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  2. 051: Why myEcon? Understanding Financial Literacy Network Marketing w/ Pam Sam

051: Why myEcon? Understanding Financial Literacy Network Marketing w/ Pam Sam

Aug 11, 2018

In this episode, Pam Sam teaches us about myEcon, the Black-Owned Network Marketing Company dedicated to empowering people, families, and communities  through financial literacy.  

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3 Key Points:

  1. The easiest way to build wealth is to decrease the amount of money going out of your home and redirect it toward debt reduction and financial investments.
  2. Financial literacy is one of the most powerful tools to pull individual people, families and entire communities out of poverty.   
  3. Aside from being Black-Owned, myEcon separates itself from other network marketing companies by helping its members build wealth in a multitude of ways beyond simply recruiting and selling products.  The majority of potential income streams only benefit the individual member rather than that person’s entire “upline”.

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Voices of Black Business Show Notes

**Click any timestamp to jump directly to that point in the episode.

Today’s Voice of Black Business: Why myEcon? Understanding Financial Literacy Network Marketing w/ Pam Sam

Pam’s #1 Piece of Advice: Prioritize Financial Literacy for Yourself and Your Children. Make A Financial Plan Early in Life & Update it Often!

  • [02:15] Interview begins
  • [02:55] Pam has a background in Business Administration & Marketing. She left her corporate job to open a franchise that helped people buy houses. She left that franchise to become a Financial Advocate / Activist and, shortly thereafter joined myEcon.
  • [06:30] Why myEcon is good for the community: it empowers people with information they need.
  • [08:30] myEcon strategies to reduce your tax burden and redirect those savings to debt reduction and investments
    • Use the tax code to benefit you as a small business owner and investor
    • myEcon members are independent contractors...a.k.a...business owners
    • Updating W-4 to reflect that you are a business owner with expenses
    • Reduced tax burden is redirected toward investments
  • [13:00] What happens when you sign up for myEcon
    • Your website setup
    • Restructure your W-4
    • Use tools to identify your Freedom Number
    • The Cash Back Mall
    • Financial Literacy Training Series
  • [26:25] ***Ad Break Ends***
  • [27:50] What makes myEcon DIFFERENT from other network marketing companies?
    • Doesn’t rely solely on recruiting to make money
    • Doesn’t require you to purchase products each month (auto-ship) to be part of the organization
    • Very low overhead, very few salaried employees
    • The savings are reinvested into paying commissions to members
    • Can become a millionaire without being a great recruiter or salesperson
      • Follow the financial literacy strategies of tax burden reduction, debt reduction, investments
    • “It’s like a coat. It can fit around anything!” - Keep your day job
  • [35:45] Pam’s experience with myEcon - from the beginning to today…

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