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Posted on 3/1/24 at 9:27 pm to Jake88
quote:
Why is that?
Survival of the fittest. You don’t last long unless you can produce. If you last long you’re going to make good money.
Posted on 3/1/24 at 9:39 pm to geauxdroddz
quote:
, medicare residuals appear to pay well.
Yes. I’ve been doing Medicare insurance sales for 25 years now. It’s a great industry. I’m an independent agent and earning $250K. I’ll be over $300K in a few years. I’ve got clients that have been with me since I started, a testament to the fact that people are living longer. Yes, Residuals are great. And almost everywhere I go, I see prospects. Eventually everyone gets on Medicare, and once you’re on Medicare, you’re on it for the rest of your life.
And yes, you’re helping people. My clients are so appreciative of what I do; insurance is so confusing, it’s Greek to most people. I give my clients peace of mind. I love meeting new people and I’m always interested to learn about their lives, their careers. I really love my job and I could do it for the rest of my life.
Posted on 3/1/24 at 10:27 pm to gdzgft28
quote:
But you’re netting 25-45%. So that’s like $675k on the high end, $275k on the low. And that’s at least half a dozen employees, 6 figure marketing budget, and a 5k lease. You can do that as a solo Medicare agent working out of your home.
A 55-75% expense ratio?
Posted on 3/1/24 at 10:29 pm to gdzgft28
quote:
Your residuals and new commissions go pay for your overhead. Youre talking revenue. How much do you keep. Most P&C agents income is little more than their bonus.
You couldn’t be further from the the truth.
Posted on 3/1/24 at 10:34 pm to Jake88
quote:
Looking at insurance mag website it says that the 90th percentile is an income of 130k. How is it everyone in here far surpasses that? Genuine question.
Because it’s how the term “agent” or salesperson is classified. I have 4 licensed sales employees and 3 service, they make a base salary plus commission.
As the agency owner, I’m 100% paid directly from the carrier. I determine how to operate based of that revenue.
Posted on 3/1/24 at 11:13 pm to DCtiger1
Well this thread really figured everything out
Posted on 3/2/24 at 1:48 am to DCtiger1
quote:
You couldn’t be further from the the truth.
I’m a former agency owner. Before that I was a banker that lent to insurance agencies. I know exactly what I’m talking about.
Posted on 3/2/24 at 1:54 am to DCtiger1
quote:
A 55-75% expense ratio
Absolutely. If you’re maintaining yours is better then I doubt you’re telling the truth about your agency. Unless you don’t have an office, employees or do any marketing.
Posted on 3/2/24 at 10:25 am to gdzgft28
I have 7 employees, I own my office building, and we went from zero to over 10 mil in 4.5 years. I’m not lying about anything. My expense ratio isn’t touching that, try 45%.
Payroll salary expense 333k
Payroll commission expense 50k
Marketing 100k
Fixed expenses 50k
533k/1,300,000 = 41%
Add in the annual bonus of 221k for 2023, it’s even lower.
I have no reason to lie, this is the norm for most agents In my area. We all use the same accounting firm and paid for them to aggregate 50 agents data to show expenses based of tenure and other factors.
Payroll salary expense 333k
Payroll commission expense 50k
Marketing 100k
Fixed expenses 50k
533k/1,300,000 = 41%
Add in the annual bonus of 221k for 2023, it’s even lower.
I have no reason to lie, this is the norm for most agents In my area. We all use the same accounting firm and paid for them to aggregate 50 agents data to show expenses based of tenure and other factors.
This post was edited on 3/2/24 at 10:35 am
Posted on 3/2/24 at 10:29 am to DCtiger1
Are agents at risk of being replaced by AI or some other tech or advancement?
quote:How many policies is that?
from zero to over 10 mil in 4.5 years
This post was edited on 3/2/24 at 10:31 am
Posted on 3/2/24 at 10:34 am to geauxdroddz
quote:
I make a great living and WFH, but no interest anymore and bored as hell
Have you considered watching television or playing video games?
Posted on 3/2/24 at 10:36 am to Jake88
Alittle over 4000 autos and 2000 fire policies.
It’s all relative to the location you’re in. Premium in Florida is high
It’s all relative to the location you’re in. Premium in Florida is high
Posted on 3/2/24 at 10:55 am to geauxdroddz
Become a surety broker
Posted on 3/2/24 at 11:01 am to geauxdroddz
Learn to trade stocks or sell options. Option selling is similar to selling insurance but better because you can hedge.
Posted on 3/2/24 at 12:12 pm to geauxdroddz
You make 150k a year to sit at home and browse a computer? I say hold what ya got and dip your toes in the Medicare supplement insurance sales game as others have mentioned to see how you like it.
This post was edited on 3/2/24 at 12:41 pm
Posted on 3/2/24 at 1:17 pm to Mr. Curious
quote:
Can you code??
This is actually a good option even if it was a joke about Kamala. I know many people who got jobs after just a 6 month coding bootcamp. The expensive ones that only charge if you get a job within 18-36 months and they take some of your salary for 3 years, aren't scams. The 2 caveats are:
1) It's really fricking hard. It's not just memorization either. Kamala Harris would have no chance basically.
2) AI is making such strides in coding that junior level software engineers may be obsolete. I dabbled with a program and Chat GPT was able to do every single problem on a test within seconds. It gets more complicated when you're setting up a server and dozens if not hundreds of routes and such, but as long as AI keeps advancing, it's an inevitability that it will be able to do that, too.
Posted on 3/2/24 at 1:33 pm to Monty Brewster
quote:
Can you code??
This is actually a good option even if it was a joke about Kamala. I know many people who got jobs after just a 6 month coding bootcamp. The expensive ones that only charge if you get a job within 18-36 months and they take some of your salary for 3 years, aren't scams. The 2 caveats are:
1) It's really fricking hard. It's not just memorization either. Kamala Harris would have no chance basically.
2) AI is making such strides in coding that junior level software engineers may be obsolete. I dabbled with a program and Chat GPT was able to do every single problem on a test within seconds. It gets more complicated when you're setting up a server and dozens if not hundreds of routes and such, but as long as AI keeps advancing, it's an inevitability that it will be able to do that, too.
All true and I know enough code that I know I hate it - self taught with help with friends that are developers. My current job designs software for investment managers.
Posted on 3/2/24 at 1:46 pm to geauxdroddz
I run a one man repair business. I used to have employees but trimmed to just me and a phone answer person.
I make good money and it's an easy job that provides lots of time for me to do what I want. But I want to find a remote job. I would gladly take a 50% pay cut to be able to work a remote job and move around the world working through a computer. I'm starting to get into online sales but haven't cracked the code yet.
Maybe I'll do tech support or something. I really don't want to work forever I want to explore the world and I need more free time. I see these digital nomads and I feel like that is the life to live.
I make good money and it's an easy job that provides lots of time for me to do what I want. But I want to find a remote job. I would gladly take a 50% pay cut to be able to work a remote job and move around the world working through a computer. I'm starting to get into online sales but haven't cracked the code yet.
Maybe I'll do tech support or something. I really don't want to work forever I want to explore the world and I need more free time. I see these digital nomads and I feel like that is the life to live.
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