Get Rich (Not So Quick) Advice Needed

Off Topic
21

[quote]TommyGunz32 wrote:
lol try doing something for your cousin. a billion dollars your whole family shouldn’t have to work again

What are you trying to sell? What is your education level?[/quote]

My cousin only hires people with very specialized educations and I fail to understand what his having that sort of money has to do with the rest of the family not working. He’s my cousin not my ATM, it’s not his job to provide anyone else money.

I had an interview for a jewlery store so we’ll see how that goes.

Failing that I’m also looking at Medical sales as I have a Kinese degree which provides me a pretty decent background in the area so we’ll see what comes up.

22

[quote]Sturat wrote:

[quote]TommyGunz32 wrote:
lol try doing something for your cousin. a billion dollars your whole family shouldn’t have to work again

What are you trying to sell? What is your education level?[/quote]

My cousin only hires people with very specialized educations and I fail to understand what his having that sort of money has to do with the rest of the family not working. He’s my cousin not my ATM, it’s not his job to provide anyone else money.

I had an interview for a jewlery store so we’ll see how that goes.

Failing that I’m also looking at Medical sales as I have a Kinese degree which provides me a pretty decent background in the area so we’ll see what comes up.[/quote]

First part of my post was just a joke hence the lol

best of luck

23

[quote]TommyGunz32 wrote:

[quote]Sturat wrote:

[quote]TommyGunz32 wrote:
lol try doing something for your cousin. a billion dollars your whole family shouldn’t have to work again

What are you trying to sell? What is your education level?[/quote]

My cousin only hires people with very specialized educations and I fail to understand what his having that sort of money has to do with the rest of the family not working. He’s my cousin not my ATM, it’s not his job to provide anyone else money.

I had an interview for a jewlery store so we’ll see how that goes.

Failing that I’m also looking at Medical sales as I have a Kinese degree which provides me a pretty decent background in the area so we’ll see what comes up.[/quote]

First part of my post was just a joke hence the lol

best of luck
[/quote]

Fair enough, it’s just a comment I hear a lot. People seem to think that if you have a rich relative it’s their job to support the entire family. While I’d have no problem asking him for help if something major happened like a health crisis that would be about it.

24

How cheap are the 'hood rentals in alberta to purchase? Do you have a government subsidized rental program?

Your Realtor friends may or may not know shit about investing in real estate. Do any of them own their own rental properties? Most Realtors think investing in real estate means buying the most expensive house you can afford and expecting for appreciation. ALL REAL ESTATE INVESTMENT SHOULD BE BASED ON CASH FLOW, ANY APPRECIATION IS SECONDARY.

25

[quote]Adam Bomb wrote:
How cheap are the 'hood rentals in alberta to purchase? Do you have a government subsidized rental program?

Your Realtor friends may or may not know shit about investing in real estate. Do any of them own their own rental properties? Most Realtors think investing in real estate means buying the most expensive house you can afford and expecting for appreciation. ALL REAL ESTATE INVESTMENT SHOULD BE BASED ON CASH FLOW, ANY APPRECIATION IS SECONDARY.
[/quote]

One of my realtor friends owns 5 rental properties and does quite well off them.

I’m with you, it would be about cash flow not appreciation. My goal would be to purchase as rental properties not anything else, if I happen to make a boatload on selling one for some rason taht’s great but not the plan.

26

[quote]Adam Bomb wrote:
How cheap are the 'hood rentals in alberta to purchase? Do you have a government subsidized rental program?

Your Realtor friends may or may not know shit about investing in real estate. Do any of them own their own rental properties? Most Realtors think investing in real estate means buying the most expensive house you can afford and expecting for appreciation. ALL REAL ESTATE INVESTMENT SHOULD BE BASED ON CASH FLOW, ANY APPRECIATION IS SECONDARY.
[/quote]

Depends where in Alberta… IMO housing in Canada is in a major bubble. This is a minority opinion though (which is classic of a bubble…).

