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re: Is Primerica a pyramid scheme?
Posted on 5/24/12 at 10:46 am to jdg91878
Posted on 5/24/12 at 10:46 am to jdg91878
quote:You aren't in biz for yourself. You are in biz for the people above you on the pyramid. The people you recruit are in business for you and so on.
he point is it gives normal people a chance to be in biz for themselves.
If you want to be in biz for yourself, then go into biz for yourself.
I mean, pyramid schemes aren't immoral in the way ponzi schemes are, but they are bad business models for those in at the bottom of the pyramid and they usually involve selling bad products or products at a bad value.
0
Posted on 5/24/12 at 10:46 am to CapitalCityTiger
Nobody is saying you can't make money off of these things, but generally you will end up spending more than you make, and the money you do make is at the expense of other people.
Obviously these things make money, Rich Devos started Amway and he's rich as frick and owns the Magic. I've read his book and he seems like a genuinely good guy, I wonder if he realizes how many people his company screws over
Obviously these things make money, Rich Devos started Amway and he's rich as frick and owns the Magic. I've read his book and he seems like a genuinely good guy, I wonder if he realizes how many people his company screws over
Posted on 5/24/12 at 10:47 am to Walt OReilly
quote:
SO TRUE....my buddies are always tooting their own horn about how much money they make and so on...
I called the guy that was trying to recruit me out and told him if he could show me his taxes and prove how much he makes then I would sign up. He then changed the amount of money he made a few times until it got a little more realistic. I knew it was a crock of shite.
Posted on 5/24/12 at 10:47 am to OweO
quote:
If they have a solid product then I wouldn't say it is "shady
I had added an edit to my earlier post saying nothing is wrong with the products. It is just they are attempting to profit off of more than just the products. They use people's aspiration for success and need for jobs in a tough economy and use it against them to profit.
Posted on 5/24/12 at 10:48 am to Walt OReilly
quote:
SO TRUE....my buddies are always tooting their own horn about how much money they make and so on...
I would love to know the number of people that get out/fail after lets say... 2 months then compare that to maybe 1 year then compare both to the number of people in it for 2+ years. I bet the percentage of people that don't make it to a year would be along the 80-85% range. In fact, I bet the majority of their sales comes from that percentage of people that don't make it a year.
Posted on 5/24/12 at 10:49 am to Tiger1242
quote:
and the money you do make is at the expense of other people.
And at the expense of friendships and family ties. The one I know who "tried" lost a lot of friends in the process, and his family was not too happy with him.
Posted on 5/24/12 at 10:49 am to OweO
quote:
If they have a solid product then I wouldn't say it is "shady" in the sense they are trying to sell nothing for something,
Its shady because the whole point of them trying to bring on new agents is so they can get their friends and families signed up with insurance plans and investments they probably don't need or want.
Posted on 5/24/12 at 10:50 am to OweO
quote:Most sell their family and close friends who are more willing to buy to help them out and then they run out of leads (read: easy targets) and bail.
I bet the majority of their sales comes from that percentage of people that don't make it a year.
Posted on 5/24/12 at 10:50 am to OweO
quote:
I would love to know the number of people that get out/fail after lets say... 2 months then compare that to maybe 1 year then compare both to the number of people in it for 2+ years. I bet the percentage of people that don't make it to a year would be along the 80-85% range. In fact, I bet the majority of their sales comes from that percentage of people that don't make it a year.
You're guesses are accurate, they tell you that at the meetings before you sign up
Posted on 5/24/12 at 10:50 am to fisherbm1112
i gotta give props to the guy for actually admitting on here he is involved in primerica
props to you sir
props to you sir
Posted on 5/24/12 at 10:52 am to Walt OReilly
quote:
i gotta give props to the guy for actually admitting on here he is involved in primerica
Well he never technically admitted it, just got really defensive
Posted on 5/24/12 at 10:53 am to OweO
quote:
I would love to know the number of people that get out/fail after lets say... 2 months then compare that to maybe 1 year then compare both to the number of people in it for 2+ years. I bet the percentage of people that don't make it to a year would be along the 80-85% range. In fact, I bet the majority of their sales comes from that percentage of people that don't make it a year.
It is a whole lot. They kind of give up on you if you don't make sales. That is what happened to the main one I knew. I kind of screwed it up for him because after I saw it was bull shite I let everyone know. Since most of my buddies call to ask me advice about business deals I told them not to even go to the meeting. The main one was not too happy.
Posted on 5/24/12 at 10:54 am to RonFNSwanson
i thought he said him and his wife made 80K in 2 years working PART TIME!!!!!!
BALLIN'!!!!!
BALLIN'!!!!!
Posted on 5/24/12 at 10:55 am to cas4t
Thread reminds me of:
John Prine
quote:
Last time I checked my bankroll,
It was gettin' thin
Sometimes it seems like the bottom
Is the only place I've been
I chased a rainbow down a one-way street... dead end
And all my friends turned out to be insurance salesmen
John Prine
Posted on 5/24/12 at 10:55 am to fisherbm1112
The thing is the # they give you is way higher than the actual amount of money they pocket.
I got recruited to do this textbook sales thing a few summers ago, they guy was ragging about how the minimum amount you make is like 5 grand, I called a guy who's sheet said he made 8 grand, he told me after expenses of buying the books it's really like 2 grand for the whole summer, so I said no thanks
I got recruited to do this textbook sales thing a few summers ago, they guy was ragging about how the minimum amount you make is like 5 grand, I called a guy who's sheet said he made 8 grand, he told me after expenses of buying the books it's really like 2 grand for the whole summer, so I said no thanks
Posted on 5/24/12 at 10:55 am to Walt OReilly
quote:Which is 20k a year for each. Pretty average for a part time gig. This also doesn't account for the OT or Primerica exaggeration factors.
i thought he said him and his wife made 80K in 2 years working PART TIME!!!!!!
Posted on 5/24/12 at 10:55 am to jdg91878
quote:
You guys are morons. Every company including yours recruits people. Check out monster.com. These employers are recruiting. Agents aren't paid unless sales are made. The definition of a pyramid is you get paid to recruit.
exactly.
no I dont work for primerica.
I used to sell ins for about 10 years... whole purpose of the all of them is to build business.
If you get a percentage of someone elses effort that you helped recruit and train, WTF does that have to do with the company or its products?
I my years selling ins I found that primericas 30 yr term was as inexpensive as any I saw.. actually they were one of the first that came up with the 30 year term.
The companies I worked for only offered 20 year.
Posted on 5/24/12 at 10:55 am to RedHawk
quote:
Its shady because the whole point of them trying to bring on new agents is so they can get their friends and families signed up with insurance plans and investments they probably don't need or want.
That's what I was getting at earlier. Of course the few people that make it big can justify it isn't a "scam", etc, but for it to be that obvious it just don't give off the imagine that their #1 priority is their customers. Its a "you either with us or against us" mindset.
Anything that requires you to go to meetings designed to convince you to become a part of a group (especially a group that you can "make money" from) is an automatic red flag.
Posted on 5/24/12 at 10:57 am to Walt OReilly
quote:
my buddies are always tooting their own horn about how much money they make
you got that right
Posted on 5/24/12 at 10:57 am to WDE24
i doubt his wife does much
women are worthless
all the guys i know that work for Primerica their wifes dont work...just workout
women are worthless
all the guys i know that work for Primerica their wifes dont work...just workout
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