My son has been approached to join the team of Transamerica Co with the idea of good investment, good insurance and good side “hustle” money. Any feedback? Is this a multi-Level company?
I’m not intimately familiar with Transamerica and I believe it’s an umbrella company with a lot of stuff going on underneath it, some of which may be an MLM/Pyramid Scheme. From the sounds of how he’s being pitched, it sounds very much like a pyramid scheme… selling the “dream” when the reality is he will just be a profit center for the people way above him. Additionally, one of PFC’s principles is to avoid mixing investing and insurance, so it sounds like they’re already going down the wrong road. If he has to pay anything to be part of this, it’s likely an MLM. Basically, I would be extremely cautious.
Here’s a couple good watches on pyramid schemes:
Thank you very much for your prompt response! Just to let you know, I am learning a lot with your posts and forwarded to my son so he can make informed decisions. May the Lord keep blessing you for sharing your knowledge.
Awi
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