0:17 foreign good afternoon and welcome to people making money one of the way to wow shows I'm your host Kevin bemel and it is Wednesday 12 30 p.m Pacific Time 3 30 p.m eastern time we're here every week and we talk about how to find a career that you will enjoy and that will pay you well um maybe even a career you'll love and it'll pay you really well as well as
0:52 other issues related to investing Building Wealth all those kind of things so last week I talked about employment statistics and how you can use those to figure out what industry you may want to pursue and and what opportunities there may be out there so if if you're you know currently thinking about some kind of career change or maybe your um getting out of college soon and you're not sure really what you want to do so I encourage you to take a look at
1:27 last week's episode go to our YouTube channel um the way to it's just youtube.com I think slash at the way to wow show and you can find all of our um uh shows for the last three years and um hopefully you will find information there that will help you on your professional Journey so today I'm going to talk about professional licenses so I've talked about them a little bit before in terms of one of the fastest and easiest ways to start a business so today
2:04 I'm gonna get down to more of the nitty-gritty what are professional licenses um uh how do you um how do you get them um and and the different fields that they're available for all of that sort of information so again this is geared toward those of you who either are starting out on your professional uh career path and or you're looking to make some kind of change maybe you're doing something now that for various
2:39 reasons it just it's not working for you um I'll give you an example uh quite a number of years ago now um about 20 years ago um at at a lunch at a friend's house I met a young woman who was a teacher at a private school and we started talking and it was it was obvious pretty quickly that while she enjoyed teaching um what she was getting paid was just not working for her especially living here in Los Angeles no surprise right
3:14 this is a high cost place to live and so we started talking about real estate and over the next few months I connected her to some people I knew in real estate she eventually went to work for one of them uh actually I it was one of the people I referred her to to be uh you know completely transparent here but but through her networking uh with people including the ones I uh um introduced her to she she met a residential real estate agent who was very successful served as an assistant for that agent
3:49 while she and in the meantime got her own real estate license and now she's one of the top real estate agents in the uh system she's in the Keller Williams system and and I I you know uh is she 100 happy no of course not there's lots of challenges to being in the real estate business um she's always on call um and um you know clients aren't always the happiest um having said that I think that overall
4:24 she's a lot happier than she was when she was a teacher so Professional Licensing was a path for her to move on to Greater professional satisfaction greater income earning potential she has since bought some properties on her own account so she's building up her own wealth and and and and overall I think she you know enjoys her life and likes what she's doing quite a bit more than when she was a a teacher and I I think that's true for a lot of us you know coming out of high school or
4:59 college or the military we choose something based on what we think we can do without maybe knowing all of the options or looking into them and and then you know we get into it and we start seeing what it's really about and and realize wow this isn't really for me I need to do something else so um while you know startups for example are an absolutely viable path and and there are many um successful people who who started a business whether it's technology whether it's in the medical field whether it's food and beverage
5:35 um you know all of those are terrific that that is a very different path um whereas getting a professional license it it essentially means you're going to be some kind of service provider okay and and in in most if not all of them there's a pretty set way that people become successful within that field Okay so that's what we're going to look at today and I'm gonna um go ahead and share my screen because
6:10 I wanna uh let's see here we go and no that's not this this is of absolutely no use Choice okay so here we go um now I'm going to be talking about specifically professional licenses in California because almost all professional licenses are issued by the individual states um and so how things work in California won't be exactly the same as the state in which you're living although you will
6:46 find a lot of similarities okay um so California probably is you know a little more restrictive and from what I found it's it's much more expensive in terms of getting a professional license than other states like like Texas like Florida um but um it will be representative of the kinds of fields um and the kinds of professions that you can get into that you need a license to do so I just want to take you kind of
7:21 through this list here and you'll see they start out with things like aerial tramways and amusement rides so you know I'm going to take so okay this is these are not licenses for professions so some of these licenses are the licenses you need to operate this kind of business so if you're going to operate an aerial passenger Tramway in in California probably in Most states you're going to need to have a license okay and and honestly that's not really what I'm talking about um these kinds of licenses you need to operate a particular type of business
7:56 that's why I specified professional licenses so not all of these are professional licenses so here you go Animal Services okay now Veterinary Services okay that is a professional licensed job and so you can see here a veterinarian and you would have to get a veterinarian's license you have to go to veterinarian school that's pretty much a given now veterinarian school is similar to medical school the differences are there are fewer veterinarian schools a Veterinary
