING! You are focused on getting counseling & we are focused educating people! If that planned worked why is 90% of the US struggling financially? I am in this business & I dont have a job! Its been 15 months since I started & just like Jesus you never really know until you taste & see for yourself. I feel bad for you that you cant afford $300 but will spend $10,000 a year to go to a college where you are not guaranteed a job but a piece of paper! Keep talking the company down so we can continue to grow & come up & help people get free financially! By the way, you want to talk about what people should not but what about what they should do? And for the things you say they should do, are they working for you? Or are you still on a job? Whats the exact amount of money that you need to retire? Or are you praying on the hope or wish factor? You are really a joke…
The BBB is just a club! How about you investigate that! You have to pay money to be apart of that as well! Is that a scheme as well? Why dont they report companys info for free! Get some real knowledge dude! Study to show yourself approved because right now you are denied…
I covered consumer debt and finances for a major publication, so I do have an idea of what I am talking about.
If the work myEcon.net is doing is good, well, good for you. But, I don’t think it is based on what I found in my research. But like I said, if it’s working for you, good for you.
Call me a joke, if you’d like. But, perhaps you should spend more time concentrating on your cash flow, and less time posting comments on my blog.
They don’t report info on companies free because everything costs money. Companies have to pay dues to join, which does hurt the BBB’s credibility. But I highly, highly, doubt they would make up complaints, which there were some against Maxxis. As I said in the posting, we don’t know what the nature of the complaint are, but we do know that someone was unhappy with their purchase and felt strongly enough to submit a complaint.
My knowledge is real, and your anger and continuous comments only confirm that. Concentrate on your cash flow, not my blog.
I became a member, and although I haven’t followed through like I should it does make a lot of sense. I was able to manipulate my W-4 into maximizing my pay check to get out of credit card debt much quicker than without Myecon. I was also able to run my business and qualified for many tax benefits that kept my money in my check while limiting amount paid to the IRS. Information can be more valuable than a product and the ability to control your finances and help others do the same is invaluable. It’s tough to make accusations unless you’ve actually gone through it yourself. I am no longer a member – started my own business so i qualify for the same tax benefits- but i can say that MyEcon gave me the insight and the outline for becoming more financially free. Cheers.
Mike if you were really as smart as you say then you would understand that myecon teaches financial principles and yes they are available but its clear that millions of people will not spend 3 or 4 years to find all the information and spend lots of money to get a website set along with the contracts with all the well known companies I thank God for Myecon as i have been able to help many people. Mike i am sorry that you are limited in your understanding, i do pray that God will open your eyes and see that myecon is being used to bless many people. Mike If you have any question feel free to contact me May God bless you, Sam
Sam,
Thanks for commenting.
If you had read my posting carefully, and the comments, you’d realize that I never said no one would make money using myEcon. Nor did I say that they were giving bad advice.
I simply stated what I uncovered. And, I identified that myEcon has a lot of similarities with pyramid and MLM schemes.
You’re entitled to your opinion. But, that won’t change mine. Take care.
Um. I just read one of the negative comments. The person stated they were a member since 1998 and haven’t worked since 2002. The myEcon website says it was started in 2005. As a consumer, I’m leery of a site that doesn’t give details about their products. As for companies like Target doing business with them. It’s an online rewards mall. That means they’re probably doing affiliate marketing and it isn’t a b2b contract with Target in the way that you think. My guess is that myEcon utilizes the affiliate program links and codes (the same way they do with Priceline) and when someone makes a purchase, they get anywhere from 1%-20% of the selling price. I bet that what they sell are items that are on sale through the business (they send out sale codes), thus allowing customers to get up to 30% off products. They then share that percentage with their associates. I’ll just point out that it’s free to do it with amazon.com and set up your own shop there and earn a commission too. You don’t have to pay a few hundred dollars and a monthly maintenance fee either. As for the financial information. Uh, they’re telling you to pay out money each month for something you can do for free on your own. The real money in any company that is membership based, where someone receives a piece of the pie when they recruit someone else is that membership fee. For those who are defensive about the information regarding the previous business…that makes the average consumer think that you’re a myEcon employee, friend, family member or one of the owners. No one else would be defensive. As for myEcon…it’s a company that has 2 people with the same last name as the CEO and CFO. Keeping it in the family is cool and by having a JD, one knows enough to keep it legal (I hope). J. Curry is a debt relief attorney (Google is great). She figured out a way to make MLM money selling what she knows. Can’t hate her for it. But, it is MLM (and a poorly constructed one too). There should be more levels in the hierarchy (take lessons from insurance companies/financial services MLM companies) and people should earn more than a cheap pin (t-shirts, appointment books). Also, after 3 pages on Google, I haven’t found any of the “numerous” awards won. Just listings for her as an attorney. Going back to Maxxis…Alvin Curry (who was with a company owned by A.L. Williams, the founder of Primerica (huge MLM company) was one of the directors. Now there are 2 other Currys as CFO and CEO of myEcon, which works on the same principle. You make the connection…
Thanks for reading and for commenting.
