Times are tough, but you don’t have to let your debt mark you forever. If you’re among the 79% of undergrads who have credit cards, you’re part of a group carrying record-high credit balances. The average balance grew to $3,173 and 21% have balances of between $3,000 to $7,000. And this isn’t even including the more than $25,000 amassed in student debt!1 Is this really the way you pictured starting your life?
Proud and in Debt
According to researchers at Ohio State University, young adults feel empowered by their credit card and education debts. Seriously?! You feel empowered? “The more credit card and college loan debt 18- to 27-year-olds had, the more they felt like they were in control of their lives. Ironically, this is the generation that is expected to deal with an increasingly growing 14 trillion dollar national debt.”2
Don’t let your debt scar you. Get out now and stay out of debt. That’s the only way to really get ahead and make the most of all of your hard-earned cash. Here are some tips to help you avoid digging yourself into debt:
Add it up. It might make you a little queasy, but you’re better off knowing where you stand. Get all of your bills together and do the math.
Less cards = more control. Did you know that half of college undergrads had 4 or more credit cards?3 It’s time to get rid of that card you opened for a free T-shirt on the first day of class and keep it manageable. Have you heard of debt stacking? It’s a great way to gear down your debt. Take a look:
Check your credit. Did you know you can get your credit report for free once a year? Visit AnnualCreditReport.com (877-322-8228). You might have a “don’t ask, don’t tell” policy on your debt balance but your credit score is the number one thing banks, creditors — and future employers — look at, so you’d better know what’s up.
Develop a budget. Ugh. The B-word. Budgets are boring, right? Maybe, but for some, this can be a major wake-up call. If you seem to run short at the end of the month and can’t figure out where the money goes, this is a great way to discover less than stellar trends in your spending habits.
Learn from your mistakes. “Nearly one in five 18- to 24-year-olds is in ‘debt hardship,’”4 so even if you’re in over your head right now, you can make a couple of strategic changes and get back in the black. As soon as you learn from your mistakes, you can start taking a step in the right direction … and that’s money in that bank!
CreditCards.com, viewed on October 11, 2011, Money.MSN.com, November 8, 2011
LifeInc.Today.com, June 9, 2011
CreditCards.com, viewed on October 11, 2011
Ibid
* The examples are for illustrative purposes only. The Debt Stacking concept assumes that: (1) you make consistent payments on all of your debts, (2) when you pay off the first debt in your plan, you add the payment you were making toward that debt to your existing payment on the next debt in your plan (therefore you make the same total monthly payment each month toward your debts) (3) you continue this process until you have eliminated all of the debts in your plan. In the example above, when the retail card is paid off, the $220 is applied to credit card 2, accelerating its payment to $573. After credit card 2 is paid off, the $573 is applied to the car loan for a total payment of $1,124. The process is then continued until all debts are paid off. Note that the total payment per month remains constant.
Are you one of the lucky ones? One that has a job? A job in your field? If you answered yes, kudos to you! Of course, having a job doesn’t necessarily mean you’re happy and fulfilled. Are you? Happy, fulfilled and making the kind of money you want to make? If not, the bad news is you’re not alone. But the good news is … it doesn’t have to be that way.
The bad news: You’re working even harder for the money.
“53% of workers reported taking on new roles, typically without extra pay.”1
The good news: With Primerica, your hard work pays off.
Our compensation system is one of the best in the industry, so when you work hard, you reap the rewards. There is no limit to how much you can make.
The bad news: Job security is an urban legend.
“About 40% of the employees say they have been working harder in the past 12 months, and 25% said they feel even less secure in their jobs this year than they did a year ago.”2
The good news: Primerica is stable and always looking to add people to the roster.
Primerica has been in business for almost 35 years. We’re always looking for ambitious people who want to start a business. There’s plenty of room at the top!
The bad news: Most people aren’t happy with their jobs.
“Fewer than half of U.S. workers are satisfied with their jobs and workers younger than 25 years were most unhappy in their jobs.”3
The good news: Primerica is a company that allows you to be in business for yourself, but not by yourself.
Wouldn’t you be happier if you were your own boss and in charge of how much money you can earn? Yeah, we think so, too. That’s why Primerica offers representatives a huge support system to help them build a business. We want you to succeed and have the life — and lifestyle — you’ve always dreamed about.
The bad news: Equal pay for equal work is a rarity.
“Though women are more educated and better represented than ever in the workplace, they only earn about 75% of what their male counterparts make.”4
The good news: At Primerica, everyone has the same opportunity to be extraordinary.
Male or female, whatever your ethnic background or educational background — you have an opportunity to start a Primerica business. There are no compensation disparities. You do the work; you earn the money. No matter who you are, where you come from or what you’ve jobs you’ve had in the past.
The BEST News
If you’re looking for a way to have it all: flexibility, money, lifestyle and success — you’ve come to the right place. Going into business for yourself can give you everything you want and more. Check out the Primerica Opportunity and get started on your new life today!
Money, August 2011
LifeandHealthInsuranceNews.com, viewed on October 12, 2011
Are you worried about money? The amount of debt you have can take a toll on more than just your bank account and savings plan. It can impact you emotionally, as well.