8:31 Medical Schools and from what I've learned they are probably actually harder to get into because of the limited number of slots than medical school okay but I mean if you are if you really love animals and and there is a demand for veterinary services in where you live or where you want to live so this could be an option for you now I'll give you uh here here's an example in the Army the Army is the last branch of the military I believe that still has veterinarians and they I
9:09 believe they have veterinarian assistance in the Army as well so if that's what you were doing in the Army now you may be able to immediately get licensed based on that experience okay so that would be something to look into now I I don't know what you have to do to be qualified to be a veterinarian in the Army perhaps you have to already have completed veterinarian school in the Army um but to be a Veterinary a veterinary assistant or Veterinary Tech in the Army again don't know what that is but it's something that if you want to continue
9:44 on in that field I would you know encourage you to look into it okay so let's let's look at some of these other ones I'm not going to go through every single one here so automotive services um Athletics so barbering and cosmetology okay then people who cut hair do nails that kind of stuff electrologists okay these kinds of personal care services I believe every state requires you to be licensed okay and here's another great um list of of potential professions and that is building construction Contracting
10:20 engineering Etc Okay so architecture now I I went to architecture school um I have what's called a I have well not what's called I have a four-year degree in architecture these days most programs you get what's called a bachelor of architecture which is a five-year program it's a professional program I have just a simple Bachelor of Science and architecture and the reason most programs have gone to being a bachelor of Architecture is when you then go to get your architecture exam you have to do less time before you qualify to sit for the exam
10:57 okay so you can become a licensed architect more quickly if you have a bachelor of Architects a bachelor of architecture degree or even even more so a masters of architecture degree okay now for these other whether it's construction activity electrical um you know doing mechanical and equipment so these all have their qualifications many of them involve doing some kind of apprenticeship you may um you may need to join a union in certain areas or you may be beneficial to join a union in certain construction
11:32 trades because then the path to getting licensed and becoming a full-blown electrician or plumber or whatever is you know as much is much more certain okay but this is another great area of to be licensed in okay cemetery and funeral Bureau so if you want to become a funeral director or or you know an embalm or um you know that's that's another possibility okay education Charter Schools privates post-secondary education private schools all of these are licensed professions um now to be a public school teacher you
12:09 have to be credentialed and and these days even to be a primary school teacher a lot of teachers have um uh at least an undergraduate degree in education some have a master's um and and at the high school level gosh I think all of my teachers uh all my daughters teachers unless they've been in the field for a long long time I I think they all have um uh an education degree and and I think most of them if not all have a master's in education it just seems to be the direction that that particular field is going okay
12:46 entertainment so um if you are going to be an entertainment agent see a talent agent okay you need a license for that okay so that that's another possibility Finance and Accounting okay fiduciaries okay so so for example oops Yeah here we go okay so here's the professional fiduciary's bureau's website this is one of the licenses that I hold okay so if you wanna um if you're interested in working with Estates and trusts or guardianship conservatorships those those kind of services where essentially you're taking
13:22 care of other people or taking care of their finances or both okay if you're going to do that for more than one person in California then you need to have a professional fiduciary license now this is one of those licenses where a lot of other states you're actually not required to have a license to perform these Services okay I think roughly uh 25 or maybe a third of states require a professional fiduciary license I will say that it appears that the current trend is more and more States
13:57 requiring this type of license and if if you are considering going into this field even if your state doesn't require the license you might consider going through the educational program required to get the license so you can understand what are your responsibilities going to be what is involved with being a fiduciary what are the types of clients you'll deal with what are some of the issues so even if your state doesn't require a license for a particular
14:32 profession you may want to look into the professional education necessary in other states to get a lot license because then that will help you become a more competent professional okay so I'm going to go back here to to this okay so financial institutions and lenders so if you want to if you want to deal with uh mortgage lending so then you uh I mean real estate mortgage lending well that's redundant um these days you have to have a license it used to be all you need to have was a real estate license but nowadays there's a separate one for
15:09 um for uh for for Lending as opposed to things like brokerage and Leasing and that sort of thing okay health care and related services so look there's all kinds of them acupuncture Behavioral Sciences psychology Psychiatry Chiropractic dental dental hygiene medical okay medical cannabis this has become a huge business here in California occupational therapy Optometry Pharmacy physical therapy so you know here's psychology I guess that's that's different than Behavioral Sciences uh Registered Nursing etc etc so
15:45 um if you know if you're looking for a job where you know it's a growing industry so Healthcare and related services are a growing industry um excuse me as my generation the Baby Boomers continue to age more and more health care services are necessary um some of them you know they don't pay particularly well like home health care now one of the reasons why something like home health care doesn't pay particularly well is you'll notice there is no license for home health care
