How Prosperous People Take Action – Episode 456

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[00:01] Welcome to the Prosperity Podcast. Prosperity thinkers, welcome to the podcast today. Today, what we’re going to do is take some questions. These are more of like case study questions for Kim. And what I have done is read a lot of the reviews from the Google reviews, Amazon reviews, and just tried to find as much information as possible. And then I wanted to, as correctly a sane, open up Kim’s brain and ask some questions. Are you ready, Kim? I am brain open. Okay. Yes. So the first one is this, we want to establish the difference between a prospect and a client. Can you explain the difference between those two inside of your organization? Absolutely. So a prospect is somebody that is seeking information and looking at buying

[00:56] decisions specifically around life insurance, could be whole life insurance, could be term insurance, also specifically about where they store their cash. And they may have purchased something from us, like they might’ve bought a book, they might’ve bought our whole life 101 course, they might’ve been listening to the podcast, but they’re still on the outside of the organization and looking in. And so that’s the definition of a prospect. Do you want more than that? Or is that a good start? I think that’s a great explanation of it. Okay. And then a client is somebody that has purchased a financial product from us. So different than purchasing a course, purchasing a financial product converts them from a prospect to a client.

[01:48] So again, it could be an alternative for cash, it could be life insurance. There are times in our past where we have had an even more expansive menu of products that people purchase. But these days we are solely focused in the certainty space. So it’s either guaranteed income for life, which are the single premium immediate annuities, or it’s life insurance, only spaces that have guarantees and certainty and often liquidity on a life insurance and the alternatives for cash space. So people that have made that financial transaction through us could be on themselves, could be on family members, could be on key employees, you know, it doesn’t have to be them as an individual, but whoever that decision

[02:43] maker is, that is considered a client. Ooh, I like that. Okay. We’re going to talk about what are some of the wins that happen by using those products. But before we do that, we’re going to go into one other thing, which is regarding prospects. Where do most prospects get stuck when it comes to them pulling the trigger with their finances and choosing products or whatever that may be? Yes, it is the difference between our human society’s desire for quick results and the fact that the bulk of the products that get purchased are extremely long-term. So in our lives, we like fast results, right? Like we go to fast food, we want to work out 10 minutes at the gym and have an awesome body. And yet we realize that the way to be healthy is to work out 45

[03:45] minutes at the gym and not go to fast food. And so acknowledging that in the financial space, just like in health and frankly, and like other areas of our lives as well, this is a long-term play. This is a marathon, not a sprint. And so if you can realize that and acknowledge that I’m going to make some short-term decisions now that are going to have a literal lifetime impact on me and my family that are very, very long-term, if you can get over that hump, then you can get over the reluctance of not wanting to sign the form, move the money, get the results because it is long-term and yet as human beings, we want quick results. So that’s the distinction is that you could call it preference of time.

[04:39] Okay. So in this case, it’s the, it’s the person not having a grasp or a clear grasp of most situations of long-term versus short-term thinking. Now there are probably some of your prospects or listeners that are more analytical, is there ever a struggle where it’s they’re looking at it mathematically or maybe just someone else on the outside has told them something and they’re not convinced? What does that look like? Yeah, that’s a really good question. So I find that even the overly analytical people do sometimes get stuck, but not always, and it’s always interesting to me if I have a husband and a wife, because in a lot of cases, one of the two of them will get the concept and the other one will get stuck with the numbers and so that’s

[05:32] perfectly fine and I can help people that get stuck with the numbers because thankfully of my husband, Todd Lingford and his truth concept software, we’re able to prove out anything that anybody wants to see. Absolutely every single statement that I make, okay, let’s say 99% because I’m sure there’s a statement somewhere that I’m making that is not provable. It’s just because numbers are very linear, right? And sometimes when you’re looking at finances, you have to combine a few things so it does become more concept, but for the most part, I can prove out anything, you know, let’s take a quick example. 15 versus 30 year mortgage. I can absolutely positively prove that a 30 year mortgage, I can prove it

[06:11] numerically that a 30 year mortgage is more efficient than a 15 year mortgage. Life insurance is a place to store cash. That’s another one that’s, you know, always a big discussion. You said it well, maybe it’s not the prospect or client on the phone because clients purchase from us numerous times, so it might be a client on the phone ready to become a client phase two, if you will, or phase 10 or whatever. A lot of times they’re not the issue. It’s the brother-in-law or, you know, the stockbroker or whoever else is putting information in their heads, but I can numerically prove that whole life insurance is a better place to store cash long term than a savings account, so anything that you want, I can go as numerically deep as possible.

