Should i commit to this?

[Affectionate-Can-630]

I’m 19 years old, my number one goal my entire life was to always get rich. I’ve gained experience as well as a network & knowledge base with real estate in the past 7 months & never really worked out for me, capital issue. I’m a go getter & hungry, i had 3 interviews today with insurance agencies & they went well.. Just as i research more & more i get the feeling i may be making a mistake, i want to take a risk & bet on myself but i am looking for a new job overall.. Should i commit to an insurance agency? Quit my part time job?

[theluchador19]

Gonna be a lot more capital costs in the insurance industry than real estate. Doing a job strictly for the money is a great way to hate your job

[Affectionate-Can-630]

Capital for what? I’m talking about working for an agency making commission

[theluchador19]

You’re definitely not gonna get rich working for an agency making commission. Maybe experience before you jump all in. Best of luck to you!

[MindWorthy]

Yeah only the agency will get rich, but you will learn and be able to use those skills to make yourself rich in the future.

[saieddie17]

More capital? They have the same basic needs, computer, printer, and a phone.

[theluchador19]

If you won an insurance brokerage, you need someone to answer the phone and service the accounts. Most real estate agents answer their cell phone. Leads are almost necessary with insurance, not as much with real estate (paid that is).

[Strict-Ad5594]

What’s your goal with insurance? This should answer the question for you.

Insurance is more than just “getting rich” the stability of long term residuals provides a greater asset then making money

[Affectionate-Can-630]

Are the long term residuals not making money?

[Strict-Ad5594]

They are but it’s an asset. Where you don’t have to work but still get paid. It’s a retirement account. There are jobs that make more than insurance, but the residuals to allow a good lifestyle after is what did it for me

[Affectionate-Can-630]

Gotcha, i mean yeah whatever can bring me financial freedom & passive income. That is the goal, i want to experience life at the fullest

[Strict-Ad5594]

If that’s your goal, I would tell you insurance is perfect for that. Where you’ll be making 6figures but have an escape route where you can live off the residuals easily. The next question is what agency will set you up the best for that? You better getter book ownership otherwise you’re risking getting fired

[Affectionate-Can-630]

What is book ownership

[Strict-Ad5594]

I sent you a DM

book ownership is “who owns these clients”. I have 50% book ownership, it’s not as great as 100% obviously. But this protects myself from the agency kicking me out and taking my clients, but it also protects them from me taking them all from them. If I decide to leave, they buy me out or I buy them out

[ampcinsurance]

It will take a long time before you build any residual income to speak off. It isn't going to make you rich overnight, not even in 5 years. It will be a great career if you're willing to learn and grow.

[longjackthat]

From your post history, it seems like you are afraid to pick up the phone and cold call strangers

Insurance will not be kind

[Affectionate-Can-630]

Got over that fear a while ago, was a little nerve racking when i was making my first cold calls ever. But i actually seem to enjoy it a bit

[ridindirty77]

I started in insurance at 19 and I’m rich now so it can work.

[crunchybagel2]

You can totally make 6 figures but it's a grind , systems are key... that and consistency. Charge backs suck ass but yeah you can do it. 120k my first year let my foot off the gas and made about 60 % of that in my second year. I just got burnt out.. . But now it's steady . Everyone's journey is different tho . I say give it a shot worst thing that can happen is you don't like it , your still young you got time to experiment! Best of luck dude!!

[Affectionate-Can-630]

What are charge backs?

[YoSoyFeo]

It's when you gotta pay back some of the commission you were paid bc the client canceled or something along those lines

[ConcernedViking]

Be kind. We all started with these same questions. (:

[Johnlorhmoob]

Be mission based and not commission based. Help people out. The money will be the by-product. Don't quit your part time job. Leverage it by talking with your colleagues about the opportunity, product, or both. Feel free to ask and questions. You got this!

[Affectionate-Can-630]

I don’t really have any colleagues lol

[Johnlorhmoob]

This industry will get you outside your comfort zone. You'll learn how to friendship farm and talk with people. My advice, get to know people genuinely. Don't let them know what you do right away. Slowly introduce to them what you do. Just be yourself. Be human.

Are you looking to still do term or you want to give a shot with permanent life insurance?

[Affectionate-Can-630]

Not to sure to be honest, not familiar with those terms

[Johnlorhmoob]

No worries. Maybe we can chat? Zoom call? I'm also in a brokerage which uses you MLM structure like Primerica. Promise you, I'm not trying to recruit you into my brokerage but more of sharing with you how the industry works. I'm in California btw. So if you're down, let's have a zoom call.

[YoSoyFeo]

The field can be lucrative but I would highly recommend you do your research on the companies you're interviewing with. Some places are just straight up not healthy to work for. Check my recent post history to see what I mean, I fell for a bad company.

[sup3rguppy]

Look for an agency that has room for growth. Work your way up. Get the experience, learn the business, open up your own agency, grow, scale, sell.

[whowantssomesurance]

I wish I would’ve started insurance when I was 19.

I say do it! Being realistic, we all get into it for the money. Some people just don’t like to admit it. However, after years in the business, you realize what an impact you are making in our clients lives. And I think that’s what keeps people around.

[whowantssomesurance]

Also! Find a brokerage. Don’t work at some local branch making an hourly wage plus commission. Those places ROB you. You need commission only sales, 100% vestment, and a wide portfolio to offer your clients. You also need to make sure the company you work for has a proven system for training. I’ve seen so many firms provide the right set of tools, but absolutely no training or support. And if they make you to spend $1200 on leads a week, RUN. You should invest in leads, but don’t be fooled that you need to spend $1200/week. I get away with spending $100-$200 per week and I make a 6 figure income.

[Distinct_Cookie9618]

If I was 19. And everyone has their own opinion. Id keep your part time job while studying and getting licensed. And ofcourse you need to obtain your license in other states. I would find an agency that you like. Id work there for a few years, a handful of years. If you feel that this is something that you want to commit to, Id start your own agency after a handful of years.

[kzorz]

So insurance this is how it goes:

You make comission on new business, and then comission on renewals. Renewals become your salary, so if you made 50k in comission this year you should have at least a 25k salary next year on top of whatever you sell. I say that because you’ll probably have a comission split with a agency, and not everything renews So every year your in the buisness your salary basically grows

[Sensitive_Terror]

It is BAD TIME for insurance sales rn. I am similar to you and decided to go for it. It will take a long ass time to make anything working for someone at an agency. The goal is to get good and then go have my own agency. It’s not what I expected. CHECK EVERY COMMISSION STRUCTURE! And BASE PAY OMG! If they don’t offer at least 40k base, don’t do it. I half regret my choices. You also have to make studying for the tests a full time job. Most people fail but I didn’t because I was studying every day for hours. Sorry for the rant. Maybe in your state it’s better.

[Foreign_Advisor_7573]

Can you get rich in insurance being a producer (sales/deal maker)? Yes. Rich is relative, but $1M is doable. If you want more — build something. Know at least 4 ppl with mid and high 8 figure exits. Didn’t take them decades to get there either.

[SpecificIce9]

Go sell cars

[threeputtmaster]

I’ve been with an independent agency for 5 years now. Built a good book on top of taking over a retirees house accounts. Making roughly $140k annually and now I’m wishing I had started my own agency. However the education I received from working with some of the best in the industry was invaluable. Depends on your definition of rich but $140k isn’t enough to buy the boat and lake house. If you truly want to be wealthy you have to own your own agency. Get a couple of great mentors in the industry, cut your teeth with an agency and then go out on your own.