Career Advice Please!!!

#1
GoVols817

GoVols817

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#1
Ok Vol Nationites, I need some good advice here. No, I don't want to hear from the 19 year old college students who think they know everything, nor do I want to hear from people my age who haven't seen enough of life to give sound advice.

Here's the deal, I'm 27 years old with a family of 4. I did NOT go to college, I went to the military. My field in the military and field in my job history was electrical work. 4 years ago, I decided to make a career change and get into consumer finance.

I have worked at a couple of companies, trying to find a niche and somewhere to advance my career. I have an excellent sales record and have received high ratings on most of my reviews. My problem in this business is, there is a very obvious ceiling in income potential. I make a standard salary, with the ability to bonus, but not very much.

Thru my employment at my current company, I was able to get my TN Life and A/H Insurance licenses. I have explored many opportunites as it relates to this field, b/c the income potential is lucrative. However, I have been unable to find a place I felt comfortable getting started and feeling like I had a high likelihood of success. Most places want you to simply bring your own business, and build on it, providing nothing to you.

I have interviewed with a company who provides PLENTY of leads, daily, and I have verified this thru a couple of people who have left my company to go work for them.

Here is where I need the advice, as stated, I have a family. I am very confident in my ability to sell and build relationships with people. My current income level is about $40k/year including my bonuses. I do not spend alot of money on anything except UT trips for sports, but I'd obviously like to make the most money possible, and feel I could enjoy working a little more. In your opinion, is leaving a steady paying job of that level be a smart move if I'm going to an all-commission job where they provide a good flow of business source?

I appreciate anyone who takes the time to read this and give any advice, this is a big decision for me and my family and I'm trying to get all the input I can.
 
#2
#2
I have experience with the business that you speak of. What exactly would the product be that you would be getting leads for? Are we talking Life insurance, Disability, Long Term Care, Medicare supplements etc?

These types of deals usually sound good going in, but they really come down to 2 questions:

1) Are you truly a guy whose sales ability can carry you?
2) How do you feel about waking up in the morning and not knowing where your paycheck is going to come from that day?
 
#3
#3
GAVol said:
I have experience with the business that you speak of. What exactly would the product be that you would be getting leads for? Are we talking Life insurance, Disability, Long Term Care, Medicare supplements etc?
Click to expand...

Whole and Term life products, supplemental Health and Cancer policies and worksite policies.
 
#4
#4
GoVols817 said:
Whole and Term life products, supplemental Health and Cancer policies and worksite policies.
Click to expand...

So, it's an "AFLAC" sort of company that goes to employers and tries to write benefits?

Some people can do it. Some people can't. Personally, I'd never survive selling supplemental health and dread disease policies. 30 seconds into my sales pitch I would break down and tell everybody that they aren't worth jack.
 
#5
#5
No, not at all. I've interviewed with AFLAC, didn't appeal to me either.

This is a life insurance company who SUPPLIES me with leads, who want someone to come to their home to quote them life or cancer insurance. Yes, there are workplace products we can offer to write alot of business at once, but that isn't the lifeline.

From what I understand, or at least what was pitched to me. If you work the leads provided to the tune of 5 appts a day, your best selling products will be Life and Cancer policies, and you will make in the neighborhood of $80-90k, as long as you have the self discipline to get up and do it.
 
#6
#6
The best advice I can give you is to be very honest with yourself about your ability to sell. The most miserable I've ever been in a job in my life was in a deal sort of like this. I just didn't like it . . . but there are people who love to sell and make a killing.

Just don't get dazzled by the income potential and think that this is the only way to get into the insurance business.
 
#7
#7
Thanks GaVol. I have looked at several insurance companies, and am not easily "hooked" by big dollars. I'm not greedy, just want to provide a better life for my family.

I am my worst critic, I honestly have felt for quite some time that if you put me in someone's living room who is genuinely interested in anything, I could sell it to them.

Thanks for the advice.
 
#8
#8
Not to be the depressing one but having kids now has a lot to do with it as well. Does your wife work? Making a change with the risk on salary like you say is a big leap. Sales is one of those unpredictable fields. If there is a downturn in your field, your money flow is short and your family suffers.

Like GV says, unless you are just 100% sure you can carry a load in sales and the field is steady and reliable, then stick with the security you have now. If you were single or just with a wife, you can take more risks. But with kids involved and sales as the field, those weigh heavily.

Not trying to drag you down. but I have 3 kids and have toyed with career or company changes. I'm confident in my skills but not in the field I'm in being steady. If I change, I'm at the bottom of the totem pole. If they make cuts, I'm more than likely the first to go.
 
#9
#9
GA is right. It all comes down to having an accurate assessment of your own talents and your tolerance for stress. A great philosopher once said, "Fortunate indeed is the man who takes exactly the right measure of himself." The fact you have thought enough about this issue to ask the right questions tells me you will make the right decision.
 
#10
#10
The 40,000 a year you make is close to what a new masters degree level teacher would make in her early years as a teacher. So realisticlly you're income isn't bad at all. I think you should stay in your job for now and maybe take a few classes at UTC and let the military pay for it. You sound smart enough to do this and then your drive coupled with some education in your field of study you should be able to advance in your company.The biggest thing to me is having three adult sons, one close to yuor age, I'd be really concerned about the well being of the children. That said, I do remember a man who had only an 8th grade education who turned out to be a millionaire.Named Baskin, from Nashville. He was in insurance and he said he got to where he was by "Knocking on doors".Good luck to you.
 
