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You had a fantastic year, so where did all the money go? Every year it seems that more and more agents are scratching their heads and asking this question as they fall behind on taxes, find themselves in more debt instead of less, and put off that family vacation again.
Is the fact that you’re always broke always your fault? Financial prowess is certainly not covered in the real estate licensing course. How else were you supposed to know?
In Part One we told you the 7 reasons you never have any money. It covered everything from lack of planning to lack of education about money, having the wrong mindset and even the wrong friends! What? Your inner circle has an effect on your monetary future? Yes!
Well, plead ignorance no longer! In Part Two of our series, we have the five practical, tactical things you need to do in order cure yourself of broke-itis for good! Listen to the full episode today to get all the details and a hear a sneak preview of upcoming show topics that will help you capitalize on these concepts!
1. ALWAYS save 10% (20% is better) off the top of every single commission check.
2. ALWAYS save 20% toward a dedicated TAX account, which does not co-mingle with your other savings or operations money.
3. Pay off high interest rate debt first. Become debt free.
4. Save a minimum of 6 months of reserves based on monthly overhead in a savings account. Ban yourself from debit cards and checkbooks on this account. Consider keeping cash in a safe. Make your savings more ‘real’ to you.
5. Educate yourself on Vanguard Index Funds, Health Savings Accounts, 529 college plans and other investment strategies.
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