16:23 okay so unless the Home Health Care is being provided by a licensed professional typically they're not making a whole lot of money on the other hand if you're a registered nurse or a vocational nurse who's doing home health care because you have to have a license to do that home health care so then you know you will get paid commensurate with the license that you have okay same with something like Respiratory Care there are Home Respiratory Care practitioners where
16:59 they go to the patient's home and take care of that same is true of occupational therapy so um I I knew someone um in in sort of a past life who ran a home health care business and one of this among the services she provided was occupational therapy and physical therapy and her people got paid very well so we're going back now gosh 30 years and I think most of them back then were getting paid between 50 and 100 an hour okay
17:34 um and then they got I think half that for travel time or something like that so it was very very lucrative uh practice for those professionals because they were licensed and Licensing means that you've had to pass uh we'll get into this a little bit more because I'll go into one specific license but you have educational requirements you have experience requirements typically Etc okay now here we have you know medical license well that means you've gone to medical school okay so obviously that's a very high standard by the way to become a registered nurse You're
18:09 probably have gone to nursing school as well okay so those are medical um a couple of others that I didn't know about until I started researching this topic so horse racing right horse racing to be an authorized agent to to um represent people in buying and selling horses to be a horse trainer I guess to be a horse owner maybe for racing purposes I'm I'm guessing or something like that um there are licenses okay so that's something to look into so Legal Services okay this is there's basically three
18:44 arbitration attorney court reporter Okay so to become an attorney you're going to go to law school these days well technically I think you can take the bar exam without having going gone to law school in order to have a reasonably reasonable chance of passing it um these days people go to law school okay it's usually three years can be I think they're a four-year Law School courses that when I say three years I I think it doesn't necessarily take three years to complete it but um a regular law school program is a three-year program I think if you were to go to summer school or you might be
19:20 able to speed it up okay court reporter so there are court reporter schools that you go to to learn to be a court reporter because you have that little electronic thing you use now and you have to learn to do that and you have to learn all the rules of court reporting it's a very complex uh job um these days you know I've been hearing that court reporters are are getting um replaced by they just record the the whole um uh proceeding and then they they use a um uh a a
19:55 um program that that takes that recording and turns it into a transcript um so you know if you're interested in court reporting I would recommend that you look into the field and see what's happening in your state with respect to court reporters is it growing is it shrinking um you know and and even if it's shrinking though also look at what is the average age in the field okay my my sense is that court reporters tend to be sort of older than the median age and so although the field may be shrinking the
20:31 people leaving that more people may be leaving the field than the rate of shrinkage would justify and so there still could be opportunity there okay all right um I'm Gonna Leave real estate for last and go to security so security and investigative services so if you want to be a private investigator right you want to be uh um Marlo what is his name uh Richard Marla no no not Richard Marlo that's Richard Diamond um I can't think of Marlo's first name or Sam Spade right all the great you know detectives from uh from you know
21:07 the from the detective fiction um but in in all seriousness you need to have a license to become a private investigator there are schools you can go to I think you can also work as an apprentice locksmiths okay they're also security guard um and in fact if you're going to be a security guard there's and if you're going to be an armed security guard I should say that that's that's another um license on top of that okay um seeing private Patrol operators etc etc so all of these again now for many of these
21:43 um especially in the security Fields okay you don't necessarily have to go to school the particular company you work for may have a training program that they're going to put you through but you probably will have to pass a background check so I'm sure you can appreciate to be a locksmith which means you have the ability to pick locks and you you can carry you know keys that you know master keys and and cut master keys and all of that they're going to want to make sure that you know you have the proper background to be able to do that so if you have a criminal background of some
22:19 kind that may prevent you or at least delay your ability to be able to get in that field until you know perhaps that conviction uh falls off your record now that there's an important distinction there being charged is not being convicted okay so in certain fields even being charged needs to be disclosed although that may not necessarily prevent you from getting the license I'll talk about that those licenses some
22:54 of those licenses in a minute okay but in other fields um so what really matters is whether you've been convicted okay so for sure you have to disclose convictions you'll see on license applications it's typically going to ask that because they want to know your background okay but in some cases you're also going to have to disclose whether you have charges pending against you okay now typically you don't have to disclose that you've been charged and that the and and that
