Mortgage Protection First Year Income Average?

[somarco]

Re: Mortgage Protection First Year Income Avg?

he travels A LOT and claims 60K miles per year on his income taxes. However he uses his mileage off to off set his taxes, therefore he does not have to pay any income taxes.

Then he is fooling himself into thinking he is making a living.

 

[James]

Re: Mortgage Protection First Year Income Avg?

I had sold MPI for a little while, but didn't like being out so late and missing my teens soccer games so I gave it up. My friend that got me into it has a YTD commissions of about $70K, maybe more, but that is gross before his lead expenses and gas......he travels A LOT and claims 60K miles per year on his income taxes. However he uses his mileage off to off set his taxes, therefore he does not have to pay any income taxes.

He works hard at it generates his own leads, as I did. It's a lot of work unless you buy your leads.

Well, I don't know about paying no taxes, yet figure 25% on taxes, including SS and the like. The 60 thousand miles does seem a bit high but that does help, about $24 grand in tax deductions. Yet one thing I have seen is that people don't count enough $'s per mileage. In reality I find 60 to 75 cents a mile is about right (with that amount of mileage) once you consider the wear and tear on the car and of course replacement. As a rough estimate, I take 50% off gross, so if he ends the year at 80 grand he takes home around 40 grand after all is said and done.

 

[bluemarlin08]

Re: Mortgage Protection First Year Income Avg?

I did 90% of my MP by phone. Rarely went on evening appointments, did many Saturday morning appointments. Saturdays are great days to work, IMO.

 

[Macdaddy]

Re: Mortgage Protection First Year Income Avg?

Then he is fooling himself into thinking he is making a living.

I can't really speak to that other than say he is surviving. He has good contract rates of 115-120%, and generates his own leads which are dirt cheap compared to what other guys are paying for them.

He actually feels he WAY ahead of the game compared to guys who are on W-2.

 

[somarco]

Re: Mortgage Protection First Year Income Avg?

If you are not paying income taxes you are not making any money.

 

[senior-advisor-indiana]

Re: Mortgage Protection First Year Income Avg?

If you are not paying income taxes you are not making any money.

Not true. I know a couple douch bags that didn't pay taxes and they made some good money. Of course the IRS is on thier butt.

 

[Macdaddy]

Re: Mortgage Protection First Year Income Avg?

If you are not paying income taxes you are not making any money.

Not true.

'06 is the first year that I have had to pay income tax for several years. How is this possible?

1. Mortgage Interest deductions.
2. Charitable contributions.
3. Depletion allowances from gas/oil investments.
4. Long term capital gains.
5 Minimizing ordinary income.

 

[HomeService]

Re: Mortgage Protection First Year Income Avg?

blue marlin= I characterize it that way because I was once with an agency who told me I was never allowed to call "mortgage protection" by what it is-life ins. I was not allowed. I was to hide it. I called the state board of insurance, they told me that was wrong. I decided I would never again work for somebody telling me I could never call life ins what it really is.

oh, and someone would attempt to hide the sale of life ins because= they go into a house, sell mortgage protection, get the heck out, before the client realized they bought life ins. It's called razzle dazzle, some people do it, and it's pretty much wrong. They do not tell the client that a policy was sold to protect the mortgage, they never mention an insurance company, because insurance =bad, your mortgage company= good. They go in there and hide behind the fact that the client just bought a house, and do not tell them they just also bought a life policy as well. { when they leave there with the check}

I guess they then mail the policy to them, and do not take the time to explain it's a life policy. I guess. I never got that far, couldn't hang with the hiding and covering up.

 

[James]

Re: Mortgage Protection First Year Income Avg?

blue marlin= I characterize it that way because I was once with an agency who told me I was never allowed to call "mortgage protection" by what it is-life ins. I was not allowed. I was to hide it. I called the state board of insurance, they told me that was wrong. I decided I would never again work for somebody telling me I could never call life ins what it really is.

oh, and someone would attempt to hide the sale of life ins because= they go into a house, sell mortgage protection, get the heck out, before the client realized they bought life ins. It's called razzle dazzle, some people do it, and it's pretty much wrong. They do not tell the client that a policy was sold to protect the mortgage, they never mention an insurance company, because insurance =bad, your mortgage company= good. They go in there and hide behind the fact that the client just bought a house, and do not tell them they just also bought a life policy as well. { when they leave there with the check}

I guess they then mail the policy to them, and do not take the time to explain it's a life policy. I guess. I never got that far, couldn't hang with the hiding and covering up.

That be some RAZZLE, go into a house get the couple to fill out a life application, have them sign it, get a check from them. Then get out without them really knowing they just brought Life Insurance, that would be some DAZZLE! Dang, I would really like to see that Razzle Dazzle!

 

[Alsky]

Re: Mortgage Protection First Year Income Avg?

Yeah! Especially since the check is made out to "blah blah blah LIFE INS CO."