Average SFH in Vancouver right now is around 13x avg income. In Calgary it’s something like 8/9x. Bubble burst in the States I think at 7x avg income(nationally).

Home prices in Vancouver right now are totally retarded. A teardown on a 1/5 acre will cost you 1.5m… people are listing their homes and getting way over asking. Lots of cases of people listing for 1 and getting 1.2-1.5 . Someone recently listed in the West End for 3.5 and ended up getting 4.5…

We have all the same retarded lending practices too. Canadians are in total denial about this. Up until recently you could get a CHMC insured 40 year am with basically 0 down - a “cash back” mortgage. There are so many young condo owners who have paid $400,000 + for a 800sf box and have NO equity - Negative equity if you consider closing costs. A small decline will wipe these people out.

27

Don’t invest in real estate if you don’t know anything about it. I come across people that have done so countless times each week and its unfortunate. They all "have friends’ who do it so they buy some, try to rent it, flip it and end up getting stuck with it with sub-par rents. I’m not saying this isn’t possible, but its probably not the best use of your money.

Investing excess money is of course the thing that should be done, not purely for the sake of trying to become wealthier, but to protect your lifestyle against the detrimental effect of inflation upon your purchasing power.

How important is liquidity to you? Meaning how quickly would you like this “invested” money to be available should something occur. If <1 year liquidity is a requirement, by no means should you be investing in real estate (for the most part). Generally, with liquidity requirements being a priority, traditional equity and debt investment is the place for you.

If several years “lock-up” is acceptable, more alternative, established business ventures can be pursued. These can either be sinking money into a business of your own creation in the hopes of creating a stable income down the road, or if you have no idea, no business management ability, and no direction for monetizing a passion of yours, there are plenty of interesting businesses propositions available or other “alternative” investment ideas that require a certain lock up period, such as hedge funds, private equity, venture capital (in order of least lock up to longest lock up). Venture capital would most likely be placed in the category below.

If 10 years is an acceptable liquidity requirement, I would then and only then consider real estate as an investment. The market is a potentially perfect buying opportunity currently, but there is no guarantee that we are free and clear of all housing issues, meaning potential short term losses. Cash flow is of course a potential, but requires an immediate sunk cost in the purchase of the property. Deep analysis needs to be done to ascertain how long it will take to recoup this sunk cost while taking into account the time value of money, what could have been made in other forms of investing during the time frame to recoup this initial outlay.

I prefer liquidity above and beyond all else. 1 and 2 year lock ups are acceptable as they are what I impose upon the investors in my hedge fund. But beyond that, I don’t feel comfortable tying up money, especially in a depreciating asset like a house.

One interesting idea to get you going is a precious metals CD offered by Everbank. First off, I never recommend CDs, but I think this is a very unique and worthy product. The CD allows for the upside participation in precious metals over the course of its 5 year lock-up, but with no downside risk other than the time value of money (meaning you will at the very least receive your money back). It has low minimum initial investment and is capped at a 50% total return. However, a FDIC insured CD that has a potential for a 50% yield is astronomical in its “amaziness”. Its the official position of myself and my other managers at my fund that we see silver going to 400/oz over the course of the next 5 years. This would be a risk free way of participating in it.

But debt first of course. Being debt free is mind boggling freeing for the soul and your sanity.

28

[quote]Sturat wrote:
Xander,

Currently I’m looking for a commissioned sales position, my current position is sales but with no commission and a pretty meh base salary so I figure since I do damn well at it I might as well find somethign that pays a little better.

Shoot me a PM and I’ll explain who my cousin is.

I appreciate all the advice on what to read, I’m happy to do research but like I said I’m so green at this I don’t know enough to sort the crap from the good stuff so I appreciate some guidance.

I actually have no intention of not working, I simply don’t want to have to work. Big difference.

