How Are Your Finances Looking For 2008?

• Could you be earning more ….?
• But even more importantly, could you be keeping more of what you do earn?
The top agents not only track their K.P.Is (Key Performance Indicators) and their targets, but … they also have a financial Business Plan and a system which lets them know where they are financially at all times. So, if you want to rise to the top, read on ….
(1) Have a system for tracking your expenses …
If you are computer proficient, perhaps you could use either one of the Quicken or the MYOB programs to give you instant access to your “bottom line” at any time. These programs will show you just where your money is going and you can then make decisions about expenditure. Especially if you are on straight commission, it is so easy to focus on the money coming in and forget to track the money going out, until the end of the year when your accountant presents your annual financial statement, and you need a strong black coffee!.

If you’re like me and know that that this time would be better spent focused on your real estate activities, keep all your invoices and receipts in categorized plastic sleeves, for each three month period. Pass these to your book-keeper (preferably one who is linked to your accountant), who will then give you an up-to-date profit and loss statement and BAS statement each quarter. Should your finances be off track, it is easy then to identify the areas which need attention and rectify these before it is too late.

(2) If a problem arises …
Most important of all – resist the temptation to “hide your head in the sand.” All this will do is to delay the inevitable, and the problem will quickly compound.
Admit there is a problem and then look for resources to solve it. Talk to someone who may have the answer, your Principal, colleagues, your bank manager or financial advisor, your coach.

As the saying goes “two heads are better than one” The answer may be just around the corner. Get creative with ways to increase your income to bring your finances back to an even keel. Curtail all unnecessary spending. Focus on ways to list that extra property or to make that extra sale. Panic and stress over finances will get in the way of your clarity and interfere with your ability to work constructively, so admit the problem and begin to work your way out.

(3) Look for the root causes of the problem …
Is this a “one-of” situation, or it is a constantly occurring problem? Is there a pattern you can see in your financial troubles?
Do you see yourself as “no good with money”, “financially hopeless”, “just can’t be bothered” or “too busy” to look at this side of your business?

Sometimes, the problem may seem so overwhelming that you have no idea where to start, so you keep working and working hoping that a miracle will occur. A miracle like this is highly unlikely! Perhaps the universe is sending you a message that this is an area of your life which urgently needs attention. To get on top of your finances can be an exciting and challenging journey (even though it may not seem so when you are in the thick of it)

Of course it will be challenging to look at your patterns, your beliefs and habits around money, but how rewarding to conquer this issue for good! You do have a choice – your life and your career can be forever limited by this problem, or you can take the time to look at why this has become an issue for you and what you can do to get it out of your life forever.

Instead of only focusing on the immediate problem and a short-term solution, why not also move beyond your current thinking, your current boundaries and into financial freedom now! The answer is always nearby, help is available if only you take the time to ask.