I appreciate your explanation and information. I agree with everything you said. I’m leery of any company that is an MLM.
Thanks again for reading and commenting.
Basically I want to say that I was one of the top producers in the Maxxis Scheme which ended up going broke. I sold out to the Ivey Stokes system and it cost me dearly. I’ve been a top network marketing person for 20 years earning over $250,000 year. It does work, but takes a near impossible effort to reach any significant sums of money. The real question is about MYECON. Is it a valid business opportunity? After knowing Ivey and gang for over 10 years. I know the pattern of the people and I personally would not trust them. Hundreds if not thousands of people invested money in Maxxis being told that it was going to go Public on the Nasdaq for years and years they led people to believe and invest. Yet just to see ALL of their hard earned money go to nothing. I have over 10 years worth of inside audio and video trainings on how Ivey was gonna make people Millionaires. The worst part is I believed him and I got my family to believe him and my family got lots of other people to believe them and EVERYONE lost money and worst is they lost respect and credibility. I hope you seriously discern what I am saying or most likely it will happen to you. Its hard to see it when your in it. But if you step away from it, you see it for what it really is. Good Luck and God Bless
Ivey Stokes and Alvin Curry are scam artist. I was with them in Maxxis 2000 when they stole millions from people who trusted them and what they taught. Sure the information was a God send, but they used their power as mentors to scam people in an investment scheme that they called an asset purchase program. as soon as they got the money they filed bankruptcy and started a new company, myecon.
Your post was right on the money. I am a Soldier getting ready to retire in the next year os so. I have an associate that is a member of MyEcon. He pitched it to me and i found out that the only way i could make any real money was to recriut and constantly. Being a Soldier i know about recruitment and how challenging it can be. After 20+ years in the Army is that really what i want to do in my spare time? It’s not a real job and it want bring in steady cash flow. Of course, i turned him down and i stated to him that the company is not for me and it sounded like a pyramid scheme. Bankrupsy and no A listing on the BBB? I don’t think so. It’s good to know that i’m not alone on this one. If it’s so great, then why haven’t i heard about the company until now? Sounds shady to me.
Your post was right on the money. I am a Soldier getting ready to retire in the next year os so. I have an associate that is a member of MyEcon. He pitched it to me and i found out that the only way i could make any real money was to recriut and constantly. Being a Soldier i know about recruitment and how challenging it can be. After 20+ years in the Army is that really what i want to do in my spare time? It’s not a real job and it want bring in steady cash flow. Of course, i turned him down and i stated to him that the company is not for me and it sounded like a pyramid scheme. Bankruptcy and no A listing on the BBB? I don’t think so. It’s good to know that i’m not alone on this one. If it’s so great, then why haven’t i heard about the company until now? Sounds shady to me.
Mike I must say you are pretty good at not doing your research and jumping to conclusions with out facts…first off the bottle of vitamins which you claim is $45.00 is actually $25.00… plus if you buy 1 bottle a month you stay bonus quailified to stay at 70% commission….so you are wrong on that fact….Plus you say Myecon is not RATED with the BBB…Again Mike you are Wrong again…..Even though Myecon is not certified with the BBB.
The BBB gives myEcon a A rating.
