So, today I had meticulously scheduled three signings in my calendar: specifically, two Remote Online Notarizations, or RONs, each paying a fee of $65, and in addition, a mobile refinance appointment paying a fee of $300. Regrettably, even before the commencement of the day and the first rays of sunlight graced the horizon, my carefully constructed plans began to fall apart. One of the RON appointments was unexpectedly canceled, and then, compounding the issue, I was unfortunately compelled to cancel the mobile refinance appointment due to a confluence of unforeseen circumstances. These included significant mechanical problems with my vehicle, coupled with a personal medical situation that demanded immediate attention. It serves as a very stark and sobering reminder, doesn’t it, of the inherent unpredictable nature of life when one is navigating the often-turbulent waters of self-employment? There are invariably situations that occur completely outside of our control, and the ability to adapt, remain calm under pressure, and effectively pivot is, in my opinion, paramount for success. This sequence of events, however, unexpectedly prompted a significant shift in my thought process and led me to ponder a critical question that I believe many in our community can relate to: How many of us, within this vibrant community of notaries, are actively and proactively safeguarding our income streams from the inevitable and often unwelcome curveballs that life so frequently throws our way? Are we, as a collective, adequately prepared for the possibility of unexpected cancellations, the emergence of sudden and unforeseen expenses, or even periods of reduced work availability that are simply out of our hands? While some of us demonstrate foresight and proactively implement sound strategies, such as securing comprehensive disability/sickness income protection policies and equally important business income protection policies, it seems that many do not. Personally, I have taken concrete steps to fortify my financial resilience and create a stronger foundation for my business. I maintain a dedicated working capital sinking fund, I have living benefits life insurance protection in place, and I am actively engaged in building a residual income-producing business that serves as a crucial safety net. I firmly believe that these vital, yet frequently overlooked, topics warrant far more in-depth discussion within our community than they currently receive, if they are discussed at all. In my considered opinion, embracing these proactive strategies is not merely beneficial; it’s absolutely essential for achieving sustained success, long-term financial stability, and peace of mind in our entrepreneurial endeavors. Lastly, I would like to add, my personal definition of success is not determined by how much money I can accumulate, but instead, by how many people I can help and make a positive difference for. Hopefully, this brought value to someone. Have a great week and the closing of the fourth quarter….
Thank you for those words of advice. Hope your personal medical situation was nothing serious and also hope the mechanical issues were easily resolved.
Yes, life is always throwing curves at us. We must learn to plan ahead so we can “roll with the punches.”
I would love to see the elimination of the middle man. I’m am seeing fewer and fewer closings and with one company they are averaging 80% cancellations.
Thank you for your kind words.
That’s a one-two knockout punch for the day! Sure hope you are OK healthwise and that the car problem is not as bad as it seemed.
@Arichter Thank you! Yeah, we’ve all been there! It’s only Tuesday, and I’ve already had three loan signing cancellations. I think people are rethinking loans right now. Last night, a signer called to cancel a RON, saying the lender messed up the numbers, and the kicker is, the hiring company didn’t even tell me! Go figure!
I hope you are okay and that the car issues aren’t that serious.
Fortunately, at this time it very easy for me to roll with the unexpected curve balls as my income is earmarked to go to our investments at the end of the year. This was not always the case when I started this journey over 20 years ago and instances like what you described would throw me into a panic. Every day that I couldn’t work stressed me out wondering if I could pay bills, feed my bottomless pit teenaged son, put gas in my car, etc. This career path is not for everyone!
@dawnsnotary Thanks so much for your kind words, I’m doing okay! Cars are just gonna need stuff from time to time, right? Luckily, my step-son is a mechanic, so that helps. It’s just the timing and the hassle that always seem to happen when Murphy’s Law is in town!
I’m glad you well! Having a mechanic in the family is always a good thing! My son in law is one and my daughter is a parts manger (sadly not for the make I drive but they do come in handy!). Gotta laugh when the the dust settles after Murphy comes to town.
