Primerica, the company that likes to believe it is part of CITI group is now officially no longer sponsored by CITI group and helps me make my point even firmer in this next article that their is nothing legit about Primerica other than it is a well positioned scam that has earned millions in revenue on the misfortune of others. Back in 2004, Primerica had started to recruit just about anybody to be part of what they called the next financial boom. Their role was to sell financial products to low income families and convince them that they held the best products tailored to their needs. The concept of Primerica had some type of noble aspect to it, or so they wanted you and their workers (which were just about anybody that wanted to believe they could get rich) to believe.
In 2009, CITI group a former sponsor of Primerica which allowed them to use their name cut their ties in full as they believed Primerica’s business practices and core values to not be aligned with their brand…
What will Primerica do now?
Primerica will most likely continue to sell its very cheap and poorly designed banking solutions to those less fortunate folks that do not have the means or resources to educate themselves on what they are buying. This poor strategy has nothing to do with the reason which indicates Primerica to be nothing more than a revenue generating MLM scam also known as a Pyramid Scheme.
I am not going to cover what a Pyramid Scheme is as you can read about it HERE!
Primerica on the other hand does a good job of differentiating itself to the ordinary person, by letting them of their affiliation with giant CITI group and selling banking products which require licensing and heavy backing. In other words, Primerica is as big as a pyramid scheme as it gets.
How does it all work?
The recruiting process: Primerica will hire just about anybody from the street, most of their employees are recruited during their daily activities by having someone approach them and ask the infamous line ” Do you keep your options open when it comes to making more money?” This is a simple marketing approach, as no person will say “No” to this question and therefore creates immediate interest for those that want to believe in the easy way out. The person speaking with you immediately becomes your supervisor no matter what if you decide to join. The next step is them giving you a an address and time for you to come in and learn more about what he does to be successful. (TIP: If someone approaches you asking you f you would like to make more money, look at them and gauge if this is the end result you wish for?) Is this someone you can really look up to?
The orientation: This part gets really interesting as you enter the Primerica building, which is nothing more than a rented conference room that belongs to a non affiliated corporation. You are greeted by other members who claim to be senior members of the firm, which also claim to be there for a separate meeting. A Primerica rep asks you to fill out your information on a sheet, so they can call you to death if you choose to not join that night, and you are then told about this amazing opportunity by random members of the cult, which then decide to switch tables and do this odd thing of cross motivating all the guests. Then comes the best part of this which is the video. Primerica made this random video which describes what they do and their affiliations with larger companies like CITI. They spend a good 20 minutes discussing what they are, which is nothing more than an affiliate of CITI, they do not discuss their brand, as it is non existent but rather focus on CITI’s brand. (TIP: If a company refers another company more than itself when selling you on itself, it is most likely simply hiding what it really is) The later part of the video is a montage of cars, vacations and other perks that they describe as the benefits of being successful at what they do. They describe Primerica as an experience and discuss renting expensive cars, hotel rooms and traveling the world for free. (Tip: How many job interviews did you go to that try to sell you on working there by showing you a car rental or a hotel room?) The most interesting part of the presentation is the division of two rooms, one you sit in and the other the reps sit in and applause at random times making you feel as though they are celebrating, but in reality are trying to con you into thinking something greater exists here.
The selling point: Once the presentation is over, you get the benefit of more Primerica members trying to sell you on the idea of joining their cause and work for yourself. They will show you and tell you how financial freedom is a rewarding and never having to worry about your day to day job again will soon be your only worry. (TIP: Are any of the folks talking to you financially free?) By now you are sold on how you get started, and so they sell you on the idea of paying a $99 fee to get started which takes care of the licensing that they will help you attain. The reality however remains that they do not get you licensed till 6 months go by, despite the fact that you paid for it which means you must work referring business over to others who profit large while you get a small check before you can start selling. The idea is genius on their part as it keeps you from earning money and causes you to give up, which lets them keep your $299. (TIP: Why can’t they allow folks to get their licenses earlier if they are ready?)
The reality of Primerica: Pyramid schemes are not new and it could be argued that corporate america is nothing more than a Pyramid but the reality is that corporate america does pay you for each hour you earn and despite the fact that the reward may not be what you seek, it enables you to find opportunities instead of paying you, just to help you find ways to quit. Primerica is a perfect example of what every Pyramid Scheme should want to be like. Up until recently they were large and affiliated with giant CITI group, which is what every other MLM scheme out there like 5Linx and MonaVie want. if they could be related to AT&T or Pepsi, they would enjoy the same number of applicants coming their way. But they are not, as very few major companies want to ruin their names affiliating with pyramid schemes, as the consumer never wins giving the merchant a bad name and social standing. The collapse of CITI group has a lot to do with its bad decisions and bad associations that are now being undone to salvage one of the worlds largest financial firms. The final question to answer is why the luxury lifestyle if its not real? It is real but you do not benefit, you simply temporarily enjoy a piece of fake financial freedom while they save millions in tax write offs and unfortunately in this country luxury items worth more simply make a better write off than day to day goods.
My final tip to you is simply open your eyes and look around you at real opportunities, no one made their money overnight at a business, its always hard work and its always full of problems, problems which turn into experiences, experiences which allow you to make better decisions and decisions that enable you to make a profit, a real profit that is earned and understood. All you have left to do is duplicate the effort! – The American Dream
Related posts:
January 5th, 2010 at 6:07 pm
Interesting post. I’m curious what you know of “The Reality of Primerica.” Is this your perception based on going to one business overview? Often, people can assume that because a business is based on a network marketing model that it’s a scam/pyramid/cult etc. The reality of Primerica is that 1. no one is paid for recruiting 2. there’s nothing to buy and then try to sell, no quotas to keep up with 3. It does take hard work to be successful, but being successful doesn’t involve ripping anyone off.
We provide legitimate solutions to financial challenges of middle income families. We recruit in order to a) reach more people who can benefit from our services b) help more people who do want to build a business or just earn extra money. For some, an additional $500-2000 per month will make all the difference. Someone can make that with their own pen. For those that want to build a business, it does involve recruiting – like any business. Transferring skills so that more gets done is part of training and developing others. This doesn’t happen overnight, but it does happen over and over and over again. And it’s about to get better. (Goodbye Citi!)
PS: I’m a stickler for facts – not sure where you came up with $299. The licensing fee is $99. The state and federal licenses you get belong to you (Primerica picks up part of the tab). Typically someone gets life licensed in the first 30 days, securities licensed a little later (usually between 3 and 24 months – it depends on the individual’s timeline and what they want to accomplish. However, all accounts opened before you’re licensed are transferred to your assets under management once your license is in place).
PPS: I just had to re-read the part about the people in the other meeting “conning” you with their applause. There’s a training session while the overview goes on. We show examples of what someone did to help a family that week. We see the docs, side by side – names crossed off for privacy, of course. We see how we un-screwed someone.(Applause.) We also learn from the success of others. (Applause.) We recognize people for their accomplishments. (Applause.) And we get paid. (Applause.)
January 5th, 2010 at 11:02 pm
I am sure you do, bottom line is you charge people to join with the perception of being successful, I want 5 examples of people that started working for one of your offices and in 3 years have now gotten up to the 60K range. Actually even better, why dont we publicize the humiliating figures of the average annual salaries of all your employees by position. like 5Lynx got humiliated for two years showing their average yearly salary to be no more than $46 annually in 2008for a common associate recruited from the street. So one year of work for $46, or one day of work at Starbucks and you earn $90 and a free coffee.
Primerica cons employees and families that are not smart enough to self educate themselves. You show me your definition of how financially successful you have been working with Primerica and the growth of your paycheck through the years from day 1 to today. If indeed it shows true success, I will gladly remove this article and retract my point.
The good news at least is the fact that I gave you credit for being the top pyramid scheme around
Congrats
January 8th, 2010 at 4:55 pm
Please read the earlier response on the 99 dollars. Primerica is not charging anyone to “Join” the company. However the 99 dollars will allow a person to take the insurance class and then the Insurance test, for which once you pass the company will reimburse your testing fee.