23:30 the matter has been closed and and you were not uh you know you were not prosecuted and or um you were prosecuted but found innocent other times you'll have to report that as well so when you're dealing with these kinds of background issues you you need to be very clear about what it is you need to disclose on the application for the license here's why failure to disclose can be grounds for denial of the license
24:05 okay so the mere fact that you didn't disclose something that wouldn't have prevented you from getting the license could prevent you from getting the license okay I'm gonna say that again because it sounds a little weird that you didn't disclose something that you did or that happened to you that that thing that you did or happened to you would not prevent you to get the license but you didn't but you failed to disclose it the failure to disclose could be grounds for
24:43 you're not getting the license okay so some sometimes it's you know it's really just an issue they want to know what's going on in your past if you had you know let's say you um you got charged with fraud okay and and they invest I'm sorry you didn't get charged for fraud you got investigated for fraud they ended up not charging you and they closed the matter and it was done okay well you may have to disclose that you were investigated for fraud
25:18 okay and the reason they want to know that is that it only happen once okay so then no big deal okay but let's say you've been investigated for fraud 10 times and all 10 times you weren't charged but still you've been investigated 10 times they're gonna look at that differently okay more to the point if you were investigated for fraud 10 times and didn't disclose it can you see how that might look like
25:53 you're hiding something okay so these are the kinds of issues you need to be aware of when you apply for these licenses okay I'm going to go back to this second to last category here real estate okay this is something I'm very familiar with because I I currently hold and have held uh uh several real estate licenses in my career so in order to sell or or rent or lease real estate manage real estate or appraise real estate you're going to need one or more licenses okay so to sell real estate and
26:33 to sell rent lease real estate and to manage real estate you need to have either a sales person's license or a real estate broker's license and to appraise real estate you need a real estate Appraiser's license now I can tell you the real estate Appraiser's license is is is required in every single state because as a result of a law called fyria the financial uh financial institutions reform recovery and Enforcement Act which I believe was passed in 1989 okay so a while ago states were required to license real
27:12 estate appraisers who were going to be doing what are called federally related transactions a federally related transaction is a a loan that is either uh guaranteed by the federal government so for example a VA loan is guaranteed or is insured by the federal government like an FHA loan or is going to be going to a federal government agency like Ginny May the government National Mortgage Association or another
27:48 organization that may not actually be a department of a department of the of the federal government but it's connected to it like Fannie Mae or Freddie Mac or it's being made by an institution that is insured by the FDIC the Federal Deposit Insurance Corporation or is chartered by the federal government all of these things create what's called a federally related transaction and therefore any appraisal done on real estate done for
28:24 on you know for the for the review and underwriting of that transaction has to be done by a licensed appraiser okay now if you were going to do work for ju for a lawyer on an estate matter that actually you don't have to be licensed to do that having said that these days because most real estate appraisers are licensed if you're going to do a real estate appraisal for a lawyer and you're not licensed you could end up in court defending yourself against a
29:02 licensed appraiser and that licensed appraiser is going to say well I hold a certified General real estate license from you know five states and you know this is what you have to do to get them and blah blah blah blah and then I have X amount of experience on top of that and and you're going to be left saying well I have X amount of years of experience okay and for people who don't you know who maybe don't know exactly how the business Works they would tend to think that the licensed appraiser is more qualified now by the way that's not necessarily the case but how it's
29:38 presented could make it sound like it okay so um so that that's that's how a real estate Appraiser's license works okay um I'm not going to talk about appraisal management companies that's that's not a licensed profession per se that's a a company okay so I'm gonna I'm gonna click through here to the Department of real estate the California Department of real estate's website and so you can see here here's all these different forms okay so if you if you want to be typically you're gonna start out as a
30:16 licensed salesperson okay and the reason that's the case is because in a state like California in order to qualify to be a real estate broker where you can where you can work on your own without supervision you need to have a minimum number of years of experience and of recent experience see so let me let me give you an example I was a real estate broker broker for almost 20 years before I joined the Navy a licensed real estate broker here in California and the reason I was able to become a licensed real
30:52 estate or I was the reason I became a licensed real estate broker was because at the time in order to qualify to take the broker's license exam all I had to do was have a four-year college degree in any subject at all it didn't have to be related to real estate and then take eight classes that were real estate related things like real estate principles real estate practice real estate Finance uh legal issues related to real estate and a few others okay there I think there were five required ones and three electives okay
31:30 and then I was able to take the broker's exam and I passed and so I was I was a licensed real estate broker okay then I joined the Navy and I was out of the real estate business for the next uh I think about 15 or 16 years or so somewhere in that area okay so then when I when I went back to get a real estate license again although I had been licensed for 20 years because I had had a period of not being licensed for more than four years I had to apply to get licensed again and
