To Sell or Not to Sell?

Sales. Selling. Salesmen. Outgoing. Rejection. Quick responses.

The profession has never been my objective. I’m shy; only comfortable around those I know well. I developed a new respect for the art of sales when I first met my husband. At the time, he was a national account manager for a well-known local company. It was long hours, a lot of traveling, and many heated conversations, most involving negotiation. I was uncomfortable with it then- and because it was so intimidating, I busied myself working toward a career that was the exact opposite: writing. In fact, my “fear” of sales might actually be worse now because I've become so accustomed to remaining behind the scenes. When I write I don’t have to worry about getting nervous, responding in the wrong tone, uttering the infamous and equally dreaded “uhhhh”, or whether or not my outfit actually matches. Okay, it always matters whether or not my outfit matches. That shouldn’t have been in question to begin with… Anyway, when writing, I have plenty of time to think about what I’m going to say before I say (write) it, and even then most of the time it’s possible to edit what I’ve said, or at least clarify what I’ve said. There’s a comfort zone there that I like- a confidence comes out in my writing that I definitely don’t feel I portray in person.

That being said, I’ve always been okay during interviews, but when it comes to convincing someone why they should spend their money on my product, or why they should do anything, for that matter, my argument is weak. I don’t think quickly enough on my feet, and I need time to come up with a platform. That’s probably one of the major differences between my husband and I. He’s a talker, and generally speaking, I’m not. I’m a listener. So when he’s talking, I’m listening and thinking of points I want to make when he’s done. But because he’s such a talker, it’s usually a while before he’s finished making his point and by that time I have so many points to make I’ve forgotten half of them. I lose. He always tells me it’s not about winning or losing an argument (and by argument, I literally mean we debate topics: discuss and throw around our points of view, not actual yelling arguments) but I feel it’s a personal win if I can make my side of the story heard. When I make a strong enough case that causes him to stop and think “Hmm… interesting thought she has there…” then I know that my communication skills are sharp and clear and that’s a good thing. However, sadly to say, that doesn’t happen very often and when it does, I celebrate a little too much and discredit myself immediately.

Therein lies my dilemma.

I was recommended recently for an account management position with local publication, and I had to think long and hard about it. I was playing phone tag with the director of advertising and had thus plenty of time to ponder my options. The money they were offering was enticing; more than I make right now for the first several months, but after that it would be 100% commission. I hate to say it, but the amount of money being dangled in front of me caused me to sit down and evaluate exactly why I hesitated to jump at the opportunity in the first place.

I admit I’m intimidated by the profession; talking to people non-stop day in and day out isn’t exactly my thing, either. I consider myself an introvert.

At the same time, though, aren’t I going to have to “sell” my own work in the near future to get my freelance career off the ground? Aren’t I going to have to convince editors to publish my work? Will I not need these skills for the rest of my life? I’m wondering if perhaps my personality needs a little bit of an adjustment. In my own defense, it will be easier to sell my own work as opposed to someone else’s product because I’ll believe in it wholeheartedly. I’m not sure I could completely feel that way about other goods and services.

When the ad director and I finally made contact on the phone, I still hadn’t reached my decision on whether I was going to act like ad sales was my destiny and dream, or if I was going to respectfully admit I’m more effective through other print media.

About halfway through the conversation he asked what I was currently doing, what degree I’d obtained from which school, and what direction I’d ultimately like to head.

This was it. This was the moment I’d been waiting for. My head told me that if I acted genuinely interested, I’d get the personal interview and possibly the job. My heart told me that I’d regret waking up every day and trying to sell ad space to local businesses when that’s what every other ad sales professional in the city is already having trouble doing. Print media: the newspapers and all the local magazines are trying to stay afloat in this failing economy and the only way to do that is by gaining advertisers. I’m not in a place in my life where I want to try new things just for the hell of it. I’m comfortable with the outlet I’ve chosen to work with and being comfortable isn’t such a bad thing. I told him I planned on continuing my writing career and he politely admitted that he was indeed looking for a sales person, but that at the very least he’d pass my resume along to the editor in chief of the magazine.

