I've known people who are in sales, or other highly cyclical businesses where sometimes you're rolling in money and sometimes you're in a broke-ass drought. Do you roll with it that way, feast and famine, boats and toys when you're up and selling stuff off when you're down? Or do you save while you're making money to fund yourself through the down times?
People with highly variable incomes, what's your style?
- Thread starter MFE
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my job is 100% commission, im a farly consistent producer so its easy to forecast my pay each month. but ive had the wild swings. $9400 one month $7200 the next then a bomb at $5300. you get used to setting a budget on an average pay. apply your monthly expenses after you get a 3 month average. for example mine are fairly low @ 2.9K a month. I figure my rough average @6k a month. and if its way over more into savings and under you just hold fast. it works well for me at least.
I run a very seasonal Ag business. with varying amounts of accounts recievables due to farm related incomes. I try to forecast my spending based on yearly income. A large portion comes here in the fall. Basically, I try to get a decent amount of the next years payments in the bank, and then decide on how much to spend from there. However, with a wife and three kids, I seem to spend more than I want during my off season. It's just money, they print more everyday.
I'm 100% also. Save for the rough times.
Holy balls. 9300/month 7200/month... I wish. I bring home less than 2k and month. Hell to find a job making 3500 month bring home, I’d be ecstatic
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I do a little bit of both. I enjoy watching stacks of cash grow, but I also enjoy getting new toys for myself of the kids.
As long as you have 6 months of expenses saved up, it's ok to splurge.
As long as you have 6 months of expenses saved up, it's ok to splurge.
My local has been lile the stock market the past year and a half. I always try to have 3 months of expenses tucked away. Lately my wife has been saying why dont we go to Texas and start a new life? Maybe next year
I’m also 100% commission and have been for majority of my professional career. When I was younger, I struggled with the peaks and valleys, but learned to save when I have a good month.
I get paid minimum wage plus commission. in my field its pretty easy to keep up a consistent income. Other industries like real estate I think its a different story.
Set your expectations higher. Maybe the job market is weak in Louisiana but, if you're not making at least 50k then you gotta change something.
My ups and downs are based on overtime which is sometimes there and sometimes not. They ask me daily right now and to come in early or work late. I could have 12 hour days every day if wanted but I'd like to live a little. Thank God Bosch is an employer where more than 12 hour days is against policy and does not happen. Boeing worked me 4 months straight 8-16 hour days. SCREW BOEING. That being said...I worked some overtime this last pay period and my gross pay on tomorrow's check is 3400 for two weeks. My take home is 2k due to all the DAMN taxes, 401, Dental...and God knows what else. My Military retirement pay the 2k house payment so usually I'm only broke from buying toys.
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1st payment is always to urself. Anyone can save $40 a week. Sometimes the OT is great where I work and I make a bunch. Other times its non existent but no matter what I always make that payment to myself.
I would be willing to bet that a guy who saved NOTHING for 20 years doesn't live any better than the guy who has been saving for 20 years. Meaning, I bet he doesn't live in a nicer house or drive a nicer car. He just pissed away more money over the last two decades and most have virtually nothing to show for it other than toys that aren't worth dick.
In fact, 90% of the population at age 65 (Retirement age for most) have less than $100k in the bank. Thats a fine example of how most Americans save shit thought their lives and then struggle in retirement living on that cheesy fixed income of social security. I dont pay into social security myself.
I would be willing to bet that a guy who saved NOTHING for 20 years doesn't live any better than the guy who has been saving for 20 years. Meaning, I bet he doesn't live in a nicer house or drive a nicer car. He just pissed away more money over the last two decades and most have virtually nothing to show for it other than toys that aren't worth dick.
In fact, 90% of the population at age 65 (Retirement age for most) have less than $100k in the bank. Thats a fine example of how most Americans save shit thought their lives and then struggle in retirement living on that cheesy fixed income of social security. I dont pay into social security myself.
I have high income that is not cyclical although I act as it is. Best financial advice I ever got is from Scarface's "Safe."
Safe Lyrics - Scarface
I was barely touching 16 when shit got crazy
I remember in the 80's me and pop would ride
Now we conversate on acres we's about to buy
He had already been what I'm about to go through
Told me ain't no sense in gamblin' if ya gamble to lose
If you made 12 dollars, you put 7 away
And lived off the 5, and never ever **** with ya safe
Safe Lyrics - Scarface
I was barely touching 16 when shit got crazy
I remember in the 80's me and pop would ride
Now we conversate on acres we's about to buy
He had already been what I'm about to go through
Told me ain't no sense in gamblin' if ya gamble to lose
If you made 12 dollars, you put 7 away
And lived off the 5, and never ever **** with ya safe
SS is the biggest scam in our countries history. I bet on average you see less than 40% before you die that YOU put in and then THEY keep the left overs. TOTAL BS!
Yea it really doesn't seem sustainable! I never paid into it myself but its another great example as to why no one should rely on the government for their retirement which is why I maxed out my 457 (401k) for 25 years now. I actually feel like I have something to show for all those years of hard work.
I have buddies that came on with me 25 years ago and have saved literally nothing! Pops use to always say "it aint how much u make its how much u dont piss away".
I have buddies that came on with me 25 years ago and have saved literally nothing! Pops use to always say "it aint how much u make its how much u dont piss away".
One would think it HIGHLY SUSTANABLE being that what you put in is INCREDIBLE MORE than what you get out. Then the question is...WHERE IS IT GOING? Should have never been able to use it as a slush fund and more should go to the contributors and not those who did not contribute.
100% commission here. Owning a business is the best decision I have ever made. Its not easy, its hard as hell. I wake up, I hustle and am doing well.
Will never go back to punching a time clock for someone else.
I made in 4 months, what I made as a salary at my best paying job. My wife doesn't have to work, in fact she left her full time job to come work for me and now I pay her.
You need to learn how to save and budget.
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Will never go back to punching a time clock for someone else.
I made in 4 months, what I made as a salary at my best paying job. My wife doesn't have to work, in fact she left her full time job to come work for me and now I pay her.
You need to learn how to save and budget.
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We have to pay for all who were shot in drive-by gang shootings. They're disabled bro.... Cmon, have a heart lol. Yea its a big scam and my pops told me to find a job that has a pension and **** paying SS! Thats exactly what I did!
Ppl pay their whole lives to draw on it for 5-10 years. Yep, total ****ing scam!
Ppl pay their whole lives to draw on it for 5-10 years. Yep, total ****ing scam!
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