A Day Of Analogies | 7 Figure Annuity Sales Podcast | Ep. 256

Analogies are probably one of my major keys to success. The ability to relate to someone and whatever their job is and the ability to come up with that quickly. And Wonder Boy here. Boy Wonder. No, Wonder literally came up with some analogies that I'm a little nervous about because we've done a lot of talking today and my brain's a little fried. Why he waited for this to be the last thing, I don't know. So we are going to have a lot of fun here. I am Chad Owen, the annuity sales coach. This is Caleb North, AKA Boy Wonder or Wondrous Boy or.

Yeah, I'm going to get that embroidered on the backs of my shirts.

Why on the back? Why?

It's like my last name or something.

So when you go bowling, people know what's going on? No, not in a jersey. You're not a jersey person. Bowling, maybe, but not jersey. Yeah, you're definitely not a golfer. I've seen that. But, God, that was a lot of fun, though. It was fun. You got to do that, man. That's do it. I loved it. Golfing, to me isn't necessarily about, you know, who gets the lowest score. It's how many fours did we have to yell, how many times did we hit the ball? And we're waiting for that.

Hit a window. Unfortunately, I've never hit a window, but, yeah, I've definitely sliced some or taking them off to the moon in the wrong direction. Okay, Caleb, without looking, go ahead.

So stay of analogies. I've got a couple of handfuls of different occupations that I'm going to give to Chad and he's going to create an analogy for this individual regarding annuities.

To make it relatable. These are people. I find out what their profession is and I give them analogy. Why, how an annuity compares to what they do. Yeah.

So the first one, everybody's favorite to work with engineers.

Engineer. Engineer is actually when I came up with many years ago. So I love working with engineers. So I'll tell an engineer what is the most challenging profession Salespeople really cringe at when they have to try and present a product to. I don't know, it's always engineers. And the reason why is because engineers are very analytical. But to me, I love working with engineers because no matter what an engineer does, they always have something called a foundation basis, whatever they're building on. So if you're a construction engineer, a structural engineer, what is the most important thing of that structure? Number one was the most important thing. And they'll always Say the foundation. I was like, okay, great. Would you ever build a structure on anything that doesn't have a solid foundation? Never. That doesn't make sense. Okay. Would you ever build a building that every three to seven floors, you build that floor and then it builds, blows up and it tears down half the building and people are dead and flying everywhere? No, never do that. Then why are you doing that with your retirement? You have stocks, bonds, mutual funds. There is no foundation there. You have nothing to build on because it could come tumbling down at any time. And they always appreciate that. So there you go.

So the annuity, I'm presuming is the solid foundation.

Absolutely. It's only solid foundation. I'm trying not to look to the left to see what's next, but yeah. So the annuity is that solid foundation that provides you a way to build a secure retirement without it ever collapsing with no loss due to market volatility and no income loss due to market volatility.

There you go. All right. How about a doctor?

A doctor, okay, so a doctor. I actually have a lot of them. I'll use the one that stands out most as I had this surgeon and apparently who's a really well known surgeon, he's been doing it for 50 years and he basically was very confident in his ability. And he goes, you know what? I've been doing a heart surgery for 50 years and I've never lost a patient. I'm like, wow, really? Like. Because that's impressive me that at that time my dad just had a quint bypass. And I knew what that entailed and said, you've never lost a patient. He goes, my job is to get them in the OR and out of the or, and then it's the nurse's responsibility to take over. Said, oh, okay. I said, that's kind of interesting. And. And I say, well, let me tell you something. It's like what? I said, I've never lost a patient either. And he's like, what? I said, not once have I ever, ever had a client lose or kill any of their retirement due to market volatility or income. And not only do I take care of that in the or, I walk them out and they never have to worry about it again. So it's not even the nurse's responsibility because what I put them in keeps them safe and secure for the rest of their life. They therefore, I've never lost a patient either. He loved that.

Yeah.

Yeah.

Except you kind of one upped him there a little bit.

I did, yeah.

Because surely He.

Oh, there was. There was a. That was intentional. Yeah, that was intentional.

Interesting.

Yeah. Okay.

What about a real estate investor?

Real estate investor? Oh, man, I don't.

Well, somebody that simply owns real estate.

Perhaps there. So someone even real estate investor. I say, you know what? It's very challenging when you own real estate or you sell real estate in obvious. Even if you're selling real estate, especially if it's for an investment purpose, you always have to worry about taxes, insurance. You have to worry about, is somebody going to rent the home, are you going to have vacancy? Are you going to have enough money to take care of that? What if the heater breaks down or the AC breaks down? You always have things to worry about. And they're like, yeah, that's the one thing about real estate. It can be a challenge because it's a. You know, there's a lot of responsibilities to that. And said, do you know what I do is an infinite rental without a tenant. That's what an annuity is with an income rider. An indexed annuity with an income rider is an infinite rental without a tenant. You don't have to worry about taxes, insurance. You don't have to worry about if they're going to pay rent next month or something's going to break down. It consistently will pay you for the rest of your life.

