When things seem to good to be true, they usually are, right?
This is the topic of today’s post. A couple of months ago, I saw an ad on Indeed for a bail bondsman. I called the guy up and talked to him for a while and I got really excited.
I had a ton of downtime. I was working 25-30 hours a week and doing ok. I was getting by but if you’ve ever visited this blog before, you know I’m all about working less and making more. These are the details of what was offered, why it seemed awesome, and why I decided to turn the idea down.
How bail bonds work
Let’s say you, my dear reader, get locked up. Maybe you get into a bar fight, get picked off at a sobriety checkpoint, or get busted trying to pick up a hooker — you get arrested. It happens. We all make mistakes.
Your bail is set at $10,000. The problem is you don’t have ten grand just laying around. This is when the bail bondsman comes into play. You reach out via phone call and they come bail you out of jail for a 10% fee.
Provided you show up to court, the bail bondsman gets his money back. If you don’t show up, they come after you.
They hire some unsavory characters, in the form of bounty hunters, to come drag your ass back so they don’t lose their money.
The bail bondsman I was going to work for lived an hour away from my town. Nothing sucks more than to wake up at 3 AM to drive an hour and bail someone out of the local clank.
My job would have been to do this for him, using his collateral, and I would keep half the money. At first, this gig seemed easy peezy.
The cost to become a bail bondsman is absurd. Not only do you have to take a week-long, 40-hour class, you also have to pay to be fingerprinted, and become licensed to sell property and casualty insurance.
In total, I would have spent nearly $2,000 to make it happen.
If I was guaranteed $500+ a month, it may have been worth it. But there was no promise like that. I would get what I got.
So what if he only called me once a month for cheap, $1,500 bonds? That would only be $75 a month in my pocket. That would be less than $1,000 a year and it would take over two years for me to see a return on my investment. It just didn’t seem worth it.
So I bailed on bail bonds.
Was this a mistake?
Only time will tell. However, if I’m going to start a side-gig, it needs to have a lower barrier of entry and a faster ROI. Not only that, my freelance writing career started with me averaging $50 a week more than I made at the hotel. There have even been some times where I made less. But 2018 has been good to me. I’m making close to double what I was six months ago and I’m working hard to double it again.
It just seems like a wiser decision to focus on my writing career and be patient and wait for the right opportunities. In my opinion, this wasn’t the right one for me.