This Daimler has the power to go almost anywhere. Now go knock on some doors.
That's the power Daimler I would get, only with the luxury package that includes Nav and heated seats.
Getting in Front of More People
- Thread starter jemelton
- Start date
That's the power Daimler I would get, only with the luxury package that includes Nav and heated seats.
- 1,453
bevo i could see you cruising around in a luxury unimog...
bevo i could see you cruising around in a luxury unimog...
Oh man that's pretty sweet.
This is more Bevo's style. Urban Assault Vehicle.
That's the Fact Jack!
Done for 5 years straight gives you almost $500K in residual income.
If being financially secure (or close to it) is one of your primary goals in life and you're even the slightest bit interested in the Senior market, finding a way to sell 30-40 Med Supps per month wouldn't be a bad idea.
^I was thinking about this after reading it and did some math.^
The analogy will break down a bit, but let’s extrapolate a few things proving why worrying about a few dollars here and there is stupid when it comes to building this thing.
I’m talking to myself more than anyone else here.
Let’s say you want to pay cash for a nice little rental property. In Ohio – you’re talking between 75-100k for a decent place. At least for the kind that I like to buy.
For sake of argument, let’s say you buy a place for $100,000 cash and it rents for $1575/mo. After expenses, let’s say $10,000 profit. You got 10% on your money. 6 years later, you’re doing OK, and perhaps some appreciation, etc – not bad.
Flip that. Let’s say you spend $100,000 on marketing your business. Let’s say it costs you the Full First Year Commission for Every Single New Client (it shouldn’t… but let’s roll with it). Each client is worth we’ll say $250 in commission. Now you have 400 clients.
For the next 5 years – plan on about $95-98k in revenue. A few will pass away... a few will leave you, it happens.
After your initial 6 years of comp is over – you know you’ve moved a lot of them to new carriers, creating new commission trails. Plus, some of them are MAPD – which pay lifetime.
Oh, and now some of them are referring you to new people. How many referrals can you extrapolate out of your first 400?
Let's go back to the real estate example. 15 years later, you can sell that rental for maybe $150,000. You put in 100,000, you earned 10k for 15 years straight in profit (150k), then you sold for 150k (50 more than what you bought it for). So, you earned $200,000 with what anyone would look at as a good rental. (I know, the analogy breaks down, as I didn't factor in leverage or taxes...but let's keep it simple).
But how much did your Med Supp business make? You spent 100,000 – made 100,000 FYC then $90+ for 5 more years ($450,000). Plus referrals for “free” business. Plus you "flipped" a few to new carriers. Plus you haven't waited 15 years for appreciation... you got your money back, and faster.
Again, I wrote this more for myself than anyone else. Spending the time/money figuring out how to write more is worthwhile. Bevo always helps me think bigger.
Thanks for thinking out loud. This thread has been great.
And unlike the house you haven't sold off your income-producing asset. It just keeps going and going. I have two neighbors who are realtors and here in Austin it's the hottest market going. They keep asking me when I'm going to invest in RE and I tell them as soon as it beats the ROI of my own business, and right now it's not even remotely close.
Senior health insurance isn't nearly as glamours as real estate. And everyone thinks RE investing (In part thanks to a LOT of slick marketers who are of course, willing to sell you courses on how to invest in RE) is the be-all end-all for entrepreneurs. Insurance just isn't that fun to talk about when you're out on the town with your hipster friends.
People ask me here in Austin what I do, and when I tell them I'm self-employed and own an Insurance Agency for Senior Health insurance, their eyes glaze over and they practically walk away before I finish my sentence. Tell them you own a food truck and flip burgers all day for $500 gross per week, or you're totally broke but you just had your "launch" promoting your new app idea and have a kickstarter going to fund it all and they'll treat you like a God.
It pays to be boring. It pays VERY WELL.
That being said I'm all about diversification. But just knowing a Med Supp business exists and it's potential...let's not put the cart before the horse.
Attached is a fun image to ponder. Just a mere 20 new Med Supp clients per month (give or take due to a bunch of variables...for example sake only here) and in 5 short years you're at roughly $316K per year, $246K of which was residuals. Example is a $1450 AP at 20%. YMMV.
Some would consider 20 per month Part-time (I would) and some would consider it very doable. It all depends on one's perspective. Anyone who considers it unreachable however, is correct. It's unreachable for them and they should quit trying.
Most of us can live on $316K per year. If you can't, it's not an income problem but likely a spending problem that you have. All for a mere 20 per month.
The biggest problem I see in the PM's, emails, and calls I get is that most insurance agents are out there trying to do it all. FMO's and marketers are notorious for pumping out the B.S. to agents, saying things like "Well you GOTTA offer Final expense to your clients. And we have this other new product people are killing it with!" Sure, whatever. The love signing you up to help THEIR numbers. You could certainly offer these products, but by no means do you have to. We don't.
I had a well-known Marketer tell me I HAD to offer Final expense and MAPD, and even Part D. I HAD TO. I told her about our production, my massive level of freedom in life, and my ultra-low stress levels thanks to ONLY selling Med Supps. She got it.
It all depends on what you want. Do you want to be that "all in one" company that offers everything to your clients? Great, you probably won't be banging out a ton of just Med Supps per month on your own as you'll be stretching yourself around looking up quotes on other products and keeping up with them. Nothing wrong with that if that's what you want.
But most people who ask me questions want to make money, and a lot of it.
I had a guy call me begging me to tell him how to make it in Med Supps and how to do 100 per month, yet he insisted he still put as much time into his durable medical equipment business. You can't have your cake and eat it too.
Me, I love the freedom and income that selling just Med Supps provides, all the while helping our clients get the very best coverage they possibly could as a Senior. So we do that.
Over....and over.....and over....and over....
Attachments
Similar threads