The question I have for you is have you ever had an expectation that you can make a lot of money sitting around waiting for someone else to do the work for you??? If the answer is yes then Primerica is not the place for you.
The reasons for starting in Primerica have not really changed since Art founded the company. That is do you need the ability to make a extra 250 to 1000 dollars a month. Outside of that about 2 percent of everyone that joins really wants to be and RVP including the effort it takes to be successful.
January 8th, 2010 at 9:38 pm
I can make more money working at Starbucks in a month as a coffee barista than someone at Primerica in their first 6 months.
To your point about sitting around, I never said to make money you need to sit around BUT I did say you shouldn’t listen to false promises and afake sense of ownership.
next you are going to tell me to sell MonaVie drinks too?
I will however switch the typo, should have been $99, I did just see that and will adjust it, as it is factual and reality cannot be altered, but perception can.
January 10th, 2010 at 2:54 pm
Wow you guys are full of it! LOL!
Here at PFS we are independant contractos. Means you can deduct expenses on your taxes…i.e. gas, insurance, or mileage only, materials, meals, tires, brakes, etc. can you do that with your J.O.B.?
I’ve been in business for 13 years doing environmental services and just found out of PFS last year. Their business model and training is awesome! I’m doing both…but I’m doing PFS part time to help others get life insurance whome never had any and help those people get out of their cash value insurance…that crap should be illegal! I appreciate that they came to my house after I got tired of telling them I was not interested in them taking a look at my existing policy. I gave in. Wow, I was ticked off what I saw on that policy. I will never go back to Cash Value!
If you are thinking of joining Primerica, please don’t waste your time or ours if you don’t have that business attitude and mentality. You will never make it!
If you joined already, recruit Business owners, athletes, or people whom always wanted to go into business for themselves. I got recruited!
This will be their test for those wanting to go into business for themselves.
My brother always wanted to go into business for himself, got into PFS got licensed and he never prospected, made no phone calls, etc. and quit! He said going into business is too hard, of course it is! So het got a J.O.B. and comfortable making minimum wage. When he could have made at least $1000 per month for just helping one family a week 2-4hours effort. What is that $125 per hour or at minimum $50 per hour. How about helping 2 or 3 a week? It’s up to you! it can take 6 months for you to get better or 2+ years, but you have that opportunity to make millions in Primerica if you really want to, do you have that opportunity at your current job? NO!
Check this out, we were invited to M.&S. Y.’s house last year for a get together. I’m amazed how a fed.x truck driver made it to the top in PFS. They are great people and very humble. They also invited us for a Picnic at Disney for Christmas all paid for. Sure you can get that at your job, but will they tell you that they can help you make millions in your current job? M.&S. did.
http://www.youtube.com/watch?v=QFmbj0ZAptg
Most of my friends and family are not business minded, unfortunatley they think like you guys. Just to busy not getting ahead or just plane lazy.
January 10th, 2010 at 3:19 pm
@ The Don:
if PFS charged to join, which they don’t (you just have to pay for your own background check $99 and return you get your licenses paid for $1500 +/- worth), how much $ will you be charged/Invest to start your own business or buy a franchise? how much capital do you need? Employees, Workers Comp, Liability Insurance, etc. and PFS $99, no employees, workers comp, liability insurance, etc.
Wow big investment!
I will get back to you on this, later this week.
I won’t be able to answer this, because I have been in it since August of 09. less than a year. I will post back in a couple of years
Here are some success stories http://www.youtube.com/watch?v=udy7vfZmDLo&feature=PlayList&p=57627D45E053012A&index=0&playnext=1
The good news at least is the fact that I gave you credit for being the top pyramid scheme around Congrats>
January 10th, 2010 at 6:35 pm
You really cant see the pyramid? Its ok, in a few years we will have this conversation again and lets just clarify something…
Primerica is a company, YOU ARE NOT AN OWNER OF A BUSINESS…YOU are the simple minded person with the belief that you own something, which you don’t.
When you have your own tax ID, your business name is Primerica and you cut your own payroll checks…you will then be considered someone who owns a business. None of the above apply to you, so you are nobody other than someone manipulated by a system much greater than what you can understand.
At the end of the day, anyone can start an LLC and deduct whatever they want on their taxes, so you dont need BS Primerica to do that.
ALL I ASK, is that anyone on here have some guts to SHOW ME, NOT TELL ME how much money you have made at Primerica, I am not referring to a picture of you and a paycheck scam. Send me a photo of a 1099 you received from Primerica, along with your join date letter. You can black out all the stuff you dont want others to see…Anyone got balls…Prove it…if not then understand that others are not dumb enough to fall for it.
The other problem is you are trying to educate me, the person that own more $$$ in cars than your whole life is worth on why Primerica is a good option? Why aren’t they any wealthy, smart and famous people involved with such a great cause? Why is everyone trying to recruit, nothing more than someone trying to make it? why havent they already made it?
January 10th, 2010 at 6:44 pm
Also, do you not see the issue that ALL the testimonials from the link you provided are from Primerica financial Services (PFS). It doesnt seem weird to you that NO ONE has a real story other than one created by PFS.
Are you really gonna tell me that you believe the shit on TV that shows the AB rocker for 19.99 gave the people in the testimonial the best shape of their life? You dont think they went to the GYM for years, looked great and then got paid to do a commercial?
Same thing here…follow the money..and there is none…so i rest my case
January 10th, 2010 at 11:14 pm
Don, please go back and re-read my comment. I didn’t say I owned a Primerica business, we are subcontractors/consultants/Independant Contractors 1099-Misc for Primerica.
You just ignored what I said. I think I just proved you are full of shit and giving false info to your readers. You should be shut down!
You lost me on that last paragraph :-/
http://www.irs.gov/pub/irs-pdf/p1779.pdf
January 11th, 2010 at 12:27 am
I understand you dont own Primerica, I never said you did…I simply said that what they want you to believe is that you work for yourself. Isnt that what all the videos are all about…financial freedom?
You dont work for yourself, unless you own a business which you dont…I have once again offered to remove this article if someone can show me their track record of money made simply because of Primerica.
As for the last part, we are not full of S*&^ we simply believe people are entitled to their right to understand what a Pyramid scheme is that others are not making tons of money of PFS, instead they are making others money.
Why are there 214 pages on Google about Primerica being a SCAM. I didnt say they are a scam, they are a Pyramid MLM style business which does a great job at recruiting anybody with false hopes.I have no problem against Primerica…but as you have your opinion about the great opportunity, I have my opinion about the poor misguided opportunity you create for people. We are all entitled to our opinions, mine is such and yours is that you think of primerica as a great opportunity. Neither is worng, but both are valid opinions…This debate could go on forever, that why there are 214 more pages that agree with us.
You have the right to show folks a video of where Michael Jordan stayed and how employees from your company stay in the same hotel? What is the relevance of this with your work? I have the right to tell people what my opinion is of that same great video.
As of today, I have yet to see a person show me what i ve asked for. if there are so many testimonials, how come not single on can provide what i ask? Can you provide statements as to how much you have had success with primerica? or are you simply going to say “I only started recently, it takes years…BLAH BLAH BLAH”
Some one recruited you? then ask them since they are SUPPOSED to be the successful ones.
January 11th, 2010 at 1:18 am
O.k. look up their names up on the search engine with primerica next to their name and find out more info. I don’t want to do all the work for you.
Here is one other guy I enjoy listening to: http://www.youtube.com/watch?v=PuhyLVlTnDw
Good stuff.
http://www.youtube.com/watch?v=gbyieioeruQ&feature=related
January 11th, 2010 at 1:44 am
Dude have you ever owned a business? ask someone who has a business. Ask how long it took for them to become financial independant, hardly none…
It took me 7 years to make 6 figures in my other biz and still looking for more. Shit do you make a $1, $100, $200, $500, $1000+ extra a month for hardly working? I do! an extra .50 cents in winning!!! Do you like looking at your paycheck with the same numbers every week? PFS’ers have the opportunity to make as little or more income per month if you are motivated to help families. Isn’t all business this way? You make good $ one month the next month you make hardly. That’s how my other biz worked…up and down for the last 7 years.
Do you own a business?
