I have several family members ignorant enough to sell this crap. One is even the beloved RVP. First of all, Primerica, Travelers, and SmithBarney are all owned by Citigroup. Citigroup is a very successful business. I ask you to ask anyone in Primerica to tell you what he or she is in the business of doing. They will reply to you that they help people get out of debt and prepare for retirement. This is how they have been brainwashed, ignorant, of just plain stupid. Any corporation is in the business to make a profit for its shareholders. If they don't, the company will cease to exist. That is the first thing Primericans do not understand.
They will first try to get you to buy their life insurance. Term they will tell you is the only thing worth buying and therefore, the only product they sell. They only sell this because it is the best for everyone. I ask you, if Primerica and therefore Citigroup believes this is the only type of insurance you should ever own, why then if you go to Travelers web page (also owned by Citigroup) you have three life insurance options? Good questions to ask the brainwashed Primerican next time they open their uneducated mouths. At Travelers sight you can buy term, or two different forms of whole life. That's right, check if out for yourself and then confront the Primerican on it. They won't have a clue what you're talking about. Again, most of them are uneducated and ignorant. FYI, for most people, I believe term is the best option but not in every case. Shop around other well-rated companies. You can find term policies for half the cost of what Primerica sells them.
Now the Primerican has told you they are in the business of getting people out of debt and they want to do a financial needs analysis on you, FNA as they call it. Oh they are so smart. Ask a real life Certified Financial Planner what certifications and/or degrees he or she has and then ask the Primerican. They are different. The certifications for financial planning a Primerican has are pretty much made up by Primerica and Citigroup. Go do some research on this one before you call my bluff. The rest of the world's financial community does not recognize their certifications as legitimate. Think about that before you allow them to pull your credit and see all of your personal finances. They are seldom more educated on the topics that you are. It is simply at their weekly meetings, they are conditioned to say certain things in certain ways only to make you feel inferior. Ask them a question about stocks, bonds, the stock market or anything else a Certified Financial Planner should be able to answer. Try not to laugh at them when you see the look on their face. They won't know what the hell you are talking about.
Now, after they have done your FNA they will try to get you to buy overpriced life insurance through Primerica, refinance your house through Citigroup at a rate that is. 5-2% higher than what you could find elsewhere, open an IRA for starters through SmithBarney (owned by Citigroup), whose only has a select few funds that perform well year after year and whose expense ratios and 12b-1 fees are off the charts. Stop here and ask them what the 12b-1 fees are and get ready to control the laughter again. Better yet, a legitimate financial planner will be able to show you many, many, many comparable funds in which to invest along with fees and expenses. They can't do it. I'm laughing as I type this it is so funny. To finish things off, they'll suggest you sign up for a Citibank credit card. What's that? I though you were trying to get out of debt??? Look at the interest rate on that card before you sign. You can probably get one with a rate that is less than half what they are offering you. After this entire pile of BS they will invite you to one of their pep rallies and recruit you to go out and Help other people become free Or sell the same crap. After all, that is the ultimate goal. Recruit people under them so they can make money off of everything you sell and advance to Godhood or as they call it RVP. It's such a pile of bunk.
Go to one of their meetings and see the people that are actively selling. They are generally young people just getting started in life and don't know which way to go or older directionless people chasing the pot of gold at the end of the rainbow. I've said it before, do some research. They tout the wealth you can obtain by selling Primerica. They don't tell you that the average Primerican makes $12,000-$14,000/year working 60 hours per week or that only 1.5% of all Primericans make that six-figure income they brag about. I might add that that 12-14k/yr is gross and does not count expenses you must pay to be a Primerican. If you still think your chances are good of making a respectable living, less than 5% make over 50k/yr. Go to Las Vegas and drop a nickel in the slots. You might come up big.
Having said all this, you need to know that I have nothing to do with Primerica. Furthermore, I could care less if you but overpriced products. I neither gain nor loose anything by you buying or not buying anything from Primerica. My point of view is from the outside. I am an expert on the fact that again, I have two family members that sell this crap and have seen what it does to their family lives and financial situation. Not pretty. Family no longer exists once you become one of them. Funny I say that when one of the points they harp on is being your own boss and making your hours. The hours are true but not if you want to make that big 12-14k/yr. As far as being your own boss, read the contract. They own you and everything you do. You are not your own boss.
In conclusion, don't waste your money. Go to someone with credentials that has been educated and has experience in financial planning. I once heard a Certified Financial Planner say, Look at the car, house, and clothes your planner has. If they are not nice, they cannot manage their own money. How do you expect them to manage yours? At 12-14k/year, the Primerican is probably living with Mom and Dad. I could go on and on but we all have better things to be doing. Good luck.
My name and address are fictional because I don't need this getting back to family. My wife will kill me for making more unrest in the family about this garbage.
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