9 Steps to Creating Wealth

9 Steps to Creating Wealth
9 Steps to Creating Wealth

9 Steps To Creating Wealth

 

What Makes You Wealthy?

Easy Agent believes in the simply adage, if you are doing well then we are doing well, and visa versa, hence our 100% commission arrangement for all agents without qualifying periods or complicated caveats, simply get paid 100% of your commission on every deal.

It’s not how much you earn but how much you keep that makes all the difference.

“Poor people see a dollar as a dollar to trade for something they want right now. Rich people see every dollar as a ‘seed’ that can be planted to earn a hundred more dollars … then replanted to earn a thousand more dollars."

Real Estate is one of the few occupations that allows you to generate substantial income, Wealth is what you accumulate — not what you make. If you were to stop working tomorrow, how long could you support your current lifestyle? That is what makes you wealthy, it's called passive income.
The Easy Agent business model has fantastic passive income option available to all agents, allowing you to create a life long passive income stream as a show of your hard work, we call it our Legacy Program.
READ MORE ABOUT EASY AGENT'S LEGACY PROGRAM  

So how wealthy are you? If that question makes you squirm, there is good news. Regardless of how much you earn, your wealth can grow if you start thinking about and treating money differently:

1. Pay yourself first.

Begin with an emergency fund. Aim for at least $500 and work up to the equivalent of a three-to-six-month’s salary.

2. Tackle your debt.

If net worth is what makes you wealthy, debt is wealth's enemy. Start eliminating it by consulting either your accountant or financial advisor.

3. Save smart.

Choose the right savings tools to maximize interest earned and minimize withdrawal penalties.

4. Max out matching contributions.

If your super fund allows the maximum contribution of say $20,000 tax free, then that is what you need to contribute each year, don’t say no to free money. Planting money for growth today will be what makes you wealthy tomorrow.

5. Make a plan for windfalls.

Think twice before spending inheritances, tax refunds, bonuses and other unexpected income.

6. Don’t lose out to inflation.

Your savings is a huge part of what makes you wealthy, so you don't want to see it diminished by inflation. The historical long-term average for inflation is about 3 percent. That means if you put $1,000 under your mattress today, in 20 years it will buy only $554 worth of stuff (at today’s prices).

7. Know your assets and liabilities.

What do you own that can be turned into cash (i.e., stock, home, property or business)? What do you owe to another person or entity (i.e., loans or rent)?

8. Match your risk tolerance.

Risk is the uncertainty of achieving a desired result. Many factors affect your willingness to take risks in life and in your finances. Take this quiz to assess your comfort level with risk taking.

9. Create a long-term wealth building strategy.

Any good strategy starts with identifying your short-term and long-term goals. Short-term goals might include things you want to accomplish in one to three years; long-term goals might include retirement savings that you won’t tap into for 20 or 30 years.

How wealthy are you?

Remember that how much you earn doesn’t determine your wealth. What makes you wealthy is your ability to sustain yourself should you lose that income. Build your strategy today so you can swap immediate gratification for the rewards of long-term security.

 

Easy Agent work hard to help agents achieve their goals in their real estate career by analysing and measuring the numbers to acheive a sale and earn their target GCI. 

Do you know your numbers?

Click Here for your FREE Business Builder program direct to your inbox. 

 

 

 

About the author
Monty Van Dyk is founder and CEO of Easy Agent and Lead Funnels Australia, headquartered on the Gold Coast, Queensland with agents in Brisbane, Sydney and Melbourne. Under Monty’s guidance and leadership, the team has sold thousands of homes in the past 18 years, performing exceptionally regardless of changing market conditions.
Before moving into real estate in 2002, Monty was a mechanical engineer for ten years. He credits the success of Easy Agent to the culture of learning and growth. His commitment to innovation has placed him in the top agent mastermind of real estate in Australia.
When he is not coaching or speaking, Monty is enjoying time with his family, playing music or training for his next IRONMAN triathlon. He is originally from Cairns, Queensland.

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