Love it. That's a good one. This is one we've had before, too.

I know.

I think I might know this one.

But a rancher, A rancher, I. Right off the bat, there's lots of things I can actually say with ranchers, but my favorite one ever was this guy that had his broker for 30 years, and he was telling me how he's ticked at his broker because 2007, 2009, he lost 50%. I said, well, why are you still with your broker? And he goes, man, I've had this broker for 30 years. And, you know, he's been in my daughter's weddings. You know, we go and golf together, we have lunch together. And I said, okay. I said, just out of Curiosity, you have 400 head of cattle, right? And he's like, Yeah, I have 400 head. I said, how long has your ranch hand been with you? And he said, 25 years. And I said, what if we looked out the window right now and that ranch hand was taken to 357 and just shooting your cows right in the head, you run out there screaming, what are you doing? Killing my cows? And he goes, don't worry, boss, they'll breed back. They'll come back to the numbers eventually. But he killed half your herd of cattle. And he goes, that guy would be dead. I said, I thought he was with you for 25 years. He goes, he was, but you just killed half my herd of cows. And he said, yeah, but your broker killed your half. Half your herd of Benjamin's. And he said, don't worry, boss. The market will come back and it'll recover. He picked up the phone right there and fired his broker. So, yeah, that one even shocked me.

That's a. So we got a lot of ranchers down here.

Yes, we do.

Usually good clients, though.

They are great clients. They understand hard work, and they understand preserving the things that.

There you go. All right, how about a nurse? Little different than a doctor?

Okay, a nurse. So. Oh, boy, a nurse. Let's see what we can do on this one.

So one of the most frustrating things when you're a nurse is you're taking care of patients, right? And, like. Well, yeah. And you know what's best for them, right? Oh, yeah, absolutely. And they don't listen to you, and they end up getting hurt again. And like, yeah, that's very frustrating. So you tell them, don't touch this. Don't pull that out. Make sure you listen to what I tell you. Do. And they don't. It's got to be very frustrating. It's like, yep, I said, I feel the same way. Say I know people, how to keep them alive. I know how to help people and not get hurt during the retirement. But sometimes they just don't listen. And they think they can take the drugs of the stock market. They can take that little shot of meth or whatever it is and get this high from the stock market. And the reality is, all they're doing is hurting themselves. It's got to be frustrating, isn't it? Like, yeah, I said, do you want to be that person that doesn't listen? The person that knows what they're talking about? No, I don't.

Oh, that was a tough one. That one actually had brain cells going a million miles. That one. I don't know if I've ever used that one before.

This one is near and dear to you as somebody that was almost a firefighter.

Yes, I was a firefighter. Well, technically, I did. I did. I had my firefighter one, my hazmat tech, my emt, and I was only about. Oh, about three hours away from getting my firefighter degree, but I got hired, and I'm just like, I can't because he took a big pay cut. But this actually was analogy I used with an agent. This agent couldn't figure out how to use because he goes, I was a firefighter, why would this be beneficial to help my agents? I said, okay, what's the number one rule of firefighting? What is the number one responsibility of a firefighter? And he goes, well, to help people prevent fires. I said, okay, that's number one, right?

Right.

You got to prevent the fires. Now let's say there is a fire. What's your number one rule in firefighting there? So you have a house on fire. What's your number one priority? Obviously making sure there's nobody in the house. Right? So let's pretend nobody's in the house. What do you do then? It's perimeter protection. So you're making sure that other houses around you don't catch fire to the house that's on fire. They're like, yes. I said, so isn't that like what we do in our industry? We protect people by making sure the fire doesn't start. How do we make sure the fire doesn't start? By making sure you're in a product that is fireproof. In other words, it can't go backwards when the market falls. You, your income can't go backwards when the market falls. So we're preventing a burn down of your retirement because your product you're in will not allow that burn. Now let's say you're in a variable product right now I want to do prevention, I want to make sure. So that's perimeter surrounding. We want to make sure. But if you're in stocks, bonds, mutual funds, right now we are controlling the burn that's happening. Right. We've already lost the house, you've lost the money in that stock bond mutual fund. So now we need to protect the perimeter. What's the perimeter? The years you have ahead of you that you're going to be alive that we need to protect that retirement from. So in the future we want to make sure nothing else burns down. So we got to protect the perimeters.

I like it. It's good. How about a teacher?

A teacher? Oh man. Teachers are a lot of different ones as well. Teachers are the same thing. Do you get frustrated when your students don't listen to you? When you know, you know more than they do in that particular topic and they're like, yeah. I said, that's my industry. I'm an expert in this area. I try and explain to people that are reaching out to me because they are not happy with the situation in or the Products are in, but they don't listen. They continue to fail. And, you know, you're trying to teach them the right thing, but they won't listen. Sure. That's a very similar thing to a nurse.

Teachers too, they. What are they doing? They're educating people to try and help people attain the fullness of the potential that they have. And it's like in a similar way, you as an agent, trying to help educate people so that they have the ability to have the fullness of the retirement that they're capable of.

