Which Financial Track Are You On?
Ever noticed how people never seem to want to talk about money? While it may not make for ideal dinner conversation, it’s still an extremely important topic for a business owner to explore! That’s because in order to run a successful business, you must get on track to master your finances.
Where you’re at with your money will differ depending on how far along you are in your career. There are three key financial tracks every real estate agent will hit on their journey to the top — identify which one you are on and find out how to advance!
The Producer Track
- Prioritize your expenses.
- Develop a spending plan — aim to live on 70% of your income, and save, give and invest 10% each.
- Funding at least one month’s reserves.
Next Level Action Step: Stick to your spending plan and invest in real estate training to increase production and profits.
The Professional Track
- Pay yourself a salary.
- Separate personal and business accounts.
- Giving yourself an additional bonus.
Next Level Action Step: Implement a cash flow management system to cover your taxes, pay yourself consistently and boost your personal and business reserves.
The Leader Track
- Generate passive income.
- Use a team of professional advisors.
- Implement a clear and systemized business process for potential acquisition.
Next Level Action Step: Create an acquisition plan for when you’re ready to transition or sell your business and enter retirement.
Figure out which financial track you’re on, then invest in real estate training to brush up on the skills that will take you to the next level. Buffini & Company offers real estate training courses for new recruits, seasoned veterans and everyone in between. Compare Buffini & Company real estate training programs and see which one will get you on the right track.