❓WHEN DO YOU NEED AN OLYMPIC SIZE POOL❓

Julian B. Morris, CFP®, ChFC®, AAMS®, CRPC®, CFS® | August 17, 2021

❓WHEN DO YOU NEED AN OLYMPIC SIZE POOL❓

Let's talk about LIQUIDITY 🆘💦💦💦🚨

5 weeks left of summer ☀️!

Maybe you have been swimming in a few different pools this summer.

❓How much LIQUIDITY💦💦💦 or 🚨EMERGENCY MONEY🚨 you should have on hand❓

Like most things with finances, this is going to vary from person to person.

You may only need a HOT TUB 🛁 if you have a base salary and live below your means.

You 🆘 Fund will grow to a Backyard Sized pool 🏊 if you receive regular compensation but some if variable in the form of bonus or equity compensation.

❓What if you do NOT receive REGULAR Compensation, but you are a 💰HIGH EARNER💰 ❓

👉 Your income comes in waves 🌊🌊🌊

👉 You may need a LOT more LIQUIDITY 🆘💦💦💦🚨

💧 Extremely successful sales people often makes 50-100% of their income in commissions, not salary
💧 Sales & Commissions come in different sizes 🌱🌳 and aren't always regular (Business Owners)
💧 You may get paid in quarterly Bonuses depending on team performance (Sales Executives 💼)
💧 You may get paid when the ink is dry (Realtors 🏡)
💧 You may get paid when there is a settlement (Some Lawyers ⚖️ )
💧 You may get paid when the trial period is over (Software Sales 💻)
💧 You may get paid when the order is placed (Healthcare Sales 🩺)

👆👆👆 When you get paid irregularly, you need to keep extra 💵 on hand

I work with my 💰HIGH EARNER💰 clients that have extremely variable or irregular compensation to help determine what size pool they need to help pay for:

🖍 Daycare or Preschool
🧑‍🏫 Private School
🎓 College
🚗 Cars
🏘️ Mortgage Payments
🏥 Health Care
🪥 Dental Care
🥗 Groceries
🛍️ Gifts
🛠️ Repairs

Having the Proper amount Emergency 💧💧💧 is very important when you have highly variable, irregular and commission based compensation.

Over the years it may become more predictable, but if your industry tanks and you don't make any sales for a year, you may need an Olympic Sized pool of 💧 to help get you through until the 💦💦💦 is flowing again.

❓Does this sound like you❓
📲

#money #management #entrepreneurship