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.

Leave a Comment





Signup to receive Nicole's blog posts via email weekly:

Other Posts

What if EVERYTHING is Working Out For You?

February 7, 2025

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

Don’t Do This Alone

January 24, 2025

I was lucky enough to be invited to mastermind with these amazing agents for a few days this week. We talked business, but it was so much more than that. We talked about being intentional with our lives, the hours we worked, the struggles we face, our investment strategies (owning rental real estate of one…

Read More

Collaboration Over Competition, This Is Your Chance To Learn From The Best

January 17, 2025

What if you could stop over thinking how to run your business? What if you knew exactly what other agents do to attract clients? This is your chance! Season 2 of Secrets of Attracting Clients starts January 27th and I’m super excited for this years line up! We have 12 amazing sessions, all with ideas…

Read More

How Lowering Your Bar Can Help You Reach Your Goals

January 10, 2025

January holds a special mix of big dreams and deep insecurity for a lot of agents. If you find yourself toggling between the two – know that you’re not alone. We usually associate big dreams with big actions. So we make long to do lists as proof of our commitment to increasing our income. Often…

Read More

Success Secret: Do Less of What You Like and More of What You Love

January 3, 2025

This post was inspired by my good friend Valerie Garcia. She shared this note in her newsletter this week: Love by Jon Acuff Want a simle goal you can accomplish in 2025? Do less of what you like and more of what you love. I like watching Netflix. I love holding a book I’ve written…

Read More

Is How You’re Working Really Working For You?

January 1, 2025

Welcome to 2025! I love New Years Day – the feeling of a fresh slate, a world of possibilities available with 365 beautiful days ahead to create magic. As we embark on a new year, set goals and make plans here’s one question that’s worthy of pondering: Is how your working really working for you?…

Read More

Do All Things With Great Love

December 20, 2024

Do All Things With Great Love As we head into next week with Christmas and Hanukkah this feels like the perfect reminder. Whether you celebrate the holidays or not, next week can be a bit much. It’s easy to get caught up in a whirlwind of what you ‘should do’ or ‘have to do’. Before…

Read More

Wondering about 2025? Relax, You Already Have Clients Ready To Go, I’ll Show You Where To Find Them

December 13, 2024

Spoiler alert, you already have clients ready to go for 2025 – but you might not realize it yet. Right about now agents start looking to the new year wondering: Where will your clients come from? Can you do this again? What new marketing plans do you need? How much will they cost? Before you…

Read More

The Real Reason We Started Experiences vs Stuff for the Holidays

November 29, 2024

We’ve been doing experiences vs stuff with the boys for years. This year we are in Palm Springs loving the sunshine. It’s a tradition we all look forward to. We’ve gone all sorts of places: Maui, Boston, New York, Costa Rica, and Ireland just to name a few. On the last night, we pick a…

Read More

Action Plan vs Business Plan

November 22, 2024

Is it just me, or does business planning overwhelm you? I’ve tried doing a traditional plan over the years. One where you: Set an income goal Figure out your average price point and income Use that to calculate the number of sales required Break it down to how many referrals to convert to appointments to…

Read More