The Energy of Your Financial Foundation
We talk a lot about energy here. Thoughts, mindsets, perspectives. All important, effective and worthwhile.
But today feels like a good day to talk about something more tangible – your finances. Because money is also a form of energy, and it effects how you show up. I’m not saying that life is all about the money, but I think everyone can admit, you show up to your appointments differently based on the money in your account.
It’s the blessing and the curse of being commission based. We don’t have consistent, every 2 week cash flow with a fixed amount that we can set budgets based on. Granted, things can change in a weekend. Sell a few homes and all of a sudden cash is great again. But what if there is a dry spell and you don’t sell a home for a few weeks? What happens then?
If you have been at this for a while, hopefully you have some reserve accounts. We have 4. Savings accounts, investments, lines of credit. All places that we can pull money from if need be. Granted the goal is to not do that, but the fact that it’s there, just in case – makes us sleep easier at night, and empowers us to show up the way we want to, vs the way we think we have to because we need a sale.
It makes sense, most agents know they need back up plans financially, and yet I’m amazed at how many don’t.
And so just like the Fall is a great time to evaluate your business and make plans for the new year. It’s also a great time to evaluate your finances. Specifically your financial foundation. If you have reserve buckets – great. If not, here are 3 things you can do today to get you started:
- Set up a separate savings account for taxes and one for savings / reserves. It’s important to separate the 2.
- Decide how much you need in each to cover your yearly taxes and to make you feel comfortable savings wise.
- Start funding both with each transaction. Start with even $100 from each closing and work your way up to 10%. It will add up and the act of putting money away, even a little bit, will empower you.
To your success!
Nicole
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