A Past Life
Well, That last Blog was so much fun, I thought I would give it another go.
One of my past lives was spent as an Investment Advisor. Basically, my job was to talk people out of their life savings. Sounds simple right? Yeah, right!
It turns out that I did reasonably well at it for a while, but the stress was something awfull. I eventually got out of the business, and decided to do what hundreds of other ex-brokers have done... Write a book! I started with a title, and some chapter headings.
Title: The Dirty Secrets of the Investment Industry
Chapter Headings:
CFP Vs PFP
Mutual Fund salespeople vs. Stock Brokers
Cold Calling
Newspaper Headlines What has that got to do with you?
Market Cycles
How a broker is paid – how you lose
Chasing the Big Returns
Greed and fear
How a broker uses fear
How a broker uses greed
Sales person vs. analyst
How to pick a good Stock (Same as how to do your own root canal).
How to make money year after year and not lose your shirt.
Then, I set about writing. I have included the introduction to the chapter on Cold Calling here for your (possible) enjoyment.
COLD CALLING
How does a broker build his business? Simple. By meeting new people and asking for their business. Most new Fund Salespeople start their business by turning to their personal phone directory. Hi Mom? Remember me? You know, Rick! I’m starting a new business, and I want to help you get rich! (Now mom, who remembers that her Son is not rich, was never any good with money, couldn’t save a dime to save his life, and hasn’t called her for 18 months, smells a rat.)
“How will you do that Son?” “Simple. I want you to turn over your life savings to me and I will invest it for you!” Mom is too kind to just hang up the phone, so she says, "Well, let me sleep on it."
Encouraged, Rick now calls his Sister, whom he hasn’t spoken to in 5 years, and gives her the same pitch. Now sis is three years younger, single and pretty darn sharp. She has 30,000 in savings, and 90k in solid investments. She asks Rick how his portfolio is doing. Well, Rick has no investments. No savings either. In fact, he is 20k in debt, thanks to that shiny new SUV he just had to have. Sis is not as kind as Mom. Let’s just say she is not backwards about being forward. Rick was shocked some of the words she used! The gist of it was thanks but no thanks.
By the time Rick gets to the end of his personal phone directory, he is beginning to realize this isn’t going to be the cakewalk he thought it would be. Not only did he not have any new clients, he also lost all of his friends.
“I have to talk to people who don’t know me” thinks Rick. And The Cold Caller is born!
***************************
After my initial enthusiasm about writing this book wore off, I discovered that being an author is not any easier than being a stock broker.
Funny thing is, now that I'm no longer in the business, people are much more willing to take my advice about investing.
Now, I'm going to give you a tip. Read the book entitled "The Wealthy Barber". It's an easy read. Also, if you can find a copy, read "The Richest Man In Babylon". I have a feeling the Wealthy Barber was based on this book.
One last tip... Don't by lottery tickets, or bet on the Horses. A fool and his money are soon parted.
Thought provoking question... If money talks, what does it say?
Cheers,
Rick
One of my past lives was spent as an Investment Advisor. Basically, my job was to talk people out of their life savings. Sounds simple right? Yeah, right!
It turns out that I did reasonably well at it for a while, but the stress was something awfull. I eventually got out of the business, and decided to do what hundreds of other ex-brokers have done... Write a book! I started with a title, and some chapter headings.
Title: The Dirty Secrets of the Investment Industry
Chapter Headings:
CFP Vs PFP
Mutual Fund salespeople vs. Stock Brokers
Cold Calling
Newspaper Headlines What has that got to do with you?
Market Cycles
How a broker is paid – how you lose
Chasing the Big Returns
Greed and fear
How a broker uses fear
How a broker uses greed
Sales person vs. analyst
How to pick a good Stock (Same as how to do your own root canal).
How to make money year after year and not lose your shirt.
Then, I set about writing. I have included the introduction to the chapter on Cold Calling here for your (possible) enjoyment.
COLD CALLING
How does a broker build his business? Simple. By meeting new people and asking for their business. Most new Fund Salespeople start their business by turning to their personal phone directory. Hi Mom? Remember me? You know, Rick! I’m starting a new business, and I want to help you get rich! (Now mom, who remembers that her Son is not rich, was never any good with money, couldn’t save a dime to save his life, and hasn’t called her for 18 months, smells a rat.)
“How will you do that Son?” “Simple. I want you to turn over your life savings to me and I will invest it for you!” Mom is too kind to just hang up the phone, so she says, "Well, let me sleep on it."
Encouraged, Rick now calls his Sister, whom he hasn’t spoken to in 5 years, and gives her the same pitch. Now sis is three years younger, single and pretty darn sharp. She has 30,000 in savings, and 90k in solid investments. She asks Rick how his portfolio is doing. Well, Rick has no investments. No savings either. In fact, he is 20k in debt, thanks to that shiny new SUV he just had to have. Sis is not as kind as Mom. Let’s just say she is not backwards about being forward. Rick was shocked some of the words she used! The gist of it was thanks but no thanks.
By the time Rick gets to the end of his personal phone directory, he is beginning to realize this isn’t going to be the cakewalk he thought it would be. Not only did he not have any new clients, he also lost all of his friends.
“I have to talk to people who don’t know me” thinks Rick. And The Cold Caller is born!
***************************
After my initial enthusiasm about writing this book wore off, I discovered that being an author is not any easier than being a stock broker.
Funny thing is, now that I'm no longer in the business, people are much more willing to take my advice about investing.
Now, I'm going to give you a tip. Read the book entitled "The Wealthy Barber". It's an easy read. Also, if you can find a copy, read "The Richest Man In Babylon". I have a feeling the Wealthy Barber was based on this book.
One last tip... Don't by lottery tickets, or bet on the Horses. A fool and his money are soon parted.
Thought provoking question... If money talks, what does it say?
Cheers,
Rick
posted by Rick at 10:07 PM
2 Comments:
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RickJ
I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
the indexes easily.
Take a look at Wallstreetwinnersonline.com
RickJ
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