If you ask me: What is “walk-away” wealth and why do I need it?
I will say something like: “This is a fair question my friend.”
Here’s my definition:
Walk-away wealth is the accumulation of enough financial assets to prompt a voluntary exit from the grind of the life of a medical sales representative.
This means you can trade in windshield time for [fill in the blank] time. LOL
Here’s the Deal…
In all seriousness, you may love what you do and don’t feel it is “work”, but you might be concerned with having enough wealth someday so that you are not obligated to punch anybody’s time clock but your own, right?
Now that we are on the same page about what it is, it is pretty obvious why you need to create it. The question is can you do it?
It’s not a stretch to think that if you start at age 25 and look 20 years into the future, you could be a multi-millionaire. Your earnings plus interest from investments will get you there. (If you’d like to tinker with your own numbers? Click here)
Think about that for a second…
Doesn’t it make sense to have a plan for all that money? I mean, if you knew you were going to win the lottery tomorrow, wouldn’t you create a plan on how you would spend, save and invest the money?
There are just so many considerations.
Taxes to pay. Debts to pay. Causes to donate to. Family to provide for.
Your list may be longer, but you get my point. This is why I’ve created an experience at my wealth management firm for individuals like you, but I want you to understand firsthand how it works which is why you’re on this page in the first place, right?!?!?
Now let me be clear… I’m not trying to sell you anything but complete VALUE.
That’s how all relationships grow into something meaningful for everyone involved. I give you value, then you reciprocate (in some way) and on and on we go until the exchange no longer makes sense.
Value exchanged. Trust builds. Relationship grows.
All successful medical sales professionals I know have the following…
After working with medical sales professionals from all over the country, I’ve noticed 7 distinct traits that translate into success in their careers…
Arguably the most important of them all. You’ve chunked your copy of the “4-hour work week” because it doesn’t apply to your status of “elite”. Between appointments, you constantly “sharpen the pencil” by listening to audiobooks, coaching calls or anything else to keep you at the ready. You utilize downtime as an opportunity to get better. “Hardworking” actually understates your level of commitment to your daily routine, mantra, and habits setting you apart from 99.9% of other sales professionals. From your physical appearance to your intellectual capability to your relational support system, you demonstrate extreme care by spending time on each regularly.
2. High Emotional Intelligence
Don’t get me wrong, book smarts are great but they’re not what define you. As Jeb Blount wrote about in “Sales EQ” you’ve got the perfect mix of IQ, AQ, TQ and EQ. (Did you miss that? Go get the book!) You realize the most important part of the sale is the relationship and you’re an expert at commencing, cultivating and continuing them.
3. Responsible Team Player
You live by the motto: “there is no I in team”. Which means no matter which point in the workflow or supply chain in which delivery happens—it takes a network of people to get the job done. You take responsibility so the customer is always satisfied which translates to repeat business.
4. Fiercely Competitive
You actually wish there were something “better than” the President’s Club just so you can see if you could win that too! (LOL) You’ve longed surpassed the ego-driven comparison days with your peers because your elite status puts you on a level so high, it’s an unspoken reality of just how good you are.
“No” just means you find another way of turning your prospects into advocates or cheerleaders for your brand. Your persistence and ability to use every piece of information, every byte of data are defining attributes. You find ways to demonstrate your value which usually results in a sale for you.
6. Always One Step Ahead
Although you had a good day yesterday, you realize tomorrow can be totally different. You understand you’re constantly being judged by your “last at-bat”, so you anticipate what needs to be done before things happen to you. In your career, you stay cutting-edge and in your finances, you spend less than you make and you save nearly as much as you spend.
7. Positively Energetic
Last but certainly not least, you are a walking 1000-watt bulb of positive energy. You remain optimistic but deal in reality. While never meeting a prospect you couldn’t sell to, you also know when to pack it in and move on. All this helps you maintain a positive vibe at all times inspiring everyone you come in contact with along the way.
Are you making common mistakes?
There are 5 common mistakes I see being made by medical sales professionals all the time that get in the way of building walk-away wealth, you can click here to read about them.
What I will say is you’re not too different than a star athlete. The similarities are that you are competitive, driven, intelligent, disciplined and blessed with a great opportunity to make great income inside a relatively small window of time.
Also like a lot of high-profile athletes, the wrong advice could leave you wanting in your later years.
Maybe your career looks something like this picture…
Does this sound familiar?
In your first year in the business, you learn the ropes and the territory and the library of information your company throws at you to learn to be successful. Like any star athlete, you individually learn the ropes and you start to kill it and with that comes the money. Fast forward to your 3rd, 4th, 5th year (you may have switched companies by then)–just like the athlete you might get “traded”—but you do your thing in the new system.
Overcome obstacles. Climb the ranks—AGAIN!
Even while your life may have become a bit more complicated (because you may have a family, spouse, etc.) Suffice to say, there might be others depending on you and that great income.
Where am I going with all this?
Well, just like any star athlete, you have a relatively small window of time to make some great income to set yourself up for life and even have the opportunity to walk away in style and dignity. The only thing standing in your way is the time and cost associated with making bad decisions….
I like this quote by Mark Twain…
“It’s not what you don’t know that gets you in trouble, it’s the stuff you know for sure that just ain’t so.”
Here’s the deal, after spending hours in scrubs in the O/R or hours in a physician’s lobby with sample drugs you want something to show for it, right? After all, no one wants to be on the short end of the “time for money” trade forever.
How will you create walk away wealth?
We both know that…
All the goods + no guidance = no bueno
So you have all this “star” power, but you’re going to need a Yoda.
It’s going to be difficult for you to navigate the complexities of your growing empire, sustain your career growth, care for your relationships and all the other stuff you do without some guidance or advice.
I want you to use this guide to help you make the “bigger, better” decision. You owe it to yourself to thoughtfully consider what you will do with all that money over your career. (That’s a lot of potential!)
I’m an old school human in that I genuinely love seeing people like you WIN.
I’d love to meet you and see if any of the above applies to you.
If you’d like to schedule a chat, CLICK HERE.