Now fyi….to be be certified with the BBB you have to pay a yearly fee…plus every time someone inquires (phone Call) the BBB charges $5.00 a phone call… MyEcon practices what they preach keeping Expences and Debt down….I mean Mike that is called financial education…..Which a lot of people in this country were never taught….that is why millions of people are suffering. Now if you take your time and do your reserch like you should have down in the first place and stop being so emotional you can concentrate on the facts…Fact 1 Pyramids schemes are illeagal…..just ask Bernie Madoff…exchanging money for nothing in return…..robbing peter to pay paul…..on just fancy letterhead….Well Fact # 2 If you go to the Atlanta area BBB you can pull up the report on MyEcon….it states that the BBB knows of know government actions action against Myecon…..fact number 3 their are NO GOVERMENT Actions Against Myecon…..
(Fact MyEcon is a Financial Education and Marketing Co……we sell Products and Services)
Fact 3 if we were a pyramid scheme I know for a fact the Goverment would shut us down….Fact 4 I have signed up a number of people with this organnization who have legally minimize there taxes and then taken that Money and attacked their debt….Now Mike you also mentioned Software, every software is not the the same….you would not compare a mercedes to a ford would you?
It sounds like you have never even seen our software….have you?
Last but not least Mike some of the Most successful people in Business have had to shut down their first business and file bankruptcy…..because you learn from your mistakes….. This may not be a fact Mike because I have never met you….but you seem to be through you article to very Opinionated….with out any basis for your statements…..so before you continue to do a diservice to the people who read you article….you might want to Stop Being So Emotional….and Maybe have someone do a informed presentation for you…..therefore you can write a more intelligent…informed…(and not jump to conclusions)….about this program….Think about Mike…. you may not be a bad guy at all…but you are sadly misinformed……I could go on….But like you mentioned to another responder earlier… I will spend more time working on my Myecon Business….
Thanks for commenting Tony.
I do see that MyEcon has an A rating with the BBB. At the time that I wrote this post, however, it did not. Check the date. Again, at the time of the posting, the bottles of vitamins were $45. And, you can tell from the article that I did my research. Yes, you are right pyramid schemes are illegal. But, myEcon is not a pyramid scheme. It’s a MLM — a multi-level marketing scheme — which is not illegal. Amway, which is an MLM, has an A- rating, despite the fact that the majority of its members don’t make money. So your implication that the A rating from the BBB somehow doesn’t make myEcon an MLM is ridiculous. Sorry.
The facts you present in your comment are pretty common knowledge. Fact #1: myEcon is not a pyramid scheme, it is an MLM, which pays for selling products (which few people buy) and recruiting people. Fact #2 Since the writing of this post, myEcon has been rated by the BBB. At the time of the posting, however, they were not. Fact #3 Government action against myEcon is not relevant to whether or not you’ll make the money that myEcon claims you will. My contention is that you will not make the money that they claim, unless you are at the top of the recruiting force. And, you have yet to address that or prove me wrong. Fact #4 I never said that the advice they were giving was bad. My point is, I wouldn’t pay for it because I can find it on my own.
And. you say that not all software is the same. While true, not all financial advisers are the same. Thus, you can probably get better advice out there than what myEcon is giving.
The fact remains that to make a considerable amount of money in an MLM, you have to recruit. And the FTC warns: “It’s best not to get involved in plans where the money you make is based primarily on the number of distributors you recruit and your sales to them, rather than on your sales to people outside the plan who intend to use the products.” And, USA Today adds, “It can be very difficult, if not impossible, for most individuals to make a lot of money through the direct sale of products to consumers. And big money is what recruiters often allude to in their pitches.” I think that myEcon is no different.
Again, MLM schemes are not illegal. But the fact remains that in 90% of cases, they do not deliver on their claims to big money.
Minimizing debt and taxes are not new concepts, nor is it wrong for myEcon to spread the word. What I was and am saying is that why pay myEcon for something that if you look hard enough, you can find out for free? Sure, that helps myEcon make money, and there’s nothing wrong with that. But, I personally am not paying someone for something I can pick up on my own, and I advise others to do the same.
