Quote:
Originally Posted by alltherage
First off, thank you very much for your reply. That makes perfect sense. It leads me to more questions.
When I was interviewed for this job, (we'll use the numbers from above for this- again totally random) I told them I was making $70,000 salary at my last job and wanted to make that here. What they did was structure my pay in a weird way: My salary goes down while my commissions % goes up. It gives me a chance to build my sales territory.
Basically (these numbers are mathimatically incorrect), but to give you an idea of what they did:
$5000.00 salary, 2% Commissions First month = $5833.34 ($70,000/yr)
$4500.00 salary, 4% Commissions Second Month = $5833.34 ($70,000/yr)
$4000.00 salary, 6% Commissions 3rd Month = $5833.34 ($70,000/yr)
So by the end of the year, I'm actually paid $60,000 in salary, and $10,000 in comissions. (Again, look at the concept not the numbers)
The next year I'll only be at $50,000 and $20,000 in comissions. The third year I'll be at $40,000 in salary and $30,000 in comissions.
Am I basically screwed to get approved with this crazy schedule?
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This is a little different...
Let me make sure I am understanding you.
So month 1 you get $5000 salary and 2% commisions - regardless of what you sell
Month 2 you get $4500 salary and 4% commisions - again regardless of what you sell.
Is that correct? Or do you have to sell a certain amount to get the increased commisions?
The lender is going to want some kind of guarantee that you are going to pull in at least $60,000. That is where their concern will lie.
If you prefer not to have your pay structure advertised for everyone to read feel free to PM me. Otherwise we can do this in public to try and educate the masses!