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Primerica Roth IRA & Shareholders

[The last paragraph states my questions/concerns the rest is just background info]

Recently I’ve been introduced to Primerica from a high school teacher. I just graduated from college and I’m looking for a regular job to save up money for grad school and also pay off my loans. The teacher informed me about being a representative for Primerica as a side hustle while working a main job. (I also plan on doing doordash too.)

I’ve looked into Primerica and I’m not keen on having to rely on Multi-Level Marketing to increase pay. I’ve also learned that the term life insurance Primerica offers is not worth the money they ask for. When I brought up these concerns the teacher notified me that I could just focus on the investment/retirement portion of Primerica’s services instead.

I then looked into the Roth IRAs and mutual funds services from Primerica and have seen a plethora of forums stating that Fidelity, Vanguard, and Schwab are better platforms. I then brought up the concern of Primerica’s financial services not being worth the money too. The teacher then stated that Primerica actually works through the same companies I previously stated. I looked into it and found that Fidelity and Vanguard are also part of the top ten shareholders for Primerica!

The teacher went on to tell me about how gaining a state life insurance license and security license will help boost my resume when I start my career (high school social studies teacher). She then went on to mention how my future coworkers are going to need life insurance and retirement/investment accounts so why not be able to help with that and make money off it. (After all, people are going to open an account regardless if it’s through myself or someone else, so why not get paid myself?) She did highlight that Primerica is not to be a main source of income but that even with a few hundred dollars a month it can help pay for at least one bill.

If companies like Vanguard and Fidelity own millions of dollars worth of stocks in Primerica then why not be able to join Primerica as a representative, get my state life insurance license and security license, and sell financial/retirement plans to my coworkers and young working class employees that just entered the work force? After all it’s better to have a Roth IRA than no IRA and I know many people who are not thinking about retirement plans or even how money decreases in value overtime. It’s a win-win for everyone… or am I missing key points?

Submitted August 09, 2022 at 03:38AM by MoorJav
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