Question About Making Money
- Thread starter squeed
- Start date
- 10,275
But not an average mentor!
- Thread starter
- #4
Those numbers seem low to me. If you are working your butt off in year one to get up and running and only make $32K, that's $6.50/hr assuming a 40 hour work week. So it's probably much worse than that because the work week probably looks more like 50-60 hours per week. You would be better off working at McDonalds for year one, you would make more. That just seems like a really low number. Maybe I'm wrong.
- 1,118
$32k is about $15.38 an hour by my math. And I'm assuming that we're talking about netting $32k, right?
I used to work a desk job making $14/hour, and I know I wasn't making anything close to $32k. This is so much more fun.
Actually, honest truth, I think that's something people overlook about this business - it's FUN! You get to do different things every day, talk to new people every day, test yourself every day, and crush expectations every day. I did my time at a doctor's office as a benefits analyst, and now that I've had a taste of this life you absolutely could not pay me enough to go back.
I used to work a desk job making $14/hour, and I know I wasn't making anything close to $32k. This is so much more fun.
Actually, honest truth, I think that's something people overlook about this business - it's FUN! You get to do different things every day, talk to new people every day, test yourself every day, and crush expectations every day. I did my time at a doctor's office as a benefits analyst, and now that I've had a taste of this life you absolutely could not pay me enough to go back.
Squeed, no offense but your math skills are terrible. 40 hours X 6.50 per hour X 52 weeks= $13620.00.
- Thread starter
- #7
I was thinking GROSS, are you saying $32K NET ? Sorry, I'm in corporate America right now so I'm thinking about GROSS not take home. So $32K NET is what, $50K GROSS ?
You're right, made an error, the math is 40 hrs X 52 = 2,080 hrs per year. $32,000 / 2,080 = $15.38/hr. So clearly better than Micky D's.
So were you talking about NET after taxes ?
-S
You're right, made an error, the math is 40 hrs X 52 = 2,080 hrs per year. $32,000 / 2,080 = $15.38/hr. So clearly better than Micky D's.
So were you talking about NET after taxes ?
-S
- 128
If you are selling life you have to look at it this way. If your average policy is $80 a month, that means that its $960 a year. That is your cut. If you can sell one of those every week you are making about $50K.
You just have to figure out how to do it LOL. If you can sell at least one average life insurance policy a week you can pay your bills. The rest is up to and how hard you are willing to work.
You will occasionally walk into those policies where you make $3K or more in five minutes, but they don't come floating by too often. Don't count on them. Slow and steady wins this race.
You just have to figure out how to do it LOL. If you can sell at least one average life insurance policy a week you can pay your bills. The rest is up to and how hard you are willing to work.
You will occasionally walk into those policies where you make $3K or more in five minutes, but they don't come floating by too often. Don't count on them. Slow and steady wins this race.
- Thread starter
- #9
- 868
They charge back the unearned portion which means if you are advanced 12 months and it cancelled after 3 you will have to pay back the remaining 9 months to the company since it was never earned.
In laymans terms
1200 in commissions 12 month advance on lets say 6000 of business @20%
stays on books 3 months so you earn 300 but you were paid 1200.
You owe the company 900
- - - - - - - - - - - - - - - - - -
This is the easiest business if you work hard and the hardest business if you take it easy.
The Matrix (lets use health)
You spend 250 a week and buy 40 leads
40 leads= 2 sales (1/20 conversion since you are new)
2 sales is 6000 in annual premium
6000 premium is 1200 commission @20%
1200 (50) = 60,000
so for two sales a week you have earned 60,000 before expenses.
After expenses 12,500 for leads and assuming 80% persistency of business (which means 48,000 of your commissions pay out you Net 35,500 before taxes)
2 sales working hard should take no longer than 15 hours a week and thats if you are green and truly are terrible at closing.
Want to make more buy more eads work more hours make more sales
In laymans terms
1200 in commissions 12 month advance on lets say 6000 of business @20%
stays on books 3 months so you earn 300 but you were paid 1200.
You owe the company 900
- - - - - - - - - - - - - - - - - -
This is the easiest business if you work hard and the hardest business if you take it easy.
The Matrix (lets use health)
You spend 250 a week and buy 40 leads
40 leads= 2 sales (1/20 conversion since you are new)
2 sales is 6000 in annual premium
6000 premium is 1200 commission @20%
1200 (50) = 60,000
so for two sales a week you have earned 60,000 before expenses.
After expenses 12,500 for leads and assuming 80% persistency of business (which means 48,000 of your commissions pay out you Net 35,500 before taxes)
2 sales working hard should take no longer than 15 hours a week and thats if you are green and truly are terrible at closing.
Want to make more buy more eads work more hours make more sales
Last edited:
Similar threads