Are you a PFS rep?
If you don’t/aren’t I’m done posting on here, you can’t understand how business works. It will go on forever.
Also do you have a job? didn’t some one recruited you? are you the lowest paid person at your job? does your manager make more $ than you because he’s on top of you? do you have a Supervisor that is on top of you and the manager making more money than both of you? How about your boss/owner/president of the company is he on top of all of you? so that makes it a pyramid right? Think about it! Are all business’s pyramids? MLM?
Stop telling people false info. they can go and find out for themselves and read their application before signing and if they don’t like what they see, they can go back to their jobs.
We need the workforce anyway. I need that waiter, I need those window washers, I need cashiers at the bank, etc. we can’t live without them…imagine everyone making lots of $, we wont have them around. OUr opportunity won’t be an opportunity anymore.
Good luck!
January 11th, 2010 at 1:56 am
hmmm did you block my IP address? I posted another comment…and it’s not showing. Oh well…Good Luck!
January 11th, 2010 at 10:06 pm
I didnt block your IP, I welcome all comments as this is the beauty of the internet, we are all entitled to our opinions
January 11th, 2010 at 10:13 pm
I dont think there is any opportunity in Primerica, I personally feel like it is nothing more than a MLM marketing scheme, that has been greatly successful.
To answer your question: I have owned many businesses, from retail to web based, and happen to have made it quite far in corporate America as well.I made a plea that yet someone has to answer about showing me the money they make from Primerica…Once they do…I ll gladly shut up and say you win!
Until then, you do what u do to recruit and tell people what they want to hear so they work for you for free and I ll do my part to make sure they are aware of what they are getting into. If you truly believe in it, then what are you worried about….Plenty of people will join your cause and realize for themselves what they got into…for the rest of the smartest people that do want to know before they start, then now they know something else.
January 11th, 2010 at 10:51 pm
I have been searching for info about Primerica on Google and you tube because it’s seemed too good to be true and this is what I think of Primerica, It’s like when you see a commercial about a lotion that lifts a 50 year old woman’s or a man’s face for $19.99 and if you call within the next 10 minutes they’ll double the order blah blah blah… You see before and after pictures, testimonials, you’ll even see a woman crying telling you how much this lotion has changed her life, then they tell you that if you don’t like it you can return it back and you’ll get you’re money back guaranteed ( most ppl would think I have nothing to loose but to gain a beautiful face lift for 20 bucks ONLY)
I feel that these guys are like the suckers who would pick up the phone and call before the 10 min is over… my point is unless i see actual evidence with my own eyes then i won’t buy the product, and the whole line of “if you don’t like it money back is GUARANTEED” the percentage of ppl packaging the product, paying for shipment, and waiting for a refund which will most likely take about 3 months for that poor $20+ to be back in you’re bank acct is in the single digits, at the end of the day the genius whom made this product is rich
All Don is trying to say is show your ACTUAL and personal proof that Primerica is not a lie and that you actually made money or are making money then we could move forward… I love the you tube vids you guys posted, very appealing but a lie! Thank you Don for this amazing article
January 12th, 2010 at 12:52 am
“Personal Income
Any cash flows or success stories stated are not intended to demonstrate the earnings or success levels of typical RVPs/representatives. Rather, they reflect the potential that comes with building your business, and there is no guarantee that you will achieve any specific cash flow or success level. Most RVPs/representatives do not achieve the cash flow or success levels illustrated. In the 12‑month period ending in December 2008, Primerica’s sales force consisted of approximately 100,000 life‑licensed representatives, to whom the Company paid a total of $622,000,000 in compensation, an average of $6,220 per licensed representative. Average RVP earnings are typically higher. Actual gross cash flow is, among other factors, dependent upon the size and scale of a representative’s organization, the number of sales and the override spread on each sale, and the ability and efforts of you and your downlines. Having said this, Primerica provides a tremendous opportunity for individuals who work hard and who desire to develop a business with strong income potential.”
This quote is right in your disclosure on YOUR website, it states the AVG annual earning of a rep is $6220 Annually. It also states MOST WILL NEVER REACH the success level of testimonials.
This PROVES MY POINT IN FULL to EL DUDE and ALL HIS BS beliefs about Primerica. Next time you try to make a point and call me delusional,perhaps you should read the fact that your own company states in its public disclosure that it does NOT believe in you unlike what they portray. This is the essence of a poor and cheap MLM marketing company praying on those that dont read the fine print…Pathetic.
January 13th, 2010 at 12:42 pm
Is 5 linx a scam or can it really generated some money over time, and what do you know about 5 linx to say its not what they say it is , then you tell me how it works if you have any information on how it works
January 13th, 2010 at 1:39 pm
I did an entire feature on this other scam here…
Feel free to read it and comment: I love a good opinionated debate
http://www.secretconsulting.com/the-pursuit-of-an-illusion-5linx-scam/#more-3691
This topic is for primerica…
January 13th, 2010 at 3:22 pm
‘The Don’, I can’t seem to figure out what planet you are on, or which blowhole you are talking out of. I started with ALW/PFS in 1981 and quit my ‘good job’ teaching school in 1982. Since then, it has been the only means of support of my family for the last 28 years. I guess I must have slept thru all the incidents you have experienced in your dealing with PFS-shame on me, maybe I should spend more time trying to ‘fix’ the misinformation folks like you are blabbing on the web – Aw crap, I think I’ll just stick to what PFS provides-opportunity and income to ‘whoever’ (even you-if you can pass our/regulators background checks) wants to work -and not blog about what’s wrong with society/PFS!!!
PS: I have seen PFS folks that were capable of distorting what PFS is-they don’t stick to long with us. Don’t judge a company by some misguided individual/s
January 13th, 2010 at 6:25 pm
I am not misleading anyone…Once again read the comments on top…PFS’s own disclosure states the AVG salary as listed above. I didn’t write that, I simply copies it and quoted it from Primerica’s OWN site. I give ANYONE the opportunity to prove me wrong by showing me a true supporting 1099 to their earnings…All Primerica people do is claim they make X, but dont have ANYTHING to show for it?
Come on…feed that crap to others please…
January 13th, 2010 at 7:38 pm
“The Don”
Let me help you with this. #1 There ain’t no Average Primerica person-no such person-100,000 divided by $622 million, earning $6222-it’s an average. Concentrate on the $622 million! If that weren’t true the FTC (which regulates earnings claims) would never allow Primerica to advertise it!!! PFS pays you what you’re worth-do nothing, make nothing! #2 Anybody in PFS who is bragging about ALL the $$$, isn’t making it! The folks who are making $$$, don’t need to overpromote the earnings. The ones who aren’t are either wannabees or are probably excited about being given the opportunity to SEE IF they can make it
PS: As for 1099’s, I’m in Illinois-Arrange to come visit me and I’d be glad to show ALL of my PFS 1099’s ( as far back as 1981). By the way, since this 1099 stuff is personal info, why not bring your 1099’s along too. I wouldn’t expect you to post them on this site
January 13th, 2010 at 8:48 pm
The FTC has nothing to do with min earned per averages, but whatever you say…
#2…You are right, we dont advertise how much we make but we show it…and if you want me to believe that my retarded friend who started with PFS 5 years ago and is now a manager of his own office, earns close to S&^% and drives a $6000 car, but yet tells me that he makes $32,000 a month? Do you really believe that someone that makes $32,000 a month, and lives with a roomate? drives a $6000 car? Come on…Where does the money go? Wait…I know the answer…It gets re invested in PFS,as he advised all his clients to do and he is such a believer of his own BS. NOT…It doesnt get invested there…as it doesnt exist!
Primerica might have been good to you after working there for 30 years, but then the video they show you is a straight up lie! It doesnt seem to indicate the 30 yr time frame requirement…I am being sarcastic!
I can concentrate on $622 Million as the reason it is in the disclosure stands on the basis that Primerica does not want to get legally sued for promiseing dream and financial freedom to all and then record $6222 annual incomes.
#3. I never asked you to post your 1099, I simply asked you to send me a 1099, blacked out, showing nothing more than the name of Primerica, and off course the amount. I dont need any personal info and will gladly email you back a snapshot of mine or you can just send me a pic of your honda civic and tell me how you dont show it but instead re invest it within your own company…?