[06:53] And yet I do find that most people, once they get the concept, the numbers really don’t matter as much, but I will also tell you this. If they don’t get the concept, then the numbers don’t matter either because numbers change assumptions that we have to make when looking at the numbers change. So it is very important to get that concept first. And then some people, they think the numbers matter a little bit. And if they do, I’ve got books, I’ve got blogs that go over all the numbers. And of course I can do it live as necessary. Okay. So you’ve helped paint a really clear picture of this and the reason why we have this distinction between prospects and clients, I’m actually pulling this in from another lesson, so I have a different podcast that’s about

[07:47] business and one of the repeating problems that we’re seeing right now. And it’s a good problem. So I’ll set the stage with uncertainty in the markets and some certainty meaning, Hey, life is good now, but I’m not sure what it’s going to be in the future, we have a lot of people that are starting businesses or they’re trying, they’re playing at starting a business and they get stuck because they’re not certain in their decisions. So they’re thinking, and so we’re seeing a lot of people that have money resources, but not take action. So that led to the second question, which I asked earlier is what is the first win that you see in your clients? And those wins I imagined vary, but they probably at some point light bulb

[08:38] goes on or there’s a financial win or something, what does that look like? Well, it is interesting that you bring it up that way because I think the first win is mental and that is gaining a little bit of confidence. And so oftentimes I do find that it’s confidence in the information. So I’m going to say it’s not confidence in me, it’s confidence in the information that I can give them. And sometimes it may start with confidence in me and that’s fine, but it’s very important to me that my clients have confidence in themselves. And so as you are well aware, an entrepreneurial environment absolutely requires you to have confidence in yourself, your own ability to make decisions, the way that you get results, making sure that it’s

[09:24] really the best way for you. And so it’s always a goal of mine to figure out, first of all, how a client learns or how a prospect learns. And I always ask, do you like to read, watch, listen, and then we have material for each of those styles of learning, and then I think that helps them gain a little bit of confidence. And then I’m also a big believer in going slow and starting small. It’s actually one of the really nice things about the life insurance space is first of all, you’ve got to get approved, so it’s not like you can make a decision today anyway. And second of all, it’s a monthly or an annual amount, you know, we’re not writing six and seven figure checks. I mean, yes, some people pay six figures for premiums every single year.

[10:08] But as a general rule, it’s not, oh, you have to have a million dollars to start this account or, oh, you have to have a hundred thousand to start this account. And so I think those two things, confidence and go slow, start small, help people overcome the inertia that is absolutely a part of the landscape and sometimes more or less, depending on what else is going on. Yeah. You know, the going slow and starting small is actually fairly contrarian to the industry because a lot of the people in the industry, you know, they, one, their tactics and the way that they work of getting a prospect to become a client is different than how you operate. And then when they do it, they’re working in typical choices, you know,

[10:53] 401ks, whatever it may be, and they’re wanting someone to make a full on commitment and you’re looking at it very long-term, like your insurance. So has it always been this way? No, I absolutely came from the typical industry as an example, where I had assets under management. And when you’re in that realm, you want to get an entire client’s environment and you know, human beings just don’t like making that big of a commitment upfront. And then I think too, over time, I was trained like many sales people are using what I call 1980s sales tactics. And over time, you just realize that those don’t serve you or the client or prospect well long-term at all. And so you lose them and you find better ways to build relationships,

[11:41] help people make steps, help people enable them to make those baby steps to get progress and to get confidence. And over time that becomes way more important than anything else. Plus I’m in this for the long run myself. I’ve been doing it 32 years. I anticipate doing it at least another 30 years. And so that lends a perspective to me that not everybody has. Plus I have a bunch of cash value of life insurance. And so I am not depending on a client taking action to feed my family that night or that month. And that too enables me to just work with clients at their pace instead of at mine. Yeah. You just unpacked something that was really big. So you’re not out having to kill the next animal to eat that night.

