Recession ‘decide Not To Participate'

By Author: Lewis Nason
Total Articles: 136
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In the spring of 1982, I was fed up with the corporate culture and early on a Friday morning I resigned my position as a ‘Quality Control General Foreman' with Chamberlain Manufacturing, a Fortune 500 company. Not one of my most brilliant decisions! After several months of unemployment, and spending $5,000 for career counseling, our family finances were beginning to run low. So, in July of 1982, I decided to take a temporary position as an Account Representative with Metropolitan Life Insurance Company, only because they offered me a minimal training salary for the first three months. I accepted this sales position even though the career counseling I had received from Haldane Associates told me I was not cut out for sales.

Most of you were not around in 1982 and may not know (or remember) that in 1981-1982 the United States was experiencing its worst recession since the Great Depression, with conditions frighteningly reminiscent of those 50 years earlier. This was a major recession with massive job loss, run away inflation, and mortgage interest rates over 15%. Yes, you read correctly 15%. By November 1982, unemployment ...
... reached nine million, the highest rate since the Great Depression; 17,000 businesses failed, the second highest number since 1933; farmers lost their land; and many sick, elderly, and poor became homeless.

It was an extremely difficult time financially for many middle-income families, and you may think that it was not the best time for me to be entering the insurance business. However, being new to insurance sales, I was oblivious to the problems of selling permanent, cash value life insurance in a recession, and in 1982 I led my District Sales Office with only six months in the business. And, every year after that, from 1983 to 1988, I was either the number one, or the number two life insurance producer in my office, and in the ‘Top 10' for the New England Region.

Why was I able to be so successful, when the economy was so bad? It was because unwittingly, I decided ‘NOT' to participate in the recession. Being new to the business, I was very focused on learning and practicing the basics.

In 1982, prior to entering the insurance industry, I was making over $40,000 per year, which was a lot of money back then, about the equivalent to making $100,000 or more in 2007. So, I listened to everything my managers told me. As they suggested, I read everything I could about marketing, sales, income taxes and personal finances. I attended the LUTC classes (Life Underwriting Training Council) through NALU (National Association of Life Underwriters) now NAIFA. I paid for and attended all of the courses Metropolitan Life offered: Personal Insurance Planning, Business Insurance Planning, Estate Conservation, Wealth Accumulation Planning, and Retirement Planning. I was a sponge, attending every course I could find, and soaking up as much information as I could. I even sought out the most successful insurance agents in the area and asked what made them successful. And, I asked successful people outside of the insurance industry about their financial situation. I listened to everyone about their problems, concerns, successes and failures.

What I quickly learned is that to be successful in insurance sales it's not about selling your products! To be successful you must find ways to help people to improve their financial situation! It's about becoming a respected and trusted financial advisor instead of a sales person. I learned how to help middle-income families to become financially independent. And, everything I've learned during the past three decades is what has now become our ‘Found Money Management™' program.

Are we in, or headed for a recession? Maybe? Most economist say yes!

Are most middle-income families struggling financially and looking for real help with their money? Yes!

If you want to be successful today and stay successful, then ‘Decide NOT To Participate In The Recession!' Stop listening to the Nay Sayers! Become the trusted financial advisor people want to see. Starting today, learn everything you can about marketing, sales, income taxes and personal finances. Become a true student of your profession.

As a new agent, I did it in 1982 in one of the worst recessions in history. And, you can do it too!!!

By Lew Nason
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