At the end of the day, if myEcon works for you, great. It, however, won’t work for the average consumer in that it won’t provide them with the means to make a living. Nothing you’ve said in your comment has proven otherwise. Sorry.
Have a great day.
Thanks for commenting E. Hewitt.
Since the writing of this article, myEcon has received an A rating with the BBB. I should note the one of the biggest MLMs, Herbalife, has an A+ rating and is accredited by the BBB. The majority of members, however, do not and have not made money with Herbalife. That’s an indication of how the ratings can be manipulated.
Mike
Hello Mike, I am not a member of Myecon but am doing research on the company and there are various aspects to your post that are not convincing in terms of making me believe it’s a scheme.
With MLM–as with anything in life, its always about a CHOICE. And HARD WORK. Whether you are an entrepreneur or work a 9-5. It seems as though what you are looking for is a MLM company that will PROMISE or ENSURE that you make millions of dollars–I think that’s unfair, nor is that what they claim. They claim that you CAN make a lot of money, depending on what AN INDIVIDUAL decides to put into their business. The fact is, MOST PEOPLE don’t know what they want, don’t have a truly strong work ethic, are inconsistent, flaky, don’t truly believe in themselves (and their money potential) nor see themselves in positions of wealth because as a society we’ve been conditioned to be consumers and to stay broke (we model what we know). You are absolutely right, MOST people who do MLM are not making top figures. But guess what? Thats across the board in any and all industries, in America and in the world period. MLM companies are just ONE venue for people to make money in–and because of the nature of the business, people have MORE of a chance for unlimited income than if one is working the 9-5 set (fixed income.) BUT, its all about the work the actual individual puts in–you cant expect anyone to do the work for you to be successful. It seems you may be disillusioned because at one time you bought in to the promises of a MLM company and was dissapointed because–maybe it wasn’t as easy as you thought–(like I said, its HARD WORK!!! As with anything in life. ) or, maybe it was in fact a scheme. But just because its MLM doesn’t make it a scheme. Recruiting is one legitimate model of business. If you want to leverage your income and have residual, you cant be the ONLY one working in your business. My point is, MLM is obviously not for you–its not business model you would prefer getting involved in–maybe you like retail, or are in banking or something else. But that doesn’t make it a scheme.
Cpl more things, the FTC and USA statements seem to be saying opposite things. The FTC is bashing recruiting and encouraging outside sales (sales to consumers), but USA today says its impossible to make money in direct sales to consumers.(Which is why I said, its not as money efficient to depend on money soley through direct selling–the very reason most MLM companies are ALSO set up around recruiting! –its just a pure math)
Also, The USA today states: “It can be very difficult, if not impossible, for most individuals to make a lot of money through the direct sale of products to consumers. And big money is what recruiters often allude to in their pitches.”
In or outside of MLM.
My response: It can be very difficult to make a lot of money through ANY venue–name one place where its not difficult to make a lot of money? Lol, I think its safe to assume, if you want A LOT of money–its going to be challenging and take LOTS of work, and also access to knowledge and resources–that’s why most people DON’T have a lot of money!!
You can’t get mad at the recruiter for telling you what the possibilities are, now if they are not coaching you, teaching you and really showing you how to attain those possibilities, they are at fault. When I went to the Myecon presentation, what I liked is that they acknowledge that the lack of money that we’re all suffering from is a lack of knowledge (as most ppl don’t get a financial success manual or finanical success course in school). And if you go to a financial advisor, as you stated earlier, it will also cost money. Its just a matter of preferance.
I just think its important that we use right logic and don’t use our own lack of success in these companies as a cause to scare other people away–cus they may have what it takes to be successful. I’ve seen many people do good, I’ve seen many do not so good–its a choice. And many of the people that are uber distrustful of MLM don’t have any better options nor are they making millions. If I want millions I’m going to talk to and hang around the millionaires–lets be clear–its not a guarantee, but I would say my chances are greater.
Thank you for reading and commenting, Mary Jane.