January 13th, 2010 at 8:50 pm
Just to clarify, the FTC states you must state true potential earnings…not to mislead people…not look good! Their job is to regulate not worry about Primerica’s reputation.
January 18th, 2010 at 11:43 pm
Definitely an interesting perspective. I know some six figure earners in Primerica. Remember that Primerica is a MLM company, and MLM is NOT for most people. The problem is they feel no remorse in letting just anyone in with a pulse. Network marketing needs a face lift–badly.
January 19th, 2010 at 1:23 am
I’m giving you a thumbs up on your final tip. If you want to have something good you have to be willing to work for it. We started an MLM business last year out of necessity (both my husband and I were laid off from the same company within months of each other) and have worked very hard to grow our team. I think one reason we are successful is that we really believe it can help others like it has helped us and we are willing to work just as hard for them as we do for ourselves. Not only are we happy with our business but we now have some amazing new friends.
January 19th, 2010 at 5:50 pm
To Daniel Lucas’s point…I have yet to see a six figure earner that was once recruited like others…I am sure plenty of executives in that company make 6 figures.
MLM is OK and not an evil plot, but the truth should be laid out up front and not concealed behind a lie of wealth and materialistic items one can acquire by working there.
Primerica and other MLM companies need a major face lift
January 20th, 2010 at 12:41 pm
Primerica is a scam, not because they do anything illegal, but because the trick you into believing that if you join them, you will be rich. Just go to the presentations, they don’t tell you how to get rich, they just tell you how good it is to be rich.
What they should be telling you is that only 2% of the people who sign up will make enough to do this full time and make a decent living. Then they should tell you that if you believe you fall in that small percentage, to join.
I compared their life insurance rates, and they are alot more expensive then other companies that don’t rely on the MLM system to compensate their employees.
January 20th, 2010 at 10:32 pm
Rico is dead on! This is exactly my view on Primerica…Its not an illegal scam, its the illusion they create or want you to believe that makes it a poor choice.
January 21st, 2010 at 1:57 pm
Rico and The Don,
So sorry that you were misled by some Primerica ‘wannabe’. As I’ve said earlier, anyone who inflates/overpromotes the PFS opportunity is usually gone real soon (fortunately the ‘money for nothin’ folks don’t stick). Too bad for them and the folks they mislead! Unfortunately, you are missing the reality of the fact that the ONLY thing PFS provides is an opportunity. Is it 2% or 20%? Who knows? The 80/20 rule is very alive in PFS too! The difference is some ’suit’ isn’t determining how much you are worth and if you’ll get promoted, etc. Submit to be mentored by a proven mentor and maybe YOU can determine how far you will go-not some corp. structure. Secondly, the PFS structure is EXACTLY the same agency structure’ as the insurance/mortgage/brokerage industry. We didn’t invent anything new, we just applied the MLM structure to the agency system that has existed forever-you can plug into our system or go and build your own-either way you need people and product to make $$. We just made the entry easier 1. $99 + $25 / month to use our system to build your agency, 2. Start part-time to see if it’s for you. It’s kind of like trying to win the Indy 500. You can try to win it in your car, or you can learn to drive our vehicle. We know ours is capable of winning-if you learn to drive it. The only real question is which one would YOU rather use -yours or our $99+$25 -or go out and find another (we certainly don’t have the market cornered on success). Best of luck in your pursuit!
January 21st, 2010 at 5:04 pm
I am convinced Primerica is 2% victory and 98% failure…but I challenge your thinking and ask this question:
“Why would you showcase expensive cars, vacations and rewards before showing what the opportunity looks like?”
When you go to orientation or a job interview at a normal non MLM company…do they show you a porsche or a hotel and say this can be you?
Nope…
January 21st, 2010 at 5:11 pm
Great Post Mr Friend keep bring the value to the table!!!!
January 22nd, 2010 at 2:21 pm
This post get better everyday LOL
January 22nd, 2010 at 6:48 pm
Help me out with this warped thinking:
–Primerica is 2% victory and 98% failure..
I guess that depends on the goal? Make $1 mill. bucks?-maybe. Become my own boss, so no one can put the screws to me?-aint’ hardly 2% success rate 98% failure. Educate yourself so you don’t get screwed by the Fin. Industry?-probably 98% success 2% failure. Work in a positive encouraging environment instead of a back-stabbing corp. cesspool?-Maybe a 90% success rate 10% failure rate (we aren’t perfect by any means!) PFS isn’t only about big bucks, cars,vacations and awards(unless that’s what you want)
–“Why would you showcase expensive cars, vacations and rewards before showing what the opportunity looks like?”
I guess we could show the stuff Corp. Amer. is good at-you know,lies, broken promises,layoffs promotion passovers. But maybe we show it because SOME people would like to think there is a CHANCE (not a promise) that those things are possible. We could also show the orphanage in India that one of our Mill. $$ earners has built, or another Mill $$ earner who pays for meals of any and all traveling servicemen he encounters, as he is traveling thru every airport. We could show that, but frankly that probably wouldn’t impress you either.
Maybe the real problem is what YOU focus on. Try looking outside yourself and maybe the blessings will flow. But what do I know, I’ve been in this ALW/PFS ’scam’, as you call it, for the last 28 years
Best of Luck
January 22nd, 2010 at 7:34 pm
One more time, you are not your own boss until you sign your checks.
You dont make one million cause you claim you do, your life will speak for itself!
PFS isnt only about cars, vacations etc?…Are you serious? How many of your employees drive and live that lifestyle? I am sorry you already answered that…2 of them.
I will put corp America against Primerica any day for a newbie to the industry and in three years, Corp america guy will have filed tax returns that show 30-40K a year and PFS guy will have earned $5000 one year then quit and finished the other two working for corp america…
I have yet to witness success from Primerica
January 22nd, 2010 at 8:31 pm
Whatever. Grind your ax and live in ‘your’ fog
Best of Luck
January 22nd, 2010 at 9:35 pm
Hello, Potomac Productions is an up and coming documentary film studio currently working on a documentary film that deals with Multi Level Marketing. We are looking for interviews with current and past employees of Primerica specifically. We are also looking for anyone who is willing to give an interview about a family member who became a member of Primerica and some of the experiences they had. If you or anyone you know is interested please contact us at potomacproductions@gmail.com
Thanks, and we look forward to hearing from you soon!
- Potomac Productions team
(Website is in progress)
January 27th, 2010 at 10:38 am
Thought I’d check back in here. The Don seems stuck on the idea that no one makes money and that the PFS stories aren’t true. They are. It would be fraud if the company published the information and it was false. But I will use people I know personally if that helps. My Regional Vice President has made 50k in the last six months since getting his promotion. If he keeps working like he has been, he’ll go over six figures in the next six months. The person he’s direct to makes 3.4 million a year. Yes, he’s been working with PFS for 22 years. He started part-time and in year one made 18k, increased each year, and in the fourth made 150k. That’s when he quit his job and made a career change. These are my mentors and coaches. They can show me how and why it works, then I have to do the work. And it doesn’t happen overnight.
Success in anything doesn’t happen overnight. People that I know personally who have been promoted to Regional Vice President (meets company promotion guidelines, is principal licensed) went on to open up their own office and make six figures in the first year with RVP contract. There are five people out of our office that I’ve seen do this in the last three years. That’s just from one location. This is a 3-5 year gameplan. Some go faster, some go slower, some just go. (No that’s not a company slogan, I just made it up all by myself.)
I’m aware that you’ll probably pick one small thing to respond to – like why don’t I give their names – or something like that. (Privacy, I’m fine putting my own name here – I won’t do that with someone else’s.) I haven’t published my own income and I know you’ll pick at that. I’ll say that it’s grown each year. I’m not where I want to be yet, but that’s not the company’s fault. It’s my own. But I know what I need to change and am making adjustments.
This type of debate is limiting because we have different information. I’m working with the company. You went to one meeting. I know people who have great success. You have a “friend” that hasn’t had success yet. For someone looking here to find out about the company, this is not the best way. Go find out for yourself. Speak with someone that’s doing well and if what they show you makes sense, give it a try. I mean, it’s $99 to get licensed, not $99,000.
