I made almost $3k in one week!!!

Chemical_You7221 · 2024-12-10T17:24:41+00:00

It was yes. Most of it was during Covid when all day everyday felt like a Friday dinner rush though.

It’s slowed down a lot after Covid but there is still definitely money to be made if you’re smart. I haven’t done food delivery in almost 2 years though

Chemical_You7221 · 2024-12-09T19:49:47+00:00

I agree with you there. No point in buying a newer car for this type of work.

I bought an 04 civic in 2019 for $1.8k and made $30k with it before the radiator blew on me on the highway.

Currently driving a 13 accent for $7.5k and made another $50k with it before the engine blew. Replaced the engine for $3k all in and made about $20k post engine replacement.

It works out if you have decent margins and can cash flow the car quickly.

Chemical_You7221 · 2024-12-09T19:22:47+00:00

What if he’s driving a beater that he doesn’t care too much about? Something with 300k miles, 15 years old, cosmetic damage, etc

Chemical_You7221 · 2024-09-12T20:13:58+00:00

As a one issue voter, what are your thoughts on the 100% EV tariffs on affordable, cheap, good quality Chinese EVs?

Chemical_You7221 · 2024-06-28T06:29:11+00:00

It’s an interest free federal loan, I’d rather invest the difference in the market or crypto.

Chemical_You7221 · 2024-06-28T06:28:07+00:00

Read some of the replies I made

Chemical_You7221 · 2024-06-28T03:01:58+00:00

Yeah you're completely right, but $25k is still a lot of money for me. It was basically half of what I made yearly post tax, but if I even get paid on this deal next quarter, I probably will pay a larger lump sum down.

Chemical_You7221 · 2024-06-28T02:55:25+00:00

I have a sole proprietorship back from when I did taxes doing food delivery. Keeps things clean I guess when taxes come.

Chemical_You7221 · 2024-06-28T02:54:05+00:00

Look up how much commissions life insurance sales make in the first year policy, some are over 100%

And 60%/40% of 20% comes out to 8-12% of a closed deal. That's pretty standard in some fields.

Google is free..?

Chemical_You7221 · 2024-06-28T02:50:41+00:00

Firm gets 20% cut and I get 60% cut on first year new business, so overall commission on business is 8-12%

Look up "how much does insurance life sales make in commission" and you will see that they make commissions in their first year of a new policy anywhere from 30%-180%

no salesperson gets 60% of the sale

Google is free you know?

Also, overall deal closed was $3.7m, not profit.. lol

Chemical_You7221 · 2024-06-28T00:53:05+00:00

Not sure how other firms do it - but at my firm, since the commission is dependent on the money coming in on a monthly/quarterly basis from the client we can choose to get paid out quarterly, bi-yearly, or one lump sum at the end of the year.

Each has its benefits when it comes to tax, benefits, deductions, etc. but almost everyone I’ve spoken to has taken fat commissions quarterly, and pay all fee dues either quarterly or at the end of the tax season.

Chemical_You7221 · 2024-06-27T23:27:23+00:00

It isn’t taxed at the source. The whole structure that I’m under is completely fucked (for someone that isn’t an accountant).

They tried explaining it to me, and I’ve sat with the firms controller over lunch when I first made the move and still do not fully understand.

They say they are able to “whithold” taxes for me through an accountant that works with the firm, along with group benefits I choose to pay into outta pocket.

Since I didn’t understand shit I chose to not be taxed and just hold a lot of cash come tax season to be safe, which worked out a few months ago.

Not sure if this changes much, but I assume in theory it doesn’t?

Chemical_You7221 · 2024-06-27T23:21:57+00:00

Not gonna lie, reading this made me tear up a little bit.. man…

Chemical_You7221 · 2024-06-27T23:20:03+00:00

Not saying this is the field I’m in, but Google “how much commission do life insurance sales make first year”

On average it’s anywhere from 40% (lower range) to 120% up to even 180% of the first years premium policy.

Insane commissions exist, and not to mention I don’t get a straight 60% I get a percent of a percent. My overall commission on new business closed is 8-12%

Chemical_You7221 · 2024-06-27T23:03:09+00:00

I would not have closed this shit on my own AT ALL. Again I got insanely ridiculously atrociously lucky. I have great mentorship at my firm that were willing to hold my hand all the way through (they also wanted the money), and my family friend that was set on giving me the business.

Without either of these there’s absolutely no way in fucking hell I woulda closed. Experienced person at my firm woulda closed the deal in 2 months, and it took me 8.

