Hey my Curious Salesperson,
How much are you currently carrying on your credit card?
(Argh, Jennifer! Puhleeze don’t make me think about it.)
Yep. We're going to that squishy place…
Our credit card debt.
It turns out that B2B Salespeople, as a group and individuals, carry a disproportionate amount of Credit Card debt. (References in the footnote below- read and listen.)
I know I did as a younger sales professional. I STILL have to pay really close attention to what my credit cards are doing and I’m frigging old!
So this advice is for the younger me and all of you out there who haven’t done your expenses in 3 months.
Why do B2B Salespeople tend to carry higher Credit Card debt than other professions?
Take a look at any of these reasons and see if this is you:
IS THIS YOUR SALES THINKING?
1. Work Hard, Buy Hard.
Sales is a culture of spend and celebrate.
We ARE in a profession where we often get evaluated for how successful we look. (Often it’s by each other…but that’s another blogpost!)
So those new shoes? Upgraded car?
We tell ourselves it’s part of “looking professional.” Plus it feels darn good to finally “buy that purse” when that sale comes in.
That culture of Work Hard, Buy Hard doesn’t help our retirement planning.
2. Successful Salespeople have the attitude that “There is always more money out there.”
I mean, those are LITERALLY the words I use in my Course to motivate salespeople, because it’s true.
If we are confident in ourselves as salespeople, we feel we will “find the money.” Often we do. So we make that purchase ahead of time.
But how much did we pay in 24% (27%!) avoidable interest on our Credit Cards in the meantime until that commission lands in our bank account?
That positive Sales attitude also means that our financial thinking can be detrimentally short-term.
3. Doing Expenses Sucks.*
Expenses are the most common reason that salespeople carry credit card debt.
We spend a lot of money to do our jobs.
We charge hotels, flights, car rentals, gas or charging stations, cell phone, meals alone, meals with clients, highway tolls, coffee, forgot my jacket and it’s raining in Seattle but I didn’t need a jacket when I left Dallas…
You see where this is going?
By the time we get home we’ve racked up the credit card debt but have moved on from THAT client visit and are on to the next great thing.
Apps on our phones have made doing sales expenses WAY, WAY better. But clearly we’re still not taking advantage of it all.
So What Do We Do? Such simple stuff.
Pay your Credit Cards as much and as often as you can. OMG. I know. It's annoyingly simple advice.
Do your expenses. Bribe yourself, if that’s what it takes. Again, we have to Nike it.
Ask yourself if you REALLY need that, or could you celebrate the sales win by socking some money into your retirement account so that you can live in a Retirement home with friendly nurses and soft toilet paper? Just saying.
I’m not a financial advisor. I’m not even naturally good at Admin-type stuff.
I’ve learned to bribe myself with great music in my ears and chocolate if I need to organize things for my bookkeeper and accountant.
I’m the worst Admin procrastinator. But I still do it, because even though I know how to make money, I've realized that I like KEEPING that money too.
For more info, and people who can help, check the references below.
YOU WERE MADE TO SELL (AND SAVE) BETTER.
Cheers,
Jennifer.
PS.*It took two University degrees to realize that sometimes the word “sucks” is the most descriptive.
PPS.
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