|Budgeting with Commission Income|
One of the greatest challenges in America today is financial mastery. The Social Security Administration says that only 2 out of every 100 people in the richest country in the world will ever have enough to retire when they reach 65 without needing to depend on relatives, charity or the government.
Our own personal freedom with our time is directly related to our financial freedom. We have found that there are a number of agents out there making in excess of $750,000 who are in worse debt and financial trouble than those who make $75,000. How does this happen? Good or bad money will only amplify your character and habits.
We need to start thinking differently than most if we would like to be the minority who make it to that top 2%. The principles below have been tested and will work for anyone, but are especially useful for those that have varying incomes like real estate salespeople. The principles are no respecter of age, race, color, creed or sex. Follow them and you will live in your wildest dreams – ignore them and your will live in your worst nightmares.
Here are some of the characteristics of the rich from researcher Thomas Stanley, PhD -
· They follow and maintain a long-term vision.
Here’s the step-by-step plan that I picked up over the years that allows you to grow wealth despite the irregularities of Real Estate income-
Step #1 -Set-up your accounts
Professional Operating Account – Money to run your real estate business.
Step #2 -Divide Your Income
Total what is left and divide it as follows:
· Personal Operating Account – 45%
Step #3 -Redistribute Your Funds
Step #4 -Plan Your Financial Future
Step #5 -Educate Yourself
· You must study investments yourself and only invest in what you know well.
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