Money Guy Show I’m Losing 50% of My Income - What Now?
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Dec 16, 2024 The discussion dives into the risks and rewards of transitioning from a stable salary to a commission-based role, particularly with a significant income cut. Practical strategies for adapting to reduced income are explored, emphasizing expense management and realistic financial planning. The hosts also share humorous personal milestones, including birthday celebrations and the release of a successful book. Amidst the laughs, they highlight accessible financial education resources designed to empower listeners in their financial journey.
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Evaluate Career Change
- Consider if a commission-based job aligns with your skills and network.
- Evaluate your realistic chances of success before leaving a secure job.
Plan for Transition
- Assess the timeline for success in the new role, considering best and worst-case scenarios.
- Save enough cash to bridge the gap during the transition, accounting for potential delays.
Control Expenses
- Adjust your lifestyle to live within the means of the reduced base pay.
- Avoid increasing fixed expenses like a new house or car during the transition.
