Talk to me about jobs with primerica

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RDHlooking4FIRE
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Talk to me about jobs with primerica

Post by RDHlooking4FIRE » Sun Feb 18, 2018 2:46 pm

Someone I know is telling me about working with primerica. Is this a scam? Sounds like it cost $99 to start. They say it can be done part time. Even if I don't make a lot of money, is it a good learning experience? Is it worth it?

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Clever_Username
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Re: Talk to me about jobs with primerica

Post by Clever_Username » Sun Feb 18, 2018 2:55 pm

RDHlooking4FIRE wrote:
Sun Feb 18, 2018 2:46 pm
Someone I know is telling me about working with primerica. Is this a scam? Sounds like it cost $99 to start. They say it can be done part time. Even if I don't make a lot of money, is it a good learning experience? Is it worth it?
Primerica is a well known scam. How many legitimate jobs cost you money to start?

If you want a learning experience where you don't actually earn money, consider volunteering for a charity or other form of non-profit.
"What was true then is true now. Have a plan. Stick to it." -- XXXX, _Layer Cake_

NoGambleNoFuture
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Re: Talk to me about jobs with primerica

Post by NoGambleNoFuture » Sun Feb 18, 2018 2:56 pm

This thread won't end well. :oops:

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whodidntante
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Re: Talk to me about jobs with primerica

Post by whodidntante » Sun Feb 18, 2018 2:59 pm

I don't know a ton about that company, but I can give one data point. YMMV.

I listened to one of their sales pitches when I was in college 900 years ago. The advisor was bragging about how much money he was making helping people live their dreams. He also told us what kind of car he drove, and that it was paid off. I noticed his suit coat had a fabric tag with the brand on the sleeve. Yeah, you're supposed to remove that before you wear the suit. He struck me more as a used car salesman than an investment advisor. That's probably who he was.

But the most disturbing thing was the cost structure seemed really exorbitant and one sided, from what little information I could get from him. And he didn't really seem to know anything about investing. He did a bad job with the questions that he was asked. There is nothing wrong with being a financial advisor, but I wouldn't do it for an outfit like that based on the interaction I had. And I think you should know more in some areas than the people you are advising, get a relevant education and so forth.

RDHlooking4FIRE
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Re: Talk to me about jobs with primerica

Post by RDHlooking4FIRE » Sun Feb 18, 2018 3:05 pm

Clever_Username wrote:
Sun Feb 18, 2018 2:55 pm
RDHlooking4FIRE wrote:
Sun Feb 18, 2018 2:46 pm
Someone I know is telling me about working with primerica. Is this a scam? Sounds like it cost $99 to start. They say it can be done part time. Even if I don't make a lot of money, is it a good learning experience? Is it worth it?
Primerica is a well known scam. How many legitimate jobs cost you money to start?

If you want a learning experience where you don't actually earn money, consider volunteering for a charity or other form of non-profit.
1. What makes it a scam? (Seriously asking, i don't know)

2. Volunteer where? Any websites?

NoGambleNoFuture
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Re: Talk to me about jobs with primerica

Post by NoGambleNoFuture » Sun Feb 18, 2018 3:15 pm

Google is your friend:

A typical recruiting ploy in Primerica is the job interview. Representatives of PFS troll the internet for job seekers, harvesting resumes from job sites. They contact the job seekers with an offer of an interview for an opening. They give the job seekers very little information about the “job” (it’s not a job at all… rather it is a position in the MLM pyramid), con them into showing up for an interview, and telling them if they have the right skills, they may be invited to stay for an information session.

http://www.sequenceinc.com/fraudfiles/2 ... interview/

RDHlooking4FIRE
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Re: Talk to me about jobs with primerica

Post by RDHlooking4FIRE » Sun Feb 18, 2018 3:26 pm

NoGambleNoFuture wrote:
Sun Feb 18, 2018 3:15 pm
Google is your friend:

A typical recruiting ploy in Primerica is the job interview. Representatives of PFS troll the internet for job seekers, harvesting resumes from job sites. They contact the job seekers with an offer of an interview for an opening. They give the job seekers very little information about the “job” (it’s not a job at all… rather it is a position in the MLM pyramid), con them into showing up for an interview, and telling them if they have the right skills, they may be invited to stay for an information session.

http://www.sequenceinc.com/fraudfiles/2 ... interview/
Great link thanks for the info

Rashen
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Re: Talk to me about jobs with primerica

Post by Rashen » Sun Feb 18, 2018 3:36 pm

its not a job, its a gig where your earnings stop coming in as soon as you run out of relatives and friends to sell the insurance to.

RDHlooking4FIRE
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Re: Talk to me about jobs with primerica

Post by RDHlooking4FIRE » Sun Feb 18, 2018 3:39 pm

Rashen wrote:
Sun Feb 18, 2018 3:36 pm
its not a job, its a gig where your earnings stop coming in as soon as you run out of relatives and friends to sell the insurance to.
That's kind of what i thought too.

Anyone know how much you can make doing this? How the pay scale works.