January 27th, 2010 at 12:51 pm
Deirdre,
Well said. Maybe you can clear up the “fog”.
January 27th, 2010 at 6:39 pm
No fog, the real fog is the fact that it is not what you tell people that you are trying to recruit…you show them the motivational things that are irrelevant to their life, but rather their wants…I have 5 delusional office manager friends who work for PFS…and they are working hard for you to earn NOTHING. I am not going to pick on your income or showing me your stub because reality is you ALL will shy away from it, with excuses after excuses…to each their own.
You educate people in your seminars that Success is only a year or so away, and I educate them on another point of view…The people will decide for themselves if its worth it or not.
If their is nothing to worry about, then you have no reason to try to persuade me that Primerica is not a waste of time. To me primerica is in every way a waste of time…and will remain.
January 28th, 2010 at 9:49 pm
Don, it seems like youve wasted more time than you ever would with primerica writing this article and repeating the same argument without any consideration to any other people who prove you otherwise.
I’ve seen legit triple figure paychecks with my own eyes, I’m pretty sure that counts as something to show for it. Do you really think people would lie about something like that? Grow up.
January 29th, 2010 at 1:00 am
Absolutely would lie about it, thats the point of an MLM business…
The whole MLM model is entirely based on getting people’s perception to change instead of bringing real quality value.
If you are so great, enlighten me as to why CITI Group walked away?
January 29th, 2010 at 2:30 pm
There are a lot of people who make a lot of money in MLMs and with online businesses.
There are even more people who do not make anything in MLMs nor with online businesses.
It is said that those who succeed never stop trying and never give up.
It is said that those who are unsuccessful don’t fail, they just give up.
My point is, “There are facts and there is fiction”. One must learn how to separate them.
January 30th, 2010 at 3:15 am
Don,
I must have been extremely fortunate to be living in Jacksonville, Florida 2 years ago this March.
I had a coworker start with PFS and he helped me get life insurance and a complete financial game plan at the ripe old age of 22. I thought he was drinking Kool-aid when he told me to come to the meeting and join. For one I was working 60-80 hours a week, and I was not a life insurance salesman.
Coming from a family with no money, NONE… I felt compelled to help THEM get insured. I did. I had an uncle and aunt who had over $80K in debt NOT including their home or vehicles! They were great at managing the debt, but not reducing it. I helped them come up with a game plan that used all the money they were already spending each month to pay down, and pay off all their bills over the next 4 or 5 years. This included a refinance which reduced both their APR and 5 years off their mortgage. 2 years later, they are a head of schedule since they now take their bonuses and pay down debt, instead of looking for new toys to make more debt.
They were my most extreme case, but as you can see PFS product’s are not garbage. I encouraged my family to shop the quotes I got them online. I shopped my own quote which was $450k 20 year term coverage, for $64/month. Online prices varied from $58-122 a month. All companies were at least A rated.
Once I got my family insured I left PFS. I moved my company out to Houston Texas as an economic refugee.
Why was I lucky to be in Jacksonville 2 years ago? Glad you asked! I had the distinct privilege of being taught by Mr. Wroten, who has been with PFS since the beginning. Along with Mr.s Wroten is Jimmy Meyers. I’ve eaten dinner at both of these great mens homes. Here is Jimmy’s house
http://www.bing.com/maps/?v=2&where1=683%20Queens%20Harbor%20Blvd%2C%20Jacksonville%2C%20FL%2032225-4902&encType=1
Be sure to click on Ariel -> birds eye view and swing around to the east view of his pad. Pretty slick.
Here is the tax info for said property. No, he is not renting it, and NO his car is NOT worth $6,000. =)
http://apps.coj.net/PAO_PropertySearch/Sales/Detail.aspx?RE=1671276025
Mt Wroten’s home is very nice as well and on the St Johns River. Since he is in neighboring St John’s County, I am not familiar with their tax appraisers website, so I did not look up his home or info, but you are welcome to.
I loved OUR team with Mr. Wroten, and Mr. Meyers, but my mission was just to help my family.
Sure, I saw a lot of the reps over selling and over promising to get their friends to come to the meetings, but they did not last. I am sure some of them are blogging about how PFS is a scam now. =)
Lastly, I want to address “paying to be in a company”. In Jacksonville, Florida anyway, they paid for ALL of my licensing costs except $99 IIRC. So, had I wanted to get my own license, without any outside help, I would have spend 3 or 4 times that AND been out decades of knowledge and first hand experience through Jimmy Meyers, Mr. Wroten, and their staff.
PFS is not for everyone. I understand your grief with MLM “scams” but PFS is NOT one of them.
January 30th, 2010 at 9:17 am
^^^^^^There is fact and there is fiction^^^^^ VERY TRUE
FACT: MLM do not make reasonable money for people for years, and are never positioned as such when recruiting people.
Fiction: Join Primerica, you will enjoy Financial Freedom, vacations and exotic car rentals?
January 31st, 2010 at 4:09 pm
I respect The Don’s desire for proof. I respect the other commentor’s explanations and testimonials.
The Don is focused on overpromising and under delivering – as a moderately successful MLM person, I couldn’t agree more.
FACT: MLM can make reasonable money in months and reputable companies disclose this in the recruiting process.
FACT: MLM provides an opportunity for people to enjoy financial success, earn free vacations, receive lots of recognition, and a join/develop a strong support community.
FACT: No one succeeds at MLM unless they learn to understand it, make an effort, work through failures, and share the opportunity with others.
FACT: MLM does need a face lift. Couldn’t agree more.
Last year, I started my profitable party plan website and presentations about profitable party planning specifically for that reason.
My mission is to help give the MLM industry a public face lift and to make MLM a business/career choice that people are proud to make. One people aspire to get into. So that kids can say, “Mommy, when I grow up, I want to be in MLM.” And the mom will be proud.
I’m not rich – but I have more money coming in than going out, I work less than I did when I had a “real job” I provide the customer service levels I always wanted to when I worked for someone else, I am less stressed, and I have a better life.
February 2nd, 2010 at 10:57 pm
It’s not easy to change people mindset, but when they do, everything becomes easy in MLM. Primerica can be the solution to get fortune in MLM.
February 3rd, 2010 at 12:36 am
Thats right Sam, at the end of the day…Primerica is the only one getting rich
February 5th, 2010 at 7:19 am
I went to an orientation today to be get a better idea of what I might be getting myself into. When I first pulled up to the building I noticed that “Primerica” was not advertised. (If this is the main office, then how come your logo wasn’t present on the building?) *red flag* I then tried looking up “Primerica” in Murrieta, and did not find ONE Primerica location in that city?? The building looked like a rental space to hold conferences (Whats up with that?). When I first got “interviewed” the Regional District Leader had me meet him at Starbucks! If this is a professional business, why must you hold an interview at Starbucks, oppose to an actual office? I also noticed that he spoke rather quickly and told me that my resume would not be needed, as if to say, my work experience is useless. *red flag* Back to the orientation…Once I signed in and was guided to a “specific” seat, I noticed that those on the opposite side of me were overly excited about today’s meeting and every time a Primerican representative was introduced, those on the opposite side gave a standing ovation. *weird if you ask me* If you hold these meetings every Thursday then what’s with the music and standing ovation’s? Don’t you see each other enough? I understand if you are trying to show your appreciation to those who are working hard in your business, but to be honest the presentation looked more like a poorly scripted play. I noticed that after the meeting was over my Regional District Leader was eager to sign me, and asked if I would have the $99 available soon to get started. For a moment I was excited about this opportunity, but looking back at these past few days I’m starting to come to the understanding that this is to good to be true… Being told that this wasn’t a sales type business is like telling me that McDonald’s doesn’t make french fries…A LIE! Multi-Level-Marketing is very much like sales, irregardless if I don’t go knocking door-to-door, or calling random people to buy into your insurance it still involves NETWORKING and for that you need to know ppl, and get them convinced into joining your team so that you can start making money off them and so on and so forth…It’s a never ending chain…Monavie was also very similar to this type of business, but with a larger fee and less paying results, (my friend tried it out and it obviously failed). I
February 5th, 2010 at 7:40 pm
Nel1 you are correct, the entire thing is a poorly scripted play, and its not too good to be true, it is simply a lie that is based of of people desire to get rich. Primerica plays off of this by making it seem like you will make a good amount of money with hard work…They fail to mention that some of their people make less than 30K a year after 6 years of service.
