Duped into pyramid Scheme

azguy13 · ‎04-26-2014

So I get a call from a buddy of mine that works at Wells Fargo and he invites me to a 'company party' at a local higher end hotel. So, I meet him in the lobby and he brings me down to this 'party'

Well, I walk in and I see that it is about 200 people sitting in front of this stage while the 'guest speakers' speak about their success in this business. Basically, it is them giving out free financial advice and while giving them the financial advice, they sell products such as life insurance.

Anyways, I immediately recognize this as one of those programs where <1% of the people who do it actually earn money. To be nice, I sat there for about 30 minutes as these people ask the crowd which choice they are going to choose, dependance or independace, lol. While sitting there I start to read this publication of theirs about managing money. The best thing I read was 'If a credit card company tries to raise your credit limit, you should decline and be wary because credit cards should ONLY be used in emergencies. I guess rewards don't matter?

I read that and laughed. I am pretty sure these people prey on the uneducated and cater to people who feel financially hopeless. It was basically the equivelant to that sign taped to the lamp post telling me I can earn up to $5,000 a month from home.

jm1991 · ‎04-26-2014

that sucks, i feel bad for the people that are dragged into that, specially by friends. i was dragged into one by a friend but he was dragged into it by someone else. We were both thinking it was going to be an actual party and eneded up sititng through a lecture for hours haha. I also work at a hotel and there was a big "business" convention in town and the hotel was full of these kind of people wanting new people to join in under them. So that weekend was pretty much hell for us dealing with people not letting you do your job and having them soliciting from guest that were there for leisure. One lady went as far as knocking on other doors.

As far as the advise that was being given, its BS. Using credit cards can be very beneficial in these days if one knows how to use them and which to use properly. No restaurant will give you ten bucks back on your $200+ bill if you pay in cash.

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azguy13 · ‎04-26-2014

@jm1991 wrote:
that sucks, i feel bad for the people that are dragged into that, specially by friends. i was dragged into one by a friend but he was dragged into it by someone else. We were both thinking it was going to be an actual party and eneded up sititng through a lecture for hours haha. I also work at a hotel and there was a big "business" convention in town and the hotel was full of these kind of people wanting new people to join in under them. So that weekend was pretty much hell for us dealing with people not letting you do your job and having them soliciting from guest that were there for leisure. One lady went as far as knocking on other doors.

As far as the advise that was being given, its BS. Using credit cards can be very beneficial in these days if one knows how to use them and which to use properly. No restaurant will give you ten bucks back on your $200+ bill if you pay in cash.

That is crazy that those people were going door to door recruiting. I felt really bad for a lot of people there because they were genuinely excited for this program that would end up costing them money.

I agree 100% that the information was bad. I find it hard to trust a salesman when they try and 'help' me while earning commission. Luckily, I can spot BS from a good distance. This program seemed to give 'half truths ' and steer it in a direction that they know what is best for you. The entire premise of the program is that they pay for your certifications so you can give financial "advice" and along the way, sell you crap you do not need.

I think the biggest flag was when a guest speaker mentioned that her son was certified just after his 18th birthday. What 18 year old kid is qualified to give financial advice in a professional setting!?

youdontkillmoney · ‎04-26-2014

@azguy13 wrote:
So I get a call from a buddy of mine that works at Wells Fargo and he invites me to a 'company party' at a local higher end hotel. So, I meet him in the lobby and he brings me down to this 'party'

Well, I walk in and I see that it is about 200 people sitting in front of this stage while the 'guest speakers' speak about their success in this business. Basically, it is them giving out free financial advice and while giving them the financial advice, they sell products such as life insurance.

Anyways, I immediately recognize this as one of those programs where <1% of the people who do it actually earn money. To be nice, I sat there for about 30 minutes as these people ask the crowd which choice they are going to choose, dependance or independace, lol. While sitting there I start to read this publication of theirs about managing money. The best thing I read was 'If a credit card company tries to raise your credit limit, you should decline and be wary because credit cards should ONLY be used in emergencies. I guess rewards don't matter?

I read that and laughed. I am pretty sure these people prey on the uneducated and cater to people who feel financially hopeless. It was basically the equivelant to that sign taped to the lamp post telling me I can earn up to $5,000 a month from home.

^^^^

what pyramid scheme was this, world financial group, transamerica or something else?

(too bad for your friend, pretty soon if he continues this he'll have no friends since they'll all avoid him since for him, every family get together, friend get together, party, etc is an opportunity for him to recruit and sell)

azguy13 · ‎04-26-2014

@youdontkillmoney wrote:
@azguy13 wrote:
So I get a call from a buddy of mine that works at Wells Fargo and he invites me to a 'company party' at a local higher end hotel. So, I meet him in the lobby and he brings me down to this 'party'

Well, I walk in and I see that it is about 200 people sitting in front of this stage while the 'guest speakers' speak about their success in this business. Basically, it is them giving out free financial advice and while giving them the financial advice, they sell products such as life insurance.

