Earlier today, one of my friends contacted me about a potential job offer and wanted to know if i wanted in. We both work miserable jobs in retail so he knows I'll take the bait. He says he'll send in my contact info with his.
I get a call a few minutes later from a regional vice president of Primerica. Right off the bat, the guy wants to know how much i know about the company. Seems a little weird to me. When I tell him that all I know is that they're looking for people, and I hate my current job, he goes off on a story about how he hated his first few jobs when he came back from Iraq but then settled in with Primerica. The guy goes on about how hes been with the company for 15 years and how they're expanding with the recovery from the recession. Then he asks if I'm available on Saturday morning or Tuesday night. Tuesday night? What the crap? I tell him I work Saturday mornings at my god awful retail job and have class on Tuesday nights. So we work something out and schedule my meeting for Nov 9 at 9:00am.
After I get off the phone, I decide to check up on this company that just came into my life outta nowhere. The stock has had a steady incline over the past 5 years, okay that's good. Then I find out it's a "distributor of financial services and sells products through representatives." Fuck... I have to keep working with people... I hate people.... Still pretty vague though. What specifically does this company do? Then I hit article after complaint after article about how this thing is some sort of a multilevel marketing scheme. But none of these people can tell me what the crap the company makes or does. Fuck it, im going to this crappy meeting to find out more.
Quote from: WikipediaThe company focuses on the sale of term life insurance,[1] as well as providing other financial products and services including mutual funds, annuities, segregated funds, managed accounts, long-term care insurance, pre-paid legal services, auto insurance, home insurance, credit monitoring and debt management plans.
So, I have a feeling it's cold calling people and asking them to give you money to put in financial schemes, some riskier than others.
Am I wrong in thinking this is weird for a first post?
Quote from: Q. G. Pennyworth on October 24, 2013, 04:31:22 PM
Am I wrong in thinking this is weird for a first post?
oh, dok howl frequents my site and i figured this was more appropriate than my home for fucktard gremlins
It's a pyramid scheme. You have to pay $99 for your application to be processed and, if you should be successful (80% of applicants are not - no money back), you are then responsible for recruiting new applicants.
MSN Money:
Quote
Primerica has built a profitable business by combining a financial-services firm with multilevel sales techniques, similar to companies like Avon Products (AVP +0.14%). In Primerica's case, sales reps are responsible for recruiting new applicants.
Most of the company's 91,000 reps work part time, but 4,000 have reached the level of regional vice president, which entitles the worker to higher pay and bonuses, the filing notes.
"I think they want you to make it, but they know you're not going to," Phillip Bowers, who left the company this year and never made more than $50,000, told Businessweek. "People would get into the business, bring their friends, and then after a while, the person who brought those friends would quit."
Primerica's website is full of hype, billing its structure as providing "freedom from a boss" and the "freedom to dream big." It also promotes success stories, such as Brant and Adiris Vogt, who earned more than $100,000 and received a "power builder ring."
That sounds great, until you notice the small print at the bottom of the page. It cautions that the average pay for a sales rep is just $5,513 per year.
You can tell these sort of companies after a while - they all use pretty much the same marketing techniques and promises. The only difference in this case is that it seems to be attached to a more leigitmate insurance and brokerage firm.
If no one seems sure what they do, but everyone hates them, that's probably a sign that you will have a hard time feeling proud of yourself working for them.
Quote from: Cain on October 24, 2013, 04:34:15 PM
It's a pyramid scheme. You have to pay $99 for your application to be processed and, if you should be successful (80% of applicants are not - no money back), you are then responsible for recruiting new applicants.
MSN Money (http://money.msn.com/now/post--for-primerica-reps-opportunity-becomes-a-pitfall):
QuotePrimerica has built a profitable business by combining a financial-services firm with multilevel sales techniques, similar to companies like Avon Products (AVP +0.14%). In Primerica's case, sales reps are responsible for recruiting new applicants.
Most of the company's 91,000 reps work part time, but 4,000 have reached the level of regional vice president, which entitles the worker to higher pay and bonuses, the filing notes.
"I think they want you to make it, but they know you're not going to," Phillip Bowers, who left the company this year and never made more than $50,000, told Businessweek. "People would get into the business, bring their friends, and then after a while, the person who brought those friends would quit."
Primerica's website is full of hype, billing its structure as providing "freedom from a boss" and the "freedom to dream big." It also promotes success stories, such as Brant and Adiris Vogt, who earned more than $100,000 and received a "power builder ring."
