Primerica Scam

[David]

Anyone got any good links to this shit. I had a friend get suckered and they dont get it. These people feed on the poor.

[Frank]

Ok, what's the scam part?

[exlude]

Common sense check. When was the last time a legitimate business invited you to an "interview" that involved a meeting with a large amount of other "interviewees"?

Other than that, while a shady business model...they don't appear to be entirely a scam.

http://www.ripoffreport.com/financial-services/primerica-ripoff-rep/primerica-financial-services-ge5a5.htm

[YALE]

There's just no point in it. Edward Jones', "internship," is shitty enough, but it lets you build a client base. I wouldn't touch Primerica.

[David]

I get they offer a good, so theyre not a pyramid scheme by default. It just seems everything is based around recruitment and obtaining numbers below you to get who recruited you a big base below him with each new person tossing in a couple hundred bucks. The sale which seems mostly bullshit comes last to cover the tracks.

[Sgt Beavis]

It's just multi level marketing for financial services. The services they provide are legit. It is basically Citibank.

I did it for a few years and actually made some good cash at it. Made a lot just selling auto insurance alone. However I realized I just don't want to spend my life selling insurance so I dropped it. The recruiting aspect was also a turn off.

[quikag]

Yeah, not a scam per se, but their recruiting and their overall busy model is bottom-feeding and kind of shady.

[Saleen781]

Primerica is serviced by Citigroup (CitiCorp Trust Bank) and will be losing the contract early next year. They have the most unintelligent account reps in the industry. My wife used to underwrite their mortgage loans and hated it, they couldn't even take an application right. It's been up for sale for over 4 years now and surprisingly the Primerica portfolio is performing.

[Tyrone Biggums]

Search function!

Anyways, a relative has decided to go to work for Primerica and came to us (mainly me) last night for a "throw yourself to the wolves" type test session. While they're not a company I would get involved in personally, I did what I could to help this person be successful in their presentation and didn't pull any punches when it came to questions and criticisms they are going to encounter. While I don't exactly care for what the multi-level marketing reminds me of, I do think that a person who is genuinely interested in and cares about helping their customers who don't know shit about money management and financial planning might be successful.
I'm curious if anyone else has had any experience or things they would like to share about Primerica.

[Roscoe]

It is an investment opportunity, it's really exciting - and I wanna get you in on the ground floor with me.

And it's not a pyramid scheme. Alot of people thinks it is a pyramid scheme. But it's not. It's almost guaranteed you can double your money, maybe even triple it in the first year alone.

[Sean88gt]

You say pyramid scheme like every corporation and even our own government is set up that way!

If it costs to join, offers incentive trips, and requires you to sucker people in to grow your income - it's a pyramid scam.

[Broncojohnny]

Triple it!? Holy Santa Claus shit, sign me up!

If I ever lose my job and just need something to do I am going to sign up for this bullshit operation just for fun. Years ago Ameriprise financial ran a similar bullshit operation with similar recruiting and promises of money, although I don't think they used the pyramid scamola.

[YALE]

[Tyrone Biggums]

I guess what bothers me the most is that the person doing this has good intentions, but has, what I feel, too much riding on this and is potentially going to walk away from a decent career. They've had a glass of the Kool Aid and are dead set ahead. I tried to play out some scenarios and open up some thought paths without shitting all over the parade. If anything, I was told sitting with me was the best thing they've done so far.

[Sean88gt]

I guess what bothers me the most is that the person doing this has good intentions, but has, what I feel, too much riding on this and is potentially going to walk away from a decent career. They've had a glass of the Kool Aid and are dead set ahead. I tried to play out some scenarios and open up some thought paths without shitting all over the parade. If anything, I was told sitting with me was the best thing they've done so far.

MLM's explode during poor economy. They feed on the desperation of people that so badly want to make money so they can walk away from a job they hate, or in this economy - one they're being worked into the ground at. The biggest problem is that they sell it as "owning your own business" and people that have never owned a business swallow that shit as if it were the first glass of water they've seen in weeks as they struggle across a desert. The real deal is that you can bust your ass, invest your cash and time, alienate all of your relationships and at the end of the day you own a business that you can't sell for a dime. It is literally worth nothing.

They are also sold as part time opportunities that can yield big cash, when the truth is that the successful .01% are working that bitch 60, 70, 80, 90+ hours a week, like anyone else that makes big cash.

Another issue is that for your own growth, you have to prey on the contacts that may "belong" to your alies. The ones we were involved in were all the same and they require a lot of cash to make cash and even more time to be successful. They don't like thinkers, they like people that are willing to duplicate exactly what they tell them to.

On top of that, there seem to be mlm jumpers that try any of them. I have a friend that will join 2-3 PER YEAR and always tries to bring me in because he doesn't want to leave me behind. Even when I've made it abundantly clear that I have more interest in nailing my testicles to a board than hearing his sales pitch.