I thought I might regret this decision. I thought I wanted to be the girl who “could do it all.” I was wrong. I want to do what I do well, and for that to happen, I need to focus entirely on writing. The fact that my heart told me to be brave and admit it wasn’t what I was looking for was a big step for me; my heart usually isn’t so outspoken. Because of this I know that I’ll be able to communicate when it comes to my work. The confidence in my writing will shine through when it comes to selling my writing.

I turned down money that we could all certainly use in this day and age, and I don’t regret it one bit.

That’s a good feeling right there.

Dealing With Reality- Life Insurance

I’m a pretty inquisitive person. I like to know what’s going on in the world around me, and I like to know how I’ll be affected by the economy. Recently I’ve had more questions than answers, and last week I decided I was fed up with not understanding one issue in particular: life insurance. It just so happens that my husband, Paul, is an agent with The New York Life firm here in Wichita, and was the perfect one to satisfy my need for knowledge. I sat him down one night and let him have it: I asked him everything I’ve ever wanted to know about life insurance.

Now, I didn’t have a whole lot of know-how on the subject to begin with, so he was patient with me, as I imagine he is with his clients who have never interacted with an insurance professional before. The conversation lasted more than two hours and I’ve never been more intrigued. Sipping wine that night after dinner, he gave me insight as to where some of our hard earned money was going.

First, though, I wanted to verify that the purpose of Life Insurance was to make sure your loved ones were taken care of should anything happen to you. I was mostly correct, but he made sure to tell me about the different kinds, and what people need in different situations. Turns out there are Term Life, Whole Life and Universal Life policies available, and depending on your financial status and market interaction, one could be better for you than the other.
After I felt fairly confident I could explain to someone else the differences between the three, I asked THE question:

“Why would anyone spend the money on life insurance, especially if they don’t exactly have extra cash laying around, when chances are nothing is going to happen to them?”

He took a sip of his wine, re-filled my glass, and answered:

“Well, it’s something a lot of people avoid. Seriously, who likes to think about death? But it’s very important; just ask those who have been diagnosed with a terminal disease or ask their families who have been left struggling to pay bills. Your biggest priority should be that your family can continue their lives should anything happen. Imagine, as painful as it may be, life without the people you love most in the world in it. Do you want to buy your daughter’s wedding dress, even if you’re not physically there to swipe your card? Do you want to be a wife or husband who can still provide for your family if your life is cut short? Do you want to be a grandparent who leaves an endowment for your children, grandchildren and great-grandchildren? Or what about an aunt or uncle who helps their niece or nephew buy their first house? Have you thought about setting up an education fund for your kids? If you have dreams of doing any of that, you need to sit down with a professional and think seriously about life insurance.”

He stopped to swirl the contents of his glass, and I took the chance to slip in another question:

“But aren’t there other things you can do with your cash to make smart decisions for the future?”

“Oh yea, there are tons of options.”

“Like what, investing in the stock market or put money toward your 401K? Well, with the economy like it is, I personally don’t feel real good about throwing my money to the dogs, and I don’t know many people who really understand their 401K’s anyway.”

“Keep in mind that all investments (savings, life insurance, etc) are like building a financial house. You must start with a very strong foundation, which is protection. This protection is life insurance, or anything you wouldn’t be able to afford if the worst were to happen. Next, you want liquidity, which are checking, savings and money market accounts and whatnot that you can access immediately for little emergencies or opportunities. For example, a vacation, a new car, house repairs and so on. Finally, you need a strong retirement plan and to be honest with you, the younger you start putting money into one the better off you’ll be in the end.”

“Okay, so what you’re saying is that the first thing to do is protect yourself, then save up a little, then strategically place your money and potentially earn more by doing that?”

“Yup. What you ultimately want to do is diversify your money, but it all depends on your age and your financial situation. The more you put away today, the less worrying you’ll have to do about how your stocks are performing versus your other investments, should it come to that. A great place to start investing your money is with life insurance. But everyone’s different, so I’d definitely recommend talking to someone before making any decisions.”

“Okay, so you never answered my question about the stock market. Is now a good time to be playing around in it?” I wasn’t going to let him off the hook that easily.