Thanks for the advice from everyone, I have a lot of reading to get going on.[/quote]

I was just thinking last night that your cousin with his wealth could probably help you get into larger deals as a partner that you may not have access ($$) to in your current financial position.

Check out if there is a local community playing Cashflow by Robert Kiyosaki, someone mentioned his name earlier in the thread, this game is really good to understand yourself, how you work with people and improve how you perceive money (improve financial intelligence).

Commissioned sales there is a lot out there. I worked as a headhunter for 3 years and the returns ARE there just that it’s a lot of hard work, late nights and an emotional beating at times but there were lots of happy moments too. Real estate, insurance, corporate sales all have similar avenues to earn more from your time (which I think is where you’re coming from, more money for your effort).

Find a mentor, or a few, someone who can guide you in your profession (and maybe in your investments too).

Some of the best writers on sales are Tom Hopkins, Brian Tracy, Zig Ziglar etc, do read at least one of their books.

Start with a plan - I will invest 6 hours in improving my investment education each week through books, seminars, CDs, interviews and real life experiences (go see trades and auctions live for example) etc. In 1 month I expect you’ll awaken, in 6 you’ll be making your first investments, and 2 years you’ll be telling us what to do! :slight_smile:

29

[quote]Sturat wrote:

[quote]angry chicken wrote:
Trading your time for money (i.e. being an employee) will never make you rich. Depending upon the profession and level of education, you can command a high salary and be extremely comfortable, but you will never get “rich”. You have to figure out how to both A) Provide Value and B) Get PAID for it. Preferably with a “vehicle” that you enjoy. But right now, it sounds like you don’t have a clue about what you WANT (other than to be rich) and you don’t have a clue about HOW to get there…

Here’s a hint, in case you missed that last part: FIRST figure out what you want (be specific), then figure out how to get there.

Good luck - in this economy, you’re going to need it (but if you actually MAKE it in this economy, you’ll know everything you need to thrive in ANY economy).[/quote]

Actually my cousin got quite rich as an employee. . . to the tune of around a billion dollars but I know he’s the exception.

What do I want? I want enough income that in 15 years I don’t have to work anymore. That’s what I want. Passive income ideally.

Really the title wasn’t about getting rich it’s about what sorts of things I can do with my money other than spend it, ideally things that will bring in some more money.
[/quote]
and who is your cousin? The billionaire club is pretty exclusive. I’m shocked an employee of any one is a member.

30

Billionaire cousin?

Come up with a mean business idea, offer him 50% and ask for a loan.

31

[quote]HoustonGuy wrote:

[quote]Sturat wrote:

[quote]angry chicken wrote:
Trading your time for money (i.e. being an employee) will never make you rich. Depending upon the profession and level of education, you can command a high salary and be extremely comfortable, but you will never get “rich”. You have to figure out how to both A) Provide Value and B) Get PAID for it. Preferably with a “vehicle” that you enjoy. But right now, it sounds like you don’t have a clue about what you WANT (other than to be rich) and you don’t have a clue about HOW to get there…

Here’s a hint, in case you missed that last part: FIRST figure out what you want (be specific), then figure out how to get there.

Good luck - in this economy, you’re going to need it (but if you actually MAKE it in this economy, you’ll know everything you need to thrive in ANY economy).[/quote]

Actually my cousin got quite rich as an employee. . . to the tune of around a billion dollars but I know he’s the exception.

What do I want? I want enough income that in 15 years I don’t have to work anymore. That’s what I want. Passive income ideally.

Really the title wasn’t about getting rich it’s about what sorts of things I can do with my money other than spend it, ideally things that will bring in some more money.
[/quote]
and who is your cousin? The billionaire club is pretty exclusive. I’m shocked an employee of any one is a member.[/quote]

It’s probably more accurate to say he made his first half a billion as an employee.

32

[quote]RSGZ wrote:
Billionaire cousin?