[12:34] Like you’ve done the hard work yourself a long time ago. And on top of that, you’re in it for the long run. What I would love to do to, to kind of wrap this episode is take out some examples. So we talked about an example of going from prospect to client. We’ve talked about the pieces of starting small and going slow. What I would love to do is take some of these examples, these principles and push them over and for the listeners that may be prospects and how can they get certainty, momentum in their lives, and then maybe touch on a couple of things for the listeners that are clients already, how they can get more certainty and more prosperity in their lives. You know, it’s really interesting because the answer to those questions.

[13:19] So how can a prospect get certainty and prosperity and how can a client get more certainty and prosperity? And the answer is actually the same. And this is why I love the work that we do so much. And that is because whether you’re on the quote inside or outside, it’s all the same. Chem is the same, the material’s the same. And because this is such an atypical space, in other words, a not typical space, I find that the clients need to do the same learning that the prospects need to do because you cannot learn at any amount of this the first time through. I just did a review recently for a client third year in, and they’re apologizing left, right, and center. Can you tell us that again? Please?

[14:08] I’m sorry. I know we asked this last year, but can you go over that again? Yes, I understand that, but can you show us again how you got that information, you know, and this is their third time through. And that is why our plethora of educational material is so valuable. So again, go back to how you learn best. If you like to read, we have books and blogs, tell the cows come home, go read the books and blogs again. Prospect first time through client, second, third, fourth time through. If you like to listen, listen to the podcast, listen to the audio books again. And thankfully Spencer, as you have helped us do the podcast space is so much more capable now and able to be searched and people can find

[14:58] certain aspects of it. And so listen again, if you’re a new prospect, listen for the first time. If you’re a client, listen again, because it will help you. And then we’re also expanding our YouTube channel as often as we can. We’re putting podcasts on the YouTube channel now. So that if I find watching and doer learning, so people that learn best by doing and people that learn best by watching, that’s kind of the same space besides we deal with an intangible product. So the doing part is a little bit of a challenge, but I find that most people videos will do the job. We have a lot more videos on our YouTube. Our podcast is on our YouTube now. And so same deal. If you’re a prospect and you learn best by watching or doing, go to

[15:43] the YouTube channel, help yourself. If you’re a client, same thing, because that information needs to be layered upon layered upon layered. I find that by the fourth or fifth time through, it’s sunk in specifically enough with our clients that they can finally start to get it. Ooh, I like that. You snuck a little phrase in there that is a signal. And my antennas went off. They’re like, Ooh, got it. So what you said is you had a client third year and they asked to go and have it repeated and understand it. The reason why that is so important is because highly intelligent people do not worry about asking dumb questions. Highly intelligent people are always hungry to learn and to grow. So for any of you listeners, if you’ve been on this podcast for a long time

[16:41] and you may know a lot of it and there are still maybe questions, send an email to hello at prosperity thinkers.com. If you’re brand new and you don’t know where to dive, guess what? Send the email hello at prosperity thinkers.com. And that way you can figure it out. I’ve been doing this podcast with you for hundreds of episodes. I still learn something every single time. So Kemp it’s seriously appreciative. And I hope for you as listeners, depending on if you’ve listened to all hundreds and hundreds of episodes or just a few that you’ve gained something from this episode here. And if you have questions again, send those to hello at prosperity thinkers.com. Thank you for listening to the prosperity podcast to take control of your money

[17:31] and have it work for you. Visit us at partners for prosperity.com. If you liked this episode, make sure you subscribe and leave a review.