Thank you for your thought-provoking post. I am glad to hear that both crises are fixable. I have been trying to branch out into a different line of income to help edge against the vagaries of the market. The ironic thing is that I have only been able to prepare for this alternate path while away from Notary World. I made a lot of headway towards becoming a bookkeeper when I was too far away to be distracted by notary assignments. Now that I am back, and fully immersed in my day-to-day life with family obligations, health issues, car maintenance and every other facet of a person’s life that cannot go ignored, I can no longer devote a micro-second to my studies.
So far in California, we do not have RON signings. Title companies will make exceptions from time to time for a signer out of the country and the EO will conduct the signing himself/herself, but for the professional loan signing agent, we are in the cold.
The two types of insurance you mentioned seem a wise decision. I have been pushing out a medical procedure as long as possible because my doctor told me it has a lengthy recovery and I might not be able to drive due to the pain medication. If the pain can be managed with OTC meds, I might have a fighting chance to get back out there. I have family dependent on my income and while I have an emergency fund, I do not relish depleting it. Since I do not know what condition I will be in, I am not sure I can do any kind of work at all. I have heard of court reporting which can be done from the home but pays more if done in person.
If the rates continue to drop, there will be an uptick in work as a Loan Signing Agent even possibly carrying us through January. For me the past few years, January and February have been pitifully slow, everything coming to a halt once the year changes. Having an alternate income stream, perhaps tax prep? Would help compensate for the lull in activity.
I hope you will continue to post about insurance for sickness and income preservation. I think that is of value for anyone in this business whether seasoned or new.
@keaton4notary Thank you for sharing what you are going through; it’s important to hear these experiences. I wanted to share that back in 2018, my family and I also experienced a life-altering event: by me being involved in a serious auto accident while traveling to a loan signing assignment. The aftermath was extensive, as the injuries I sustained required a series of surgeries, including procedures on my hip, shoulder, and lower back. Consequently, I had to take an extended leave from my work, lasting almost two years, during which I was fully immersed in the recovery process, undergoing numerous surgeries and extensive physical therapy sessions. This period of unforeseen circumstances brought about significant changes and challenges for both myself and my entire family, forcing us to adapt to a drastically altered way of life. Furthermore, this situation brought into sharp focus the complexities of pain management, particularly the need to consider the use of prescription pain medications. I must say, I approached the idea of taking those prescription pain pills with a great deal of apprehension and concern, given the well-known risks and potential for long-term addiction, as well as the possibility of other serious side effects and complications. I reiterate that my experience has solidified my decision to no longer accept low-paying assignments. The lack of financial responsibility from these companies towards us, the signing agents, is unacceptable, especially during unforeseen events. I prioritize my financial well-being and family’s safety by selecting assignments with fair compensation and responsibility that allow me to properly fund various risk management financial products. During my recovery, I had the realization of the need to work remotely online from home. So I came up with a business strategy to transition from being mobile service business towards becoming a online business service. Back in 2018 and pre-covid era, RON wasn’t approved in Florida as of yet. Fortunately, during my recovery I was networking on Notary Cafe, another LSA colleague out of Baltimore, Maryland approached me with a business proposition. That was the beginning when my online business strategy started being put into action. I will continue to post and share financial concepts in a manner that doesn’t violate any of Notary Cafe rules. If ever anyone wishes to seek out my guidance or collaborate, please feel free to contact me direct by my email: carlfletcher.businesses@gmail.com
Please feel free to reach out to me, if you desire to explore things you can do from home using your smartphone or computer. Lastly, my prayers for your health and restoration in regards to your future medical procedure.
Thank you Carl, for your thoughtful reply. I’m glad you are better now and have been able to move your business model in a new direction. I also appreciate your offer to communicate directly.
When you feel things are at there worse, remember getting better is all that’s left.