Anyways, I immediately recognize this as one of those programs where <1% of the people who do it actually earn money. To be nice, I sat there for about 30 minutes as these people ask the crowd which choice they are going to choose, dependance or independace, lol. While sitting there I start to read this publication of theirs about managing money. The best thing I read was 'If a credit card company tries to raise your credit limit, you should decline and be wary because credit cards should ONLY be used in emergencies. I guess rewards don't matter?

I read that and laughed. I am pretty sure these people prey on the uneducated and cater to people who feel financially hopeless. It was basically the equivelant to that sign taped to the lamp post telling me I can earn up to $5,000 a month from home.

^^^^
what pyramid scheme was this, world financial group, transamerica or something else?
(too bad for your friend, pretty soon if he continues this he'll have no friends since they'll all avoid him since for him, every family get together, friend get together, party, etc is an opportunity for him to recruit and sell)

I am having coffee with him next week and I am going to advise he does not go through with it. It reminds me a lot of when my parents got in too deep with Amway back in the 90's.

This one was Primerica. I wasn't sure what was going on at first (how they get you) but then I googled it and read the ripoffreport.

I am also going to tell my friend when I see him that it is in his best interest not to try and sell me anything. I will also scold him for falling for this stuff as a personal banker.

thom02099 · ‎04-27-2014

@azguy13 wrote:
@youdontkillmoney wrote:
@azguy13 wrote:
So I get a call from a buddy of mine that works at Wells Fargo and he invites me to a 'company party' at a local higher end hotel. So, I meet him in the lobby and he brings me down to this 'party'

Well, I walk in and I see that it is about 200 people sitting in front of this stage while the 'guest speakers' speak about their success in this business. Basically, it is them giving out free financial advice and while giving them the financial advice, they sell products such as life insurance.

Anyways, I immediately recognize this as one of those programs where <1% of the people who do it actually earn money. To be nice, I sat there for about 30 minutes as these people ask the crowd which choice they are going to choose, dependance or independace, lol. While sitting there I start to read this publication of theirs about managing money. The best thing I read was 'If a credit card company tries to raise your credit limit, you should decline and be wary because credit cards should ONLY be used in emergencies. I guess rewards don't matter?

I read that and laughed. I am pretty sure these people prey on the uneducated and cater to people who feel financially hopeless. It was basically the equivelant to that sign taped to the lamp post telling me I can earn up to $5,000 a month from home.

^^^^
what pyramid scheme was this, world financial group, transamerica or something else?
(too bad for your friend, pretty soon if he continues this he'll have no friends since they'll all avoid him since for him, every family get together, friend get together, party, etc is an opportunity for him to recruit and sell)
I am having coffee with him next week and I am going to advise he does not go through with it. It reminds me a lot of when my parents got in too deep with Amway back in the 90's.

This one was Primerica. I wasn't sure what was going on at first (how they get you) but then I googled it and read the ripoffreport.

I am also going to tell my friend when I see him that it is in his best interest not to try and sell me anything. I will also scold him for falling for this stuff as a personal banker.

Looks to me like, YOU weren't the one that was duped, but HE sure was! Good for you for seeing it for what it was right away and not buying into the scam.

Along with telling him it's "in his best interest not to try to sell (you) anything"....might want to also advise him that, this is a sure way to ruin a friendship, whether close or casual, to try to rope people in to questionble financial situations. If he's a true buddy, hopefully you can talk to him forerightly and warn him that, in a litigious world such as what we're in, his "faulty" financial advice could lead to adverse legal consequences. Anyone can sue anyone else for anything these days. Being a loser in a legal, civil suit could be costly to him. Just sayin'....

Anonymous · ‎04-27-2014

Just because your friend is a Personal Banker doesn't mean he's intelligent about finances (no offence to him - just saying). Personal Bankers are more salesmen than bankers these days. Especially at Wells Fargo.

sailor_mercury · ‎04-27-2014

@jm1991 wrote:
that sucks, i feel bad for the people that are dragged into that, specially by friends. i was dragged into one by a friend but he was dragged into it by someone else. We were both thinking it was going to be an actual party and eneded up sititng through a lecture for hours haha. I also work at a hotel and there was a big "business" convention in town and the hotel was full of these kind of people wanting new people to join in under them. So that weekend was pretty much hell for us dealing with people not letting you do your job and having them soliciting from guest that were there for leisure. One lady went as far as knocking on other doors.

As far as the advise that was being given, its BS. Using credit cards can be very beneficial in these days if one knows how to use them and which to use properly. No restaurant will give you ten bucks back on your $200+ bill if you pay in cash.

Ha!!!! My thoughts exactly. It's funny how you can have a close friend for years and you both get busy and go your separate ways but the minute they start selling a life insurance or investment product you suddenly hear from them 3-4 times a week!

