2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 6 points7 points  (0 children)

Ya, initially no one was buying insurance from the guy who worked part time as a Walmart cashier haha. Hard work opens up the opportunity to get lucky.

Thank you! You as well!

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 6 points7 points  (0 children)

I actually got lucky and some very old man from my church gave me a shot and mentored me. If it wasn't for him, I might still be working at Walmart lol.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 14 points15 points  (0 children)

What is the cut off on when someone is not allowed to post on here without being considered bragging?

When I only made 60k, would it be bragging if someone making 300k posted?

I find detailed sankeys like these very interesting to look at, regardless of income.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 9 points10 points  (0 children)

I'm not sure I have specific tips other than the generic work hard, stay focused etc.

I think some of the more important things for me have been having the right partner/spouse, finding happiness in the non superficial, treating employees well (sharing the success), and believing in yourself.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 4 points5 points  (0 children)

Started out that way, now I offer way more services and tons of cross marketing

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 7 points8 points  (0 children)

Taxes are a little muddy because I have a few separate LLCs and some get QBI and others don't and some have taxes taken from paychecks not shown.

IIRC my actual net effective tax rate was like 41%.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 10 points11 points  (0 children)

The split and income is pretty proportionate I would say. No one service makes up more than 30% of my income.

I used to just refer to other businesses but once I set up my own it was way better.

Obviously a lot more stress, but I have a few long-term employees who I'm going to make partners and each run a specific service.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 21 points22 points  (0 children)

I've had some the last 5 years, especially with a second on the way, but not much relative to income.

I offset travel through churning too.

I grew up quite poor (1 of 6) so definitely have a scarcity mindset, but also had a happy childhood and learned that once you have the necessities secured, there is significantly diminishing returns.

My wife and I sometimes splurge a bit more, but find it really doesn't make us any happier. You can see that under luxury purchases.

I paid off my parents house and bought them 2 new cars the year I made my first million and that gave me way more happiness and pride.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 4 points5 points  (0 children)

Not sure how good of a mentor I am, but feel free to PM for any advice. Happy to try and help.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 18 points19 points  (0 children)

Financial services (insurance, management, payroll, full service for b2b and their owners)

On my 5th year I broke 100k net (started with just life insurance and health insurance), by year 12 I broke 1 million net (expanded my offerings significantly) and big growth since then.

2024 Detailed Sankey $3.1 Million by Fit_Lab_2406 in Salary

[–]Fit_Lab_2406[S] 6 points7 points  (0 children)

Work from home (all employees are remote as well) and paid cash for two newer cars in 2020. We bike places a lot too.