Come up with a mean business idea, offer him 50% and ask for a loan.[/quote]

it might sound funny but knowing how many people come to him for money I just don’t think I can ever be one of them. The funny thing is that despite what he has I never really think of him that way, I know he has a lot of money but only in an intellectual way, not really emotionally. he’s still the same geeky big cousin he always was, playing D and D and collecting transformers.

33

[quote]Sturat wrote:
Xander,

Currently I’m looking for a commissioned sales position, my current position is sales but with no commission and a pretty meh base salary so I figure since I do damn well at it I might as well find somethign that pays a little better.

Shoot me a PM and I’ll explain who my cousin is.

I appreciate all the advice on what to read, I’m happy to do research but like I said I’m so green at this I don’t know enough to sort the crap from the good stuff so I appreciate some guidance.

I actually have no intention of not working, I simply don’t want to have to work. Big difference.

Thanks for the advice from everyone, I have a lot of reading to get going on.[/quote]

Look in to insurance or financial services. They get a bum rap but you not only get comission, you also get residual comission. A good company offers vesting time tables too.

This means you pick up 5-10 new clients a week, every week. Roughly 28 new clients a month. Every month, your clients pay their bill/contribute to their fund and you get paid again while adding new clients to your pile.

As your client base grows, so does your income. You get paid on work you’ve already done, kind of like a tenant paying rent each month, except you get to pick up more “tenants” every day.

After 5 years or so, you can be vested in your clients. This means you own them. As long as they are on the books, you get paid your commission, even if you quit, which allows you to use your own capital to invest in a bigger “bang” for your buck. No loans, no interest, just your own money.

For simplicity, say each client pays $100 dollars per month and you get 30%.

28 * 30 = $840 in new commission per month.

In month two you get $840 from existing clients plus $840 from new clients

Then month three, $840 *3

And month four and so on.

By 12 months you are making $10,080 per month

Multiply that by five years and you are at $50,000 per month - cancellations and lost clients. Each company should be able to provide average attrition rates.

As you research your financial future, talk to independent insurance brokers and financial advisors 5+ years in the business. NOT employees of a company, self employed reps/brokers.

Their financial success will shock you.

If you are good at sales it could be a good move. You can use your sales commissions to jump in to real estate in a big way, owing nobody nothin’.

34

[quote]HoustonGuy wrote:

[quote]Sturat wrote:
Xander,

Currently I’m looking for a commissioned sales position, my current position is sales but with no commission and a pretty meh base salary so I figure since I do damn well at it I might as well find somethign that pays a little better.

Shoot me a PM and I’ll explain who my cousin is.

I appreciate all the advice on what to read, I’m happy to do research but like I said I’m so green at this I don’t know enough to sort the crap from the good stuff so I appreciate some guidance.

I actually have no intention of not working, I simply don’t want to have to work. Big difference.

Thanks for the advice from everyone, I have a lot of reading to get going on.[/quote]

Look in to insurance or financial services. They get a bum rap but you not only get comission, you also get residual comission. A good company offers vesting time tables too.

This means you pick up 5-10 new clients a week, every week. Roughly 28 new clients a month. Every month, your clients pay their bill/contribute to their fund and you get paid again while adding new clients to your pile.

As your client base grows, so does your income. You get paid on work you’ve already done, kind of like a tenant paying rent each month, except you get to pick up more “tenants” every day.

After 5 years or so, you can be vested in your clients. This means you own them. As long as they are on the books, you get paid your commission, even if you quit, which allows you to use your own capital to invest in a bigger “bang” for your buck. No loans, no interest, just your own money.

For simplicity, say each client pays $100 dollars per month and you get 30%.

28 * 30 = $840 in new commission per month.

In month two you get $840 from existing clients plus $840 from new clients

Then month three, $840 *3

And month four and so on.

By 12 months you are making $10,080 per month

Multiply that by five years and you are at $50,000 per month - cancellations and lost clients. Each company should be able to provide average attrition rates.