With the economy struggling to make a comeback, the average American is spending 3.3 hours each day worrying about money:
Are you worried about your financial future? Get a new outlook! Ask your local Primerica representative for a free Financial Needs Analysis today.
In early 1994 Tony and Shelly Narain owned a real estate brokerage in the Stratford, CT, area. “Things were running along pretty well back then,” remembers Tony, “or at least we thought so. But then my brother came up to me one day and said, ‘Listen, I’ve heard about this company with a great opportunity. Let’s go check them out.’”
“I was really excited about what I saw,” says Tony. “I could see how we could help a lot more people and have a real residual business – something we would never have with real estate. Shelly and I weren’t scared about going out on our own because we had been doing that for years. What we were attracted to was the freedom.”
Tony and Shelly kept attending Primerica functions to find out more about the business. “That’s the part we got right immediately,” says Shelly. “We stayed plugged in – even if we were still concentrating on the real estate. We never missed a training meeting. In fact, we went to as many as six a week because we wanted to condense the time it took us to figure out the business and become successful. The beauty of Primerica is you have to put the time in to get your business going but you can do it at your own pace. We just chose to go as fast as we could.”
Tony and Shelly hit the ground running. “Things seemed slow to us at first,” says Tony “but the pace started to pick up.” By June of 1995, Tony and Shelly were ready to open their first Primerica office. “It was a stretch,” remembers Tony. “ But we went from $3,000 our first year with Primerica to $26,000 and three years later we were at $500,000.1 Since then, the Narains have continued to build and are now Senior National Sales Directors with the company. They have an entire organization which they started and grew – and which they own.2 “We have our own business within a business,” says Tony.
“You know, there’s one thing I want to say about Primerica that really changed our lives,” says Shelly. “Before we ever started making money, we were already learning how to manage our money. Before, even though we were earning what we thought was good money in real estate, we never had any money in the bank. We spent as fast as we made it. Primerica helped us learn how to pay ourselves first – and Tony and I haven’t argued about money since. We see eye-to-eye on finances.”
“Even after the money came rolling in,” says Tony, “we were careful about stepping up the lifestyle. And we brought up our four daughters in the same way. They have never had to worry about a thing – and today our family has a life we couldn’t have even dreamed up in 1994, but the kids appreciate where all of it came from. Hard work.”
Tony and Shelly are proud of their family and thrilled two daughters, Betty and Mary, are active in Primerica. “We’re building a family business that we can pass down from generation to generation,” says Tony.2
“It’s been a wonderful ride and we can’t wait for the future,” says Shelly.
The cash flows stated are not intended to demonstrate the earnings of typical RVPs/representatives. Rather, the cash flows that have been cited reflect the potential that comes with building your business, and there is no guarantee that you will achieve any specific cash flow level. Most RVPs/representatives do not achieve the levels illustrated. In the 12‑month period ending in December 2010, Primerica paid a total of $503,115,928 in compensation to the sales force at an average of $5,296 per licensed representative. Average RVP earnings are typically higher. Actual gross cash flow is, among other factors, dependent upon the size and scale of a representative’s organization, the number of sales and the override spread on each sale, and the ability and efforts of you and your downlines. Having said this, Primerica provides a tremendous opportunity for individuals who work hard and who desire to develop a business with strong income potential.
Ownership is available only upon meeting all qualification and eligibility requirements, and remaining in compliance with all terms and conditions, as set forth in the Ownership Program Document and various operating policies and procedures issued by Primerica from time to time.
Many boomers feel “sandwiched” between the financial needs of aging parents and those of their own children. Don’t want to be a burden on your kids? Primerica (PRI), a company with more than 30 years of financial expertise, presents three steps toward holding on to more of your hard earned cash as you prepare for the future.
Step 1: Start a Dialogue. Are your children in the dark about your finances? Three out of four boomers admit they haven’t adequately talked with adult children about this topic. Not a smart move. What happens if you become ill or incapacitated?
Think about what you wish your parents had done, then take action. For instance, organize your records, make sure you have an updated living will, power of attorney for health care and power of attorney for finances.
Your Primerica representative can help: Ask about the Primerica Legal Protection Program, which offers document preparation for as little as $20 per document for covered members.1
Step 2: Consider Long Term Care. If you don’t plan for your future medical expenses now, you’re increasing the chances that your kids will have to pick up the tab. About 70% of seniors eventually need the kind of help that long term care insurance covers,2 and the average annual cost of a private nursing home room is nearly $80,000.3
You can pick up the best deals (premiums typically under $2,000 a year) if you buy long term care insurance when you’re still healthy and in your mid fifties.4 See your Primerica representative for help with your long term care insurance needs.
Step 3: Cut Off Adult Children. Six in 10 boomers report giving financial help (outside of college tuition) to a child or grandchild in the past five years. Of those, $59,000 was the average amount of aid.5 If this sounds like you, ask yourself: Do I really have the resources? Am I saving enough for retirement? Try to share more financial wisdom and less cash with your adult offspring. The more you save for your own future means less possibility that you’ll need their help later on.
To learn more about how Primerica can help you reach your financial goals, contact your local Primerica representative for a FREE Financial Needs Analysis (FNA).
Please review the plan for information regarding benefits limitations and exclusions.
To learn more about how Primerica can help you reach your financial goals, contact your local Primerica representative for a 