As sales professionals, you are in direct control of your future. You have limitless opportunities, unmatched job security, freedom, and a great income — All of this assumes you AREN’T average. Above-average commercial real estate brokers, medical device and pharma reps, enterprise software sales reps, industrial reps, insurance brokers, or pretty much anyone who persuades people to make a purchase, all have one thing in common, you work hard, and you play hard.
Sales professionals have high levels of confidence, enjoy networking, creating relationships, and taking risks. You have big ambitions, understand the commitment and want independence. You also struggle with balance. How hard should you play today, but also be cognizant of tomorrow? How social should you be to nurture relationships that can grow your income, but are you convincing yourself all the money you spend is for business rather than personal pleasure?
What if you used your sales abilities to create a pipeline that can be directly correlated to your family and life goals? As a sales professional, you live life by your pipeline and commissions, but at some point, you must be prepared to slow it down and have passive income to maintain a similar lifestyle. If there was a roadmap to follow, outlining exactly how much income you need to make to achieve the financial freedom and security you desire, would you follow it?
Here is my “back of the napkin” financial plan for the ABOVE AVERAGE sales professional.
Keep in mind, this is very basic and does not account for the sequence of market returns and changes in tax rates. You should note the major difference in savings requirements with just 10 years’ time. The magic of compound interest allows the 30-year plan to require significantly fewer savings or income. For the sales professional starting in their twenties, you can have the goal of building your income to $281,841 by the time you are 32, and not have to rely on working by the time you are 62. OR, you could also build the income to the 20-year example of $381,521 and just spend more on life’s luxuries while you work and live.
This example is purely a financial example using numbers. The numbers, however, are meaningless without understanding the importance of money to you. Why do you work? What are you wanting out of life? What are your values? If you are looking to create your custom life plan tied to your values and current income, reach out today.