I was contacted by a Primerica agent (referred through my sister) over a month ago. I am a research man and a penny pincher and am financially secure, independent, and well informed when it comes to my personal finances. I just graduated from college with a Bachelor's, but am planning additional education when time affords with my growing family.
I did my research before the agent came (as I do with everything; I hate being uninformed) and found this site. Doing a search online I found it quite interesting that this site was right below PFS's main site. Now, the thing with Google is that the more 'hits' a site gets, the farther up the totem pole it rises (I work in computers...you just notice these things).
Anyway, that is a red flag for me if an opinion or informative site is so close to the real companies website, especially with the general tone of this forum. I read quite a few posts and kept my opinions neutral until the presentation.
As (he) presented I knew that I did not need the financial products he was selling. Not to say they aren't good tools and that others don't need them, but I know where to get those products for much cheaper and with less migraines on my part. The agent asked me if I wanted life insurance. I told him what I already had and that he couldn't provide much more so I wasn't interested.
He actually seemed surprised someone of my age knew that much and had already prepared for life's unexpected happenings. He did not push that subject anymore. Then, on to the 'wrap your mortgage and debt into one loan' deal. I informed him that I am a semi-real estate guru and that I was going to be selling my house (after I remodelled it myself) and that the capital gains I would hopefully make would pay off all my student loans and credit cards and that I already owned three cars and the only monthly payment I would have would be my mortgage and cell phone (plus utilities) and at which point all monthly payments for the other debts would be 'wrapped' into my mortage when I refinanced for a 15 year, which I planned to pay off in 6-7 years. The agent was again shocked that I could do that and stopped selling that product. I didn't tell him about the rental properties I was currently purchasing, assuming that that would cause further damage - :)
THEN, on to the last selling point. The agent proceded to tell me "I can see you're a hard worker", "You would make an excellent agent for our team", "You won't want to work 9 to 5 every day, do you?" "How about making over xx$K a year?". I politely told him no. He was not very pushy for a salesman, which I found odd in their line of work, but then again, I could sense he knew he was losing ability to convince me of anything. I expected a little more effort on his part, but then again, I was not a prime candidate for any of the 'products' he was selling, including recruitment work. I am not a fan of triangle tiered marketing schemes.
1) There are dishonest people everywhere and (ironically) honest people know exactly who those people are. (really, we can...)
2) There are dishonest businesses everywhere and (lol - ironically) honest people know about those, too.
3) For those on this site who say college graduates (or others who just basically crave information and are open-minded) are biased; I agree....Education gives you a judgemental platform that some cannot balance on (so you resort to bashing and reverse discrimination in protection of your ruptured pride). In other words, yes, we usually do more know than you and we worked hard at it, so attempting to argue over menial things is a waste of time for us; don't feel bad if we don't want to talk to you just try to understand where we come from.
4) Citigroup IS a large company and they may have a lot of assets, but if you do your financial research, you'll know how many credit card companies are under them. We well know Americans like their credit cards. So, all that credit card debt goes into their financial books as "accounts receivable" (you finance gurus correct me if I'm wrong) which can be counted under "assets". They don't have the money right now, but will someday, when so-and-so pays off their credit cards...Oh, wait!! You need help to pay off those credit cards? Well, we have ANOTHER company that helps you do that at a slightly lower interest rate!! Wow, this company is so EAGER to help!
5) My agent stated that he worked at Primerica only part time and said he set his own schedule. I found out AFTER the presentation that he also had another job, and had only been at Primerica a few months. According to how much he said he was making as an agent he should have gone full time as an agent ages ago. It was apparent that he was not as profitable as he would have liked; again, this depends on the agent, but a good product sells itself. I like my 9-5 bread-and-butter, knowing that I don't have to do anything after work and don't have to make appointments when other people are available (that doesn't sound like making your own schedule).
Needless to say, I'm not a hungry fish and I didn't bite. I did want to write my opinion though, because as I like to be informed, I like to inform. If someone can benefit from this, fire me an email and say 'thanks'...
Oh, and don't worry about bashing my comments on education, your products, and trying to blame something on someone else...I've already seen it all coming...
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