32:07 take the exam again and and then and to get a broker's license the requirements had changed so now to get a broker's license in California and here let's see if we can click this through here nope it's not it's not on this thing okay so to get a broker's license in California now you either have to have I believe it's five years of current experience in the real estate business or you you have to have a degree related to the real estate business
32:44 um and well actually I may be wrong on that second thing hey let's let's look here uh here we go current processing time wait okay e-licensing oh no this is the varication okay I I don't you know I don't want to spend too much time on this because it's it's also going to vary from state to state but in in any event because I didn't have current experience and the degree that I have the fact that I have a college degree and in fact a couple of master's degrees now that wasn't enough to qualify me to take the broker's license
33:21 so I took the salesperson's license exam okay and interestingly enough when I when I passed the exam and apply for the license I got my license it's the same license number I had before okay so like they didn't give me a new license it's the same license number but now it's for a sales license and it'll it'll be another whatever it is four or five years um until I um can become a licensed broker and work without supervision and that is the difference between being a licensed salesperson and a licensed broker a licensed salesperson in order
33:58 to do work work in the real estate business that requires a license needs to be affiliated with a broker and that broker has the responsibility for overseeing the salesperson's activities to make sure they're handling things in the proper way okay so they're going to make sure that you're doing things ethically legally uh ethically correct legally correct and they're also going to teach you the business now some companies are better at that than others that's that's a separate issue from getting your
34:33 professional license but generally speaking the first step to getting involved in real estate is getting your license because you can't talk to potential customers until you're actually licensed and this is another thing to bring up here is typically to get a professional license you're going to have to pass an exam merely passing the exam does not give you the right to conduct business passing the exam is is step one step two
35:08 is applying for the license and paying the license fee and until you are actually your license is actually issued you cannot work in that licensed capacity okay so normally you're going to be paying two fees at least two fees one is the the exam fee and the second is the license fee okay now there may be others for for example to get a real estate license you have to submit uh fingerprints so that you can be run through the Department of Justice I believe at both the state and federal
35:44 level they want to know what convictions you have so typically there's also a fee associated with having your fingerprints done and by the way that's that's not uncommon lots and lots of licenses require you to submit fingerprints these days it's done um electronically like in the old days you took this fingerprint card and they had the like if you what you see in the old movies they they would roll your you know your finger onto the you know you stamp it on the the the black ink pad and then they roll it onto the card and all that kind of stuff nowadays they don't do that in fact they don't even do
36:20 the the clear stuff that turns black when you touch the paper nowadays there's a scanner basically and your fingerprints are scanned on a scanner and they come up on a computer screen and they're submitted electronically so it's a lot clearer system although um as I recall make sure your fingers are uh you know not dry because it makes the machine doesn't doesn't you know sense them as well so although the person who's doing the fingerprints for you you they'll have something there to moisturize your fingers if necessary okay but I I know the first time I did
36:55 that is I should have gone like this I'm like oh and I wasn't taking she's like yeah you need to moisturize your fingertips so she gave me some moisturizer and did it um and and then you know after that I I've had it done I think two or three times now for various licenses so um in any event um that that that is the typical process so I'm gonna review that again um because although I'm talking about real estate licenses in this case it's it's very similar for a lot of other licenses Insurance licenses the appraisal license certainly real estate
37:31 licenses and then we're going to go on and in a few minutes and talk about security licenses it all works pretty much the same way now in some cases you have to have something like a college degree although typically for entry level that's not required at all okay but you are gonna have to do some kind of education so for the salesperson's license you need to have three classes okay real estate in California it's real estate principles and then I think there's a list of what the other ones can be and they include the things I
38:06 mentioned before things like real estate practice legal issues um uh oh ethics and standards is almost always going to be a required class okay so you take the education and once you have your verification of of completion of the education then you submit your application to take the license exam and most of this is done um online so you'll notice here uh PDF fill in so if we were to go to
38:41 um these like uh um uh these different licenses here in this column it's it's a PDF fill in okay this one is a PDF print only so for the broker's license and sales person's license license you actually you you you actually have to you know print the PDF out I'm I I guess that's how it works in others you can do the whole thing online okay by the way here's here's Live Scan for the fingerprinting here's fingerprint information etc etc okay um okay so you fill out the license exam
