Insurance Agent Forum

[Markingriffin]

This is very simple, but I want to stress a point to some of you.

It would be stupid for a farmer to eat his seeds as food. Even if the farmer is hungry or starving he should not eat his seeds.

I see some agents eating their seeds and having nothing to plant or harvest later. Every time you make some money selling insurance, put some of it away as seeds. You need seeds that you can plant later, to harvest another crop.

It takes money to make money in this business.

I know some of you are behind on bills and need to spend every cent that you make trying to get caught up. BUT, it is also important to take some of the money to reinvest in your business. You always want to have some money aside to put back in your business.

I just wanted to give you something to think about.

[healthagent]

Ahhh, the circle of hell:

Only have $200 to market the the week which returns $1,000 but weekly household bills are $1,000.

Put back the $200 for the next week which returns $1,000 but weekly household bills are $1,000.

Third week - spend $200 on marketing which returns $1,000 but weekly bills are $1,000.

6 months later....

Spend $200 on marketing for the week which returns $1,000 but weekly bills are $1,000....

[vanquishV12]

Great post Mark. A book that helped me a lot is "The Richest Man In Babylon by George S. Clason

When you get paid...PAY YOURSELF FIRST- ALWAYS!!

-Vitaliy

[xrac]

Originally Posted by Markingriffin

This is very simple, but I want to stress a point to some of you. It would be stupid for a farmer to eat his seeds as food. Even if the farmer is hungry or starving he should not eat his seeds. I see some agents eating their seeds and having nothing to plant or harvest later. Every time you make some money selling insurance, put some of it away as seeds. You need seeds that you can plant later, to harvest another crop. It takes money to make money in this business. I know some of you are behind on bills and need to spend every cent that you make trying to get caught up. BUT, it is also important to take some of the money to reinvest in your business. You always want to have some money aside to put back in your business. I just wanted to give you something to think about.

The person who always spends every penny they make will always be in trouble no matter how much moeny they earn. The best way to do this business is build a reserve and then pay yourself a set salary from it. When you get to the quarter or end of the year you can pay out any excess as bonus if appropriate. When I started in business I did not draw any pay for the first five months and then I took a modest salary after that time.

[souldeux]

Originally Posted by xrac

The person who always spends every penny they make will always be in trouble no matter how much moeny they earn. The best way to do this business is build a reserve and then pay yourself a set salary from it. When you get to the quarter or end of the year you can pay out any excess as bonus if appropriate. When I started in business I did not draw any pay for the first five months and then I took a modest salary after that time.

Pfft, I submitted a $127/month Humana app this afternoon. I'm going to test drive Maseratis right now.

Zoom!

[Frank Stastny]

After seeing one of the latest episodes of Nip Tuck, those are not the seeds that immediately came to mind when I saw the title of this thread.

[thespur1]

man i want to test drive a maserati

[StrategyMan]

I agree with Mark. There is a difference between income and profit. Insurance is a business. You need to consciously budget out your operating expenses and calculate your profit before you start spending money. Otherwise you may end up spending your marketing budget on something silly like a new electric guitar.

[psrayburn]

Originally Posted by StrategyMan

I agree with Mark. There is a difference between income and profit. Insurance is a business. You need to consciously budget out your operating expenses and calculate your profit before you start spending money. Otherwise you may end up spending your marketing budget on something silly like a new electric guitar.

Shhh... I told my wife that the electric guitar WAS used for marketing. Besides that darn thing makes me about $600 per month.

Scott

[thespur1]

i exercise this philosophy allot.. maybe even too much...
While other agents cold call for hours or try to kiss ass obtaining referrals, i just buy leads..
I spend 200 ill get back 800 .. on a monthly bases
I spend 1200 and get back 4800