re: There Is A Ton Of Money To Be Made In Insurance...

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Where do you guys get this idea it's an industry completely reliant on cold calling? Serious question. It makes no sense to me.

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Because the VAST majority of insurance sales careers start off with cold calling?

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it's pretty crazy money.

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i bet it is...because insurance for the most part is a fricking scam.

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How does one become an actuary?

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Generally a degree in math/statistics, and pass a bunch of certification exams in probabibility, modeling life contingency, financial probabalities, etc.

The more exams you pass the more money you make.

For example with life insurance you come up with an estimation of ones life expectancy based on lifestyle, medical history, etc vs the future value of the policy they are buying. If they have x amount of expected years left to live, and their policy will be worth y amount of money, you,assume a certain ROI based on premiums meant to cover the final policy.

Tl:dr, you make sure they pay more money that appreciates before they die to cover the policy they bought. Yeah its a lot of math, time value od money stuff.

Where there is mystery, there is margin . There is a lot of mystery in insurance. If you figure the industry out , and I mean really figure the industry out, and identify a niche , and become the best at what you do and REALLY like people in an honestly empathetic way, you can become quite wealthy.

The people who become most successful tend to be the least smarmy and similar in demeanor to a pastor, psychologist or a counselor. They are motivated by what they get from relationships with clients. And they know that for every 1000 person who enters the industry, maybe ten will be real industry high- flyers. The top of the profession are worthy of much respect, the bottom feeders are well... bottom feeders.

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it's a lot of bs is what it is, I only took 20 hours of calc at LSU but I am better at numbers and common sense than any actuary that I've had to hire, I do their work but I have to pay them because they're an "actuary"

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I'm guessing most contractors think this when they are building stuff designed by engineers. But I would make a guess that just because they know how to do something they dont know why it is done.

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I would make a guess that just because they know how to do something they dont know why it is done.

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being both an engineer and a contractor , I feel pretty confident in that area, however, although I am not a lawyer but have had to employ many, I feel pretty confident that I know the law as it pertains to my affairs as well as any I've ever met

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Then you still need to find clients and quality referral sources, which is tougher when you're really young because people are more hesitant to trust that you know what you're doing.

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7 years in the P&C world and I still get asked about my age being under 30.

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7 years in the P&C world and I still get asked about my age being under 30

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They probably think you're

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anewguy

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Sounds boring, and no fun.

That's why.

Actually takes work. Pick up the phone, make some calls.

Be innovative, make another call or two. Go meet with some folks, sign some papers. Collect a check every month.

Repeat. Collect.
Repeat. Collect.
Over. And. Over.

Easy, but actual work. Easier to just go to school so they can make 1/3 money working for someone else.

Easy way out. That's what we do.

Big earners get out there and get it done. Coasters wait to be told what to do.

The American way. Take your pick.

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There Is A Ton Of Money To Be Made In Insurance...

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--Warren Buffet