You’ve been burning the candle at both ends, calling back every lead, going on tons of appointments, taking listings and signing buyers right and left. So, where’s all the money? You look around and wonder ‘Why are these top agents so much better than I am?’ The truth? They’re not better than you, but they do have better habits. If you’re wondering when you’re going to see the riches roll in, read on…
Every wealthy real estate agent or business person has a set of behaviors and patterns that they follow in specific areas of their life. They focus intently on savings, investing, working and doing. All of these things they do for the long haul. No quick fixes, easy buttons, fly-by-night ‘opportunities.’
First of all, let’s define ‘rich’, because if you continually define it by what you see others accomplishing, you’ll always feel like you’re coming up short. Everyone has different life goals, family goals, business goals and retirements goals. So why would you have the same definition of ‘rich?’ As Bill Cosby used to say, “Rich is when your money works for you and you no longer have to work for your money.”
So, how do you get there? The first thing all rich people do is they are ferocious about saving and they do it first! Moreover, most of their sizable accounts come from earned income and investing. They key is to start small – even 10% from every check (before you pay a dime to anyone else) will put you on the path to building wealth. After awhile, build up to 15% and so on.
Most agents are on board with this concept, but its been proven to be more challenging in application, as online banking and other conveniences tempt agents to move money around at will and forgo savings first.
What else to rich people do?