Some background: I've been in the business for 5 years, 20MM assets, T12 180K. Over 98% of these assets have been generated soley by myself through mostly networking. Business is about 80% fee-based.
The past few years have been a major grind for me. With a wife and kids at home, I am having a difficult time making ends meet. It seems like every month I am dipping into my savings and/or tapping my credit card just to stay afloat. I didn't come from a family of connections and started completely from zero.I put alot of money each year into several networking groups I belong to and have raised my prominence in those but the costs, along with client lunches, coffees, etc have added up. I know it's part of building a business but I feel like I've hit a wall. This has led me to lose the passion I once had for this business and each day now I feel trapped.
Regarding feeling trapped, it's funny but I really don't have a way out. The only way for my family to have the lifestyle I want for them is to be in this business because of the income potential. My former career didn't pay well and if I left the industry, I'd still be in sales somewhere (maybe with a salary and some commissions) but without the potential income I need. So each month I get through and end up tapping my savings, increasing my debt and feeling helpless that I can't get unstuck.
When I'm with my clients, prospects, networking events, etc., I'm energetic and truly care about the situation at hand. It's great landing a nice 500K+ account but at 1.25% and the fees coming to me monthly, the air gets out of the baloon quickly and I feel still the same. I know all of this takes time but I feel like the well is running dry. My wife can see it in my face many times without saying a word how this has affected me.
I know if I left, I would feel like I just threw it all away. Maybe I'm just lacking some belief and confidence in myself that I can do this. Over the years I've just seen so many brokers where either their spouse worked, they inherited a bunch of assets, are on a team or have some other wealthy background. I've never really seen anyone in my situation- one guy, wife at home for past 5 yrs, 100% responsible for all income. It just worries and stresses me out.
Wow, I know this is alot but I needed to vent and need some advice. I know you can't make the decision for me but I would appreciate any advice, motivation or direction, especially if any of you have been in this situation before. Thanks.
**Note to all you rookies out there: If you thought the 7 was tough and the first 2 years were tough, wait until you lose your salary. This is not being negative; just being realistic.