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Welcome to From Sales Success to Investing Success

Welcome to the From Sales Success to Investing Success Podcast, Ep 1  

There are many financial advice podcasts out there, so why should you listen to this one? I don’t believe everyone SHOULD listen to this podcast. Why? Because it’s aimed at a specific audience, those who make their living as sales professionals. If that’s not you, you may find greater benefit from a different podcast. 

But if that IS you, this show is specifically FOR You. Listen to find out why I’ve decided to create a financial podcast for sales professionals and get a sample of the type of content I’ll be providing weekly.


You will want to hear this episode if you are interested in...

  • Why sales professionals need financial tips and advice [0:24]

  • It’s not what you make, it’s what you keep (minimizing taxes) [1:28]

  • The catch-up: your opportunity to add more to your qualified accounts [2:35]

  • Good sales are correlated to good questions [6:43]

  • My Gen X focus today - Guns N Roses album, “Appetite for Destruction” [7:46]

It’s not what you make, it’s what you keep that matters

That’s a statement I make to my clients quite often. Many of them are high producers who are skilled at generating income through effective sales, but they don’t all know the important ways they can retain that income and make it work for them. That’s where I come in. I help them understand the basics of good financial management, investing, and keeping more of the money they make. It’s a benefit to them, their families, and their futures.

If you’ll take the time to listen to this episode you’ll get a taste of my approach to financial advising and how I gear my approach to those in the sales profession. Having worked with sales professionals for a number of years, I have discovered the common questions and issues they deal with. My hope is that the content I share on this podcast will help you keep more of what you make and prepare for your retirement effectively.

Catch-Up contributions can help you keep what you make

Many sales professionals have heard of the term “Catch-Up contributions” and know that it has to do with saving money for retirement. But that’s about the extent of their knowledge. In my world, Catch-Up contributions are a term used to refer to “Qualified Accounts” such as 401K, 403B, IRAs, Roth IRAs, and Simple Plans. These are legal ways for you to reduce your tax liability, which means you actually do get to keep more of what you earn if you use them wisely.

For 2020, the guidelines have changed a bit. You can do all of the following by utilizing Catch-Up contributions if you elect to do so…

This year an extra $6500 can be contributed to 401K and 403B plans. That’s an extra 33% you can contribute. For Roth IRAs, you can contribute an extra 17% above the normal allowance and for Simple plans, you can contribute an extra $3,000 this year. Why is it important to know those options? Because they allow you to set aside more money, tax-deferred which will mean you pay less tax in the end. Keep listening to learn how it works.

How Catch-Up plans work

When I talk about keeping more of what you earn as a sales professional, I mean that you want to do everything you legally can to reduce your taxable income. When you make use of one of these Catch-Up contributions, you are putting money into an investment before taxes are paid. The funds you place there are also not taxed while they are in the investment. You will only pay taxes when you take the money out, and then you will only be taxed at the personal tax rate you fall under at that time, which is usually lower than it was when you earned the money.

But this type of contribution only works if you start a Qualified Plan. Most people wait too long to start — many times because they think they have to reach a later stage in their career before it’s permissible. But that’s not true. It’s permissible to begin these catch-up programs the year you turn 50. So even if your 50th birthday happens in December, you can begin making this kind of contribution in January of that year.

Listen to learn more about how to use these Catch-Up plans and subscribe so you don’t miss an episode.


Resources & People Mentioned

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