As you research your financial future, talk to independent insurance brokers and financial advisors 5+ years in the business. NOT employees of a company, self employed reps/brokers.

Their financial success will shock you.

If you are good at sales it could be a good move. You can use your sales commissions to jump in to real estate in a big way, owing nobody nothin’.
[/quote]

My only concern with this one is that my cousin has been in insurance for years starting at the bottom, having his own firm etc and at the end of the day he’s been resoundingly okay for income. So it leads me to believe that there’s an okay income available but nothing spectacular there and okay I already have.

STU

35

[quote]Sturat wrote:

[quote]RSGZ wrote:
Billionaire cousin?

Come up with a mean business idea, offer him 50% and ask for a loan.[/quote]

it might sound funny but knowing how many people come to him for money I just don’t think I can ever be one of them. The funny thing is that despite what he has I never really think of him that way, I know he has a lot of money but only in an intellectual way, not really emotionally. he’s still the same geeky big cousin he always was, playing D and D and collecting transformers. [/quote]

I get that… I’d never ask a family member for a loan in that sense.

36

[quote]Sturat wrote:

[quote]HoustonGuy wrote:

[quote]Sturat wrote:
Xander,

Currently I’m looking for a commissioned sales position, my current position is sales but with no commission and a pretty meh base salary so I figure since I do damn well at it I might as well find somethign that pays a little better.

Shoot me a PM and I’ll explain who my cousin is.

I appreciate all the advice on what to read, I’m happy to do research but like I said I’m so green at this I don’t know enough to sort the crap from the good stuff so I appreciate some guidance.

I actually have no intention of not working, I simply don’t want to have to work. Big difference.

Thanks for the advice from everyone, I have a lot of reading to get going on.[/quote]

Look in to insurance or financial services. They get a bum rap but you not only get comission, you also get residual comission. A good company offers vesting time tables too.

This means you pick up 5-10 new clients a week, every week. Roughly 28 new clients a month. Every month, your clients pay their bill/contribute to their fund and you get paid again while adding new clients to your pile.

As your client base grows, so does your income. You get paid on work you’ve already done, kind of like a tenant paying rent each month, except you get to pick up more “tenants” every day.

After 5 years or so, you can be vested in your clients. This means you own them. As long as they are on the books, you get paid your commission, even if you quit, which allows you to use your own capital to invest in a bigger “bang” for your buck. No loans, no interest, just your own money.

For simplicity, say each client pays $100 dollars per month and you get 30%.

28 * 30 = $840 in new commission per month.

In month two you get $840 from existing clients plus $840 from new clients

Then month three, $840 *3

And month four and so on.

By 12 months you are making $10,080 per month

Multiply that by five years and you are at $50,000 per month - cancellations and lost clients. Each company should be able to provide average attrition rates.

As you research your financial future, talk to independent insurance brokers and financial advisors 5+ years in the business. NOT employees of a company, self employed reps/brokers.

Their financial success will shock you.

If you are good at sales it could be a good move. You can use your sales commissions to jump in to real estate in a big way, owing nobody nothin’.
[/quote]

My only concern with this one is that my cousin has been in insurance for years starting at the bottom, having his own firm etc and at the end of the day he’s been resoundingly okay for income. So it leads me to believe that there’s an okay income available but nothing spectacular there and okay I already have.

STU
[/quote]

Not your billionare cousin I’m assuming?

The thing about independent insurance agents is that their level of success can vary greatly. A poor salesman will make a poor income. A mediocre salesman mediocre and an excellent salesman…

Unlike a salaried position, nothing is regulated. There is no gaurantee but there is also no cap. Same goes for real estate, as an agent or a broker.

You say you are in sales. Some of your coworkers close more sales than others. In a commission scenario, you guys would all have varying incomes even though you carry out the same job function.

With risk comes reward. If you are honestly good at sales, straight commission with residual income is the way to go.

