What Are Your Sources Of Income?
I have written before about the legs to your business and the importance of having multiple areas that you get your business from. But this is about OTHER sources of income.
Gary and I just had the luxury of spending the entire weekend just the two of us! We have been away from the kids for 1 night before, but never both of us for 2 nights. I would love to tell you about all of the things that we did, but really we went for some long walks, ate at some fantastic restaurants and did a whole lot of nothing. We even took naps, something that unfortunately children never fully appreciate until it is much too late in life!
In one of our chats, while on a walk ,we were talking about income and given that we are both paid on commission (Gary is a manufacturers sales rep for consumer electronics) how do we plan for future things when we never know what our incomes will be? So we started talking about the idea that it is really about determining your monthly expenses and then finding multiple ways to cover them simultaneously. Let’s say that your basic monthly expenses run you $6,000 a month. Certainly you would want to be making more to cover savings and investments, but also your goal is to figure out how many ways you can bring in that $6,000 a month. At the moment it is a combined effort for Gary and I to cover our monthly ‘nut’ but the goal is that each of us regularly brings in enough money to cover the expenses so there is 2 sources. The other is that we currently have some rental properties and have made purchasing more properties a priority. When we have enough rental income to cover our monthly expenses that will be a third source. There are many ways to approach it and I am not at all advising that you get another job or anything like that. But weather it is rental property or investments that pay out regularly, make it a priority to find something. Many of us are paying for past financial sins with the changes in the market these last 2 years. Be prepared for the next time it happens. Sorry to be a downer here, but it will happen again at some point, hopefully in the VERY distant future. Next time if you have multiple income sources you will not be as stressed when one takes a beating.
Signup to receive Nicole's blog posts via email weekly:
Other Posts
What If Everything is An Experiment?
I’ll admit it, I’m not great at asking for help. Even when I know I need it. There are a variety of reason I struggle with asking: I’m busy and taking a step back to asses what I can outsource feels like one more task I don’t have time for. The task is something I’m…
Read More
Don’t Believe The Hype
Does the market make you want to hide out? I’ve had SEVERAL calls from agents recently with clients that are putting them through the wringer. Whether it’s sellers not accepting offers, buyers taking forever to make decisions, or clients doing the exact opposite of what you thought they were going to do – managing your…
Read More
The #1 Reason Clients Don’t Choose You
Don Miguel Ruiz said it best in his book – The 4 Agreements: Don’t Make Assumptions Find the courage to ask questions Communicate with others as clearly as you can This one agreement can completely transform your life Beautifully said. Assumptions are the #1 reason your clients don’t choose you. As agents we assume many…
Read More
Letter to My Younger Self
Today is my birthday. For me, birthdays are a beautiful mix of celebration, anticipation and reflection. This post is dedicated to reflections. Things I wish I could tell my younger self. Imposter syndrome is normal! You’ve spent so much time doubting yourself. Feeling like everyone else knows what they are doing while you’re still trying…
Read More
Managing the Adrenaline / Emotional Roller Coaster of Real Estate
Closings, getting mutual on a contract, receiving a referral – there are lots of wins in real estate. Each one brings a shot of adrenaline that feels amazing. However, those moments are often short lived, with a lot of space in between. If you aren’t careful that space can fill with self doubt, insecurity or…
Read More
Why Proving Yourself Is A Bad Idea
I competed on a listing this week that I didn’t get. It was a great one too – awesome house, great clients. It was one I really wanted. When I got done pouting I took a few minutes to ask myself, ‘where did it go wrong’? Our first appointment was amazing! The second one, not…
Read More
The Secret To Success: How Awareness Transforms Everything
‘The first step towards change is awareness. The second step is acceptance. Let us not look back in anger, nor forward in fear, but around in awareness.’ – Source Unknown Last week focused on letting go of the need to play catch up. The only thing that matters is focusing on the present moment. The…
Read More
Don’t Try To Catch Up – Just Start Where You Are
I’ve spent the last few days in Virginia at my favorite real estate conference, Genuine Hustle, where I had the honor of presenting a session on asking powerful questions. It’s the most authentic, vulnerable, supportive and all around amazing group of agents that I’ve ever spent time with. They haven’t released the location or dates…
Read More
This Phone Call Brings In The Most Referrals
Can calls really translate into referrals? Are some more effective than others? When we work with clients it’s easy to go into ‘get it done’ mode. We focus on getting from contract to closing as quickly and smoothly as possible. And to be fair, that’s a big part of what our clients hire us to…
Read More
What if EVERYTHING is Working Out For You?
What happens when you have a ‘set back’ ? Does it send you into a tail spin of fear and insecurity? Do you brush it off and move on? Or – Do you view it as confirmation that you ARE on the right path, realize it wasn’t the right opportunity or situation for you, and…
Read More