February 5th, 2010 at 10:40 pm
Don have you ever worked for or known someone who worked for Primerica? I just wanted to know that I’m not the only one who feels this way? If anyone with experience with Primerica ever had am issue getting into this business, please write about it! I would love to hear some good feedback. Is Priemerica the real source of the problem or is it Primerica’s representatives who are the one’s making a bad name for the business!? Let the debate begin! lol.
February 5th, 2010 at 10:53 pm
I did know someone who worked and still works for Primerica. I personally worked with him in the past prior to his stupid decision to be fooled into the Primerica scam ring. he was promised tons of money, his own office, employees etc…5 years later, he has a broken down car, lives at home and makes less than 30K a year…He made 28K when he worked for me back in the day 5 years ago…his 5 year growth is less than one years inflation rate.
The really sad part was that he was working for me while going to college and when he graduated from a great 4 year university, the best he could do was to simply join these idiots.
I went to the Primerica orientation as you did because that same guy had told me about it and after much trying to get me to go, he begged me to at least listen to it. I did and never thought about it again as it was 100% obvious that it was a weak scam to me. The orientation is simply a rehearsed play that is poorly put together, and the real problem is that if you look around you, there is really nobody that is important or already doing well…Everyone there is miserable and wants a way out of their job, or cant find a job.
The real problem is primerica and the employees it chooses to hire, no matter what level they are at.
February 8th, 2010 at 12:42 pm
Again, I must have been fortunate to have the caliber of people I did while in Jacksonville Florida. These guys, along with many of there team members, where doing well. Weekly paychecks were given in front of everyone, and I watched people get paid and talk about some of the people they helped put together a financial game plan.
Also, our meetings were not rehearsed, they were on-going and always motivational without being cheesy. It was said over and over, in every meeting that you will make “no money” if you do not work for it.
The main focus about earnings was that you can make decent part-time money, which would average better than most part time jobs per hour. They were right.
Also, this office had been in the same location for at least 7 years, and did have the Primerica signage on the door (it was a an office park).
My goal here is to suggest that perhaps not ALL of these Primerica offices are ran the same. I will attest that EVERYONE I had the pleasure of learning from, and working with, were classy people who shared in wanting to help others. Making money was a by-product of helping others. That is what I got out of it.
February 10th, 2010 at 5:31 pm
Happy 33rd Birthday PFS
Feb 10, 1977-Feb 10, 2010
The Best is Yet to Come!!!
February 10th, 2010 at 7:30 pm
We ll see where the company stands without marketing from CITI…Its really a porr business model and is not regulated well at all.
February 10th, 2010 at 8:47 pm
Without marketing from Citi? PFS/ALW was it’s OWN brand and marketed itself before and certainly will after Citi! Not regulated? How about these folks-#1.NASD for PFS Investments and 23000+ Registered Reps, #2.50 State Insurance regulators and 100,000+ State licensed reps, #3. 38 (soon to be 50) State and Fed. regulators overseeing countless Federal and State Mortgage licensees. PFS is probably the MOST regulated financial services company in the US in terms of number of state and federal licensees. As far as the biz model, just keep an eye on the upcoming IPO of Primerica, Inc (the Registration Statement was filed with the SEC on 11/5/09-Google it. I’m sure you can find it!)
Happy 33rd Birthday PFS!
February 11th, 2010 at 2:07 am
Agreed. PFS was not hurting before CITI involvement, and I am sure they will continue to as the market continues to slow down.
Again, I feel better knowing that I helped my entire family put together a financial game plan so we are all better off.
Paying down debt
Teaching debt stacking
Individualized debt pay off charts and schedules
Refinance options
GREAT life insurance products
Again, I was able to do ALL of the above with my family, and it costs them less a month than they spend on coffee in 2 weeks (the most expensive couple in my family). All the debt help was just icing on the cake.
February 11th, 2010 at 8:37 am
Once again, I am not debating the products that Primerica sells…
I am debating the experience of working at Primerica…I have asked many members who have gone to the orientation and others that have quit after working for Primerica for over a year to give us some honest and candid feedback, they will be on here in the next week or so giving their opinion/feedback about their experience.
February 12th, 2010 at 1:48 am
I gave my honest and candid feedback. If you like, I can make some calls and get more people from that office to continue this discussion.
After reading all of this, I feel it’s just like any other business, there are good and bad people.
I understand some of these offices may be sleazy in the way they recruit, but that doesn’t mean every office operates like that. IMO I would say just the desperate ones are operating like that.
Heck, Jimmy Meyers, the owner of that nice house I posted above, he is STILL doing “kitchen tables” even though he earns more than $20,000 a week without getting out of bed. It’s his example of hard work, and commitment that makes the Jacksonville office successful.
February 12th, 2010 at 3:47 pm
Nice try Nicholas! However, the truth doesn’t matter to ‘the Don’. He’s got a “you know what” for PFS. Unfortunately, he has let the actions of a few PFS wannabes, who never stick, form the basis of his perception of who we are. The TRUTH must hurt!
February 12th, 2010 at 8:54 pm
Like I said, whenever one of you wannabees shows me this great 20K a week, I ll believe it…simple, show me and shut me up or forever be doomed by the bullshit you portray PFS to be. Its all about lying to people and making them believe right? you have a voice and now others like the first 10 pages on Google calling you a rip off also have a voice…
February 17th, 2010 at 12:35 am
Don,
This last post is immature.
I gave you his multi million dollar home, link to property appraiser’s website, and you can look him up in PFS website I am sure.
I am insulted you lump me into the category of “portraying bullshit.” As I have only provided my first hand account, and facts about what the company helped me and my family do. Get out of debt, and take the final financial burden away from our surviving loved ones. Then you said you did not want to discuss PFS products…
I also take great insult as referencing me as a “wannabe”. I have been amicable, as a guest on your blog, and would expect the same treatment in return, regardless on whether our views are in-line or not.
So I provided a Bird’s Eye View of Jimmy’s home in Jacksonville’s most prestigious home community, along with the property appraiser’s link showing him and his wife as the owners (no liens).
I will call tomorrow and see how Mr. Wroten, or Mr. Meyers feel about sharing their tax information, but even when you get that, I suspect you will just accuse them of being the “few” who make a lot of money. So what is the point?
Like I have been saying (if you care to go back and read just my posts) the Jacksonville Florida PFS office is NOT what you and others claim PFS to be and promise. They are ALL about helping people make good part-time money by providing great financial solutions to the middle class. Period. They do tell you, that they will help you go all the way, but they also do NOT hide the amount of time and work that process takes.
Take it light.
February 17th, 2010 at 8:38 pm
Again, let me be clear, i meant no disrespect by that last comment…
You are absolutely correct that there are people that make money with primerica, If the business made no money and those behind it didnt profit from it there wouldnt be a business.
The argument is no ordinary person makes good six figure money within 5 years or so, as they could in corporate America. When you work for a real organization that does not propose luxury cars, vacations and homes as a means to get buy in, but rather promises $15 hour to start. You get $15 an hour for every hour you work…isnt that working? isnt that the point of making real money?
When you promise a porsche, vacation or luxury homes, how many people get what they are shown…1 out of 1000? Why not pay people for their work like every other company?
I am only arguing the fact that those that are part of teh corporate backing will make money, i want to see those that are working around the clock to make other the profits and yet barely make 20K a year…I want to see those guys that worked 5 years and what they make.