That sounds great, until you notice the small print at the bottom of the page. It cautions that the average pay for a sales rep is just $5,513 per year.
You can tell these sort of companies after a while - they all use pretty much the same marketing techniques and promises. The only difference in this case is that it seems to be attached to a more leigitmate insurance and brokerage firm.
Run. Away. Any company who wants you to pay a fee while as a member of their company, sees
you as their customer, not the person you're selling term life insurance to.
Quote from: Stupid Youngin on October 24, 2013, 04:33:44 PM
Quote from: Q. G. Pennyworth on October 24, 2013, 04:31:22 PM
Am I wrong in thinking this is weird for a first post?
oh, dok howl frequents my site and i figured this was more appropriate than my home for fucktard gremlins
This is true.
Banme, you are describing a scam. A classic one.
Quote from: Stupid Youngin on October 24, 2013, 04:33:44 PM
Quote from: Q. G. Pennyworth on October 24, 2013, 04:31:22 PM
Am I wrong in thinking this is weird for a first post?
oh, dok howl frequents my site and i figured this was more appropriate than my home for fucktard gremlins
My bad.
The friend who tried to get me in on this thing has his meeting first so I'll wait to see what he has to say about what the company does. If he still doesn't know, I'm out.
Quote from: Stupid Youngin on October 24, 2013, 04:46:41 PM
The friend who tried to get me in on this thing has his meeting first so I'll wait to see what he has to say about what the company does. If he still doesn't know, I'm out.
Your friend is 75% likely to pitch you.
Telling you, man...This is a scam.
Just looked them up. It's a "multi-level marketing" firm...Which translates out to, as Cain said, a pyramid scam.
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Yeah. They want you to go LDS and hardsell your friends and family. And you have to pay THEM, and you make little or squat. Fuck that noise.
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
I really can't emphasise how much of a scam the thing is. Others beat me to it and are bang on the money.
I ended up going to about 5/6 interviews in a row all for similar kind of things to this. Fortunatley I had a relatively good nose for such things due to prior... experiences.
His "friend" is about 95% likely to pitch him as his friend is already thinking of him as a paycheck. Sorry, but I'd bet organs on it. It's shitty, sucks in people desperate for work and always, always ends badly. Try and get your friend out if they're worth the effort. If they won't concede it might be a little shady, say goodbye for good while.
Quote from: Telarus on October 24, 2013, 06:44:03 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
Was that you?
Quote from: Dirty Old Uncle Roger on October 24, 2013, 11:34:14 PM
Quote from: Telarus on October 24, 2013, 06:44:03 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
Was that you?
I've had multiple friends come over to "test their pitch" in the last few years. They prey on college age people, students or not, up here in Oregon. Kirby Vacuum cleaners also operates up here on this model.
Quote from: Telarus on October 24, 2013, 06:44:03 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
On the other hand, those ARE good knives.
Quote from: Jet City Hustle on October 24, 2013, 11:53:34 PM
Quote from: Telarus on October 24, 2013, 06:44:03 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
On the other hand, those ARE good knives.
Just HOW GOOD are they?
Quote from: Telarus on October 24, 2013, 11:52:48 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 11:34:14 PM
Quote from: Telarus on October 24, 2013, 06:44:03 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
Was that you?
I've had multiple friends come over to "test their pitch" in the last few years. They prey on college age people, students or not, up here in Oregon. Kirby Vacuum cleaners also operates up here on this model.
Someone here got sucked into that. They wrote about their experience, it was pretty heart-wrenching.
There was one they tried to suck me into in Salem called New Skin or NuSkin or something. And I'm pretty sure HerbaLife is one, too.
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
Quote from: Dirty Old Uncle Roger on October 25, 2013, 12:57:22 AM
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
Beatniks are AWESOME, though.
Quote from: Mrs. Nigelson on October 25, 2013, 01:10:32 AM
Quote from: Dirty Old Uncle Roger on October 25, 2013, 12:57:22 AM
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
Beatniks are AWESOME, though.
It's the thought that counts, for good or for ill.
Quote from: Dirty Old Uncle Roger on October 25, 2013, 12:57:22 AM
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
you're acting as if I just insulted your first born or something. Calm yourself brother. I mean dick in a meat grinder? Couldn't we solve this with a chopping block and meat cleaver just to make it short and sweet?