Not to talk shit about your insurance cousin, but he either is a mediocre performer or hasn’t aligned with the right companies.

You absolutely will not get rich with out risk. No one, barring trust fund babies and lottery winners, has.

37

[quote]HoustonGuy wrote:

[quote]Sturat wrote:

[quote]HoustonGuy wrote:

[quote]Sturat wrote:
Xander,

Currently I’m looking for a commissioned sales position, my current position is sales but with no commission and a pretty meh base salary so I figure since I do damn well at it I might as well find somethign that pays a little better.

Shoot me a PM and I’ll explain who my cousin is.

I appreciate all the advice on what to read, I’m happy to do research but like I said I’m so green at this I don’t know enough to sort the crap from the good stuff so I appreciate some guidance.

I actually have no intention of not working, I simply don’t want to have to work. Big difference.

Thanks for the advice from everyone, I have a lot of reading to get going on.[/quote]

Look in to insurance or financial services. They get a bum rap but you not only get comission, you also get residual comission. A good company offers vesting time tables too.

This means you pick up 5-10 new clients a week, every week. Roughly 28 new clients a month. Every month, your clients pay their bill/contribute to their fund and you get paid again while adding new clients to your pile.

As your client base grows, so does your income. You get paid on work you’ve already done, kind of like a tenant paying rent each month, except you get to pick up more “tenants” every day.

After 5 years or so, you can be vested in your clients. This means you own them. As long as they are on the books, you get paid your commission, even if you quit, which allows you to use your own capital to invest in a bigger “bang” for your buck. No loans, no interest, just your own money.

For simplicity, say each client pays $100 dollars per month and you get 30%.

28 * 30 = $840 in new commission per month.

In month two you get $840 from existing clients plus $840 from new clients

Then month three, $840 *3

And month four and so on.

By 12 months you are making $10,080 per month

Multiply that by five years and you are at $50,000 per month - cancellations and lost clients. Each company should be able to provide average attrition rates.

As you research your financial future, talk to independent insurance brokers and financial advisors 5+ years in the business. NOT employees of a company, self employed reps/brokers.

Their financial success will shock you.

If you are good at sales it could be a good move. You can use your sales commissions to jump in to real estate in a big way, owing nobody nothin’.
[/quote]

My only concern with this one is that my cousin has been in insurance for years starting at the bottom, having his own firm etc and at the end of the day he’s been resoundingly okay for income. So it leads me to believe that there’s an okay income available but nothing spectacular there and okay I already have.

STU
[/quote]

Not your billionare cousin I’m assuming?

The thing about independent insurance agents is that their level of success can vary greatly. A poor salesman will make a poor income. A mediocre salesman mediocre and an excellent salesman…

Unlike a salaried position, nothing is regulated. There is no gaurantee but there is also no cap. Same goes for real estate, as an agent or a broker.

You say you are in sales. Some of your coworkers close more sales than others. In a commission scenario, you guys would all have varying incomes even though you carry out the same job function.

With risk comes reward. If you are honestly good at sales, straight commission with residual income is the way to go.

Not to talk shit about your insurance cousin, but he either is a mediocre performer or hasn’t aligned with the right companies.

You absolutely will not get rich with out risk. No one, barring trust fund babies and lottery winners, has.
[/quote]

Haha, yeah I have quite a few cousins.

My current position is largely sales but only pays salary, no commission.

Our zone (Manitoba to the west coast) increased sales by about 3% last year, my particular region increased by 3% last year. This year it increased by 24%. I think I’m not too bad at this.

I don’t know how to get into that but maybe I’ll ask my insurance cousin.

38

[quote]Sturat wrote:

[quote]HoustonGuy wrote:

[quote]Sturat wrote:

[quote]HoustonGuy wrote:

[quote]Sturat wrote:
Xander,

Currently I’m looking for a commissioned sales position, my current position is sales but with no commission and a pretty meh base salary so I figure since I do damn well at it I might as well find somethign that pays a little better.