The ones behind it will make money, the ones working wont…the only purpose of MLM and it is very important to note that those that came up with the concept get major credit for creating a truly profitable business. It works for them and is admirable, I simply say start paying those that make you money…pay them real money, not promises
February 20th, 2010 at 10:54 am
Does this conversation lump an independent real estate agent who who has licenses and places his own shingle up into the category of a sham? If a real estate agent told you that he had a beautiful, expensive home and a $6000 car and suggested that you get into the real estate market because he was able to make great money doing it, I don’t believe that makes it a scam. I also know that the company does only offer a person the opportunity to make good money, not the promise of big money. A real estate agent owns his own brokerage if he gets the brokers license and the same thing happens whith PFS. It is required to get a brokers license before you can open your own office. There are people who make good money, and I witnessed how hard they work. The opportunity is real if you are willing to work hard and not quit.
February 20th, 2010 at 9:19 pm
Everyone speaks of the opportunity but no one actually has any solid evidence of success other than those few that make the big bucks on top
February 21st, 2010 at 2:09 am
Hey doofus, the barista at Starbucks makes a certain amount of money. The manager of the Starbucks locale makes more money, the veeps make even more money, and guess what? The CEO makes even more money. What chance does the barista have of making VP? Not much, because she is limited by the corporate structure.
Primerica’s structure allows a “barista” (a REP in Primerica) to become a VP (a RVP in Primerica), IF (and that is a big IF) they have drive to both sell AND recruit. It is a process that takes YEARS and lots of HARD WORK. You don’t think that the Primerica hierarchy acknowledges this? Think again.
Brandon Neil (Primerica bigwig) says you can’t argue with the numbers: 100/83/15/2. Of 100 people that join Primerica, 83 are do not possess the drive to make it and drop out, 15 make decent part time income (500-2000k, or more, depending on how hard they work) a month (equivalent roughly to a few solutions a month here in CA), and 2 become RVPs (cause’ they’ve built their business) and make the big bucks.
This is fine, and the fact that 83 drop out is no reflection on Primerica. Remember, this is one of the bigwigs explaining how it really works; there is no scam here. All the people in MY office know that it is HARD WORK. FYI, this happens all the time in the insurance industry… people realize they are not cut out to be independent workers and go back to working for someone else. That doesn’t mean that it doesn’t work for others.
A person doesn’t even have to recruit in order to make money, but pretty soon, you realize that if you can clone yourself, you can make money faster. I know one dude that has never recruited anyone, but he makes his 1000k-2000k every month off of life sales that he does through his referrals. Others have taken it to the next level and are now RVPs.
If a person has drive, then they can make $$ at Primerica. If they don’t, well then yeah, they’d better get their lazy a$$ back to McDonald’s, or wherever else they want to work, where they get to be yelled at all day, or listen to timers on the burger patties they are flipping, deal with performance reviews, etc. etc. etc. I like freedom better.
February 21st, 2010 at 10:47 am
Actually i know 3 baristas at Starbucks that have become regional VPs for their region in less than 5 years and they got paid decent money and BENEFITS which you don’t get cause you are an independent contractor for Primerica before they became VPs.
February 21st, 2010 at 2:00 pm
I am not a part of Primerica, nor am I affiliated with any related MLM program.
I am an internet marketer & entrepreneur and I “write my own checks”. To add some perspective to the following opinion, I should make it clear that my business has grown fairly quickly, to the point where my own personal income from the biz is roughly 400K/year.
I’d like to comment on a few things that were brought forward by this post, the comments posted above, and in general some of the misconceptions of “wealth”…
1) You don’t own a “business” when you join Primerica. YOU ARE A COMMISSIONED SALESPERSON. Which is fine. Lots of people do very well in sales.
And I would actually suggest that you consider sales as an employed/contracted career if you’d ACTUALLY like to make decent money, with a company that doesn’t make you pay to join or use pyramid-style levels.
I know lots of people in insurance, car, real estate and even in some cases retail sales that have a great 6 figure income. Sure it’s a lot of work – but it’s the real deal.
2) I am sure that some people do okay or perhaps very well with Primerica, but I would suggest to these people that they invest in either buying their own, actual business – OR – investing in things like revenue properties and so on, as much as possible.
Why?
Because like any corporation – especially given its MLM structure – the whole thing could topple overnight. Just look at how many MAJOR firms have gone belly up during our “recession”.
If that happens, then there goes all of your residuals, your client base – everything. BECAUSE IT WAS NEVER YOUR BUSINESS.
It was/is just a sales job.
3) The blogger here contends that it’s easier to get ahead in corporate America than with MLM. I agree with him to a point.
While I’m no advocate of MLM whatsoever, I would have to say that if the goal is to experience true financial freedom – folks, that ain’t gonna happen by climbing the corporate ladder any time soon.
Yes, it could be a retirement goal. But if you want to live a rich lifestyle sooner than later AND be financially free, chances are, it’s just not going to happen with MLM, “corporate ladder climbing” or any other traditional, advertised route.
You become financially free when your passive income outweighs your own expenses. And this ONLY happens when you hold things like positive-cash properties, silent partnerships, patents, large cash investment funds, etc.
And the easiest/quickest way to get into real money (aside from gold-digging marriages) is with your own “write your own checks” business. Make your money in business – and invest it accordingly.
That is the surest path to a speedy retirement – and it sure as hell ain’t “easy”, even though it’s the most realistic route.
And before I hear anyone talk about “passive income” from an opportunity…
4) I own hundreds of websites, each earning a passive return day after day, month after month – and a small handful of which actually single handedly generate what most would call a great full time income by themselves.
And even with that said… I STILL don’t consider those to be passive income sources.
Why?
Because like with a sales job, things can happen. Sites go down, lose search engine visibility, sales channels dry up, etc. It’s just the way it goes.
Even some of my silent partnerships with recurring products/services like merchant providers (who take a cut on every transaction processed by their clients) have continual attrition.
Short version: “Passive income” from business sources aren’t truly passive. You need to keep adding on the top to make up for what’s slipping at the bottom.
It still requires effort. Your time.
Which brings me to my final point…
5) If you want to actually lead a life of financial freedom, then at FIRST you need to forget about the fancy cars, the private jet, 6 months of vacations a year, etc…
And you need to set up your foundation of wealth.
Properties, “armchair investments”, private loans, etc.
When you have your money generating money FOR you – to a point where your lifesftyle is more than looked after – THEN you can start going crazy with luxury items, vacations, etc.
As a general rule, a lot of the truly wealthy people I know don’t really show it. They have nice enough stuff… but they’re not statement-makers.
And inversely, a lot of the corporate-climbers I know with “OK” incomes live like their James Bond. (Maxing out their debt like its going out of style). Most go bankrupt since they’re leveraged against a bunch of vastly depreciated “assets”.
Aside from my car – which is a passion for me – you’d never guess my wife and I were doing well. Average house. Average daily driver cars (very average, in fact).
But that’s because I’ve put our money into lots of revenue properties and other similar investments. As a result, we essentially live “for free”, with our only real cost is travel – which the business more than looks after.
(Not to mention fixing my damn car…)
Just thought I’d some reality to the mix amidst the wannabe’s, and the less-than-accurate portrayals of opportunity as a corporate climber.
Cheers,
-Chris
P.S. I landed on this site because I Googled “996 Turbo cost of ownership”. I wanted to compare stats with my own TCO for my 2002 996TT, which just incurred a $7500 repair bill – AAAAHHH!
Comes with the territory. Probably doesn’t help that it’s modded to put down 610 HP, either
February 21st, 2010 at 6:44 pm
Don, I think that you are lying when you say: “i know 3 baristas at Starbucks that have become regional VPs for their region in less than 5 years”. Your story stinks.
What is the probability that you know X amount of Starbucks baristas, and then to say that among those many that you do know, 3 have made it to a regional vice president-ship, AND they have all done it within the last 5 years.
Like I said, I think you are essentially just trolling for comments now. Why? Well, I can only assume that your imaginary baristas had to recruit other baristas and perhaps store managers as part of their upward movement through Starbucks management, which would put them on par with most Primerica RVPs. Can’t you see how you have descended into self-parody?
Oh, and have fun marketing your “Secret Entourage” crap, etc. here. Douchebag.
February 21st, 2010 at 6:50 pm
Chris, Dead on with the post… That my exact point, I simply state that corporate America is better than MLM 10 to 1 BUT as you stated it is no means of getting rich either ways.
