Need Honest Advise in Regards to Becoming an Agent

Apr 23, 2009

  1. livinwell
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    livinwell New Member

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    Husband is looking at becoming a State Farm agent. I have read through all the other threads I could find that mentioned State Farm to educate myself and pass information on to him.
    My biggest question is this: Right now he is working for a company that he has been with for quite a while. Last few years he was making close to $300,000 per year. Is he crazy for quitting this to become an agent for State Farm? From what I can gather it seems that no SF agent is making that.
    We are in our mid 40's, will have two children in college within the next 6 years.
    I am not sure. after reading all that I have, that this is a good move. But, I can't seem to see where anyone is saying exactly how much they are making after all expenses are paid. I know that a "good" income is relative or at least it is to me. I think making anything less than $200, 000 is not doing very well, but to someone else they may think they are rich!
    Any advise would be appreciated!
     
  2. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Yes.
     
  3. PDX_Agent
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    PDX_Agent Expert

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    Certifiable.

    My opinion is that for you guys, this last 6-13 months has not been that good, and income has fallen alot. Your husband thinks the well might be dry at State Farm and is looking to get his own thing going.

    Right now, demand for Insurance is falling. P&C rates continually are dropping each month across the states on average. Normally with the supply of Insurance lowering, we would see the market hardening up and the rates going up, but the reverse is true. I think hanging on to that State Farm job right now is the smart play, you guys are only in mid 40's, so plenty of time to take advantage of the market when it hardens back up (hopefully) in 18-24 months and rates start going up again.
     
  4. GetInsurance
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    GetInsurance Super Genius

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    I call BS. No person in their right mind would contemplate a move like this. If this is true, before asking for our advice, seek out the advice of a psychologist for your husband.
     
  5. Mark
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    Mark Guru

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    I want to apply for his old job. Where is he working at now. PM it to me and don't tell anyone else.

    lol
     
    Mark, Apr 23, 2009
    #5
  6. livinwell
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    livinwell New Member

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    Just to be clear......He's not in the insurance business now. He is in sales in a totally different business and it has slowed down because of the downturn in the economy. He worked at a SF agency right after we were married for a couple years and made what I used to call "slave wages". He has always thought that SF agents were making a killing, because it seemed that way on the outside looking in. He has been to the Career Understanding thing and is preparing a business proposal right now. I have always been very supportive of him but seeing some of the things that have been posted here about SF, I am a little leary. You know the old saying "you keep the devil you know!"
    Thanks for the input!
     
  7. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Of course they are...the ones that have been agents for fifteen or twenty years!

    A new SF agent will starve for the first 2-3 years, probably not clearing anything after expenses...

    In addition, their business model is a dinosaur (confirmed by veteran SF agents in another thread). It ain't gonna get easier, it's gonna get harder!
     
  8. captain94
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    captain94 Guru

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    If he quits a $300,000 sales job let me know. I will elect him TOOL OF THE YEAR! he will never make that at SF.
     
  9. Crabcake Johnny
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    Crabcake Johnny Guru

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    If I rounded up every State Farm agent in my county they wouldn't be making $300K total.
     
  10. Newby
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    Newby Guru

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    Lady, I hope your husband is REAL good-looking because he ain't too bright.

    Don't worry about it...my wife married me for the same reason.
     
    Newby, Apr 23, 2009
    #10
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