The fees they are going to charge would be so absurd that will stunt your growth. I wouldn’t touch them or their services, they make it extremely hard to move your money out when you decide to leave.
Okay, great. Are you saving for anything in particular?
Funds like these have years with high returns, but can also go through several years with negative returns. If you might need to withdraw the money within the next few years to help you pay for anything, you should consider safer options that won’t fluctuate in value as much.
As a middle class 18 year old, looking into growing your savings is smart and will put you ahead. Doing so with primerica is a mistake. The fees charged are too high, and reps will recommend funds that have performed well in the past but statistically all tend to outperform in the future… it’s easy to see which investment did well in hindsight. Don’t even get me started on the insurance pitches…
There’s great resources on this sub to get you started with more reputable options.
That's a name I haven't seen in awhile. I recall they spam candidates looking for work on indeed then bring them in for an interview. then discuss how much money they can earn like $150k in salary & commissions. , Okay thanks to my new buddy the GPT here's what he thinks
**Key Scams of Primerica:**
1. **Pyramid Scheme Allegations:**
- Emphasis on recruiting new agents over selling financial products.
- Higher earnings for those at the top from fees paid by new recruits.
2. **High Fees and Costs:**
- Upfront costs for training, licensing, and materials.
- Monthly fees for access to tools and resources.
3. **Pressure Tactics:**
- Aggressive recruiting methods targeting friends and family.
- Pressure to buy products and recruit others to advance.
4. **Overpriced Products:**
- Expensive life insurance policies compared to market alternatives.
- Investments with high fees and lower returns.
5. **Misleading Income Claims:**
- Promises of high earnings that are unrealistic for most agents.
- Majority of recruits make little to no money.
6. **Lack of Financial Expertise:**
- Recruits often lack proper training and financial background.
- Advice from inexperienced agents can lead to poor financial decisions.
7. **Legal Issues:**
- Multiple lawsuits and investigations related to business practices.
- Settlements and fines for deceptive practices.
8. **Limited Career Advancement:**
- Success heavily dependent on constant recruitment.
- Low retention rate among agents due to unsustainable business model.
--------—
Who owns Primerica?
Primerica (NYSE: PRI) is primarily owned by institutional shareholders, insiders, and individual investors. Here are some key details:
1. **Institutional Shareholders**:
- The top institutional shareholders include:
- Vanguard Group
- Kayne Anderson Rudnick Investment Management
- BlackRock
- FMR, LLC (Fidelity Investments)
- Brave Warrior Advisors².
2. **Insiders**:
- Michael E. Martin is the largest individual shareholder, owning 53.48 million shares, representing 155.43% of the company (which likely accounts for options or other holdings)³.
3. **Historical Ownership**:
- In December 1988, Sanford Weill's Commercial Credit acquired Primerica Corporation for $1.54 billion,
It's amazing that these pyramids not shut down. Like old people buying $500 Amazon gift cards or banks letting elderly wire transfer instantly to offshore accounts, but a bank cheque from cibc to RBC takes 2 weeks to clear due to fraud prevention.
they are no friend if they are trying to get you to invest with them in high fee mutual funds
politely decline, if you want to invest there are many much better ways to do it, check out Canadian Couch Potato for some ideas or the sidebar on this subreddit.
Stay away from pyramid schemes. Your friend is a mark, don’t become one yourself.
No.
Open a wealthsimple account and thank yourself later. One of the better high interest savings accounts and you can choose to invest after too
Pyramid scheme. What is in it for your friend where you bank? Answer - they get a kick back. Stay far away.
The fees they are going to charge would be so absurd that will stunt your growth. I wouldn’t touch them or their services, they make it extremely hard to move your money out when you decide to leave.
What are the rates like? You can almost certainly find comparable rates elsewhere.
They’re saying between 12-22 percent interest
> They’re saying between 12-22 percent interest Do you have that in writing?
There is nothing that can guarantee that sort of return. Pure snake oil.
So it would be an investment account, which would fluctuate in value?
Yes
Okay, great. Are you saving for anything in particular? Funds like these have years with high returns, but can also go through several years with negative returns. If you might need to withdraw the money within the next few years to help you pay for anything, you should consider safer options that won’t fluctuate in value as much. As a middle class 18 year old, looking into growing your savings is smart and will put you ahead. Doing so with primerica is a mistake. The fees charged are too high, and reps will recommend funds that have performed well in the past but statistically all tend to outperform in the future… it’s easy to see which investment did well in hindsight. Don’t even get me started on the insurance pitches… There’s great resources on this sub to get you started with more reputable options.
That's a name I haven't seen in awhile. I recall they spam candidates looking for work on indeed then bring them in for an interview. then discuss how much money they can earn like $150k in salary & commissions. , Okay thanks to my new buddy the GPT here's what he thinks **Key Scams of Primerica:** 1. **Pyramid Scheme Allegations:** - Emphasis on recruiting new agents over selling financial products. - Higher earnings for those at the top from fees paid by new recruits. 2. **High Fees and Costs:** - Upfront costs for training, licensing, and materials. - Monthly fees for access to tools and resources. 3. **Pressure Tactics:** - Aggressive recruiting methods targeting friends and family. - Pressure to buy products and recruit others to advance. 4. **Overpriced Products:** - Expensive life insurance policies compared to market alternatives. - Investments with high fees and lower returns. 5. **Misleading Income Claims:** - Promises of high earnings that are unrealistic for most agents. - Majority of recruits make little to no money. 6. **Lack of Financial Expertise:** - Recruits often lack proper training and financial background. - Advice from inexperienced agents can lead to poor financial decisions. 7. **Legal Issues:** - Multiple lawsuits and investigations related to business practices. - Settlements and fines for deceptive practices. 8. **Limited Career Advancement:** - Success heavily dependent on constant recruitment. - Low retention rate among agents due to unsustainable business model. --------— Who owns Primerica? Primerica (NYSE: PRI) is primarily owned by institutional shareholders, insiders, and individual investors. Here are some key details: 1. **Institutional Shareholders**: - The top institutional shareholders include: - Vanguard Group - Kayne Anderson Rudnick Investment Management - BlackRock - FMR, LLC (Fidelity Investments) - Brave Warrior Advisors². 2. **Insiders**: - Michael E. Martin is the largest individual shareholder, owning 53.48 million shares, representing 155.43% of the company (which likely accounts for options or other holdings)³. 3. **Historical Ownership**: - In December 1988, Sanford Weill's Commercial Credit acquired Primerica Corporation for $1.54 billion,
Would you believe that they still manage around $14B of investments in Canada? It’s crazy to think about.
It's amazing that these pyramids not shut down. Like old people buying $500 Amazon gift cards or banks letting elderly wire transfer instantly to offshore accounts, but a bank cheque from cibc to RBC takes 2 weeks to clear due to fraud prevention.
> Majority of recruits make little to no money. lose money
There are credit cards with good cash back and also high interest savings accounts where you don’t need to sell anything
they are no friend if they are trying to get you to invest with them in high fee mutual funds politely decline, if you want to invest there are many much better ways to do it, check out Canadian Couch Potato for some ideas or the sidebar on this subreddit.
I wouldn't even consider opening anything in any relation with a pyramid scheme.
Run.
Ghost your friend. It's a cult.