Quote from: Stupid Youngin on October 25, 2013, 02:32:39 AM
Quote from: Dirty Old Uncle Roger on October 25, 2013, 12:57:22 AM
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
you're acting as if I just insulted your first born or something. Calm yourself brother. I mean dick in a meat grinder? Couldn't we solve this with a chopping block and meat cleaver just to make it short and sweet?
We're fairly industrialized over here.
Quote from: Dirty Old Uncle Roger on October 25, 2013, 02:34:15 AM
Quote from: Stupid Youngin on October 25, 2013, 02:32:39 AM
Quote from: Dirty Old Uncle Roger on October 25, 2013, 12:57:22 AM
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
you're acting as if I just insulted your first born or something. Calm yourself brother. I mean dick in a meat grinder? Couldn't we solve this with a chopping block and meat cleaver just to make it short and sweet?
We're fairly industrialized over here.
if I go to this meeting, you have full permission to feed me through a wood chipper
Quote from: Stupid Youngin on October 25, 2013, 02:36:28 AM
Quote from: Dirty Old Uncle Roger on October 25, 2013, 02:34:15 AM
Quote from: Stupid Youngin on October 25, 2013, 02:32:39 AM
Quote from: Dirty Old Uncle Roger on October 25, 2013, 12:57:22 AM
Well, I no longer care. The OP is over at FizzyGrizzly comparing us to beatniks.
So fuck him. Let him stick his dick in the meatgrinder. Someone will be along to turn the crank for him eventually. I can't be bothered.
you're acting as if I just insulted your first born or something. Calm yourself brother. I mean dick in a meat grinder? Couldn't we solve this with a chopping block and meat cleaver just to make it short and sweet?
We're fairly industrialized over here.
if I go to this meeting, you have full permission to feed me through a wood chipper
Feet first, per standard.
Quote from: Telarus on October 24, 2013, 06:44:03 PM
Quote from: Dirty Old Uncle Roger on October 24, 2013, 05:19:32 PM
Quote from: Tiddleywomp Cockletit on October 24, 2013, 05:17:27 PM
Yep. Ponzi/pyramid. Nothing personal, but your friend is a chump.
And is setting up Stupid Youngin as the next patsy.
That's how these places operate. "Sell everywhere. Family, friends, strangers, everywhere." When you get sucked in, you magically lose all your friends.
Someone here wrote an experience with this sort of thing (V3X? Rat? I can't remember who.) It was awful.
Ah, the CutCo knives gambit. I appreciate the OP's patience and desire for more info, but I think you all have this right on the money.
I sold CutCo knives for awhile, made a couple of grand in the process although I pissed off a few family friends. Eitherway Jet City Hustle is right they are good knives which 10 years later I still use, was it worth it/would I do it again? Probably, but more for what it taught me about 'marketing' than the money I made, pyramid scheme or no learning the mechanics of convincing is a worthy skill as long as you don't get convinced yourself...
5d/c/rsi (http://finance.yahoo.com/q/ta?s=PRI&t=5d&l=on&z=l&q=c&p=&a=r14&c=) 3m?ing/w%r (http://finance.yahoo.com/q/ta?t=3m&s=PRI&l=on&z=l&q=c&a=w14&c=ing&ql=1) 6m/ing/SloSto (http://finance.yahoo.com/q/ta?s=PRI&t=6m&l=on&z=l&q=c&p=&a=ss&c=ing) 2y/ing/McD (http://finance.yahoo.com/q/ta?s=PRI&t=2y&l=on&z=l&q=c&p=&a=m26-12-9&c=ing)
Quote from: Q. G. Pennyworth on October 24, 2013, 04:31:22 PM
Am I wrong in thinking this is weird for a first post?
My guess is go long the stock
i'LL try to check it myself
and do a take 5 | Later
guess 1 wrong timing
guess 2 they do hold ground in the down phase
3? down = probably pending
5 i am usually WrONg / Anyway does 7 have meaning?
Based on their annual reports, they have recruited over 1,275,000 individuals since 2010 to add to their existing sales force of 98,000, tho they recently announced their sales force as 106,000 strong. It would appear that 1,267,000 are no longer with them. I think its safe to say there isn't much of an opportunity to be gained there! :eek:
Quote from: toolbelt on January 16, 2016, 04:21:04 PM
Based on their annual reports, they have recruited over 1,275,000 individuals since 2010 to add to their existing sales force of 98,000, tho they recently announced their sales force as 106,000 strong. It would appear that 1,267,000 are no longer with them. I think its safe to say there isn't much of an opportunity to be gained there! :eek:
Well, after 3 years hopefully they figured that out on their own.