39:18 application you submit that you get approved hopefully you get approved for the exam right they're going to make sure that in fact your educational stuff checks out okay and then you'll get a letter approving you for the exam in some cases they'll give you an actual exam date and a location you have to go to I know that's how it works in California for the real estate exam in other cases you get an approval to take the exam with a window and you get the information on where you call or where you go online to schedule it and you go
39:53 ahead and schedule it online or you call them and schedule it and in some cases you'll go to an exam test center in other cases you can take it online um if you are going to take an exam online I do recommend you talk to people who have already done that I know when I took my life insurance exam although I could have taken it online the fellow I I had from uh doing my my training course recommended not doing it because he said oftentimes the system doesn't work properly and so you end up not
40:29 being able to complete the exam and then you end up having to go in anyway so in my case I just I just went ahead and and and and went in okay now in many cases though not all after you complete the exam you will get the results before you leave the test center okay so um I'm trying to remember with respect to the real estate exam yes I did get my results now the way it typically works and again this varies from state to state and exam to exam is if you pass all you find out is you
41:07 passed okay so you don't get your score so let's say minimum score to pass is 70 percent so if you passed all you know is you got at least 70 percent if you fail then they'll give you your score so if you've like got 69 percent you'll get a fail notice and it'll say you only got 69 of them right and then in some cases they will tell you how you did on certain topics so you can see well which topics did I do well in and which topics did I do poorly in okay and that'll help you to study in order to take the exam
41:44 again now one of the licenses where they tell you your score no matter what is the um Life Insurance exam okay so in that case I got my results um and it you know right after I finished taking the exam and it gave me my score even even my passing score so I knew how well I did but that is that that that's the only as I recall that's the only exam where I knew what my passing score was all the other ones I've taken all I knew was was was that I passed okay and so you know
42:19 don't be surprised I know it's a little frustrating especially if you're like me and like you know you I want to know my passing score it's like you know just deal with it and move on with your day okay so then once you've gotten your Pat you know you've passed your exam okay then again depending on the license you may have to submit an application for the license this is different than the application to take the exam it just depends okay for my professional fiduciary's license okay I I submitted
42:57 the license application up front and and they reviewed it and before they would let me take the exam and then once I took the exam they the the bureau got the results and they processed my application after that without me having to submit uh further paperwork um and I think they also collected all the fees up front if I remember correctly in the case of a real estate license after you pass the exam you you have to submit your license application with the license fee itself
43:32 and then they process it in order to get your exam now by the way um when I applied for my uh real estate license um you know I submitted all my stuff and and I waited and I waited I waited um and I never heard anything and so finally I called the Dre and and I you know I got a fellow on the phone and I explained to him that I've been waiting at that point for several months um and it was sort of beyond what they say was the typical time it takes for
44:07 them to you know decide about a license application and um he looked into it super nice helpful guy I will say um and and and and you know kudos to him um if I could remember his name I would say because you know he really kind of stuck with it what he eventually found was laughs they had input my credit card number wrong so they thought and what what the the reject came and that didn't know it had been rejected but they rejected my
44:42 application but then didn't inform me and and when he looked it up he said oh well they your your credit card isn't any good and I said really he said yeah I said well can I give you my credit card number now he said sure so I gave him the number he says well that's the number we got here um so evidently whoever keyed it into the system or whatever when they tried to charge it had done it wrong so he said he said you know what uh he said I you know this has been such a hassle for you hang on let me see if I can get this resolved while you're on the phone and he called around it took him about 15 minutes but at the end of the 15 minutes he said okay I got it solved he said
45:17 your license should be popping on the system in just a few minutes and and sure enough before we got off the call um there it was because it's all it's all done electronically now they don't even send you the license certificate like they used to do in the old days so sometimes you do have to follow up okay um you know track it online you know track the times that it takes that there's the processing times okay um because weird things happen and look you know I think he expected me to be all you know mad at him or whatever um because he was like constantly I feel like I said I said you know what you
45:52 don't need to apologize to me I said you know make it an easy day for yourself I have there is no reason for me to be angry or upset it's not as if you caused this to happen these things happen and here's the interesting thing um and and I you know I pass this along because I understand it can be frustrating dealing with um you know government officials and such look in 95 percent of cases maybe more the person you're talking to on the phone has nothing to do with what went awry with your situation they're just
46:29 there to try and you know help you out if you're yelling at them what is their incentive to do so in my case by treating this this this uh this fellow you know decently so he actually was supposed to have been done working um before he was able to solve my my problem and he had told me he said well if hopefully we can get this solved because I'm supposed to go off duty at such and such a time so maybe by the way it's better I don't mention his name publicly because maybe it could get him in trouble so it was I think I think it was supposed to be done at four o'clock