Right? Correct. And teachers often know how difficult it is to try and educate someone when they're not interested. And even though they know they need to graduate, they still have a very hard time focusing. I was one of those kids.

Yeah.

I mean, it. Well, it didn't help that, you know, when I was going my freshman to junior year of high school, we saw the ocean like our was in Hawaii on Maui. And everyone. There's not curtains, there's not windows. They're louvers. And so they leave them wide open and you can see the ocean. And when those waves were good or you're staring at that ocean, the last thing I was thinking about is what I'm being taught. Right. So it's very frustrating. So I'm trying to educate.

Love it. Construction worker. Is that going to be similar to the engineer?

No, construction worker. I'd probably do something along the lines, you know, when you're digging a hole and it keeps caving on you, how frustrating is that? And then the other thing you want to find out is when you're digging a hole in an area you know nothing about and you can't find out what's below. So you dig this hole and you hit a gas line and it blows up, or you hit this water main and. Or this. I saw this one time where these people were digging and they ran into this cable that had phone wires in it. And they're worth thousands of phone wires. So that means they would have to go back and individually connect every single one of those wires.

I don't know next to who.

Yeah. I don't know how they do that. I'm not sure how that works. But I just sat there going, how are you going to replace all of that? And, you know, it's very frustrating when you keep digging something and you don't know what's there. That's exactly what it's like in the stock market.

Right.

You keep digging, hoping you're going to be able to find gold. But the problem is you never know what's below you because you can't predict what's down there.

Right.

And that's the stock market. Even worse. You dig this perfect little hole and then all of a sudden you have an unstable ground around you and it caves all back in you. It's a non stop process and that's what it feels like at times when you're in the stock market.

That's fair enough.

I haven't used that one before either.

It's good though. I like it. Truck drivers.

Truck drivers. So if you ever. Your truck driver, how many years have you been doing? I've been doing it for 30 years. They said what would happen if you picked up a full load at this place and then you had a destination? By the time you got that destination, your truck, somehow the back end opened up and 50% of your cargo was gone. Would you be paid? No. Would you be in trouble? Probably yes. Would you possibly harm people along the way because all this stuff is falling out of the back of your truck? Yes. Then why does your broker give you half the load and they still get paid no matter what happens? That's not right. You know the hours you have to drive, how many times you're losing sleep because you didn't and your broker's doing all the time and they're still getting paid for delivering half the load. That's what I do there. Oh, and by the way, they got the gas for free because you paid their fees. I haven't used that one either. I'm gonna use that one.

Oh man.

Yeah. I mean you literally paid your broker to lose you money. That's why often I'll tell people, they say, well, can your money, can the products you have, do they lose money? I said, I'm sorry, I don't have a license to lose people money. Yeah, and they love that. It works for them. Oh yeah, that's good. I mean the analogies. I think it's important to understand, you know, to relate to someone in a level that they understand often seals the deal. Just in that itself. When you try and talk over their head or you're trying to use your language, you're rarely going to get someone to understand what it is. And I don't know if there's ever a time that when I'm in an appointment, I generally even sharper because I'm so focused on that and I know generally what they do for a living or I'll ask them what they do for a living. And now after doing this for 19 years, I have a lot of kind of cookie cutter answers, but I just had two right there that I haven't used before. Because it can change. You know, there's a lot of things people can do that. And the other thing I'll often hear is, you know, I just don't know anything about the product you're talking about. I don't understand at all. I said, that's okay. If you. How long have you been doing your job for? And they say, well, 20 years. And I say, so you get sick for a week, you try and train me for a month, but you get sick for a week and you say, chad, this is yours. You're taking over everything I do for the next week. How well do you think I would do? They'll usually pause and I'll say I'd flop miserably. That's just a fact. I would. I cannot learn what you know in 20 years. I've been doing this for 19 years or five years or two years or whatever it is. There's no way you're going to know what I know. But what I do accept the responsibility for, and I take it seriously, is helping you understand it in a way you can understand it. Yeah, that's it.

Right. And understanding what the end that it accomplishes. Right. And it's the difference between the features and the benefits.

Right, right.

The features and all the little inner workings and algorithms and formulas and all those types of things.

It's like it doesn't matter in that in the long run, all people care about is what does it benefit.

The end result.

That's it. That's all it cares about. That's all it cares about. That's. That's all they care about. Well, Grammarly is going off in my head, going, wrong, wrong. Underline, red, underline. Okay, well, I hope this helps you guys. This is. Analogies are really important. Yeah. Don't overlook them.

Think about them. I would say take time, think about.

Okay.

If I'm going to ask, you know, if I'm going to come across this type of client, how am I going to relate it to them, the concept of the annuity to them and go into and build that reservoir.

What if they're a circus clown? Well, that's just a broker that tries to put you in guaranteed things with things that are at market risk. They're just a clown. So. Okay, hope this helps you. You have a great day and happy selling.

J.