Primerica - good or bad place to manage investments?

[Keros]

I figure with the wide variety of people we have surfing this forum, it's probably a better place than most to ask.

My question is if Primerica is an ethical company that provides quality produces and services to its clients?

Are they worthy of me giving them hundreds of dollars a month to invest for the long term? They say 12% is an obtainable goal for my term of investing (I'm only 23)... is that good? Bad?

Are there other companies I should check out first?

 

[adampecush]

Do not do it! Primerica is not a reputable company, rather, it is a network marketing structure which would rather recruit you to sell its products than make you money. Ever heard of world financial group? They are more or less the same thing...they get you to leverage the equity in you home to invest in their products. Guess what happened when the market went to shit a few months ago...

I'd look into firms like edward jones, canacord, manulife, etc. for investing.

Edit: And if you are looking for a network marketing type of thing to make money on the side, there are better, far less riskier things to pursue. I won't get into any of that here as it is not concerned with this thread...PM me if you want a further explaination

 

[bluemkiii]

I figure with the wide variety of people we have surfing this forum, it's probably a better place than most to ask.

My question is if Primerica is an ethical company that provides quality produces and services to its clients?

Are they worthy of me giving them hundreds of dollars a month to invest for the long term? They say 12% is an obtainable goal for my term of investing (I'm only 23)... is that good? Bad?

Are there other companies I should check out first?

Alright where do I start?...well I worked with primerica for about a year and learned lots of things about what happens behind the scenes with agents especially. Any investment at this point in time sucks, I was looking at a chart for other investment companies and all funds are at an average -45 percent for year to date. With that said if I were you I would learn and understand how dollar cost averaging, and compound interest works then do your homework and look at all of your options for an investment. One of the best things you can do is contribute to a 401k if your employer offers one especially if they match, cause remember you can always roll that over into an Individual retirement account if you leave. But If you do decide to go with primerica I would have an Regional Vice President with over 10 years in the business handle that even if its only $100 per month. Yes it is possible to get a 12 percent rate of return over a 40 year time frame, but i have met others that have lost all their mula because they trusted a newer agent with their investment. Bottom line get some info and do your homework. Dont feel pressured you are the client so you make the decisions!!!

 

[bluemkiii]

Do not do it! Primerica is not a reputable company, rather, it is a network marketing structure which would rather recruit you to sell its products than make you money. Ever heard of world financial group? They are more or less the same thing...they get you to leverage the equity in you home to invest in their products. Guess what happened when the market went to shit a few months ago...

I'd look into firms like edward jones, canacord, manulife, etc. for investing.

Please make educated comments... I no longer work for primerica but I know the difference between primerica and WFG, they are not the same..

Sorry i am using my brothers account.
-redmkiii

 

[adampecush]

Please make educated comments... I no longer work for primerica but I know the difference between primerica and WFG, they are not the same..

Sorry i am using my brothers account.
-redmkiii

sorry...this is what I've been told by someone in the financial sector...I suppose they have a vested interest in making these type of comments...

 

[Keros]

New agents screwing up people's money I would imagine would be consistent with any company. Primerica concerns me in that their networking hiring structure can get average-Joe managing your money.

Yeah, he's certified just like anyone else, but we all know that's just a piece of paper.

So, would it be wise to go with them? And yes, a Vice President would be managing my money.

 

[adampecush]

Look at investing this way...If someone is successful at investing, more specifically, making money off the stock market, don't you think they would be living the good life instead of having to solicit business to invest YOUR money?

What it sounds like you are really needing is a financial planner, who will help you make decisions, not dictate what you should do with your money.

 

[jugodegolf]

I would suggest one of the online brokers. If you can do a roth that is best. I've had schwab, etrade, and am with tdameritrade now.

There are all kinds of efts (baskets of stocks, commodities, bonds). This is good info.
http://us.ishares.com/product_info/fund/index.htm

 

[Mr.PFloyd]

i used to work for primerica as well... Although i made money, it was at the expense of others i thought in the end... Pyramid Scam.

 

[Keros]

i used to work for primerica as well... Although i made money, it was at the expense of others i thought in the end... Pyramid Scam.

On that note, would you deem it wise to take my buisiness elsewhere?

The company itself is ironically sparkling clean and controversial, at the same time.

Yeah, they have already asked me to come work for them but that point is the same as would I let them advise me on my financial situation... if I wouldn't work for them I won't let them touch my money, or vice versa.

 

[Mr.PFloyd]

On that note, would you deem it wise to take my buisiness elsewhere?

The company itself is ironically sparkling clean and controversial, at the same time.

Yeah, they have already asked me to come work for them but that point is the same as would I let them advise me on my financial situation... if I wouldn't work for them I won't let them touch my money, or vice versa.

Don't get me wrong, they train people well and i gave the best advice i could under company restrictions and policies... on that note go take it somewhere else i would recommend.

 

[SupraMario]

Pyramid schemes.

 

[LilMissMkIII]

First question is, do you have any debt?

If you have debt, you should not be investing/saving (even if it is only 100 a month).

 

[Keros]

I have about as much debt as most people would spend on a turbo... that said, it will be gone in a few weeks.

This is planning ahead for what will happen after that point.

 

[LilMissMkIII]

So something like your own insurance account, should you not be able to work?

Once the debt is gone, I would recommend putting some of that money towards saving for your retirement (Don't know what you guys call these accounts over there), and what's left into a managed fund.

Depending on the level of risk you are comfortable with, you could go with a managed fund that has exposure to the high end of the stock market, smaller companies, or global equities, etc etc... Property is not the thing to be in at the moment, so stay right away from that for now.

If you aren't comfortable with ANY risk, chuck it all into a high-interest online savings account. (I understand interest rates are pretty shit over there at the moment, so you probably don't want to do that, as you won't get much of a ROI).

If you have a lump sum, what about bonds and/or term deposits?