Those are dumb questions.

[quote=My Inner Child]Those are dumb questions. [/quote]

Agreed.

Feel free to post your responses to these dumb questions.

I just finished my MINIMUM plan for my first complete year.  I will still have to do some transactional business (a good bit) as savings are somewhat limited ($15k) and I have ZERO fee-based business now.  Here is the gist...

$6,500 transactional gross a month min. target
$1,850 fee-based new gross/month added  (about $200-250k/month average)

Should put me gross around $100k for the year.  Minimum new assets added under this plan would be around $5.1 million.

What do you think?  Or feel free to answer the dumb questions above.

[quote=ManDate]

Feel free to post your responses to these dumb questions.

I just finished my MINIMUM plan for my first complete year.  I will still have to do some transactional business (a good bit) as savings are somewhat limited ($15k) and I have ZERO fee-based business now.  Here is the gist...

$6,500 transactional gross a month min. target
$1,850 fee-based new gross/month added  (about $200-250k/month average)

Should put me gross around $100k for the year.  Minimum new assets added under this plan would be around $5.1 million.

What do you think?  Or feel free to answer the dumb questions above.

[quote=AllREIT] [quote=ManDate]

Feel free to post your responses to these dumb questions.

I just finished my MINIMUM plan for my first complete year.  I will still have to do some transactional business (a good bit) as savings are somewhat limited ($15k) and I have ZERO fee-based business now.  Here is the gist...

$6,500 transactional gross a month min. target
$1,850 fee-based new gross/month added  (about $200-250k/month average)

Should put me gross around $100k for the year.  Minimum new assets added under this plan would be around $5.1 million.

What do you think?  Or feel free to answer the dumb questions above.

[/quote]

I would wait untill I had more money saved up.
[/quote]

Would you really?  I think I will wait for that as well.  Not really.  If I didn't have faith in my abilities, skills & hard work, I would've definitely waited for more of a cushion.

ManDate,

It has nothing to do with the faith in ones abilities, skills & hard work.  

When one is undercapitalized, it greatly diminishes the chance for success.  It does not matter what type of business that one owns.

In this business, undercapitalization can definitely lead to conflicts.  There will be plenty of times, for instance, when someone will be better in a fee-based account, but you may be forced to do transactional business with them, so that you can survive.

If you have abilities, skills & hard work, you'll succeed if your money doesn't run out first.

Good points anon.  And well taken.  And probably all true.  Where appropriate, I will not hesitate to put client into fee-based account.  It also helps that the wife has a nice-paying job as well.  Btw...for this reason (and my mad skillz) I really hope I don't have to even touch the cushion that we do have.

Also, what did you make in your first full year gross as an Indy?  Also, what % of that came from existing customers and from new customers?  Lastly, if you weren't doing fee-based before making the move, what % of your existing clients decided to make the switch to fee-based management?

[quote=ManDate]

Good points anon.  And well taken.  And probably all true.
[/quote]

I really, would wait untill you had $50,000 set aside just for this purpose.  This is also a good time, to step back and evaluate your book as well as personal plans etc etc etc.

[quote=AllREIT] [quote=ManDate]

Good points anon.  And well taken.  And probably all true. [/quote]

I really, would wait untill you had $50,000 set aside just for this purpose.  This is also a good time, to step back and evaluate your book as well as personal plans etc etc etc.

[/quote]

What about you AllREIT?  Are you independent?  How was your first year? 

Btw, I'm already independent and don't have any time to "step back and evaluate".  It is head-down and nose to the grindstone time as I continue building the book.  Btw...my initial book was under $5 million that I took.  GASP!!

I need some inspiration.  So...WHILE you are telling me what your first indy year was like (i hope), please also don't forget to tell me exactly what my failed first year will look like.  So that will be your end of the bargain.  In return, I promise to keep you updated on my lack of progress.  Deal?

[quote=ManDate]

What about you AllREIT?  Are you independent?  How was your first year? [/quote]

I'll let you know when I find out.

[QUOTE]Btw, I’m already independent and don’t have any time to “step
back and evaluate”.  It is head-down and nose to the grindstone
time as I continue building the book.  Btw…my initial book was
under $5 million that I took.  GASP!![/quote]

I'm not gasping, I'm just thinking about how to lower the odds of failure. I'm not big on risk. If you were to go independant, its like starting your own business. If you run out of money, its game over.

That's a very unusual thing for most people who are employee's to ever think about. Now you are paying for the lights, and checks etc etc, and you don't have years of accumulated goodwill to fall back on with new clients.

[QUOTE]I need some inspiration.  So...WHILE you are telling me what your first indy year was like (i hope), please also don't forget to tell me exactly what my failed first year will look like.  So that will be your end of the bargain.  In return, I promise to keep you updated on my lack of progress.  Deal?[/quote]

It's a hustle, thats all it is. However, the giants of the old days built big businesses in tougher conditions than we face today, so it is all very possible.

Finally, most folks think its gauche to talk about take home pay. So don't do it.

[quote=AllREIT] Finally, most folks think its gauche to talk about take home pay. So don't do it.
[/quote]

Ah...if I only subscribed to doing things the way most people did.  Fancy the thought.