Let me start by saying that I have never been a part of an MLM or lost money in one. I’ve talked to several people who have been a part of MLMs. A lot of what you say avoids the biggest concern I have with MLMs. Yes, it is possible to earn the money they claim you will earn in an MLM… even in a pyramid scheme. It seems, if I interpreted your comment correctly, that the people who aren’t making money in MLMs aren’t because they’re not working hard enough. If that is indeed the point you are making, that’s where you lose me. Yes, some people — the majority even — join MLMs because they think it is a quick and easy buck. I don’t disagree with that. Where the problem lies with me is that you have to pay the company to sell their products, and recruit people to get a portion of their sales.
This is where most, if not all, MLMs fail. Direct sales is difficult because of competition, and the fact that most of the products found in MLMs are overpriced and don’t not sell. At the time that this story was written, a bottle of vitamins cost $45. Can you tell me someone who would be willing to pay $45 for vitamins in today’s economy when cheaper options are available? Recruiting is virtually impossible as well, no matter how hard you work. People are naturally skeptical of spending a few hundred dollars to sell a product. So, to make the money they often claim in MLMs schemes, you have to recruit a lot of people. Unfortunately, people rarely if ever do. The people at the top make the most money. But, don’t sit there and tell me that all businesses are that way, because they’re not. Yes, high-level people make more. But, you’re more likely to earn more money on your own without paying a MLM company.
I realize that you have to spend money to make it, whether it is on education or on product, if you’re a reseller. My problem, though, is that you’re spending money on inferior products that historically don’t sell. The MLM company is exploiting that fact. Sure, consumers have to be educated. But, I don’t think it is right to promise big money (and yes they do promise big money) to sell products that will not sell.
I also don’t think it is right to have to pay a company for access to products you can resell. You can save your money and eliminate the middle man buy going to a wholesaler yourself. What myEcon focused on in their original presentation was recruiting. That’s what makes it lean into the realm of a pyramid scheme. MLMs that don’t focus as much on recruiting are not schemes. Those that focus on recruiting are schemes. When I wrote this, myEcon’s presentation contained a good portion of documentation on how to recruit. Then, one day, most of that was gone. They may indeed be a legit MLM. I never said otherwise. But, at the end of the day, even if you work as hard as you can, you won’t make enough to make ends meet.
The FTC and USA Today are not saying conflicting things. The FTC says that MLMs have to focus on direct sales not recruiting, because recruiting makes it a pyramid scheme, which is illegal. That’s it. USA Today is saying that it is impossible to sell directly to consumers, which is basically saying avoid MLMs because the legit way to make money with them often doesn’t make any money.
The fact that you went to the presentation indicates that you either joined, or seriously considered joining. If that’s the case, I’d expect you to defend them. And, I don’t have a problem with that. In the end, we’ll just have to agree to disagree.
Again, thanks for reading and for commenting.
Mike, you fall under the catagory of “nosie Mary and know it all Joe”. You will talk down on an opportunty or an industry and say it won’t work, but out of all of your research you never said what will work! Now before I waist any more of my time going back and forth with you, tell me/us what will work? With the economy being as it is give us some direction not negative reporting. Tell the 90% what you think they should do to change their finacial burden. If you can do that, great! If you can’t let me know and I’ll tell you my story.
Respectfully submitted!
jb
JB, thanks for commenting.
If you’d read the entire post carefully, you would have seen that I never said that it wouldn’t work. I made several points in my article. First, the earlier you get into MLM schemes, the more likely you are to make money. In other words, those at the top (first in) make money. Those at the bottom (last in) don’t make money. So, yes it COULD work. But, in all practical likelihood, it won’t.
Second, the financial advice that MyEcon provides is not groundbreaking in that those who apply themselves can find the same or in some cases more-relevant information free. Why pay a company for something that you can get free? That doesn’t seem like good sense from a consumer perspective.
Also, the products that MyEcon sold at the time I wrote this article were overpriced and, in most cases, useless. Thus, people aren’t likely to buy them. So anyone expecting to turn a profit selling said product, would likely find themselves struggling to sell.
As for your story, I’m not interested. But, thanks.
Mike
Thanks for this, cause I dont have $300+ to waste or to put in someone elses pocket.
