Cautionary Tale

as told by David Coleman

I am 70 and all my money’s gone. If I wasn't smart, I'd be standing at the Wal-Mart door greeting people until I die. Fortunately, I am able to figure out other things to do.

When I wound up my thirty-year consulting business in San Francisco and moved to Modesto, I wasn’t sure what to do. I lost my nest egg to a Bitcoin investment scam run by the Chinese mafia; the FBI said it is called the “bleed the pig” scam. It was based on a sophisticated investment website, where you could watch your money grow with live updates. I was doing so well that they kept saying, “Why don't you just take out a personal loan?” I did. Then, “Why don't you just mortgage your car for a loan?” So I did. I was ahead about $700,000 after about eight months of trading, but I was also in debt about $100,000 that I borrowed to invest. Then, one day it all vanished. The platform, gone. I felt like an idiot.

I said to myself, “You need to figure out some legitimate way to earn money.” I decided to get into life insurance. It cost me $800 to get my license last August. The first firm I joined was a bit too predatory for my ethics. I quit after a month. I did better research, found another firm, and picked a mentor there. The problem was you had to buy your leads. I was spending $500 to $700 every week on leads. After three months I ran out of money.

After that, I interviewed about 12 companies. I ended up going back to Jose, a guy I had talked to months ago. He had said, “If you ever decide to give this a chance, give me a call.” He’s my current boss. He is getting promoted to Regional Vice President (RVP), which means he will have his own agency within the larger insurance company (Primerica). I'm going with him. His boss is on track to make a million dollars this year. I'm hoping to make $50,000 or $60,000.

But most people my age don’t care about insurance, so now I am studying to be a financial advisor. I am currently studying to get my Series 6 investment license from the SEC. I'll be able to sell 401ks, annuities, and other investment vehicles. I am in a 21-day boot camp for my first license called the SIE. Then I'll be in three more boot camps for three more licenses, and by this fall, I’ll be fully licensed.

Am I feeling confident? Well, I have a couple of graduate degrees, so I'm pretty good at taking tests. I do a mock test of 85 questions each day; my scores are getting better. You need 70 to pass; last night my score was 84.

As an investment advisor I have a powerful story.  I'm what you shouldn't turn out to be. I've made every mistake possible, a cautionary tale here. I can tell clients and prospects, “I made all these mistakes. Please don't make these mistakes or you'll end up like me… old and broke!

David Coleman - Primerica.com/dcoleman100