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Help before making a BIG financial decision - bolts9798 - 03-18-2009

Good Afternoon,

I am in need of some advice.  I am currently facing a big financial decision that will greatly impact me and my family.  Our company is changing it's salary plan and I need to pick which plan I want to participate in.  One of them is very conservative "salary" plan and the other is a more commission-based plan. 

Does anyone know of any prayers, novenas, etc., to pray before one makes a big financial decision like this?

The conservative plan would basically keep my pay the same.  The commission plan would allow me to greatly increase my pay, but would be a little stressful because there is always a chance of getting paid very little if our company has a poor month.  I am not paid that well, and so the commission plan is attractive because it should allow my wife to quit her job and stay home with the kids.  BUT it would take a huge leap of faith on my part.... I am talking about TOTAL trust in God here, because my industry is very up and down with some months being very profitable and some months I might make very little money.

Any help (and prayers of course) would be appreciated.

Thanks!



Help before making a BIG financial decision - ONeill - 03-18-2009

No one can make your decision for you, but from what I've heard from "experts", it probably depends on your personality. Would you find commission based pay to be rewarding or too stressful? Forget the money aspect, what would you prefer assuming the pay were to be equal? 
My personal opinion, which really shouldn't influence your decision, would be to take the stable road and get a salary and not change things unless I'm sure it would work or be worth the loss if it didn't work out too well. That is just my personality though.



Help before making a BIG financial decision - Belloc - 03-18-2009

ONeill Wrote:No one can make your decision for you, but from what I've heard from "experts", it probably depends on your personality. Would you find commission based pay to be rewarding or too stressful? Forget the money aspect, what would you prefer assuming the pay were to be equal? 
My personal opinion, which really shouldn't influence your decision, would be to take the stable road and get a salary and not change things unless I'm sure it would work or be worth the loss if it didn't work out too well. That is just my personality though.


True, some yrs ago, I applied for Insurance Sales position with the K of C, they gave me a personality test and did not rank high in risky, commission only bracket.



Help before making a BIG financial decision - rbjmartin - 03-18-2009

bolts9798 Wrote:Good Afternoon,

I am in need of some advice.  I am currently facing a big financial decision that will greatly impact me and my family.  Our company is changing it's salary plan and I need to pick which plan I want to participate in.  One of them is very conservative "salary" plan and the other is a more commission-based plan. 

Does anyone know of any prayers, novenas, etc., to pray before one makes a big financial decision like this?

The conservative plan would basically keep my pay the same.  The commission plan would allow me to greatly increase my pay, but would be a little stressful because there is always a chance of getting paid very little if our company has a poor month.  I am not paid that well, and so the commission plan is attractive because it should allow my wife to quit her job and stay home with the kids.  BUT it would take a huge leap of faith on my part.... I am talking about TOTAL trust in God here, because my industry is very up and down with some months being very profitable and some months I might make very little money.

Any help (and prayers of course) would be appreciated.

Thanks!

Be very cautious.  In this economy, it may be very easy for your company's sales figures to fall from their historical levels.  I don't know what industry you're in, but there are hardly any that aren't suffering as a result of the economy. 

Also, consider who was telling you that there is a strong potential upside if you go with commission-based pay.  Executives tend to be over-optimistic about the future performance of their companies and almost always inflate numbers.  I too am paid partially based on commissions, and when I was hired, my VP made it sound very plausible that I could have months of up to 2K in commissions on a regular basis.  In reality, I've only had one month that came close, and I am typically lucky if I get 1K.




Help before making a BIG financial decision - angryirishman - 03-18-2009

Pray to St. Joesph.  He specializes in these matters.



Help before making a BIG financial decision - anamchara - 03-18-2009

I'm not a risk taker.  I'd probably take the "sure" salary plan.       
 
But keep this in mind.  Whether you earn a salary or a commission, or a combination of the two, an employer expects a rate of return on its investment, i.e., the salary or commission it pays you.  If this rate of return falls short of expectations, your employer will come to regard your services as expendable, or worse.     

So I'm going to tell you to consider doing as I say and not as I would do.  The security you crave under a salary plan is an illusion.  You still have to deliver the goods.  Meanwhile, there's a substantial upside to commissioned employment you might find liberating. 

May St. Joseph and St. Cajetan guide you.  I wish you well.

~Anam-Chara
[Edited because I used the opposite of the word I intended to use.]




Help before making a BIG financial decision - bolts9798 - 03-18-2009

Thanks for the advice and the prayers.  I had not heard of St. Cajetan before, and look forward to praying to him for guidance.



Help before making a BIG financial decision - TerraMariana - 03-19-2009

Pray to St. Matthew. As a tax-collector he knew a thing or two about money. He is also the patron saint of bankers.


Help before making a BIG financial decision - newtolatin - 03-19-2009

Based on what you have said, I don't think you have gathered enough information to make a decision.

1. Look at about how much you would have made on *average* last year, and decrease for potential reduction due to economy.

Would the *average* be more or less or about the same as what you are making now?

2. Would the commission be based solely on what **you** do, or would it be based on something else--you mentioned that your pay would be low if the company had a bad month?

3. What is the possibility of switching from one method of pay to the other?

4. What sort of people are the people in management? What would you say might be their motivation for offering this new method? Do they maybe think they will get more work without hiring needed new people? Do they think the economy is going south and not want to be committed to paying you all? Or have they been putting on a lot of motivational seminars so maybe just want to be sure they are getting the best from each employee?

5. Would this in any way affect your benefits?

And you can probably think of some more questions...