Shoot me a PM and I’ll explain who my cousin is.

I appreciate all the advice on what to read, I’m happy to do research but like I said I’m so green at this I don’t know enough to sort the crap from the good stuff so I appreciate some guidance.

I actually have no intention of not working, I simply don’t want to have to work. Big difference.

Thanks for the advice from everyone, I have a lot of reading to get going on.[/quote]

Look in to insurance or financial services. They get a bum rap but you not only get comission, you also get residual comission. A good company offers vesting time tables too.

This means you pick up 5-10 new clients a week, every week. Roughly 28 new clients a month. Every month, your clients pay their bill/contribute to their fund and you get paid again while adding new clients to your pile.

As your client base grows, so does your income. You get paid on work you’ve already done, kind of like a tenant paying rent each month, except you get to pick up more “tenants” every day.

After 5 years or so, you can be vested in your clients. This means you own them. As long as they are on the books, you get paid your commission, even if you quit, which allows you to use your own capital to invest in a bigger “bang” for your buck. No loans, no interest, just your own money.

For simplicity, say each client pays $100 dollars per month and you get 30%.

28 * 30 = $840 in new commission per month.

In month two you get $840 from existing clients plus $840 from new clients

Then month three, $840 *3

And month four and so on.

By 12 months you are making $10,080 per month

Multiply that by five years and you are at $50,000 per month - cancellations and lost clients. Each company should be able to provide average attrition rates.

As you research your financial future, talk to independent insurance brokers and financial advisors 5+ years in the business. NOT employees of a company, self employed reps/brokers.

Their financial success will shock you.

If you are good at sales it could be a good move. You can use your sales commissions to jump in to real estate in a big way, owing nobody nothin’.
[/quote]

My only concern with this one is that my cousin has been in insurance for years starting at the bottom, having his own firm etc and at the end of the day he’s been resoundingly okay for income. So it leads me to believe that there’s an okay income available but nothing spectacular there and okay I already have.

STU
[/quote]

Not your billionare cousin I’m assuming?

The thing about independent insurance agents is that their level of success can vary greatly. A poor salesman will make a poor income. A mediocre salesman mediocre and an excellent salesman…

Unlike a salaried position, nothing is regulated. There is no gaurantee but there is also no cap. Same goes for real estate, as an agent or a broker.

You say you are in sales. Some of your coworkers close more sales than others. In a commission scenario, you guys would all have varying incomes even though you carry out the same job function.

With risk comes reward. If you are honestly good at sales, straight commission with residual income is the way to go.

Not to talk shit about your insurance cousin, but he either is a mediocre performer or hasn’t aligned with the right companies.

You absolutely will not get rich with out risk. No one, barring trust fund babies and lottery winners, has.
[/quote]

Haha, yeah I have quite a few cousins.

My current position is largely sales but only pays salary, no commission.

Our zone (Manitoba to the west coast) increased sales by about 3% last year, my particular region increased by 3% last year. This year it increased by 24%. I think I’m not too bad at this.

I don’t know how to get into that but maybe I’ll ask my insurance cousin.

[/quote]

In the states you get a license, then go to companies and tell them you want to sell their products. Then you do. Some guidance would be smart though.

But, to be fair to yourself, find successfull agents and talk to them before counting insurance or financial planning out.

For what it’s worth, I whole sell annuties to agents and insurance companies. They use them to build their policies and retirement plans. Some of my clients are skimming along at $50-60k per year.

No bullshit, some of them are doing $500k to $2m+ per year. Most are in the $250k neighborhood.

That is not to say that insurance and finance in general doesn’t have high turn over rates, but those who make it tend to make it big and if you can sell…

39

Thanks HG.

The only issue here is that I have absolutely no idea who to talk to or how to find them. lol.

40

I thought he already said he had a good job lined up with a significant income. But you all are telling him to go sell insurance?