47:04 or something in the afternoon so he wasn't done at four o'clock so I said hey do I need to call you back or do you need to call back he said you know what look just just hang on let me get this finished for you because if you have to call back you may have to start all over again what a pain that is and so he took time it was it was his own time I mean I don't maybe he got compensated over time but I don't think so not from from how he explained it to me he just took his own time to get it finished and and I think it was in large part because I think a lot of people probably yell at him when they're not getting what they want and and and I I told him flat out
47:40 it was it would be inappropriate for me to do that you're trying to help me I recognize that you know so if we can work together calmly um you know that's the best way and take your time and don't don't sweat don't don't I don't want to be the you know the the customer that you're going out later to complain about to your colleagues you know so I I do recommend you you take that you know attitude when you're dealing with you know getting your licenses because it can be frustrating and and it's frustrating for you but it can also be frustrating for the people you're dealing with especially like the
48:16 California Department of real estate it's a large Department there's a lot of people working there and not everyone working there knows the system well you know I happen to get someone who did know the system well and so he was able to figure it out and in fact the person who had originally processed my applications was somebody new didn't know you know all the sort of ins and outs and so it just you know it didn't get it didn't get handled properly what are you gonna do you know that that that's life okay so that's the process and then once you get once the license is actually approved and issued now
48:53 you can do business or in the case of a real estate sales person now you could affiliate with a broker and start doing business Okay and like I said most of these licenses nowadays you just go on to a website for the issuer and you download your license they don't send you paper licenses I know when I got my first uh real estate license um it was uh you know a piece of paper about this big and I remember when I got my first real estate license it was like this at eight by ten or eight and a half by 11 inch certificate on kind of thick paper and I was like wow this is kind of impressive you know I'm assuming they
49:29 don't do that anymore because you know it costs them money to mail and it's extra labor and all that kind of stuff and fine you know you get it a lot more quickly when you can just go on the website and and download it okay and and do let me show you this so in California there is this e-licensing system so like I can sign on to my e-licensing account and I can get all the information I need about my license history I could download them other copy of my license if I needed it if I need to renew it I could do it through the e-licensing system and lots of states have these kind of systems now and I I don't doubt that if there are some that don't
50:05 currently have them they're going to have them in the near future so that makes it really easy to or well it doesn't make it easy but it makes it easier to do than in the days when you had to mail stuff and there was paper and all that kind of stuff okay so the I want to go to one more uh thing here so some licenses are issued essentially on a national level okay the most common ones are securities licenses this is a list of
50:41 um finra codes related to qualification examinations and it depends what you're going to do okay so I'm gonna go down here to okay so here's a series six this is a pretty common license to get um and it's for investment company and variable contracts products Representatives let me explain what that is let's say you're going to sell um something other than term life insurance
51:16 and I'm not getting into whether you should or you shouldn't there's lots of people who say you know like whole life and all that is is a bad investment um but nonetheless if you are going to sell those kind of products you need to have not only an insurance license in Most states if not all but a Securities license as well in this case a series six okay now if you have a series six you only need one even if you're licensed in 10 states
51:51 okay the series six covers all 50 United States however certain States like California require you to also have a series 63 in order to sell those products oh my gosh she's not serious everywhere um some states require you to also have a series 63 in addition to a series six before you're fully licensed to perform those
52:28 activities Okay so um to sell things like um variable annuities to sell mutual funds to sell uh variable insurance products all of those require you to have I lost it here where's the series six a series six to be an investment company and variable contracts product representative and a series 63 okay those are both required now if you were um
53:03 uh uh where is it if you're not a 27 where's the 26 okay okay now if you're going to supervise or train people who were doing that you'll need to have a series 26 okay Investment Company products variable contracts principle hey that's someone who is um basically um they can supervise and train people who hold a Series 6 and 63 licenses okay and you see these designation here and
53:39 IR an IP um I think this was what an AG up here for the series 60D and AG okay now these are not like certifications finra um is not um um attesting to your competence or skill or anything like that like all other professional license licenses they're just saying you pass an exam you fulfill the qualifications in order to conduct this activity and that's it okay so you're not like a I'm not like a finra certified you know
54:15 um uh Investment Company products variable contracts principle no I'm not I'm just registered as an IP okay um and there's lots of others now you may have heard of a series seven I think okay this is a general Securities representative this allows you to be what we used to call a stock broker okay you can sell individual Securities okay whereas with a series six you cannot sell individual stocks okay um and and they're okay so then there's the okay so here's the 65 investment
