2006-07-24 14:15:58 · 13 answers · asked by combat_1976 1 in Business & Finance ➔ Investing
OK, Primerica is not a "scam" as such, but there are problems with the way they operate, and you need to consider how it will work for you. Here's the scoop: There's lots of money to be made in the industry, but if you aren't prepared for it, you'll just end up wasting your time. However, for a few people, a company like Primerica will give them an entry to the field that they couldn't get elsewhere.
Most investment companies do thorough screening of potential agents, so that you wouldn't get hired by them unless you have the background "necessary" to be successful. They'll require education, and also a personality that will make you successful as a salesman for their investment products (which is effectively what you'd be with Primerica). Primerica doesn't require any of that, which may sound good to you, but the result is that a lot of people get into the field that simply don't have the skills to be successful. I can't tell you how many people I've known over the years who took "jobs" with Primerica and ended up giving up.
To do this well, you'll need some ability to understand numbers and percentages, and to explain them to other people. You'll need some sense of what is important for investment success (growth). And most importantly, you won't be successful unless you have excellent sales skills. Finally, you'll need to come across as intelligent/educated/respectable, whether you have a degree or not. Those things will be important. That will be necessary to be successful.
Primerica is not a scam. It is an old company that operates the way it did decades ago. This is how most investment companies operated way back then, and this is similar to how my dad got started in the investment business 60 years ago. He didn't even have a high school education, but he had all the skills that I described, and became enormously successful in the business. However, most people who started with him didn't succeed. You need to know which one you would be.
Don't get me wrong. I'm not a great fan of Primerica. I'm not convinced that their investment products are always the best, and I don't think their system is ideal for a lot of people. But for the right person, it can be an opportunity of a lifetime. You just have to know if you're that person, and frankly, most people don't have the ability to evaluate themselves that well. But if you're fairly intelligent, have a good sales ability, and are well-spoken, you may be able to excel at this.
By the way, one of the other answerers is also correct: there are other opportunities out there that might be better for someone like you, and if you're a good enough salesman, you ought to be able to convince them to hire you. Again, nothing wrong with Primerica if that's your best opportunity, but why not look around and see what else you can find, too.
2006-07-25 03:22:28 · answer #1 · answered by Anonymous · 2⤊ 0⤋
RUN Run away Run Fast
Primerica does not always do the right things for the clients. Their products are also some of the highest priced in the industry.
Visit www.financial-planning.com and use the search function for Primerica on the message (discussion) board there. You will find lots of info on Primerica.
2006-07-24 22:18:22 · answer #2 · answered by insuranceguytx 5 · 0⤊ 2⤋
Primerica is a pyramid scheme. I would also suggest not doing it there are much better things out there. If you want to try it than go ahead but most people don't make it in the first year.
2006-07-25 01:51:53 · answer #3 · answered by dkwr14 3 · 0⤊ 2⤋
no, well, investing makes money obviously. But being an investment agent, is taking a percentage of other peoples' invesement earnings.
You have to give the right advise!!! you can have other people loose their entire savings, over a simple flaw, from your sources.
it's not worth the hassle or the guilt.
2006-07-24 21:18:29 · answer #4 · answered by anjui63 4 · 0⤊ 0⤋
Primerica has an incredible reputation for selling the wrong products to the wrong people. Yes you may make money, but the cost to your reputation and self worth is not worth it.
2006-07-24 22:37:20 · answer #5 · answered by Common Sense 7 · 0⤊ 2⤋
On a positive note, I started purchasing mutual funds regularly in a taxable acct from them in 1990's so I give the guy credit for getting me started in investing, Thanks 'Jim'...I also went to a meeting and was not interested in the Amway-like sales tactics.
2006-07-24 21:41:29 · answer #6 · answered by -* 4 · 0⤊ 0⤋
When I find the website again I'll post it but I was offered to work there too. After some research on it I found it on a scam website. So yes it is a scam.
2006-07-24 21:19:01 · answer #7 · answered by Crystal L 3 · 0⤊ 1⤋
They screwed me. I took the License test and passed. Sent all the paperwork in and never got my license or agent number to start selling. I would not deal with them.
2006-07-24 21:19:46 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Your friend wants to make money off of you.
Don't do it. Primerica tried to screw me, but I saw the set-up trap.
STAY AWAY BEFORE YOU BECOME THE NEXT VICTIM!!!
2006-07-24 21:24:48 · answer #9 · answered by SweetBrunette 5 · 0⤊ 2⤋
i checked into it went to the interview they charge you 200. to do a background check and to me the job is to convince elders to invest into this company then you charge them for switching companies with their entire savings and you make profit from them i think its the wrong way to go
2006-07-24 21:18:53 · answer #10 · answered by melody W 1 · 0⤊ 1⤋