February 21st, 2010 at 6:54 pm
Reddish,
I am not the one full of crap, I happen to spend over $300 a month on Starbuck and frequently visit many of their locations and do happen to know 3 barristas that started from the ground up and simply made it to Regional Managers.
One could question your above points that others have made it to regional Primerica VP so quickly, the only difference I state is that the people that made it in Corp America made more money getting there and just as much as an end result.
Its Self parody to you and Primerica is Bullshit to me
February 21st, 2010 at 10:39 pm
I am back to seeing your point Don.
I, like you, hate that people DO get lied to about their programs. 95% of the people that last more than a month will never achieve great wealth with PFS.
My points above were just to show that not every PFS office operated with those sleazy tactics, and further to the point, I bet the ones that DO use those tactics are NOT living in a multi-million dollar house, or drive a $120K vehicle.
A good analogy would be diets and work out programs. They show you chiseled bodies which promise to get you in that shape, but we all know 99% of people are too damn lazy to work for it.
Actually, that is how most people are anyway. =)
PS-Don, I really enjoy your site. Good stuff.
February 21st, 2010 at 11:48 pm
Thanks Nicholas,
You are getting my point dead on…I am not questioning the organization, but rather the tactics used to get people to join.
As you said its like the diet programs that tell you one thing and then write in fine print “results not typical”
February 28th, 2010 at 3:55 pm
Don (YOU ARE 100% CORRECT IN EVERYHTING YOU HAVE SAID ABOUT PRIMERICA),
I must say I should have read your article about Primerica before I had gone into one of their “orientation”. Allow me to post my story on your website so, that other people may benefit from it and not be mislead into thinking that Primerica can do something for them, which I know now for sure they cannot.
I was finishing up my degree in college and had been looking for a job and because of the economy, I was having no luck with finding any job (plus I had no experience). One day I received an email from one of my friend’s stating that he had seen a business card at a Dentist (?). (Why would a multimillion dollar business leave their business cards at a dentist?). Anyhow, because I was desperate for a job, I drove 25.3 miles to go what I thought was an “interview”. I should have recognized that this was a scam when I called them to schedule an “interview” the guy on the line said “oh, just come on down right now.”
When I got to the place it struck me as odd how small their office was and like you said it was a convention hall type of place with pictures of people who have been “successful” and have made thousands of dollars working for the company. The guy that did my orientation claimed to have earned over $100,000 and was wearing “the all so infamous $100,000 ring.” I must have listened to at least two hours of BS and was starting to buy into it. There was another guy there who was taking notes and told me that he already knows everything and is still in training until he can start recruiting. After the orientation the guy told me to come back the next day when more people were going to come and he can provide me with more testimonials. He also told me to bring someone along if they are interested in earning more money.
On the drive back I started thinking about all the things that he had said or showed and I thought to myself, why a guy who makes over $100,000 would be still recruiting people among other things. It became clear to me that this was a pyramid scheme. I came home and discussed this with friends and family and everybody told me “It’s a scam.”
I also wondered why the guy was not interested in looking into my resume or did not care about whether or not I had any experience in sales, all he cared about was whether or not I will be able to recruit and make the guy above me more money than me. I feel that I wasted my time with this, but had I not gone to this I would’ve never been exposed to what kind of people are out there and what they are willing to do for money.
How can a company be so cruel that it tries to benefit off people who are not well educated? It’s sad.
I agree with your article and appreciate that you are trying to help raise awareness about these scams.
And its funny how Mr. El Dude saw that his arguments were falling on deaf ears and could not provide evidence so, gave up altogether. Maybe he’s still searching for that 1099 (located in LALA land)or even better maybe he changed his mind set or maybe he is hired by Primerica to make their image better among uneducated people. Another thing to note is the ratio of supporters v. opponents of the company on this article alone.
If anyone disagrees please post evidence of your income along with the years you have been working at Primerica and I will be more than happy to apoligize.
February 28th, 2010 at 11:51 pm
Asad, You nailed it with your description of Primerica when you said
“…the guy was not interested in looking at my resume…”
“…He asked me to bring a friend…”
IF Primerica is indeed legit, then why does it resort to this cheap non sense recruiting tactic.
March 2nd, 2010 at 3:55 pm
“The Don” couldn’t be more inaccurate! Just from my most basic research on the internet I could find that Citigroup owns Primerica, they’re not a “sponsor”. There’s nothing available on “core values” on the web. Primerica filed an S1 with the SEC which signifies there will be an IPO, which I found is scheduled for April/May. The “collapse of CITI” was mostly caused by overleveraging the mortgage market, not any type of affiliations. Primerica itself is a debt-free company and gave Citi $600 million in profits last year. Where did this idiot get his info? Good thing I came across LEGITIMATE information before I found this site or I might actually have believed “The Don”! What a joke…
March 2nd, 2010 at 8:08 pm
CITI Group no longer owns Primerica Dan, looking back at archived old news on the internet is simply not intelligent…They used to be affiliated.
I also never said Primerica was not profitable. I am not arguing its ability to make money for its board of directors. I am questioning its business ethics and poor MLM strategy
March 3rd, 2010 at 5:59 pm
Hey Dan,
Save your keystrokes. “The Don” is not particularly interested in anything resembling the truth. S1’s, IPO’s, $230 million committment from Warburg Pincus,…….who cares! What does that got to do with a profitable, 33 year successful ‘MLM strategy’? He’s probably encountered 1 or possibly 2 PFS newbies, who ‘overly embellished’ the PFS system and “poof”, suddenly the other 99,000+ PFS folks are painted with his ‘Primerica Scam’ paint brush. I would guess that nearly every negative comment on this blog is actually ‘The Don’ in disguise!
March 3rd, 2010 at 7:58 pm
So are the first 10 pages of Google about Primeamerica being a ripoff me in disguise also?
March 9th, 2010 at 6:00 pm
Google must be out of touch or slipping. Only found one (1) disenchanted soul’s link in the first 2 pages (24 links)
“Consumer complaints about Primerica
May 4, 2009 … While getting dressed for work, i got a phone call from Primerica saying
they were looking for someone with ambition and people skills. …
http://www.consumeraffairs.com/employment/primerica.html – Cached – Similar
Results 1 – 10 of about 566,000 for primerica. “
Didn’t feel like checking out the other 566,000 listed-
Also Googled ‘Squeaky Entourage’-sorry, I mean ‘Secret Entourage’, and found what may be the problem here. I guess this is a mission statement-
Secret Entourage
se·cret [see-krit] en·tou·rage [ahn-too-rahzh]
A mindset, attitude, and a way of life.
The relationships you form that revolve around yourself. The network that helps you be successful. The movement that drives you to results.
Maybe the problem with PFS is that it’s not about ‘the relationships you form that revolve “around yourself”. Maybe PFS failed impress some folks who feel that working in PFS might actually involve getting engaged, you know like WORK. “Impress me, I’m unemployed” “This isn’t ‘money for nuthin’ and the chicks are free?” “I have a resume and you didn’t even roll out the red carpet, I mean read it!” “you mean PFS won’t ‘revolve around ME?” Sorry for some you folks, but that’s the PFS scam-all you’ll get to do is try-out, you might make it-you might not-you can control that-isn’t that scary? All PFS will continue do is ‘revolve’ around the widows that will deal with their grief in dignity because some PFS rep sold some term insurance, or maybe someone who is looking at bankruptcy and will follow a proven debt elimination plan and maybe avoid bankruptcy, or some senior who will retire with some sembalance of dignity because some PFS rep explained fundamental and appropriate investment strategies. Maybe all that means squat to someone who needs to be impressed
-OR-
maybe the PFS videos of cars, houses, and whatever is competition with all the hype on this site
March 9th, 2010 at 11:01 pm
I don’t sell a fake opportunity nor ask people to join at a cost or work for me for free…Maybe you feel like I am competing in a sense with Primerica, or simply showing people that working for a company that takes advantage of them is simply not a good choice.
What are your thoughts on Mona vie and 5linxs? Do you feel as they are equal opportunities similar to the one Primerica offers in your eyes?