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Want to Be a Rich Real Estate Agent? Here’s How
Have you ever heard of the book, Rich Dad Poor Dad by Robert Kiyosaki? This book has been around for decades and updated a few times. Basically, it is about what the “rich” teach their kids about money and earning that the less fortunate do not. With that in mind, there are some top takeaways from this book that can help you to conceptualize your career as a real estate agent in a different way—perhaps making you more lucrative, too!
We Struggle To Leave The Rat Race Behind
Most people hate the rat race. It has you working hard for money to go to your boss, the government, or to cover your bills. According to the author, the major thing stopping people from breaking free of the rate race is fear.
Fear and Greed Cause Bad Financial Decisions
Fear and greed cause us to make poor financial decisions. For example, you get a pay raise at work. The fear of losing this extra money prevents you from investing it in stocks and shares or other assets that could bring your wealth in the future. Meanwhile, greed takes over and you buy a new car or a new house. Now you have a larger mortgage and higher utility bills among other things. According to Kiyosaki, the earlier you educate yourself financially, the better you are at avoiding bad decisions in this area.
Taking Risks Can Be a Good Thing
You probably learned from your parents or the media that it’s bad to take risks where money is concerned, but know that everyone who is financially successful has taken a risk in order to get to where they are. Mark Zuckerberg and other uber rich people actually dropped out of university to pursue their dreams.
To grow your money, you can’t play it safe. This is where the risk of investing whether in stocks and shares or property comes into play. Do you want to remain where you are or do you want to take a calculated risk that could grow your income substantially? Consider your options in this area.
Why You Must Build a Business
A profession and a business are two different things when discussing personal finances. Your profession pays your day-to-day living costs, your business grows your assets. Your profession and your business, or side hustle, can be two completely unrelated things, or they can be one and the same and how you pursue them is the difference. For example, let’s say your profession is real estate sales and your business (funded by the leftover money from your profession) is real estate investing. You know that your day-to-day expenses are covered, but in order to grow financially you need to grow your assets which is done through your business. Eventually, you’ll be able to drop your profession and live on the income from your assets, but only if you’ve learned and understood the legal loopholes of the tax system in your country.
There’s lots to learn about how to become a “rich” real estate agent from this book—particularly with respect to business building and tax structure. While working 12 hours a day can be exhausting, there are ways to work smarter and not harder in order to be more lucrative. With that in mind, consider how hiring someone to help with your short sale processing or negotiations can free up your time so you can spend it doing things that bring in more business. To that end, feel free to call the team at Short Sale Expeditor®.
Rich Real Estate Agent – Top Takeaways from Rich Dad, Poor Dad
We Struggle To Leave The Rat Race Behind
Most people hate the rat race. It has you working hard for money to go to your boss, the government, or to cover your bills. According to the author, the major thing stopping people from breaking free of the rate race is fear.
Fear and Greed Cause Bad Financial Decisions
Fear and greed cause us to make poor financial decisions. For example, you get a pay raise at work. The fear of losing this extra money prevents you from investing it in stocks and shares or other assets that could bring your wealth in the future. Meanwhile, greed takes over and you buy a new car or a new house. Now you have a larger mortgage and higher utility bills among other things. According to Kiyosaki, the earlier you educate yourself financially, the better you are at avoiding bad decisions in this area.
Taking Risks Can Be a Good Thing
You probably learned from your parents or the media that it’s bad to take risks where money is concerned, but know that everyone who is financially successful has taken a risk in order to get to where they are. Mark Zuckerberg and other uber rich people actually dropped out of university to pursue their dreams.
To grow your money, you can’t play it safe. This is where the risk of investing whether in stocks and shares or property comes into play. Do you want to remain where you are or do you want to take a calculated risk that could grow your income substantially? Consider your options in this area.
Why You Must Build a Business
A profession and a business are two different things when discussing personal finances. Your profession pays your day-to-day living costs, your business grows your assets. Your profession and your business, or side hustle, can be two completely unrelated things, or they can be one and the same and how you pursue them is the difference. For example, let’s say your profession is real estate sales and your business (funded by the leftover money from your profession) is real estate investing. You know that your day-to-day expenses are covered, but in order to grow financially you need to grow your assets which is done through your business. Eventually, you’ll be able to drop your profession and live on the income from your assets, but only if you’ve learned and understood the legal loopholes of the tax system in your country.
There’s lots to learn about how to become a “rich” real estate agent from this book—particularly with respect to business building and tax structure. While working 12 hours a day can be exhausting, there are ways to work smarter and not harder in order to be more lucrative. With that in mind, consider how hiring someone to help with your short sale processing or negotiations can free up your time so you can spend it doing things that bring in more business. To that end, feel free to call the team at Short Sale Expeditor®.
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