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FE who Aspire to Make 100k
- Thread starter indiana260
- Start date
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- 5,243
I'm going to attempt to get this thread back on track...errr...topic!
If you want to MAKE 100k your first year...get ready to work. I'm talking Jan 1-Dec 31...first year. You need to write $17,000/month Gross profit. Here are my ASS-umptions. 85% persistence, 30k in leads and a 75% advance. I get where Newby is coming from...and I agree with him, but here is my breakdown.
17k/month=$204,000/year
75% advance=$153,000
85% Persistence=(-30,600)
Lead cost=(-30,000)
10 month "pay through)=$1,416...($17k*25%=$4,250... $4,250/3=$1,416
11 month "pay through"=$2,833
12 month "pay through"=$4,250
Total paid compensation =$161,500
Total losses = $60,600
Before taxes..that doesn't count against income...you're looking at $100,900 1st year paid gross profit.
Of course you get deducts for expenses and then pay taxes...get a good accountant for that.
I hope those numbers are right, if not I apologize, it's been a crazy week and I started drinking a little too early!
On the other hand. IF you're going into you second, third year. You could write $13k/month AP...because of pay throughs and make $102,600.
$156,000 gross commission
(-23,400) persistence
(-30,000) leads.
No more brain power exerted tonight.
If you want to MAKE 100k your first year...get ready to work. I'm talking Jan 1-Dec 31...first year. You need to write $17,000/month Gross profit. Here are my ASS-umptions. 85% persistence, 30k in leads and a 75% advance. I get where Newby is coming from...and I agree with him, but here is my breakdown.
17k/month=$204,000/year
75% advance=$153,000
85% Persistence=(-30,600)
Lead cost=(-30,000)
10 month "pay through)=$1,416...($17k*25%=$4,250... $4,250/3=$1,416
11 month "pay through"=$2,833
12 month "pay through"=$4,250
Total paid compensation =$161,500
Total losses = $60,600
Before taxes..that doesn't count against income...you're looking at $100,900 1st year paid gross profit.
Of course you get deducts for expenses and then pay taxes...get a good accountant for that.
I hope those numbers are right, if not I apologize, it's been a crazy week and I started drinking a little too early!
On the other hand. IF you're going into you second, third year. You could write $13k/month AP...because of pay throughs and make $102,600.
$156,000 gross commission
(-23,400) persistence
(-30,000) leads.
No more brain power exerted tonight.
This may be one of the funnier posts I've seen on this forum in a long time. Nice job.
- 11,280
- 181
That sounds like too much work.
:-)
The easiest way to make sure you make $100,000 is the make sure you write $200,000...
- 2,960
That sounds like too much work.
Getting out of bed is too much work.
- 5,243
YUUUUUUUUP! Atleast 1st year. Then it's 150k
I was just tired of the b!tching going on this thread...took a bar napkin and figured that stupidity out, while waiting on some friends...good night!
- 181
I appreciated the geek take Gooner.
I hated to see a great analysis go down the toilet :-)
- 16,938
I still don't get why you guys say $204,000 becomes $153,000 due to 75% advancing. You get $153,000 advanced and the balance of it still within the 1st 12 months so you still get it all within the same year. The total should not be reduced when you are calculating the annual income.
- 5,243
If you look at what I said...Jan 1 to Dec 31...you would only get all of the Jan money in your first full year, 11/12ths of Feb money and 10/12ths of March's money...none of the 25% from Apr-Dec...ie. the $161k and change.
I do agree with you that it is a myopic way to view your "business", but strictly speaking on earned income in a calendar year for a brand new agent, starting Jan 1...in order to gross 100k after leads and chargebacks...you need a little over 200k.
I think it's semantics we're debating at this point.
***EDIT***I'm brand new starting Jan 1, so my minimum goal is the $204,000
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