One of our favorite topics to talk about with our loyal listeners is mindset. But, not how you’re normally used to hearing about it. For us, mindset isn’t about sitting around in yoga pants all day visualizing or manifesting, but in taking real action to make the goals and dreams we wrote down, a reality. For so many agents, the thought about what it will take to make all those goals come to pass is really painful. Why is that? After two decades of coaching, we’ve found that the gap between where you are now and where you need to go in order to have the lifestyle you’ve imagined is not as big and cumbersome as you think.
Whenever we ask agents what they think they need, they typically answer with something like “Oh, I’ll need a million dollars for that!” but what if we told you that it was not only incorrect, but that what you really need is a 3:1 ratio? In other words, for you to make the leap in lifestyle that you want, it takes about three times what you’re currently averaging in commissions earned monthly. The catch? You have to do it month in and month out.
So, there’s the mindset piece. Rather than imagining a seemingly impossible scenario and applying it to your financial situation, think about the 3:1 ratio and work off of that. That of course, requires some math!
In our experience, a typical agent must make about $5,000 per month to meet his or her financial obligations. If that’s not you due to size of family or where you live, adjust for those and know that number. Then times that number by 3 and now you have the number you need to to make to do things like take an awesome vacation, upgrade your car, pay off debt and do some saving too! That’s your lifestyle leap number!
Listen to todays podcast to learn how to take that number and use it to run a financial formula that will have you on your way to financial freedom in no time!
Subscribe to our Real Estate Coaching Radio podcast on iTunes and while you’re there, rate our show and let us know what you think!