As realtors, all of us are keen to achieve financial stability in our
professional and personal lives, if not complete financial freedom. Being
independent business owners, our income is dependent on the hard-work we put
in, market conditions and a bit of luck and therefore oscillates a lot like the
pendulum swinging in the wall clock in front of you. It is necessary to take
control of the reigns of your finances if you want 2017 to become a landmark
year in your career as a realtor.
To reach this goal, you should know where all your
hard-earned money is going. Are you splurging on unwanted personal effects or
on an unnecessary office renovation project? Financial freedom is definitely an
achievable goal if you can implement the below mentioned easy to use tips to
get yourself on the expressway to financial freedom.
#1. Trace your expenses
As soon as the commission cheques begin to hit your
account, do you get over the moon and spend for superfluous expenses and then
wonder “Hey, where did my money go?” then it is time to sit down and track
these expenses. Use any of the money tracking apps available and know where the
cash leak is and take control of these spending. This way you can save more and
put your earnings to better use.
#2. Create a separate budget for
home and business…and stick to it
We all need a guide in our lives so that we take the
right decisions in life at the right time and a spending budget can play a
similar role in our financial life. As a full-time realtor, it is advisable to
keep separate budgets for home and business finances and individual spending
plans for both. Fixed expenses (Monthly bills, EMIs), irregular expenses
(property taxes, water charges) and miscellaneous expenses should be listed
separately. In case you have to reduce expenses, a detailed sheet will help you
to make the right decision.
#3. Reduce home expenses before turning towards business
Making cuts on the home front is always advisable
before reducing business expenses, though the latter may seem easier. At home
too, make reductions on discretionary expenses first and then turn towards the
others if necessary.
#4. Reduce Debt
It is commonly seen that loans and debts prevent
people from achieving financial freedom and living a debt-free life. In 2017,
make it a goal to pay off more towards credit card loans (the deadliest loan),
mortgage EMIs and Car loans. Call your finance company and personally deliver
the news that you are willing to pay more this year to get out of their
clutches sooner than they thought.
#5. Reduce impulse purchases
Ever felt guilty after buying that expensive watch or
the hottest mobile phone on a whim from a glitzy showroom? Such impulsive
purchases are probable reasons why your finances are how they are. Make it a
habit to ruminate over an object of desire for a minimum of 24 hours before you
make the decision. This habit will keep you from spending your hard-earned
money on things you actually do not need. Try it! It works.
Here is wishing you fulfilling 2017 ahead as you take
massive action on your Financial Goals
Credit : Ramprasad
Padhi
No comments:
Post a Comment