Advanced Commissions

[Thedude]

Good with money? Can budget? Write good business?


Take the advance.


But let’s be real, most the country doesn’t have a dime in savings and has thousands in credit card debt so you should probably go as earned as soon as you can. it’s like people saying credit cards are bad.

 

[Thedude]

So far I've written 115 ACA Plans - goal is 150 active / paying in 2019. That will be $2250 in my bank every month for about 400 hours of work.

If I could only take a 3 month advance on life - I'd do it

Cause you hired bad people, are bad with money, and got burned.

 

[DayTimer]

It is unfortunate that this turned into an either/or/better/best debate. It isn't.

I’m with you on this. I don’t want the carrier earning interest on my money...I want to earn interest on my money and/or decide what happens with my money.

Totally get what you're saying here, and as a matter of general principle, I do agree. That is one of the reasons I try to be exacting when estimating my tax payments - I'd rather keep my money in my pocket rather than get a large refund of an over payment.

 

[myinsurebiz]

Im not sure if some of the contributors of this thread are using this topic as a ploy to protect from debt to roll up to them, or if they are pushing this "as earned" philosophy since their main carrier doesnt give advances, but it is poor business practice to not infuse as much cash into your business as possible, all the time, regardless of what your bank account looks like.

We are splitting hairs arguing whos money it is, and just because someone cannot budget money correctly shouldnt force them to go as earned, it should force them to take some business classes, or get mentored by someone who is successful.

Without a doubt, if you make a sale, an agent should receive 100% of their full commission on a nine month advance.

If anyone tells you otherwise, they either think you can't budget, their carrier doesnt offer it, or they are afraid of debt to roll up to them.

Take YOUR money. Dont allow a carrier to hold it. Business 101 if you ask me.

Who willful pays more to the IRS, only to get a return at the of the year? Poor people.

Why take on that same poor thinking mindset in your own business?

The mindset of an agent should be how do I run a profitable business, not how do I become a successful salesperson.

Most def afraid of debt . . . Paying back $40k + debt rollup years ago taught me a lesson. Never again.

6 month max Advance for me and any new Teammates are 6 months too!

 

[myinsurebiz]

Cause you hired bad people, are bad with money, and got burned.

^ ^ ^ only the last one applies to me.

 

[rousemark]

^ ^ ^ only the last one applies to me.

If they let their debt roll up to you the first one also applies..

 

[myinsurebiz]

If they let their debt roll up to you the first one also applies..

Not necessarily. No one that comes on are "bad people" when brought on or else they wouldn't be. I run background checks and credit checks on all new reps - when recruiting anyway.

 

[shonceman]

Not necessarily. No one that comes on are "bad people" when brought on or else they wouldn't be. I run background checks and credit checks on all new reps - when recruiting anyway.

But what he means is that you hired people who shirked their responsibility for their own debt and let it roll up to you. So I'll have to agree with @rousemark on this. The first one definitely applies.

 

[myinsurebiz]

But what he means is that you hired people who shirked their responsibility for their own debt and let it roll up to you. So I'll have to agree with @rousemark on this. The first one definitely applies.

Doesn't mean they were bad people when they were "hired" . . .

But I get the point. But with all the checks in the world - shit happens to people and sometimes changes them.

 

[rousemark]

Doesn't mean they were bad people when they were "hired" . . .

But I get the point. But with all the checks in the world - shit happens to people and sometimes changes them.

Leopards don't change their spots.. If an honest person comes on, gets in trouble and for some reason their debts rolls up to you, they will make an effort to pay you back once they get on their feet.. .