Question for EDJ vets visiting the rookie threads

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Nov 23, 2008 9:57 pm

I'm about to start with EDJ as an FA and have read where they estimate me to be financially in my first few years. I was hoping that any of you true EDJ vets could provide me with a "non-sugar coated" idea of where I may be financially. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


First and foremost I'm 28, single, no mortgage, and have very little expenses in my life right now which include a $145 car payment, cell phone, insurance, gas, food/toiletries. I also have somewhere to stay rent free as long as I need. Here are my questions:


 


1. I plan to at least produce slightly above EDJ expectations as far as production goes and most likely close 125% - 150% of what they would consider an acceptable amount of business. Not quite an EDJ prodigy, but also not just an average Joe meeting minimum requirements. I’ve achieved success in previous sales positions and I anticipate that I’ll replicate the same results. What should I financially expect years 1-5?


 


2. Since I'm a single young guy, I'm in a position to dedicate as much time as necessary to passing the FINRA exams and begin building my business. I've been emotionally prepared to spend 9 hours per day 7 days per week during the "at home" study program during weeks 1-10. Then once I'm knocking on doors after the KYC training in STL, I expect to spend 12 hours per day @ 6 days per week prospecting. I'm very serious about this job and am ready to sacrifice my social life for a while to achieve a comfortable position with the company. Are these estimates far off? Should I expect to put in more hours or less?



Any serious advice is greatly appreciated.

Nov 23, 2008 10:20 pm

I'll submit this for your consideration: Probably the most frustrating part of this business (for my mindset, anyway) is that number of hours "worked" doesn't automatically  equate to more income. Whether or not 12 hours a day six days a week will be "enough" to meet your goals depends completely on the effectiveness of your approach. If you plan to "work" 12 hours a day honestly, relentlessly cold-calling, you also run the risk of burn out. Not many folks can do that and do it successfully over any period of time. On the upside, if you employ an effective strategy (however that's defined for your prospects) AND you work those hours, you will be RICHLY rewarded. Good luck.

Nov 23, 2008 10:29 pm

Oooops, sorry. I'm not an EdJones vet, (I don't always read and follow all directions to the letter). I did, in any case, mean "cold-calling" in the general sense, making cold "sales calls". 

Nov 23, 2008 10:33 pm
YHWY:

Oooops, sorry. I'm not an EdJones vet, (I don't always read and follow all directions to the letter). I did, in any case, mean "cold-calling" in the general sense, making cold "sales calls". 



Good thing you're not in a closely-regulated industry then.


Nov 23, 2008 10:38 pm

In that case, Colo, I am giving you directions to, "Log off this website immediately and go sit in your driveway for three hours."

Nov 23, 2008 11:27 pm

Not really a vet, three years in, but if you're single, you should be able to pay your bills easily enough for three years. After five years, you should be comfortable. .... Go easy on the 'I'll work 12 hours a day,' talk. Get to the office early and make calls in the evening, yeah, but don't kill yourself. It's counterproductive.

Nov 23, 2008 11:55 pm

I suppose the "working 12 hour shifts daily" mentality comes from my military side. That was the work ethic instilled when we were in a deployed environment and I guess it just kind of stuck with me. I do understand what people are saying though.....

Nov 24, 2008 8:23 am
YHWY:

In that case, Colo, I am giving you directions to, "Log off this website immediately and go sit in your driveway for three hours."



  But it's 12 degrees out there!

Nov 24, 2008 5:43 pm

There are sooo many threads that talk about what to expect the first few years. Just do a search. I think this has come up twice this week. I am not a vet I am new. Generally speaking you can only knock on doors during the day. When its dark out you are received even less welcomely than during the day with the sunlight. However, if you have another way of doing it. Cheers.

Simply put there is a big barrel of sh*t to be eaten. Eat it how and when you want. I hope to someday enjoy the taste.