Hopefully your commission check is thicker than a snicker, and you’re ready to spend it on lavish things. Take a step back before you go and waste it on something you don’t need and evaluate where your finances are in life, your bills, and your goals. Now that the boring and responsible things are out of the picture, let’s spend some money.
There is the obvious question to ask yourself, will you buy an asset or a liability? In layman’s terms, an asset is an item that will help make you money. Think investment real estate, stocks, and a business. A liability is something that does the opposite, it does not make you money. Think of a personal use car, a home for yourself and family, that speaker you purchased because it makes the sound on your tv louder.
“The first rule of an investment is don’t lose (money). And the second rule of an investment is don’t forget the first rule. And that’s all the rules there are.”
Warren Buffett
A part of us, at least I’ll admit, has capitalism Stockholm syndrome and will find happiness in purchases at times. What did Niche say? We’ve replaced religion with consumerism, or something like that… Screw all the philosophical nonsense, let’s spend some money. You’ve earned this check now what can we buy to make all the hours you worked to get this or these deals over the hump.
A watch is a solid investment. It’s a statement piece for when you’re out, can go great with that suit you are forced to wear to meetings, and can appreciate in value. But if you’re not a watch person, you’ll have to do some research on which will appreciate vs depreciate in value. You may also be stuck on a waiting list, like I was to buy a Cartier Santos (6 months). Jewelry is a nice addition to any wardrobe, and can be passed down if you have children or relatives.
Maybe you’re low key or a techie. How about a nice pair of headphones to drown out the noise of everyday life or at least that baby crying in seat 12D two rows behind you as you are on your flight to Porto Portugal to blow the rest of your commission check on a week long vacation.
Ah that’s it, a vacation. Are you a beach or city person? Relax and read a book while tanning and drinking a Mai Tai in a swedish bathing suit, or hike a mountain so you can get physically fit and humble brag on instagram that you’re better than everyone else…
But if you’re responsible, and if you’re reading this article and asking yourself the title question you probably are not, you’ll take this commission check and stow it away for a rainy day. Use a portion, let’s say generously 25% on a selfish purchase and the rest goes into the bank and investments.
At the least grab a bottle of wine, a steak to grill, and have a great night. You earned it. Cheers.
TLDR
General Patton said failing to prepare is preparing to fail. You might be the best rep, but the only true law in sales is Timing, Territory, and Talent… You could be the best but get bad accounts, or all your deals have no money due to a recession… Take a portion of your commission check and save it for a rainy day.
