How Much MONEY I Make in 2020 as a Financial Advisor

what's up guys josh holford back with another video and today i'm doing it you guys all asked i don't know why but i'm going to tell you how much i make as a financial advisor time to think like an investor [Music] so as some of you may know for me over the past nine to ten years of my life probably i have been solely focused on my career for me that's really where i've been putting most of my energy in previous life it was all about sports and having fun but there's been years in the last 10 years where it has been almost 100 focused on work and what that means is i'm trying to build a company i'm trying to learn as much as i can about business and about investing so i can provide value to people and i guess that brings us to today where i'm in a position where i work as a financial advisor i'm a registered certified financial planner what that means i've done all of my exams it took a long time it's probably ten thousand dollars with the courses and four years of studying and different exams and different things and i've also during that time frame built up what we call in the business we call it a book of business i built up a clientele just like a hairdresser would or you know you go out and you find your own clients and you build your own business that's really what this is all about so what i want to talk to you about is what was it like building that business where are we at today how much money does that actually make me and how do i feel about it reflecting on it do i feel like i make enough do i feel like i'm underpaid or overpaid what are the good parts of my job what are the bad parts of my job i want to talk about so first things first what do i actually do to earn money well i would say my average day is a combination of a lot of things it's mostly meeting with people who have excess money and they either want to buy their first home or they want to start investing for the first time and the markets are a little complicated or they're thinking about retirement and they don't know how much they need to save or how they're going to retire or they're trying to save money on taxes you can just think about this as you have big broad financial questions and you're curious of what's the best way to tackle this i essentially get in front of those people i show them a system that over time i've developed and built for what it means to be a good investor and you know all the different principles that we have and how we can be better savers and manage our money in a better way and once we have the client then our job is to service them every year we'll meet pretty much every client if they want to and we'll sit with them and we'll go through their financial plan and we'll say are our investments doing okay can we save money anywhere are we on pace for retirement these sorts of things and at the end of the day for me a lot of this comes down to just answering a lot of phone calls and a lot of text messages and a lot of emails but what is it that i get paid to do this and how do i actually get paid so first logistically the way i get paid is my business is contracted with many other different organizations some that help us run investments right we're contracted with organizations that might be an insurance company maybe our clients need insurance we can do an insurance policy for them and then the insurance company will pay this another way would be people can just kind of pay us a consulting or a flat financial planning fee if they just want a plan they don't want any product they don't want investments they don't want a mortgage they don't want insurance they just want a plan we can do that as well and lastly the one i mentioned mortgages people need to get financing for the houses we can help them get their mortgage we can shop the market for the lowest rate the mortgage company the bank will pay us for that so today i want to break down for you how much i'm getting paid from each of those sources and before i get into the numbers guys i just want to say for me personally i don't this isn't an attempt to brag or talk about my money for me as a financial advisor i'm asking people every day what is your income what are your assets it's only fair that i also share what mine are and if you look at these numbers and you think that it's you know me bragging about my situation trust me i'm not thinking that way because a ton of the friends who i hang around and i deal with them they're all so successful and for me this is almost like a reverse brag because if they see this they're going to be like wow that's that's it but anyways let's get into the numbers so what we have here is i'm looking at october which was the last month and it's a pretty routine month and one thing to know i mean as you might know about business owners is the income fluctuates right some months are really really great some months are not so hot especially for me in the beginning when i was starting out in this career there were many months where i made zero dollars and a lot of the benefit i have now is just me having grinded in the past to accumulate to this point but anyways october was a pretty standard month let me kind of walk through each of the different payments i received and i'll give you the screenshots here we'll walk through what i received from all these different organizations and how the company uh paid me this month so let's start on october 1st well my company this isn't everybody's obviously this is just me we don't really get paid much from the first to the 15th most of the revenue we get from you know our different partners and our different providers that typically comes in the back half of the month so first off i want to talk about the number one way that i get paid is through managing investment portfolios we get paid a fee to help service clients on their investments and that comes in the form of three payments so our first one we received and i'm going to blur out the name just because who knows what contracts i've signed to not disclose who pays me what but i'll show you the numbers and what dates they came in on the first one was october 16th we received the payment for 2062.84 that one recurs every month it's pretty much very similar and that will grow over time as our clients investments grow the next one was on october 23rd you know just a few days later six days later we received another payment from one of our investment providers of hundred ninety eight dollars and ninety seven cents so between those two were around fifty you know close to fifty five hundred bucks towards the end of the month on october 27th we also received funds from our last investment provider we have three of them and that was for fifteen hundred sixty nine dollars and sixteen cents we add those up just on the investment side of things we have about eight thousand ninety five dollars and sixty one cents now within the financial advisory business the transactional element here's what i mean the investment side of things are recurring every month those will be very very similar unless we're adding new accounts and they're growing unless we're building the business those will remain very very steady now one thing that isn't a steady is transactions and what i mean by that is like doing an insurance policy for one of our clients or doing a mortgage those things don't happen routinely they might we might get three in one month and we might get zero the next month but last month in october we did some i'll show you right now exactly where that came in that came in on the 29th of october we received a payment from an insurance company for 671 dollars and 53 cents now with insurance they also pay you these things called trailers so over time if you sell insurance they'll pay you a recurring fee so that you're servicing the client too and we received one of those on october 15th for just a measly 31.66 so in total all of the insurance for the month was about 703 dollars and 19 cents so for the month of october that was really all that was received to me through my company haven that was the amount that was paid to me out of the business that i own and operate