54:51 advisor representative so if you were gonna sell Wealth Management Services okay where somebody in has a certain amount of money that's being handled for them maybe they have a million dollars and it's and it's going into a wealth management program so then you would need a series 65 or series 66 okay this is also a um a state-by-state license okay so um you know depending on where you're conducting your business and how and what it entails you may have to have you
55:27 may have to pass well not that you have to pass this the 65 in each state it's just that once you pass the 65 or for that matter the 63 okay then you have to apply for Licensing in the individual states in which you want to practice again depending on what it is you're going specifically you're going to be doing there are certain exceptions that may allow you to practice in a state without being licensed they're very very narrow and and and and these are you have to know
56:03 these specifically because if you get caught practicing without being properly licensed not only can't you not only will you not be allowed to practice but you also may not be allowed to go back and get the proper license so you can practice legally okay so you don't want to be caught in a situation where you should have had a particular Securities license you didn't get it and now your barred at least for a period of time from being able to get licensed and being able to practice okay now I want to go to one other thing here so NASA is
56:38 the North American securities administrative Association or something like that anyway this is the organization that actually deals with the 63 exam and the 65 of exam these exams that are required um by a state okay so an exam a Securities exam could be um um done by finra which is the National Organization or it could be done by NASA which is the state organization okay
57:15 there there are two different organizations a lot of the material is is similar okay um but but there are differences and not every state requires a NASA exam but um if you're going to be dealing with Securities you're going to have to pass some kind of thinner exam okay and and it's it's the same kind of process so typically you'll you'll have to take some kind of education to um to qualify these for these exams and even if you don't have to take education to qualify you're probably going to want
57:52 to take some kind of review course I know I'm I took the um shoot I can't think of what they're called um anyway there there's a one of the exam uh prep companies that's that's who I use um you're you you probably are going to want to take that especially if you're not particularly familiar with the information then you're going to submit to get it approved to take the exam okay you get approved take the exam you get an exam window it's usually 90 days to take that exam you go to a test center although you can take them online I've
58:27 always gone to the test center you take the exam you'll be informed right then and there whether you passed or not okay and assuming you pass then that information will get transmitted to either finra or NASA and they will they will finish processing your license and then you will be notified until you're notified that your license has been issued okay you cannot practice you can do administrative duties that don't require a license in an office you know where those activities are going on but you
59:03 cannot do licensed activity until you have the license okay please remember that passing the exam does not qualify you to practice that's true of all of these professional licenses so that's what I have for you today I'm going to go ahead and stop the screen sharing um if you have questions about specific licenses and you're not sure how to get started my contact information will be in the show notes after the show posts on my uh on our uh YouTube channel and
59:40 again you can always contact me if you're watching this on social media just post a social media comment to it I'll be happy to help guide you it's really honestly my my pleasure to help someone get started on a new career and uh you know the reality is I've done this a lot so I I may be able to cut through it more quickly than you can I'm happy to you know kind of point you in the right direction and and get you on your way more quickly so thanks very much for joining me this afternoon I do want to mention I have three shows now on Monday at 10 A.M Pacific Time 1 p.m
60:18 eastern time is my show trusts and Estates weekly if if working with trusts and Estates and taking care of people's needs with respect to those kinds of matters is something that might enhance your business I encourage you to tune in for that show it's a half hour show and we talk about all kinds of different all kinds of different issues and we're starting off with some basic ones we're going to be diving deeper and deeper and deeper I'm scheduling some some expert guests to come on as well and so you can go to Eventbrite and you can join us
60:53 live in the meeting and ask them questions or ask me questions on Tuesdays is business lessons from the military and this is also a half hour show it starts at 11 A.M Pacific Time 2 p.m eastern time and we talk about military Doctrine history and great leaders and how we can use how we can learn from that and apply it to our business lives um right now I'm I'm looking at Marine Corps War fighting Doctrine and how you can take this Doctrine refashion it and apply it to you know
61:31 speeding up your uh success and advancing with you in your business life whether it's a business you own or whether it's a business that you work for and then today Wednesdays this is people making money and you've seen what this is about so thank you very much for joining me I hope to see you next week and if you've missed any of the episodes and want to go see back ones do consider going to our YouTube channel and maybe some and do consider subscribing and that way you'll always be notified when there's a new uh episode out there so I wish you a very good afternoon and since
62:08 I won't see you before then a wonderful restorative weekend thanks so much for joining me and Marie darling out there in heaven you are my bell all the best