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So I recently quit my old job and started a new one. I felt good about my decision, but I just got my first paycheck and the results are a little lackluster.
I sell car insurance and most of what I get is commission. The good thing about insurance is that most people (85%) are going to renew so down the road you can make a lot of money. The bad thing is that it's tough to get started and the first month I only made $1,351.85.
To top it off, I am buying leads so that I can make the sales. It costs me about $55 to make a sale and my share is about 6.63% commission. My average policy is $624 so each policy gives me $41.37 and I'm spending $55 to get it.
My solution has been two-fold: Uber, to get me through the week, and debt. Uber pays about $9 an hour here plus mileage. I made $600 gross from Uber last week, but obviously I had to do gas and other expenses. Buying leads, lunch, gas, etc., my credit card debt is greater than $600 on the card I'm churning for leads and Uber. The rest of my cards are at 0 percent, but my credit score is slipping as well.
The good news is that I have $4,500 in the bank. I have five 0% interest credit cards, but two of them are switching to interest in November, and a third is switching in February. I had planned to simply get a new 0 percent introductory rate but now that my score has slipped about 40 points, I'm no longer in that plush range.
This month is going better -- I've sold $10k to date, so I hope to sell $18-20k by month end. At the 6.63% rate that's at least $1,194 + my base $1,000 to bring me up to $2,194. But what I really need to do is to make it to January so that the $18k premiums all renew.
Maybe I should get a night job delivering pizza. Maybe I should use my cash to pay down debt so I can get a new 0 percent interest rate card. Maybe I should prepare a proposal and look for a business loan. I'm not sure.
At any rate, I'm about $8,720 in credit card debt and $12,957 in car debt.
Any thoughts?
I sell car insurance and most of what I get is commission. The good thing about insurance is that most people (85%) are going to renew so down the road you can make a lot of money. The bad thing is that it's tough to get started and the first month I only made $1,351.85.
To top it off, I am buying leads so that I can make the sales. It costs me about $55 to make a sale and my share is about 6.63% commission. My average policy is $624 so each policy gives me $41.37 and I'm spending $55 to get it.
My solution has been two-fold: Uber, to get me through the week, and debt. Uber pays about $9 an hour here plus mileage. I made $600 gross from Uber last week, but obviously I had to do gas and other expenses. Buying leads, lunch, gas, etc., my credit card debt is greater than $600 on the card I'm churning for leads and Uber. The rest of my cards are at 0 percent, but my credit score is slipping as well.
The good news is that I have $4,500 in the bank. I have five 0% interest credit cards, but two of them are switching to interest in November, and a third is switching in February. I had planned to simply get a new 0 percent introductory rate but now that my score has slipped about 40 points, I'm no longer in that plush range.
This month is going better -- I've sold $10k to date, so I hope to sell $18-20k by month end. At the 6.63% rate that's at least $1,194 + my base $1,000 to bring me up to $2,194. But what I really need to do is to make it to January so that the $18k premiums all renew.
Maybe I should get a night job delivering pizza. Maybe I should use my cash to pay down debt so I can get a new 0 percent interest rate card. Maybe I should prepare a proposal and look for a business loan. I'm not sure.
At any rate, I'm about $8,720 in credit card debt and $12,957 in car debt.
Any thoughts?
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