Or this mainly happens to women (I think) old friends from High School or College seek you out to be your new BFF just long enough to get that invite to Pampered Chef (cooking utensils, pots, pans, baking sheets, etc), Cookie Lee (jewelery), Mary Kay, Tupperware, etc into your hands. You decline the party because of other obligations or a sincere desire not to attend and you never hear from them..... Until their next "party".

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youdontkillmoney · ‎04-27-2014

@sailor_mercury wrote:
@jm1991 wrote:
that sucks, i feel bad for the people that are dragged into that, specially by friends. i was dragged into one by a friend but he was dragged into it by someone else. We were both thinking it was going to be an actual party and eneded up sititng through a lecture for hours haha. I also work at a hotel and there was a big "business" convention in town and the hotel was full of these kind of people wanting new people to join in under them. So that weekend was pretty much hell for us dealing with people not letting you do your job and having them soliciting from guest that were there for leisure. One lady went as far as knocking on other doors.

As far as the advise that was being given, its BS. Using credit cards can be very beneficial in these days if one knows how to use them and which to use properly. No restaurant will give you ten bucks back on your $200+ bill if you pay in cash.
Ha!!!! My thoughts exactly. It's funny how you can have a close friend for years and you both get busy and go your separate ways but the minute they start selling a life insurance or investment product you suddenly hear from them 3-4 times a week!

Or this mainly happens to women (I think) old friends from High School or College seek you out to be your new BFF just long enough to get that invite to Pampered Chef (cooking utensils, pots, pans, baking sheets, etc), Cookie Lee (jewelery), Mary Kay, Tupperware, etc into your hands. You decline the party because of other obligations or a sincere desire not to attend and you never hear from them..... Until their next "party".

^^^^

People who are involved with these pyramid schemes allow their "business" to take over/drive everything they do. Everywhere they go they seek out recruits, whether long lost "friends", family get togethers, social gatherings, birthday parties, etc. One time I was sitting drinking my coffee at starbucks on a couch and this girl sits next to me and strikes a conversation with me . . . eventually it becomes a conversation about World Financial group, a pyramid scheme, and she invites me to a "grand opening" where there try to recuit sales agents. I knew what it was, but figure i'll attend to see what goes on at one of these events. You can basically spot the sales people wearing their suits and prof. business attire looking all successful and the room was full of 'recruits" like me, they show a video of how successful the leader is living at some resort in luxury. And you can see how territorial each manager was, making sure no one poached someone else's "recruit". They basically sold life insurance and annuities etc (which is a sort of life insurance).

azguy13 · ‎04-27-2014

@youdontkillmoney wrote:
@sailor_mercury wrote:
@jm1991 wrote:
that sucks, i feel bad for the people that are dragged into that, specially by friends. i was dragged into one by a friend but he was dragged into it by someone else. We were both thinking it was going to be an actual party and eneded up sititng through a lecture for hours haha. I also work at a hotel and there was a big "business" convention in town and the hotel was full of these kind of people wanting new people to join in under them. So that weekend was pretty much hell for us dealing with people not letting you do your job and having them soliciting from guest that were there for leisure. One lady went as far as knocking on other doors.

As far as the advise that was being given, its BS. Using credit cards can be very beneficial in these days if one knows how to use them and which to use properly. No restaurant will give you ten bucks back on your $200+ bill if you pay in cash.
Ha!!!! My thoughts exactly. It's funny how you can have a close friend for years and you both get busy and go your separate ways but the minute they start selling a life insurance or investment product you suddenly hear from them 3-4 times a week!

Or this mainly happens to women (I think) old friends from High School or College seek you out to be your new BFF just long enough to get that invite to Pampered Chef (cooking utensils, pots, pans, baking sheets, etc), Cookie Lee (jewelery), Mary Kay, Tupperware, etc into your hands. You decline the party because of other obligations or a sincere desire not to attend and you never hear from them..... Until their next "party".
^^^^
People who are involved with these pyramid schemes allow their "business" to take over/drive everything they do. Everywhere they go they seek out recruits, whether long lost "friends", family get togethers, social gatherings, birthday parties, etc. One time I was sitting drinking my coffee at starbucks on a couch and this girl sits next to me and strikes a conversation with me . . . eventually it becomes a conversation about World Financial group, a pyramid scheme, and she invites me to a "grand opening" where there try to recuit sales agents. I knew what it was, but figure i'll attend to see what goes on at one of these events. You can basically spot the sales people wearing their suits and prof. business attire looking all successful and the room was full of 'recruits" like me, they show a video of how successful the leader is living at some resort in luxury. And you can see how territorial each manager was, making sure no one poached someone else's "recruit". They basically sold life insurance and annuities etc (which is a sort of life insurance).

It DOES get pretty entertaining seeing how they draw you in. Plus, I love seeing the tactics they use to try and make themselves seem more successful. It reminds me of the guy who makes $8 an hour but rents a new Cadillac for his high school reunion, lol.