4 True Stories About A Meaningful Business

Story 1- What Do we do?

4 years ago, a friend bought a $200K life insurance from me reluctantly mostly because we did a big favor to his family.  His policy came with a living benefit rider allowing him to access the death benefit in advance in case critical illnesses arise. In September 2020,  he was diagnosed with stage 4 stomach cancer.   He is a self-employed handyman.  Since he was confined in bed, his income stopped.    The wife had to quit her job to take care of him and therefore her income also disappeared.  But their bills didn't stop coming.    Fortunately,  the living benefit rider allowed him to take out $100K even though he was alive.   With that $100K he took some experimental therapeutics that were not covered by his medical insurance.   The experimental medicine seemed effective, at least for now.  His tumor is not growing.  The $100K also covered their mortgage and property tax bills.  As a financial professional,  I am pleased that I have made a significant difference in my friend's life, but I also regret that I even didn't try to influence him to get larger protection.  I am also bothered that there are still so many people running around without any protection.   

Story 2-  What do we do?

A 62-year old nurse worked hard for 30+ years and saved only $300,753 in her retirement account.   She thought she had to live a compromised retirement life because of her small retirement savings.   We helped her roll over her money into one of the many annuity plans we represent last March.   Her account value grew to $509,060 in March 2021.  The gain was locked in for a guaranteed withdrawal balance. Her retirement income has grown almost 70% in a year!  

Story 3-   Why am I in it?

After getting my Ph.D.,  I wanted to become a top scientist.  I worked extremely hard in the lab every day.  One Sunday afternoon my husband called and ordered me to go home immediately.    When I got home,  our toddler was winning on the floor and the colic baby was screaming in his arms.  The nanny didn't show up.   I realized at that moment, a scientific career may not be a good fit for a woman with young kids.   I decided to switch to a 9-5 job.  During that transition,  we went to China to visit our folks back there.   On the first day we both returned to work,  I was told my paperwork was not in good order and I had to wait another 3 weeks to start working at the new job.    The HR people caught my husband at the entrance and told him that their whole IT department was outsourced.   Immediately neither of us had a job nor any income.   We just spent most of our savings on our China trip.   The mortgage was due.  The AC in our car needed some work.  The babies needed their vaccine shots....     When I was writing to my new employer to beg them to expedite my paperwork and allow me to start earlier,   I was in tears.    We made our mind at that moment that we can't allow this to happen to us again!   We must take control of our fate.   We must have our own business.  

I haven't updated my resume for 8 years,  because I don't need to beg anybody for a job anymore.   Nobody can lay me off.  Even during the pandemic, I never needed to worry about not having enough money to pay bills.   My older son chose to go to a private college.  He also chose the in-person option during the pandemic.  For his safety,  we even paid extra fees and so that he could have the dorm unit all by himself.  My dad has lung problems.   When the pandemic hit,  to make sure he has a continuous oxygen supply,  I bought an oxygen concentrator for him.    The machine costs $2500!     I am glad we could afford all these.  I am proud we could take good care of our family.  

Story 4-  Why am I sharing?

A long-time friend and client has been an engineer and worked in the oil industry for over 30 years.  When the pandemic hit,  his big project was canceled.   He was stuck at home with no income and nothing to do.  He was miserable.   He was restless.  One day his wife called me and asked me to recruit him.    He joined our team in April 2020.    By December 2020,  he already built a good size team and got promoted twice.    He now feels energetic and hopeful every day.    Even though the oil industry is recovering,  he has decided not to go back. He believes the financial service industry has a much brighter future.  He also believes the self-development and soft skills he is acquiring in the business will make him a better husband and father.   In fact, they are preparing to move to Hawaii because his wife and her friends have started a vegetable-producing business.    I am glad this business gives him hope and flexibility.