Hi Friends, like many of you I’m a part of the great resignation. I spent years traveling the world with my husband and kids as the Nomad Mom, but now that we’re back in the US and I scored a great 6 figure full-time work at home job, I LONG for more flexibility. Crazy right? I don’t want or mean to sound ungrateful, but I just want to have more autonomy to prioritize my family, my health, and my professional development. So, I’m running a bit of experiment. I joined Primerica Financial Services in an effort to see if I can replace my salary, run a business for myself, and actually help people in the process.
So, What’s the income goal?
So my goal is not to completely replace my salary (at first). My initial goal is to make $50,000/ year part-time. Based on the rough estimates at smartasset.com, that’s approximately $3000/month (after taxes). If I can generate that annual income part-time, I’d feel comfortable leaving my 9-5 for good because as a full-time Primerica Agent, I could replace my full-time income. And from there, I could start setting bigger financial goals.
So, What is Primerica?
Primerica is the largest independent financial services marketing company in North America with 126,000+ Licensed Agents. When you hear (well, read) the terms, “financial services,” what do you think?
When most people think about financial services, they think about something to do with money. Generally they think about banks or debt consolidation companies. While this is right, there’s a whole separate side of financial services, and that’s wealth management.
Most of us don’t have any connection to wealth management, because we think it’s for rich people. Rightly so, most wealth management companies don’t even talk to people who don’t have a couple hundred grand to invest (and if you’re luck enough to talk to someone, it’s through a 1 800 number and never the same person twice).
For the rest of us, we’re herded toward credit cards (do you get a few every week in the mail too?) and financing options. We don’t get educated on how to invest. The most anyone ever tells us is to open a saving account and at less than 1% returns, what the heck is that supposed to do for us but give us an illusion that we’re really doing something?
While I’ve just started working for Primerica, I’ve been a customer for over 10 years. So, as a customer and from my personal experience, Primerica is first and foremost a financial education company that offers wealth management, as well as mortgage brokerage, fraud protection, auto and home insurance.
As a customer, my husband and I learned our financial independence number. That’s how much we have to have in our investment accounts to have freedom of TIME and MONEY (aka: financial freedom) and to do whatever the heck we want. We worked with our Primerica Agent to make a financial plan, to save and to pay off debt. We bought term life insurance because it offers the greatest coverage for the least amount of money and gives us the security to know that if anything happens to one or both us before we meet our savings goals, our kids’s future is financially secure.
We also learned how to fully leverage (but not completely depend) on our employer-provided 401Ks.
Now that I’ve chosen to be a Primerica Agent too, I’m learning how to provide the same services to the families I help.
How do you make money?
My Primerica anniversary is on May 24 and as a new representative, I wasn’t licensed (6 weeks later I am!). So, the way they have it set up is that as a new rep, you’re considered a trainee. The idea behind that is that you go on field appointments (or meet with families) with your trainer, who is generally the person who signed you up. As a trainee, I contacted people I knew to ask them to sit with me for my training appointments. I’m not going to lie. It was scary but once I set up the appointment, my trainer did all the work. I just listened.
Several of my friends ended up setting up follow-up appointments and were interested in learning their financial independence number. One friend shared she wished she’d met us sooner because another company offered them the same service and it cost them over $700 ($$$ eeeek!!) while Primerica services are complimentary. Some friends were interested in setting up investment accounts and others wanted quotes on life insurance because they didn’t realize how much insurance they really needed to protect their family AND that their group life policy at work may not help them if they need. I also had friends and family who were really uncomfortable and just sat through my training. The lesson: Everything is not for everyone, and I’m grateful they helped me get through my training appointments.
As a trainee…
As a trainee, for every life policy my trainer wrote, I got points. Some of my friends and family thought the information we were sharing was really interesting and decided to sign up to be representatives so that they could support their community with this valuable information. For every person that decided to work with me as a financial services client and for ever person that joined my team, I got trainee points.
In the first 90 days, Primerica will pay out your bonus points if you get 3 new life insurance clients, 3 new representatives, and you pass your state life insurance license.
Once you get licensed….
Now, once you get licensed, you can make commissions. If you write a life insurance policy, you get a commission. If you open an investment account, you get a commission. Your commission level is based on your contract level.
You can also make overrides. That means when someone on your team makes a commission, you get also get paid on their sale.
I think of it as the same way a real-estate broker makes money. They can make money if they sell a house, but they can also make money when one of their agents make a sale.
Starting A Primerica Business
I’ve never been a sales person and as a Primerica Agent, I don’t consider myself “in sales.” I don’t make cold calls and don’t harass people. I get referrals. Middle-Income Americans CRAVE financial education, but money conversations are arguably more intimate and intimidating than bathing suit shopping. There are also some people who don’t want to admit that they don’t know something. So they fake it until they make it (or don’t), and they’re generally really grateful to learn from a trusted advisor.
After all, most people hide their finances. They would hide them even from themselves if they could avoid getting the bills. So, it’s a BIG deal to talk to someone about your finances and most people want to work with someone they trust. It’s a lot easier to air your money woes with someone you have confidence in and who you can trust to have your best interest at heart.
For me, it’s just really rewarding to learn how to truly help people and since the work I do is referral based, in addition to just wanting to do the right thing by people, the more I am able to add value and be of service to the family I support, the more families will refer me to their trusted circle. When my families win, I win.
First Month of Successes and Income
As I mentioned, I started at the end of May as an unlicensed agent.
At the beginning of July, as I enter month two, I accomplished:
- My 10 training appointments
- My first 3 written life policies
- My first 3 recruits
- I passed my state Life and Annuities License Test (woot woot!)
I got promoted to District Leader (at a 50% commission rate), and I made $650 in training bonuses. So, my first month as an unlicensed agent, I made $650 which isn’t very far on my path to $50K, but it’s a start.
Looking forward to Month 2
For this second month, I’m licensed and ready to write policies to help families protect their income. Anything I make moving forward I’ll get commissions. I’m also working on building my team, and I’ll start studying for my securities licenses so that I can help families open and manage investment accounts. It’s going to be an interesting experiment to see how long it takes to get to my magic quitting number.
Hypothetically, if you got started in this business part-time, how much would need to earn per month to make it worth your time?