and run day to day there are some other income sources the next one would be i've showed videos on this this rental property that i have where there's been some funny stories you should go check those out last month as per usual as for always the rent came in late so last month's october rent came in on november 2nd one tenant paid me 700 for the month and the other tenant paid me 950 for the month so for the total for the rental property for last month we received 1650 in rent lastly another source of income i'm trying to build if it's not obvious for fun is seeing if i can get online content to build an audience and create some sort of traction where i can get out my message about my company and and investing and real estate and all these different things and i've weaseled my way into a few agreements where i'm getting paid about 500 every month to produce content online and for the record that income isn't from youtube adsense or sponsors specifically but hey maybe one day we can get there so if you guys would like to see more about what it's like to try to build that side hustle on youtube you know you have to get to a thousand subscribers you have to reach a certain amount of watch time and then you can actually get paid on the platform so i'm excited to bring you guys there if you would like hit that subscribe button we'll get there faster and i'll be sure to disclose to you you know what is it like to be a youtuber and kind of make money from that platform so it's pretty simple i mean there's really only four and if we really break it down three sources of income for me there's my business that i operate day to day that takes for sure most of my time there's rental property that generates rent on a monthly basis and there's online content and between all of those the total number comes out to about ten thousand nine hundred and forty eight dollars and eighty cents per month so in summary about 74 of all of my income every single month is coming from my wonderful clients who pay me on a monthly basis to help manage their investments do their financial planning and all that sort of thing six percent of my income last month in october and this is pretty accurate from month to month i would say this is this is a pretty good idea of what it usually is only six percent of the money comes from transactional business like doing insurance policies or mortgages or things like that for most financial advisors that is way higher a lot of financial advisors actually make a hundred percent of their income from that i only make six our clients aren't you know in that position in life where they need insurance desperately or they need you know mortgages are becoming more popular but for us around that six percent range is where we're usually at the rental income equates to 15 of my total income and lastly the online content is about 5 of the total income so how do i feel about where i'm at i mean honestly i would say in some ways i'm extremely grateful and i would say the reasons that i'm grateful are that the business i built because i'm i guess the owner of it i have flexibility right i have complete freedom over my time as long as the work is getting done and the clients are happy i can do what i want with my day if i want to do my work in the evening i go golfing in the morning i can totally do that and that's something i'm super grateful for because i'm just the kind of person who hates like being restricted and being stuck within a certain hour constraint on my day the second thing that i'm super grateful for is the fact that all of this income i mean i own the business so i have skin in the game this income historically has been growing at a rate of about 30 percent a year so if i make 10 000 a month a hour or 11 000 a month around right now i know that in about a year's time that might be around 13 or 14 000 a month you know provided something crazy doesn't happen but it's been the case that the business is growing and i have room to hire people and grow it and that growth accrues to the shareholders of the company so there's a lesson there right if you want to have the growth of your business and the growth of your hard work accrue to you it's great to have equity in a business it's great to get a share on something and lastly i'm just grateful because for me this career has unlimited growth i mean personally i feel like i'm tapped out in the amount of requests i can take on a daily basis but i can always hire someone and bring them in and have them handle that well i keep building right so for me the idea that there's an unlimited ceiling is super exciting and that's probably why i'm here now what about the bad parts well i would say for me the worst part is that like i said over the last nine to ten years i've put my heart and soul into building a business and building a career and i'm grateful for where i am and i almost feel kind of like an idiot for saying this hoped i would be further ahead by now as someone who is putting so much time into reading and learning and building a business and going and finding clients there's so many roadblocks you hit as a business owner you don't necessarily achieve your goals as fast as you thought you would so i mean if you were putting all of your time into the sport of basketball and you got cut from the team you'd be pretty upset too and the way i see it is yes i built a business and the client enjoy it and i should be grateful for everything i have but it's not where i wanted it to be it's not where i have dreamed of it being having 250 people who have this number makes life really hard and the thing is is that these people are paying me to be responsive and have answers to their questions so for me one of the difficult things is learning how to manage a business and being in a position where it's saturday night or it's sunday morning or it's friday evening and i have 10 or 11 requests that are coming in through my phone and people saying hey i need this done already that done or need that done that's definitely one of the downsides of the job but hey i get paid i'm happy i should be grateful for what i have and honestly i love talking to my clients i just hate getting friday night service requests for things that aren't that important at the end of the day and lastly i would say i feel like a lot of business owners that there's not much of a division between my life and my company because i could be working in the evening and i could be playing in the morning and the lines get blurred and it means that i feel tremendous guilt in my life when i'm not working or when i've taken an extended period off and it starts to flood into my mind like oh my goodness like i haven't worked for two days do all my clients hate me are they all gonna leave me blah blah blah these things start running through your head for some ridiculous reason and being a business owner blurs that line and it makes it tougher on on the mental space because if i had a nine to five i could check out at five my work's done whereas for me it continues throughout the week it's there is no division between those two things so anyways guys whether you're a financial advisor or an aspiring advisor or just someone who is curious about me for some reason that is my financial situation that's how things look for me and i'm optimistic i think over time i can continue to grow this and i'm super excited to have you guys along and hopefully we can do one of these every year and see if they're growing or if i go bankrupt but anyways guys thank you so much for watching if you guys enjoyed this video remember hit that like button hit subscribe turn on post notifications for more videos just like this one every single week until next time

Channel: Josh Olfert

Views: 27,215

Rating: 4.8318472 out of 5

Keywords: how much youtube pays me, how much money I make, how much I get paid, how much do investors make, investment banker salary, financial advisor salary, how much do financial advisors make, graham stephan, meet kevin, investing, stock market youtuber, stock market investing, how much do make, youtuber salary

Id: LbGxwyRDjtA

Length: 14min 31sec (871 seconds)

Published: Tue Nov 10 2020