Rashen
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Re: Talk to me about jobs with primerica

Post by Rashen » Sun Feb 18, 2018 4:00 pm

RDHlooking4FIRE wrote:
Sun Feb 18, 2018 3:39 pm
Rashen wrote:
Sun Feb 18, 2018 3:36 pm
its not a job, its a gig where your earnings stop coming in as soon as you run out of relatives and friends to sell the insurance to.
That's kind of what i thought too.

Anyone know how much you can make doing this? How the pay scale works.
I sold life insurance a while ago under a general agent. If I am not mistaken, the 90% commission was split 60/40% (agent/general agent). But the general agent provided with high quality leads and a bunch of other stuff. So if you sell a policy that cost $30/month, your agency commission is $324 ($30x12months x 90%), and your cut is $194 ($324 x 60%).

Primerica is different. A bunch of people will feed off your labor. It's an MLM in financial sector.
Read this -- http://www.finance-guy.net/streetonomic ... ica-review


P.S. according to 2010 article, avg earning for 100k agents was $5,156 / year (before taxes).
And to pull 5k in commission you will have to put in a lot of hours and a lot of miles on your car.
How do I know? I sold insurance for 2-some years.

http://www.businessinsider.com/citigrou ... ipo-2010-4

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samsoes
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Re: Talk to me about jobs with primerica

Post by samsoes » Sun Feb 18, 2018 4:36 pm

Rashen wrote:
Sun Feb 18, 2018 3:36 pm
its not a job, its a gig where your earnings stop coming in as soon as you run out of relatives and friends to sell the insurance to.
When I was in college, a friend dragged me to one of their sessions. Back then, Primerica was known as AL Williams. I recall being told how much money we could make. And we can sell their amazing financial products to relatives, friends, and our old elementary school teachers. And how much money we could make. And how the structure of the organization was that of an inverted pyramid - we'd all start at the top.

Oh, and we'd be making a ton of money.

That was a wasted evening.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

Rashen
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Re: Talk to me about jobs with primerica

Post by Rashen » Sun Feb 18, 2018 4:53 pm

Here it is.

"From January 1 through December 31, 2017, Primerica paid cash flow to its North American sales force at an average of $6,030, which includes commissions paid on all lines of business to licensed representatives. Figures include U.S. and Canadian dollars remaining in the local currency earned by the representative, not adjusted for exchange rates. " (http://www.primerica.com/public/primeri ... sures.html)

Now if you subtract a handful of outliers who bring a $50k+/year (who can make this much because they're good at selling you "the opportunity"), the average drops down to $6k to $1k. That's an equivalent of buying a policy for yourself, your significant other, and one or two of your relatives.

With Primerica you don't make money by selling financial products, you make money by inviting suckers like yourself.

And so you gotta be ok with people telling NO all the time, ok with people lying to you all the time, ok with people avoiding you all the time, and fine with people hating you for duping them into this nonsense.

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willthrill81
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Re: Talk to me about jobs with primerica

Post by willthrill81 » Sun Feb 18, 2018 5:02 pm

Rashen wrote:
Sun Feb 18, 2018 3:36 pm
its not a job, its a gig where your earnings stop coming in as soon as you run out of relatives and friends to sell the insurance to.
+10

Precisely.

I was briefly involved with them back around 1999. They function very similarly to Northwestern Mutual. In both organizations, they thrive on getting new blood who can introduce them to family and friends. Within a year, about 90% of their agents quit because they've run out of sales prospects. And so it goes. Like most 'financial advisors', they are nothing more than lightly trained salespeople.

Run very far very quickly, both as a client and as an employee.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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arcticpineapplecorp.
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Re: Talk to me about jobs with primerica

Post by arcticpineapplecorp. » Sun Feb 18, 2018 5:44 pm

Their general schtick is to get you out of whole life and into cheaper term life (not bad so far) and refinance their mortgage to a lower rate (this is obviously rate dependent, but if people need this help, it's possible they settled for too high a rate originally) and take the savings and invest in mutual funds. Unfortunately, it's not Vanguard funds so their funds are likely more expensive. Two out of three ain't bad, but even then you can probably get term life cheaper by shopping around.

A friend of my ex-wife (at the time of this story I was married) started selling Primerica and scheduled a time to meet with us in 2002. He (and his supervisor) reviewed our life insurance (which was term) and our investments (which were with Vanguard) and our mortgage (which I had already refinanced at that time to 5.3% from 8%) back in 2001 I believe.

They realized I had my ducks in a row and wasn't going to go with them because what I was getting was vastly superior. The next year (2003) I get a call from the supervisor who asks if I'd like to join Primerica since I obviously had knowledge of these various subjects. I was interested but didn't have the time to get involved and was going through a divorce.

Later on (a year or two later) I started getting interested in financial stuff and remembered Primerica. So I started doing research and learned it was basically a MLM. Some people called it a scam, but I didn't think it was that necessarily, just that there were better ways of spending my time/making money, etc. So I'm glad I did my research before joining. I'm glad you are as well. Stay away.
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

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