Hitting quota, buying that dream Porsche, taking the family to Disney Land. These are all noble financial goals for salespeople but they’re all dumb.
In this video I’m going to explain the only financial goal that you should have and if you’re watching this video right now, you’re probably further away from it than you think.
The only thing you should be aiming for in your sales career is financial freedom. Otherwise known as early retirement.
Why Would I Want To Retire Early?
Because working in sales will kill your soul. It’s emotionally draining.
- It’s the fastest way to make insane amounts of money legally and ethically.
- It’s the safest way to make money (no risk of starting a business or investing capital).
- You’re in control of your own success.
This works on the assumption that you actually want to retire early. If most people believed it was possible, most people would aim for it.
Most people believe the lie that you have to work until you’re 65 before it’s possible to retire. This isn’t true.
Sales is a great medium term (5-10 years) career to acquire significant wealth to retire early on. It’s probably not the most fulfilling longer term (11-30 years) career.
It’s a trade off:
- Work hard now so that your future self can live the life that you dream of living now.
How Do I Retire Early?
First off let’s define what early retirement is so that we know what we’re aiming for.
- When your assets generate more income each month than you spend.
Two ways to get there:
- Reduce costs (need less money from assets to live on)
- Increase income (can buy more assets to increase income)
So with the definition and the basic steps to retire early, lets get practical.
Steps To Retirement From a Sales Role
Calculate your number
- What is your ideal monthly retirement income?
- What level of risk are you willing to tolerate with your assets?
- How likely are you to continue generating income in your retirement?
- How much/many assets do you need to throw off your ideal monthly income?
Calculate the retirement date
- Very specifically, when do you want to hand in your notice in your sales job?
Reverse engineer your required income
- Take the total asset price, divide by the number of years and then months.
The tough questions
- Are you capable of generating an amount of value in your market that will warrant the market giving you enough commission to acquire the retirement assets?
- Does the sales role you have right now have the scope to pay out that level of commissions?
- Do you have the balls to stick to the plan and make this happen over the medium term (5-10 years)?