#11
#11
GoVols817 said:
Thanks GaVol. I have looked at several insurance companies, and am not easily "hooked" by big dollars. I'm not greedy, just want to provide a better life for my family.

I am my worst critic, I honestly have felt for quite some time that if you put me in someone's living room who is genuinely interested in anything, I could sell it to them.

Thanks for the advice.
Click to expand...
the trick is getting them to get ineterested.

but anyway.....i've had several opportunities over the years for commission based jobs, not in the same inudstry, but the same philosophy applied.......

there's one thing i know about myself that won't/hasn't changed......i earn a good living doing what i do, and i don't know that i can give up the steady income it provides me for the "chance" to make more. because there's also the "chance" to make a lot less depending on a number of factors, including how well would i be at doing this on a daily basis compared to what i'm doing right now?
 
#12
#12
I'm likewise a non-college grad veteran, and the same age as you, as well. Congrats on looking for something bigger and better.

Can you possibly keep the back door open at your present employer should you go out and have things not work as well as expected? Are you in good enough standing where you're at where you'd be taken back?

Most importantly, do you think you can be successful in the new job? Not know, because nothing is ever certain, but if you feel you can do the job, and take care of things on the home front, then stick your head out.

I have an uncle who sold cars, then insurance, then cars again (with a big headhunting sign on bonus) as a manager, then mortgages, and now cars again. Sales can do very well, if you have the ability for it. And you're never going to know unless you stick your neck out there and give it a go.
 
#13
#13
Thanks to all the advice so far. My wife does work, but makes very little money. She works at my little girl's daycare for several reasons, the most being b/c it puts her close to our child and she likes the hours.

Once again, I enjoy the security of my job, but my theory is that I'll never TRULY know what I'm made of til I get out there. If I fail, I'm 27 and marketable still. I do my job well and have left both employers in finance on very good terms. If I sit on security, I feel like I may look back in 10 years and kick myself b/c I never had the guts to test myself.
 
#14
#14
I have a B.A. in English and a B.S. in Finance. I should have gone to Nursing School and gotten a Master's to be a Nurse Anesthetist after a year or 2 of work. Or, I should have planned on moving to New York City, Atlanta, Dallas, Chicago and taken my degrees with me. I do know of a young lady who works for a small, private insurance company that only deals in bonding construction companies. They make tons of money.
 
#15
#15
GoVols, several years back I left a business that I had job security in, and was very good at, for a sales job in a totally unrelated field - home improvement sales. lt wasn't easy learning to sell 15k worth of windows or siding to people I had never met withing about an hour of meeting them. But I buckled down, mastered the presentation, and closed many a deal.
Problem was, my income depended on whether they had credit. That's a HUGE problem in Memphis. It eventually led to me quitting for the same security of the 40k lifestyle. Your success in this new venture depends less on credit and more on leads, quality thereof, and your ability to close. If they provide the quality and volume, you will be successful.
Good luck!
 
#16
#16
I work a 100% commission business as a money manager. I also have my life insurance license (though I must admit I never solicit the insurance side of the business). Unless you have a book to build on and obviously repeatable revenue I wouldn't go 100% commission. You can be the best salesman in the world and unless you know a lot of wealthy people who need insurance it's very hard to make it short term unless you are the type you can work 14 hour days. It a numbers game. Calculate how many policies you need to sell to be able to have enough money to support your family. Try to figure out how many leads you have right now. Don't count on your company providing good leads and therefore leading to 100% of your business. Be realistic. Have some money saved up. The first 2 years you may be making almost no money. my $.02
 
#17
#17
GAVol said:
So, it's an "AFLAC" sort of company that goes to employers and tries to write benefits?

Some people can do it. Some people can't. Personally, I'd never survive selling supplemental health and dread disease policies. 30 seconds into my sales pitch I would break down and tell everybody that they aren't worth jack.
Click to expand...

i felt the same way. the more you know about a product sometimes the more you realize how bad it is for the client. unfortunetly the products that have the highest commisions genually aren't the best for the consumer. Personally i decided that i wanted to build my business the right way and was willing to have some lean years for a while. It's hard. Especially when you have a wife and kids. Thankfully i was single and didn't have those concerns. But I've found those that came in with me who ran their business the right way are still there. Those who went for the easy money are all gone. You want clients that will trust you for 30 years who you will be their first thought for this kind of advice. if you don't do right by them you are constantly having to look for new clients which is very hard and not sustainable. You want a certain % of business that is repeatable and requires little upkeep and doesn't require cold calling or beating the bushes 24/7.

Not sure this is 100% relavant to the original question since i've not worked in that exact business, but once again my $.02.
 
#18
#18
I don't have insurance experience but have seen quite a bit of sales jobs.

Typically, sales (esp. commission sales) is a much better gig if you are selling to businesses rather than consumers.

Not sure what insurance jobs fit this bill (I'm sure they exist though).
 
#19
#19
Two thoughts;
1) Take classes with an eye to a finance degree and look at opportunities in banking...a salesman with a finance base may find areas in that venue....financial planning, trust banking etc.
2) Is there anyway to do the insurance thing part time? It may be a way to take a closer look without the risk.

I wouldn't quit the day job because I assume there are some benefits (medical, ect.).

Good luck....I think you'll make the right decision and do well.
 
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