Had a foolish friend of mine try to get me into Primerica. Thankfully, I didn't have to do any research. When someone starts out their description of the company with "Most people who work here leave after a short time because they're lazy, and start writing reviews saying that it's a pyramid scheme. But you just have to do the work - Which, the work isn't even that hard. Your boss does most of the work for you." Then it shouldn't take much more thought to determine that it's a scam.
Then I asked him what he did. What followed was a paragraph that could be simplified to "Nothing at all."
One of the first things they tell each class of new recruits is to ignore Google comments or other naysayers, and to treat them as "dream stealers". They want to create an "us vs them" mindset early on in their program. The real reason they recruit people is not to add to their sales force, but to make it easier to sell them an insurance policy (to test drive their product, if you will). Based on their annual reports, the typical reps sell 2 1/2 policies per year. However, the typical rep also spends $424/yr paying for online access, marketing materials and training supplies. Based on that alone, a reps commissions won't even cover expenses, but they continue to talk about the $100k incomes of their top 1% earners (who got in years ago). They are the poster child of MLM scams. Over 1.5 million have joined (after paying a sign up fee), then left, since 2009 alone.
Quote from: toolbelt on February 28, 2016, 01:54:18 PM
One of the first things they tell each class of new recruits is to ignore Google comments or other naysayers, and to treat them as "dream stealers". They want to create an "us vs them" mindset early on in their program. The real reason they recruit people is not to add to their sales force, but to make it easier to sell them an insurance policy (to test drive their product, if you will). Based on their annual reports, the typical reps sell 2 1/2 policies per year. However, the typical rep also spends $424/yr paying for online access, marketing materials and training supplies. Based on that alone, a reps commissions won't even cover expenses, but they continue to talk about the $100k incomes of their top 1% earners (who got in years ago). They are the poster child of MLM scams. Over 1.5 million have joined (after paying a sign up fee), then left, since 2009 alone.
That's creepy as fuck. Psychologically manipulative, like a cult.
Stepson signed up to some pyramid scheme selling TV subscriptions. "Cult" is exactly the right word. There's no functional difference between him going door to door failing to sell Sky packages and someone else going door to door failing to sell historical fiction.
He chopped his hair and got a suit and started believing in himself, which was good. Unfortunately the most important lesson - how to fleece rubes for profit and lulz - flew right over his brainwashed head. Which is a shame, cos having your employees paying you for working there is one of the tightest business models capitalism has to offer :lulz:
Quote from: Fernando Poo on February 28, 2016, 12:48:14 PM
Had a foolish friend of mine try to get me into Primerica. Thankfully, I didn't have to do any research. When someone starts out their description of the company with "Most people who work here leave after a short time because they're lazy, and start writing reviews saying that it's a pyramid scheme. But you just have to do the work - Which, the work isn't even that hard. Your boss does most of the work for you." Then it shouldn't take much more thought to determine that it's a scam.
Then I asked him what he did. What followed was a paragraph that could be simplified to "Nothing at all."
Even this Federal Court judge calls them a Pyramid! http://www.ilsb.uscourts.gov/sites/default/files/opinions/wathan(09-3098).pdf
Quote from: P3nT4gR4m on March 05, 2016, 11:23:41 AM
He chopped his hair and got a suit and started believing in himself, which was good. Unfortunately the most important lesson - how to fleece rubes for profit and lulz - flew right over his brainwashed head. Which is a shame, cos having your employees paying you for working there is one of the tightest business models capitalism has to offer :lulz:
:lulz:
Quote from: toolbelt on March 05, 2016, 12:18:52 PM
Quote from: Fernando Poo on February 28, 2016, 12:48:14 PM
Had a foolish friend of mine try to get me into Primerica. Thankfully, I didn't have to do any research. When someone starts out their description of the company with "Most people who work here leave after a short time because they're lazy, and start writing reviews saying that it's a pyramid scheme. But you just have to do the work - Which, the work isn't even that hard. Your boss does most of the work for you." Then it shouldn't take much more thought to determine that it's a scam.
Then I asked him what he did. What followed was a paragraph that could be simplified to "Nothing at all."
Even this Federal Court judge calls them a Pyramid! http://www.ilsb.uscourts.gov/sites/default/files/opinions/wathan(09-3098).pdf
:horrormirth: