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Originally Posted by Rick Blaine
.....I'd turn off my cable TV, and buy a more modest car that gets very good miles per gallon in town (ideally, used, about 2 years old, very low mileage). The only thing I would splurge on is an unlimited cell phone plan. I'd buy generic food instead of name brand, and I'd be eating at home instead of eating out. If you live in too much house or apartment, you may want to consider moving. The business tends to chew people up and spit them out, mostly because of call reluctance, but also because people come in with much higher expectations. Can you make ends meet, after surgery on your budget, if you only earn $25,000 in the next 12 months?
I'm not saying that should be your goal. I've done the math, and a personal market life agent can make double that, if they focus on activity and keep things simple. What I'm saying is this: If you earn $50,000 in the next 12 months, 60-80% of that may come in the last 3-4 months of that year, so how tight can you live during the ramp up? Another budget item you need to pay close attention to: Business meals. There's no reason to wine and dine people who aren't your clients, until you have ample cash flow. Instead, bring them lunch to their office, or meet at Subway. Don't laugh, I've sold a lot of life insurance at Subway, Pizza Hut, and greasy spoon dives where a meal for two is under $10, including gratuity.
John Savage had lunch appointments in his office. He owned a string of Burger Kings, so guess what was served in his conference room? Whoppers and fries! The guy was making over a million a year, working with all manner of people, including some high income and high net worth individuals, and he was giving them fast food. I've seen videos of him chomping down a Whopper in one hand while drawing on his dry erase board with his free hand.......
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Advice for a Newby Starting Out in Insurance Sales
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