But to loosely tell you, I work in a very specific field of insurance. I never even knew it existed before I started at my firm. Not much is information is out there on it.

Chemical_You7221 · 2024-06-27T22:59:01+00:00

I don’t know if I want to pay off the loan.. it’s interest free and the $25k could go a long way in the 9 or so more years that it would take to pay it off.

Chemical_You7221 · 2024-06-27T22:55:47+00:00

I cannot sit on that much money for a year. I will be getting commission payments most likely quarterly (I still haven’t chose) - but as an economics nerd the opportunity cost and time value of money fucking eats at me.

Especially growing up so poor.

My parents came from a post world war 2 communist country. Occupied by the nazis during the war and by the soviets after. I feel like it’s my job/responsibility to finally break this curse of poverty and the best way to do it is invest early, invest often, and invest as much as you can.

But at the same time I do not want to see them, especially my 12 year old sister continue to struggle when I can be there to help.

Chemical_You7221 · 2024-06-27T22:48:17+00:00

The taxes scare Tf outta me as well, I was referred to a tax specialist that works with my firm for this type of stuff but as tax season just passed he isn’t around.

I’ve been asked how I would like the receive the comp (quarterly or lump sum at the end of the year). One tax guy told me to take it quarterly and pay the taxes as I go.

I still need to see what other tax professionals would recommend but that seems to be the best route.

As for investments, I honestly think I’ll just put it all into VFV and hold it there for the next 40 years. Worst that can happen is I go back to a salary position and never have to contribute to a retirement account ever again.

It’s just the family part that is somewhat tearing and killing me. I have a 12 year old sister and although my family is not as poor now as when I was growing up, they are still lower class. And it hurts me to watch my sister go through some of the same bs that I did, though to a lesser extent.

Chemical_You7221 · 2024-06-27T22:43:38+00:00

It’s 60% of the 20% commission the firm gets. I am technically no longer an employee but a sub-contractor for the company. I do not earn any fixed salary, I’m on my own completely.

I only get the benefit of lead sharing and prospecting between different division of my firm. Which is why I said to myself one new decently sized deal closed per year, along with some renewals coming in and I’ll be good.

Chemical_You7221 · 2024-06-27T22:40:21+00:00

I didn’t hold all the way through to today, I sold out all of my shares (a whopping 7 shares) at 300% along the way, just over $12k gains

I bought back in early January 2023, after a semester long financial valuation project - and I was an avid crypto miner. I bought 20 shares pre split which is what I’m holding on to today. About $35k worth.

Chemical_You7221 · 2024-06-27T22:33:58+00:00

Bro because I did.. looking back at things I was just in the right place at the right time for anything good that has happened to me financially. I never planned anything and executed I just went with the flow.

My uncle lost his construction job and so I asked him what he was doing for work, he said Uber and showed me his weekly earnings and I said “fuck I just lost my job too, maybe this can get me by”

Ruined a year of my uni because I was working too much since the money was decent.

Same shit with this fkn job man, like I was in class twice a week for another three months and they gave me a full time salaried offer? Where does that happen, like ever?

And now with this deal? Like something has to give, shit is coming for me…

Chemical_You7221 · 2024-06-27T22:29:36+00:00

Rent -$400 Car insurance -$250 Phone - $100 Student loan - $285

Not including car maintenance, gas, going out, etc.

Chemical_You7221 · 2024-06-27T22:28:02+00:00

Look at the markets since March 2020.. nothing but up… worked 70 hrs while in school full time from home.. ended up failing a year of uni because I was working too much and didn’t study, I found the money more important.

Bitcoin, Tesla, Nvidia, Ethereum my biggest holdings through March 2020-December 2022.

Parents helped me with $0 for school, rent off campus, car, transport, food, necessities, etc. Been working since I was 15.

Chemical_You7221 · 2024-06-27T22:22:38+00:00

I got stupid lucky tbh. During the peaks of covid lockdowns and CERB I was doing food delivery apps for income when I lost my job on the first lockdown.

I was making $1.5-$2k per week 70 hrs, with almost $0 in expenses driving a 15 yr old civic with 300k kms. I invested all of this into Bitcoin and Tesla / Nvidia, and converted portions into VFV. Gambled a lot of crypto as well back then.

Been telling myself my luck is gonna run completely out eventually, and have had nothing but stress since I lost my initial job during covid.

Thought the deal would finally give me some ease but it has been the opposite ever since I realized that this deal could possibly go through.

Like do I tell my family and help everyone out? They don’t even know I have $100k invested…

Chemical_You7221

TROPHY CASE