As a real estate agent for over 20 years, I've seen it all when it comes to people struggling with their finances. When I first got started, I made plenty of mistakes too - but over time I developed a simple yet effective system for organizing my money that has kept me stable through every market cycle. In this post, I'm sharing my 4 account strategy so you can get your finances on track for long-term success.
The first step is opening 4 separate bank accounts - one each for your business, personal, tax, and charitable giving needs. Having these divisions in place forces you to be intentional with where every dollar goes.
I also share my formula for dividing up commission checks between the 4 accounts - with 40% going to business, 30% to personal, 20% to taxes, and 10% to giving. Sticking to this ensures you always have funds set aside.
As a 1099 agent, taxes can trip you up if you aren't careful. I explain why it's crucial to put money aside quarterly and consult professionals to set up your business properly.
Most importantly, I discuss how setting financial parameters with your bank accounts can prevent overspending, even during slow times. Having a plan is key to long-term survival in this business.
If you want to take your money management up a notch, check out my Mastering Real Estate online training program. Click here to get started. You'll learn advanced strategies to maximize your business and investments.
~Leigh
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~ Leigh Brown, Broker/Owner, REALTOR®, Speaker, Coach
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Real Estate Broker. Author. Coach. CSP® (Certified Speaking Professional™) Keynote speaker. Leigh Brown is laser-focused on inspiring people to be better, strive for more, and to take the reins and lead!
Learn more about me at www.leighbrown.com
𝘾𝙊𝙉𝙉𝙀𝘾𝙏 𝙒𝙄𝙏𝙃 𝙈𝙀
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Author. Coach. Keynote speaker. Leigh Brown is laser-focused on inspiring real estate agents to break through and Just Say Hi!