“If you’ve got all your other bases covered, then absolutely. I don’t think there’s a bad time to be in the stock market if you’re smart about it. There are also things like a traditional IRA, or a Roth IRA that can be key elements to your financial security. But if you’ve got other things to worry about and it would be difficult for you to recover from a loss then you’ll probably want to focus on your protection and liquidity.”

I carefully examined my wine glass as a method of hesitation before asking my next question; I was unsure of how he’d take it.

“So… one of my co-workers told me the other day that she’ll get life insurance later, when she’s more financially stable. What should I tell her?”

“The biggest problem in the life insurance and investments industry is the lack of understanding and the assumption that you can always take care of it later. But let me tell you something: by then it will be too late. To get life insurance, you go through a process by which your health is tested, and you’re rated according to the results. The younger you are, the healthier you are, and the better rates you’ll get when applying for a policy. Now is also the time to take advantage of a retirement plan; you’re nimble and can recover from stock fluctuations and housing market crashes like the one the country’s dealing with right now. Plus a lot of companies offer a matching program, where they match what you put into your retirement plan, essentially doubling your money. But young people need insurance more than anyone. Protect what you’re working so hard for and protect those who care about you. Do it while you’re young and healthy, otherwise you’ll end up paying a much higher price, or worse, be un-insurable. Your co-worker may think she’s being smart by not making another purchase, but the second something happens to her, she’ll change her mind.”

“That’s kind of harsh, don’t you think?” I snorted, sure there was another way to put it so that I wouldn’t sound like a snide ‘I told you so’ kind of person.

“Well, it’s harsh reality you’re dealing with here. You will use it; you will die, it’s a fact. But life insurance is also a great investment tool; not all life policies have to be used upon death, and many can be used prior to death. It’s one of the best investments you can make.”

“What about when you buy a house? Does life insurance have anything to do with that?”

“First of all, congratulations on making a very smart decision. The purchase of a house, if done correctly, is another of the best investments you can make. Always keep in mind the protection, not just house insurance, is important. If you’re buying a house by yourself, what burden will you leave your family if you pass away? If you’re married or have a significant other, do you want them to be able to stay in the house if you are no longer there? Do you want them to at least have the option? Those are all things to think about when you buy a home.”

“And when you have a baby?” I asked, thinking about our potentially upcoming big expense a couple years down the road.

“Always a good time to re-evaluate how much you have in your policy. Many times people think they have enough, but when they sit down and do the math on how much they spend on their mortgage, car payments, trips, school expenses, and the like, they realize they wouldn’t have enough to cover those expenses should something dire happen to them. Something I see a lot of is individuals who only have life insurance through their companies. What happens after a lay-off? The insurance is gone, too. Then what? I talk to many people who think they have enough invested in life insurance, but often times $50,000 or $100,000 policies don’t go as far as they’d think. You want to make sure you have more than enough to compensate for your annual income when choosing an amount for your policy. When you add a new bundle of joy to your family, it’s a good idea to re-evaluate what you’d like your protection to be.”

At that point I felt like telling everyone I know to go out and invest their money in life insurance. But for those of you out there who have more questions and want them answered, here’s what I would suggest: at the end of the day you should remember that finding a trustworthy financial professional is key. You need to do your research, and find out the company’s policies on things like investment products, life insurance and fixed accounts. Two reputable companies here in town are New York Life and Northwestern Mutual. They’re mutual companies, which means their ownership base is made of customers. Can’t go wrong there. Also remember the popular cliché: “Cheaper isn’t always better”. Just because one company will offer you a cheap policy doesn’t necessarily mean you’re getting the most for your money. Find out how they compare to other companies and take the time to get to know the individual you’d be working with before trusting your finances with them.

Keep in mind, your protection and retirement are the most important decisions you will ever make; even more so than who you marry, what house you buy and what job you have. Everyone’s investment needs are different, so the advice you hear from a friend or neighbor might not pertain exactly to you and yours. So talk to somebody. Might bring you peace of mind.

**Reach Financial Professional Paul Wemmer at wemmerp@ft.newyorklife.com. He's with New York Life and would be happy to sit down with you and answer your questions!