SOWPub Small Business Forums  

Click Here to see the latest posts!

Ask any questions related to business / entrepreneurship / money-making / life
or share your success stories (and educational "failures")...

Sign up for the Hidden Business Ideas Letter Free edition, and receive a free report straight to your inbox: "Idea that works in a pandemic: Ordinary housewife makes $50,000 a month in her spare time, using a simple idea - and her driveway..."

Also, please no insults or personal attacks.
Feel free to link to your web site though at the end of your posts.

Stay up to date! Get email notifications or
get "new thread" feeds here


Go Back   SOWPub Small Business Forums > Main Category > SOWPub Business Forum
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

SOWPub Business Forum Seeds of Wisdom Forum

Thread Tools Display Modes
Prev Previous Post   Next Post Next
Old March 30, 2017, 05:28 PM
Posts: n/a
Default a 45% bump on your deposit

Since I feel I must blow off some steam or yell at the dog I think I'll blow off some steam on the forum. The dog btw is a 70 lb pit bull who doesn't really care if I blow off steam or not. That's the real reason I'm writing this post instead.

The scenario in the title is a real scenario. It is an annuity offered by one of the largest life insurance companies in the world. I'm appointed with them which is probably obvious.

I was talking w/a fellow gym goer who was looking for a place to park his 100K so he could get the most interest and start drawing down. It seems the 50 basis points his bank is paying on his CD doesn't satisfy him. Hmmm, wonder why...

Anyway, I explained the annuity to him and he says, naw, nobody is paying 45%. Gotta be a catch. Mind you I never once said the company was paying 45%. They are giving a 45% bump to the base amount.

This means his 100K would be worth 145K in three years if he decides to annuitize ( take a monthly check). This makes his monthly check 45% higher than it would be if he merely annuitized the 100K.

Because I've known this guy for about 4 years I simply walked away. Didn't want to create a difficulty in the gym relationship. Hence, I'm venting here.

Yes, I know, not a very good sales presentation and I fell short but to tell you the truth I simply felt awkward. I made the mistake of thinking everyone would easily understand the difference between a payment and a bump to the payment.

Aaargghh, I hate it when I assume and especially in a situation like this where I honestly and truly wanted to help this guy. He's a nice guy who deserves to get a 45% bump on his monthly check.

The outcome always seems to be the same when a sales person, marketer forgets the basics and/or lets emotion interject its ugly head.

I'm done. Just thought I'd pass along lessons learned from a real life scenario. And, I'm out of steam to boot.

If anything like this happened to you and you want to join the thread, I'd love the company.
Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Other recent posts on the forum...

Seeds of Wisdom Publishing (front page) | Seeds of Wisdom Business forum | Seeds of Wisdom Original Business Forum (Archive) | Hidden Unusual Business Ideas Newsletter | Hotsheet Profits | Persuade via Remote Influence | Affia Band | The Entrepreneur's Hotsheet | The SeedZine (Entrepreneurial Ezine)

Get the report on Harvey Brody's Answers to a Question-Oriented-Person

All times are GMT -4. The time now is 06:51 AM.

Powered by vBulletin Version 3.6.0
Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.