Question:

Dave, I am finding it difficult to manage my personal finances.  As a commissioned sales person, my income varies from month to month.  It seems like I’m always struggling with finances.  Do you have suggestions for me?

Answer:

Congratulations for having the courage to ask that question.  Do I have suggestions?  Yep, a bunch of them.

     First, a little perspective, so you know from where I’m coming.  For almost my entire adult life, I have been a commissioned sales person whose income varied from month to month.  Even now, my income varies monthly.  So, I can certainly understand your situation on the income side.  On the expense side, there have been times when I had obligations that, at times, seemed overwhelming.  My wife was a full-time homemaker, we raised a family of five children, and for many of those years I also had child support payments.  Those were heavy financial responsibilities.

     In all of this, I have learned some things about managing personal finances.  Here are some of the lessons I have learned along the way.

Sales People and Personal Finances: Avoid Debt

First, as much as possible, avoid debt.  Debt adds tremendously to your stress.  You know that you must make those payments, or you are going to have lots of unpleasant consequences.  That may be constantly on your mind, contributing to sleepless nights and rising blood pressure.

     Debt reduces your options.  If you have monthly payments, for example, they must be paid even if you have a bad month or two.  Without those payments, you can generally find a way to ride out low income months by temporarily reducing your standard of living.  You can eat in every day, for example, instead of buying pizza or going out.  Without monthly payments, you can even survive a few months of no income at all.

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Motivation is one of the least understood concepts in the business world. If you want to achieve any degree of success in your career, you can and should motivate yourself.  Here’s a first step that will impact the rest of your life.

Here’s my response to this question:  How can we get inside sales to do some proactive sales activities each day?  We want our inside sales people to use some of their time to shift into the proactive mode to make outbound phone contact to existing and new business.