MoonDog349 profile picture
MoonDog349 profile picture

MoonDog349

Sales Manager

Valued Contributor
Executive
Opinionated
+6

How to spend commission

Fellow Savages,

Seeking some financial advice/ideas. To preface my question I'll tell you I have no credit card debt, a small car payment, a chunk of student loan debt, I rent an apartment with my fiancé, I have multiple retirement accounts setup, and I invest a bit. 

I have a decent chunk of commission sitting in a standard savings account (~$15k). What should I do with it? 

The way I see it I should either hack away at student loan debt, invest more, or travel. Any ideas or advice would be highly appreciated. Also what NOT to do would be helpful. 
💵 Finance
💴 Money Management
20

28 comments

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paddy
WR Officer
11
Director of Business Development
I gave this same advice to someone else on some other post. Go to Vegas, play roulette, and throw it all on black. You'll double your money and can thank me later.
MoonDog349
Valued Contributor
0
Sales Manager
BOLD
DungeonsNDemos
Big Shot
4
Rolling 20's all day
Debt vs. returns of investments. What is your interest rate? Does the market beat it? Maybe? lol
I would pay debt if it makes mathematical sense
newsalesguy14
Politicker
0
Account Executive
This. I actually sit on the other end of the spectrum and prefer to pay the minimum payments of my student loans and invest the difference (as stated above, given it makes sense and you reach a net positive).

There is no wrong way, it just comes down to personal preference. But encourage you to think about it!
Incognito
WR Officer
3
Master of Disaster
Student loan debt is a major priority above all else.
paddy
WR Officer
2
Director of Business Development
Nah it’ll go away somehow. I’m banking on some rich dude paying mine off out of pure generosity.
CaneWolf
Politicker
3
Call me what you want, just sign the damn contract
Pay the debt and invest in index funds.
vidalSaaSoon
Big Shot
3
Account Executive
Try to live on your base salary. Invest all of most of your commissions. You will thank me in 10 years. 
FromaBlankPerspective
Politicker
2
District Manager
Here to echo this!! I wish I had started to do this earlier in my career.
Theloanemperor
Opinionated
1
Loan Officer
but but but... im commission only :(
braintank
Politicker
2
Enterprise Account Executive
This is always the answer:  https://i.imgur.com/fb7Dtmh.png
MoonDog349
Valued Contributor
0
Sales Manager
Thank you!
Kinonez
Celebrated Contributor
2
War Room Enthusiast
I’d start by paying off the debt, and invest the rest. With the ROI, you can reinvest the same amount and use the rest to travel. 
FamilyTruckster
Politicker
1
Exec Director, Major Accounts
Get rid of that student debt! Until it’s paid you’re paying extra for something you already did.
MoonDog349
Valued Contributor
0
Sales Manager
I’m going to feel dumb if I pay it off and then Biden cancels student debt!
FamilyTruckster
Politicker
1
Exec Director, Major Accounts
Hahaha that’s fair. I’d rather know I’m doing it vs hope someone else will for me. Also: don’t drop it all… do something fun with part of it. Buy something irrational or put part of it towards a bigger vacation.
MoonDog349
Valued Contributor
0
Sales Manager
Yeah the free loading idea makes me nervous and nauseous, so I’m not counting on loan cancellation.
HappyGilmore
Politicker
1
Account Executive
Get rid of student debt first and then put some towards investing and some towards a vacation
sales7
Politicker
1
Commercial Product Enablement
invest & pay off your debt in smaller chunks, more you invest the more you get back
Theloanemperor
Opinionated
1
Loan Officer
Buy something for yourself that will help motivate you to continue crushing your goals. Maybe a watch, maybe a computer, maybe a vacation. Treat yourself and take care of some debt. Reward yourself for you hard work. Great job!
MoonDog349
Valued Contributor
1
Sales Manager
Way ahead of you on the new watch!
Theloanemperor
Opinionated
0
Loan Officer
hell yea :) honestly it sounds cheesy but i've always loved watches and jewelry, but once i bought my rolex it was a constant reminder of what could be achieved and to constantly strive for it.
MoonDog349
Valued Contributor
1
Sales Manager
Yeah dude I’m coincidentally a BIG watch guy. I’ve been sporting a datejust from the 90’s for the last month 😎 all gold and diamonds on each hour. Changed the white face out for a black one.
Theloanemperor
Opinionated
0
Loan Officer
Sheeeeeeesh! Fresh my man!
Ryscott0317
Politicker
1
Cloud Specialist
I would say do a little of each. You can go on a nice trip for a couple thousand, pay down some down and keep some in savings/invest it.
bareknuckles
Valued Contributor
1
CEO of my kitchen table
Invest most in TIFs, don't mess around with ETFs
sellingsellssold
Politicker
0
SDR
I would invest it into the stock market and make some money for the future.
GDO
Politicker
0
BDM
One word: invest

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