What to do with those commission dollars

How do you save, not SPEND, your commission checks after paying for rent, food, etc.


What do you think you are doing well or wish you could be doing better? Does your company try to help? If so, how and are they doing a good job?

๐ŸŽˆ Mentorship
1
ViEsk
3
Account Executive
Save up to have enough to buy real-estate and then have the passive income on the side too.ย 

A book that really made an impression on me when it came to saving up - The Richest Man In Babylon.ย 

Good tips in that one
stockbroker
Good Citizen
2
Investment Advisor
Good book recommendation. For those who haven't read it... $4.98 on amazon.
LordOfWar
Tycoon
0
Blow it up
Legit book, that and the millionaire next door opened my eyes to stupid spending.
Simo
Politicker
2
Director of Sales
Save Save Save! I wish I took advantage of saving my commission check was I first starting selling.ย You will put yourself miles ahead if you save that commission, get yourself a financial advisor and start planning.ย 

I would first buy some real estate that I could "House Hack" (live in and rent to others). If you have not discovered it yet, Check out Biggerpockets.com for great RE books and forums.ย 

Then start buying other rental properties or put some cash away in ETFs for later.ย 

Simo
Politicker
1
Director of Sales
I should add, definitely house hack before you get married or settle down with a long-term partner!ย 

She/He/They are probably not down to live with a bunch of renters!ย 

Hindsights 20/20
LordOfWar
Tycoon
0
Blow it up
That's me - the real estate agent suggests it and my wife is like "I don't want tenants". Welllll fuck me I guess I'll have to go earn more then...thanks.
salesnerd
WR Officer
1
Head of Growth
Toss it into $SPY. Make your money work for you!ย 
LoneMaverick
Executive
0
Strategic Account Leader
I put it all in GME!!!


But seriously, I have one rental property, Iโ€™d like more but not in this market.

I have moderately aggressive investment portfolio that I put most my commission into.

Iโ€™ve also recently invested about $25k in my โ€œside hustleโ€ which should be going live in a couple weeks and starting to generate revenue.
Dollar
Executive
0
Enterprise AE
Nice! Whats your side hustle? just curious
TheWolfofGlengarry
Opinionated
0
Global Account Manager
Build wealth and a legacy. Live on your base. Enjoy life but put a majority of the commission away. Find a great Financial Advisor and Invest it. Life insurance policies that pay out to your loved ones. Wealth accumulation for early retirement. Find people and things to invest in for passive income. That's how you 'retire' by 50.ย 

I'll never 'retire'...I love S.A.D.N.E.S.S. but to have that "F U" money and not have to deal with politics, crappy management, etc. That's when you truly run your life with financial freedom.
stockbroker
Good Citizen
1
Investment Advisor
I'm glad someone mentioned the life insurance. This is a huge generational wealth creation tool. There are a few cultures that buy this religiously on their family members and it creates generational wealth that is generally TAX FREE to the beneficiaries. Traditional investments can be taxable and real estate has liquidity issues.ย  ย ย 

If you buy something that is permanent and do it while you are young it is very inexpensive
Trinity
WR Officer
0
BusDev
Save for rainy days/retirment and invest
Grant_Horun
Politicker
0
Account Executive
Invest Invest Invest - I am an avid lover of crypto and meme stocks just as much as the next guy. But when I have a solid commission come in I put it into one of a few ETF's. Vanguard, Goldman, ARK funds, or even Motely Fool Index's. Sure they arent sexy, but i know they will give me a hell of a better return than a savings account and are way less volatile than meme stocks. Easily average around 5-7% and thats on a mediocre year. So put it in and make that money work for you.
stockbroker
Good Citizen
0
Investment Advisor
The last 3 names you laid out are typically the most aggressive fund providers. ARK nobody heard of until this last year and even their approach in many of their funds are violently volatile. Motley Fools are fools, all they sell is sexy new, hot, "incredibly disruptive" company ideas. They make money off selling you an idea, no guarantee it will work or that it is right for your situation. My suggestion, because I shouldn't say "advice",ย is stay away or at lease take it with a grain of salt, do your own research and make sure it fits in with your long term goal and tolerance for risk/loss.ย 
11

Commission Shafting?

Question
11
90
Members only

Your highest commission earned in a month?

Question
150
8

When are you paid commission?

Question
10
When are you paid your commission?
50% After the contract is executed.
50% After your company collects the revenue.
132 people voted