Randy Schwantz in Insurance Agencies
Menu
June 19, 2023 – 4 min read
Randy Schwantz in Insurance Agencies
Randy Schwantz in Insurance Agencies
Let’s face it, the question buzzing in the back of your mind is probably, “Am I making enough money as a producer?” It’s a question we all wrestle with at some point, and guess what? There’s a fairly straightforward answer.
First off, let’s talk about saving. If you’re saving between $65,000 and $90,000 a year, you’re on the right track. Yeah, you read that right. Why? Well, let’s get down to the numbers. If you save $50,000 a year and invest it at a 6% interest rate for 20 years, you’ll end up with around $2.1 million in your nest egg. Not bad, eh?.
But we’re not done yet. That nest egg isn’t just for your golden years; it’s also for life’s big-ticket items. We’re talking about the cost of raising kids, buying cars, paying for college tuition, and even weddings. With two kids or more, you should be shooting for at least a $60,000 annual savings. Many of you will need to stretch that to around $95,000 a year.
So how much do you need to earn to hit these savings numbers? To save $95,000, plan on making about $150,000 over and above your overhead. Yup, you need to generate that much discretionary income. It might sound intimidating, but keep reading.
Here’s the good news: reaching that income target isn’t some pie-in-the-sky dream. You just need to scale your book of business. Grow it by half a million bucks, and you’ll rake in an extra $150,000.
Of course, don’t forget Uncle Sam. Pay those taxes, and you’ll still have about $90,000 left to invest. This is the part where compound interest works its magic.
Stick with this game plan for 20 years, and you’re not just rich, you’re a multi-millionaire. And let’s be real, if you’re not planning to be a multimillionaire, you’re selling yourself short.
But none of this will happen without conscious effort. You’ve got to be deliberate about making money, saving that money, and having a clear game plan.
Last but not least, remember that you’re not alone on this journey. Good technology—like a platform that streamlines your sales process—and great leadership can pave the way to financial freedom. These tools aren’t just bells and whistles; they’re your compass and GPS on this financial journey.
Now, ask yourself this: Who wouldn’t want to be a multimillionaire if given the roadmap? Well, you’ve got it now. Time to hit the road.
How The Wedge Sales Culture Drove New Business Growth
The Wedge Sales Culture is credited as the engine of this growth, and this case study explores how the agency has implemented and benefited from this process.
“Hire Producers with Confidence” Use Our Evidence-Based Interview Process to Eliminate Candidates Who Don’t Have GRIT
With my evidence based interview process you can be sure that your next hire has the GRIT to fight through walls and achieve success selling commercial insurance.
Growing Your Agency Just Got Way Easier
Do you want to work with me to grow your agency?
Take 90-seconds to complete this application
to see if you are eligible for a Growth Session.
How the Wedge Sales Culture Drove New Business Growth
The Wedge Sales Culture is credited as the engine of this growth, and this case study explores how the agency has implemented and benefited from this process.
“Hire Producers with Confidence” Use Our Evidence-Based Interview Process to Eliminate Candidates Who Don’t Have GRIT
With my evidence based interview process you can be sure that your next hire has the GRIT to fight through walls and achieve success selling commercial insurance.
Growing Your Agency Just Got Way Easier
Do you want to work with me to grow your agency?
Take 90-seconds to complete this application
to see if you are eligible for a Growth Session.
Returning visitors only, limited stock
Get your free book by the renowned Mr. Randy Schwantz
Disclaimer: This offer also comes with 3 FREE BONUSES valued at $935, so be ready to turn your world upside down
Warning:
This book provides blueprint on how to hire REAL brokers with a 73.4% success rate, and turn them into Million Dollar Producers.