Born2bwire
Diamond Member
- Oct 28, 2005
- 9,840
- 6
- 71
Allstate is a recognizable and trusted company. They provide national advertising campaigns and offer competitive products. It's a real job and they're not a scam.
Allstate is a recognizable and trusted company. They provide national advertising campaigns and offer competitive products. It's a real job and they're not a scam.
My sister mentioned that she was getting a side job selling financial products. The very next thing i asked her was if it was Primerica. It was. I told her straight in the face that it was a MLM scam and scam only. Glad it wasn't too long after she paid them some money and she was able to get her money refunded.
SP33Demon
Lifer
- Jun 22, 2001
- 27,928
- 143
- 106
It's really no different, you just have to be a good salesman. If you can sell water to a fish or sht to a pig then you will be successful. If all you're going for is licenses, then it's a good deal even without the refunds. But what are you going to do with those licenses?
Primerica's mutual fund is actually decent (or was 1-2 years ago) but everything else was overpriced. For example, my buddy signed up for Primerica and was going to refi his mortgage and his superior did all the math. He said he looked over the math, was going to sign the papers and ran it by me (lucky for him) and it didn't add up to me. Basically they raised his rate but somehow his payments were coming out way cheaper. To make a long story short, they overlooked taxes but said they had included it. He would have lost $80,000 over the next 20 years. Funny thing is, they even used his refi as an example that night on the overhead with the dumb kid showing us what I refer to as "magic math". That was to try to recruit new members using the "see, even our own people use our products" method. /chuckle That's when I realized I wouldn't feel comfortable selling shoddy products. But to each their own.
halik
Lifer
- Oct 10, 2000
- 25,696
- 1
- 81
All state has customer base and people approach you for the insurance needs. I have allstate insurance for my bike and the offices are interchangeable.
Primerica is the same thing as cutco and all the other scams - you'll end up selling overpriced crap to your family and that's it.
Again, in this day and age, why would you need goofy convoluted MLM schemes if your product is any good? People comparison shop and buy policies on the interwebs - what is the point of having a traveling sales doing this?*
* because you will sign up all of your family for crap (knives/policies/random beauty products)
ok so your argument is that:
1) primerica is unrecognizable and untrusted
2) Marketing advertising brings legitimacy
3) They(therefore citi) does not offer competitive products
4) It isn't a job/you don't get paid/ you just steal
Well if that is all true then i see your point.
Jadow
Diamond Member
- Feb 12, 2003
- 5,962
- 2
- 0
I actually hid a sit down with their "VP"
I was right out of college and didn't know any better. As soon as he showed me this binder extolling how great their whole life was and that I should sell it to my parents, etc... I got a bad feeling and lost all interest. AMEN.
You really don't want "Primerica" listed on your employment history.
I was right out of college and didn't know any better. As soon as he showed me this binder extolling how great their whole life was and that I should sell it to my parents, etc... I got a bad feeling and lost all interest. AMEN.
You really don't want "Primerica" listed on your employment history.
Well as you know I could get laid off tommorow in this market so at least if I wanted to make a transition to financial services I'd have a head start.
SP33Demon
Lifer
- Jun 22, 2001
- 27,928
- 143
- 106
I went to about 5 meetings with my buddy and agree. They started showing us slideshows of how much each of the upper level guys was making, and they were bragging about ferrari's, porches, and yachts. It was ridiculous, yes that makes me want to join. :roll: Yet when you question them about how competitive their products are, they would lie. A small amount of research would reveal that their rates were higher than normal.
All in all, it's not a scam unless you're the buyer of their loans. If you're just getting your license it's probably worth it. The test is pretty hard too, I crammed after a night of drinking and only got 60%.
AstroManLuca
Lifer
- Jun 24, 2004
- 15,628
- 5
- 81
Primerica is a scam.
OP, why would you join a pyramid scheme? Are you really that stupid? You keep defending your position, though, and refusing to listen to the overwhelming majority of people who know that this is a scam, so what's the use in trying to give you advice?
Go ahead, throw away your $200. I'm sure it will make someone else very happy.
OP, why would you join a pyramid scheme? Are you really that stupid? You keep defending your position, though, and refusing to listen to the overwhelming majority of people who know that this is a scam, so what's the use in trying to give you advice?
Go ahead, throw away your $200. I'm sure it will make someone else very happy.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
People look for Allstate insurance...only idiots hunt down who is a Primerica drone.
I looked into it. As 'training' they wanted my friends and family. I told them I would be using those if I decided to join...I didn't get much response from them after that.
Also their products aren't very good values. You can do much better.
The real question though is seeing you don't even understand the company...do you think someone that's truly loaded is going to invite you inside to sit down and hand you all their cash to invest? This is what Primerica portrays...those with money usually see right through that.
Buttzilla
Platinum Member
- Oct 12, 2000
- 2,676
- 1
- 81
if your in it just to get the license and it's a cheaper way to go about it then by all means go for it. if you are trying to get experience as a financial adviser then that's not actually be the best way to go. reputation counts for a great deal as well as experience/college education (BS and often a MS in Economics/MBA/Finance/ and your own personal portfolio.
halik
Lifer
- Oct 10, 2000
- 25,696
- 1
- 81
From the googles, looks like the compute their mortgages are bimonthly (n=24), so you need to recompute rate for n=12.
Also apparently they compute the interest daily as opposed to monthly, but I'm having hard time finding the actual financials on the loan. Most things on google are just replies on how great/phenomenal/awesome the loan is typed up by people selling them... HUGE red flag.
<- Took all the RE Finance courses from Michigan's MBA curriculum.
AstroManLuca
Lifer
- Jun 24, 2004
- 15,628
- 5
- 81
:laugh:
I don't understand how licenses work so I guess I can't comment on it. Could you explain? Does it matter where you get these licenses? Because I can't imagine having a pyramid scheme on your resume would be helpful.
The reason my mother is involved is because she is already a successful mortgage broker and has been one for dozens of years. She wants to be able to service her clients 360 degrees. She wouldn't be able sell the primerica mortgage product to them because it is conflict of interest for her because she works for a company that writes mortgages(duh). But she can when it makes get better rates for insurance, set up college funds etc...
umbrella39
Lifer
- Jun 11, 2004
- 13,816
- 1,126
- 126
Do you put on your resume where you got your drivers licence? no because it doesn't matter where you got it just that you got it.
actually a great service I get complimentary through my credit union. i've used it several times.
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