Patbate

Product Advisor

100% Commish budgeting

I recently began a position that is 100% commission + residuals and it’s going well.

Besides telling me to “save” can someone who has been or is currently in a position like this tell me how you budget your income so it doesn’t seem like you’re stuck in the rat race all the time while also paying down debts, investing and saving for other things besides bills?

🤘 Personal Growth

17 comments

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funcoupons

WR Officer

👑

This is a tough question to answer when nobody has any idea of your earnings, COL, personal financial situation, tolerance for risk, or future goals. What I'd recommend budget wise for a 21 year old with very few bills is going to be completely different for what makes sense for a 40 year old with two kids and a mortgage.

Tres

Politicker

Account Executive

Adding onto @funcoupons excellent point here - this could be a good discussion for a professional financial advisor. Even if you don't end up committing to work with someone, you can get a lot of very specific advice from a meeting with a financial advisor who might be able to tailor a plan specific to your personal situation.

funcoupons

WR Officer

👑

Financial advisors are salespeople. If you want to go the route of professional advice, find someone that's obligated to be a fiduciary.

Tres

Politicker

Account Executive

Yep, they are, so take that into account going into the discussion. I know a lot of people are hesitant, but personally I've had good success working with a certified financial advisor through a reputable firm. (I'll admit bias here because my wife works for said firm, although not in a FA role).

funcoupons

WR Officer

👑

I'd be very wary - their role is to sell you, not provide unbiased information. It's like asking a car salesman if you should buy a new vehicle or not. There are a few truly honest people out there, but coming from a similar field I do not trust the grand majority of FAs.

braintank

Politicker

Enterprise Account Executive

I've had good luck with independent fiduciary CFPs (you can find them here: https://www.letsmakeaplan.org). But yes, most FAs associated with brokerages are crooks.

Diablo

Politicker

Sr. AE

I don't think there are many on 100% commish role but budgeting is very much personal and depends upon how much you earn and what's your standard your living.

CuriousFox

WR Officer

🦊

Holy shit good for you man! I wouldn't be able to do this. I feel anxiety just responding to you.

TheOverTaker

Politicker

Senior Account Executive

just reading 100% commission gave me anxiety. But like everyone said, any kind of saving/spending advice is tough to help with when so little is known about the situation

poweredbycaffeine

WR Lieutenant

☕️

Set up a monthly operating budget for your life, which will be your "minimum earn" for the month.

This includes all of your fixed monthly expenses. Housing, food, any debt payments, car, etc. You have to pay for these each month, so you have to make enough to cover them. Be sure to include savings and retirement numbers in here--an often forgotten bit.

Anything above this should be considered flex money. This can be spent on whatever you see fit, but I try to set up bigger goals and stash that money into an account and withdraw once I've hit the goal I was going for (new carbon wheels, a trip to Japan, etc).

SaaSam

Politicker

Account Executive

Great advice. Also, since you're getting residuals, as you close more your checks will progressively get bigger so I would reevaluate this every quarter or so.

Sunbunny31

Politicker

Sr Sales Executive 🐰

The other thing I'd add to this would be the debt - if you have debt you need to pay down, use some of the "flex" money here as well. The sooner you can get rid of that debt, the better.

GDO

Politicker

BDM

Sorry for my basic comment. But save up a decent amount of runway for the down periods. Once you have that use the commission to pay for your lifestyle. When you’re under the line use the runway money. When above you fill up the runway until satisfied again. Then anything over you can invest, splurge etc

Blackwargreymon

Politicker

MDR

This is a tough question to answer when nobody has any idea of your earnings, COL, personal financial situation, tolerance for risk, or future goals.

AlphaCharlie

Arsonist

Account executive

I'd recommend getting a job that has a base salary, or at the very least see what's the average base in your area and see if that base covers your lifestyle.

Error32

Politicker

ISR

what the fuck are you doing here, no offense

Clashingsoulsspell

Politicker

ISR

what the fuck are you doing here, no offense

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Patbate

100% Commish budgeting

17 comments

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