It is amazing to me how anyone can call MLM a Scheme. You might as well call Insurance sales or any other sales company outside of MLM a scheme. Those who do well an any business are those that learn the business, apply proven marketing and recruiting principles. Many don’t and so they don’t succeed. Yes there are MLM scams out there, just like there are scams in every industry. It is not fair to make blanket statement because you heard of few people unsuccessful stories. I have many friends in several MLM from various backgrounds that have done really well with MLM companies. The common denominator I have seen is that they are focus, goal orientated leaders that don’t make any excuses for the challenges in their life. I just joined Myecon and I actually sat down and spoke to Ivey and he is very wise business man and Myecon is a very sound opportunity to help people to be financially astute and save money on things they are buying daily. I know I will do well with it because that is my intention and I will put in the time and effort to make it a reality. Don’t have time for excuses. I have done real well in the past and this will be no exception with laser focus, planning and determination. Before I join anything in life, I take the time to be still and listen to my intuition and it is usually right for me. Good luck to everyone in whatever they chose to do.
Thanks Mike…I was approached at the gas pump with a business card to save money just for shopping online. I’ve had my identity stolen in the past and I watch the show American Greed on CNBC which makes me extremely apprehensive of these types of things. That is why I did a google search on MyEcon to find out more information and came across your article. I’m not at all surprised by your findings, and I appreciate the info you provided.
Mike you are right on with everything you’ve stated about this company. It’s nothing but a pyramid scheme. I was one of the foolish ones to join this company a few years ago when I lived in Maryland. The person that brought me on sold it well, making me think I was going to make money by having my own home based business. They tell you to change your tax exemptions and not to worry because you’ll have plenty of writeoffs come tax time from having your own business. Well that wasn’t the case. I ended up owing the IRS thousands of dollars. I wish I never heard of this company to begin with, I should have did my research.
Ivey Stokes, Alvin Curry and the rest of the gang are very much scam artists extraordinaire. And they use God to get people to invest in their business which I think is wrong.
Did you know that Ivey and gang started 4 other scam companies before Myecon ever started. All of their other companies ended the same way. Ivey gets Rich and everyone else loses their money.
How do I know this? I was with Ivey as the right hand man in his Washington State Downline organization. We were the #1 group in the nation. Before Myecon, it was Maxxis 2000 which Thousands of people filed complaints with the FTC and FBI and SEC and their is an ongoing investigation at this time. Before the Maxxis scam there was Ivey’s “Executive” Scam which also took thousands of investors and money and dissolved before year 1. Prior to Executive it was WAS2k and Ivey raised millions and shut it down when he had enough. Prior to that it was Excel Telecommunications.
And before that even it was another phone card scam.
If you wanna lose your money.. Keep joining these sorry ass guys and let them keep teaching you how to build wealth. If you learn by their example, you have to scam people and investors about 4 or 5 times to make some real money.
Good Luck
Thanks for reading and for commenting, Jacques. There are many legitimate MLM businesses out there, and I don’t want to say every MLM business is a scheme. From what I’ve found, MLM turns into a pyramid scheme when the focus is put on recruiting instead of selling a product or service. Everything from my research at the time pointed to myEcon focusing on recruiting, which is why I drew my conclusion.
At the end of the day, you have to do what works for you, and I hope myEcon works for you. I just don’t think it will.
Thanks again for reading.
Thanks for reading and for commenting, Leanette. I’m sorry to hear that you had your identity stolen, but I am glad you are learning from it and are researching these types of things. It surprises me that more people don’t look for all the information they can before getting into an MLM or other business opportunity. Glad you found the information useful.
Thanks for reading and for commenting, ANM. I’m sorry to hear that this caused you problems, and I’m sorry to hear that you owed the IRS. The goal of this posting was to shine some light on the subject in the hopes of helping people from losing money. Thanks again for your comment.
Thanks for reading and for the comment, Steve. My research revealed Maxxis 2000, but I was unaware of the other companies. For me, one was enough to see that something was not quite right. I’m leery of MLM schemes in the first place, but seeing that this group started two made me feel like this was more of a scam than a legitimate business opportunity. What’s sad is that people will still invest and lose money.
Thanks again for reading and commenting.