Wall Street Doesn’t Have to Direct Your Financial Status
Realtors have learned how to deal with the uncertainty of commission-based income.
However, non-traditional income doesn’t always fit traditional investment and wealth-building strategies.
You’ve got to account for lean months, saving for retirement, and insurance. There’s no guarantee of another check in two weeks, so you always have to be looking ahead, just in case.
When your job doesn’t fit within normal financial paradigms, then how can you expect normal financial strategies to help you grow your wealth? Why continue doing the same financial things over and over again, when the results just aren’t there?
That’s why Joey Mure helped found the company, Wealth Without Wall Street, and he’s here on the #REalAdvice podcast to share a few insights and wisdom on how realtors can posture for financial success. As a former mortgage broker with 11 years of experience, he’s learned, and is ready to serve you. His goal is to help you figure out your finances and grow your income for long-term success.
What is Wealth Without Wall Street?
Wealth Without Wall Street is a company that specializes in teaching non-traditional investment and wealth-building strategies.
These strategies are particularly helpful for those who are working non-traditional jobs, and not getting a paycheck every two weeks.
When you’re not getting a paycheck every two weeks, you adapt accordingly. You can build certainty into your finances through careful planning, but the reality is that there is some uncertainty in the world of commissions. Should you save your commissions in case next month is lean? Or should you pay off your car, or invest the money?
In a day where the going interest rate for a savings account is less than one percent, there’s got to be a better way.
Joey and his team think they have found those better ways.
Through (completely legal!) tax strategies, working with cash flow, and using wise investment vehicles, their team helps their clients stand out and try something different.
Five Foundational Pillars
There are five foundational pillars in the Wealth Without Wall Street trainings, two of which Joey talks about on the podcast (you can find them all at their website).
The two that Joey discussed were cash flow and insurance.
In his discussion on cash flow, Joey was straightforward: “If you don't have a tax strategy to reduce your taxation, then you're unnecessarily or unexpectedly giving the IRS more than they deserve. I'm not saying that you should not pay taxes; you should pay the amount that you're supposed to, and use the tax code to your benefit.”
What would you be able to do with another $50,000 or so in your budget? Using smart tax strategies can put that money in your pocket, instead of giving the government an interest-free loan.
“If you can't identify where you're leaking cash then you can't really effectively save,” says Joey. This explains why cash flow is their number one pillar!
The second pillar is life insurance.
With checking accounts having less than 1% interest rates, they are not a smart investment vehicle. But whole life policies can be utilized to invest, and grow wealth tax-free.
Smart investments become passive income, that help you escape the hamster wheel of constantly working on the next sales, and working on a 30, 60, and 90 day plan to bring in income.
To learn more about the other five pillars, visit Wealth Without Wall Street.
Implementing Strategies in Your Life
There’s an old proverb says that the cobbler’s children run around barefoot - as their parents are taking care of making sure that others are well taken care of, their own family suffers. Well, that doesn’t have to be true for realtors. Your bank account does NOT have to be empty as you’re going around and helping serve your clients.
Here are some suggestions that Joey has for those seeking to try something new in their financial life.
Get out of your comfort zone.
You’ll have to try some new things. These things may seem counter-intuitive with the financial training that you’ve heard throughout your entire life.
Question old mindsets
Have you ever thought, “I don’t know enough to manage my own investments.” That is a mindset issue, and you can learn how to manage your own wealth-building strategies.
Why wouldn’t you be able to learn how to manage your own long-term finances?
Educate yourself on new options
Don’t accept things as they have always been. Just because others use checking accounts, IRAs, and term life policies doesn’t mean that those are the best long-term financial strategies for you.
“We just have to think about things differently,” Joey says. “What you've been told not necessarily is wrong, but there are other options. Those options may work for you.”
Take the time to get to know strategies outside the accepted status quo. After all, to achieve different results, you have to be different.
Don’t hesitate to ask for help
If your business is in need of a boost, you’ll hire a coach. You want to make sure that you’re ready to be the best that you can be!
But then, when it comes to your finances, you hesitate. You don’t want anyone to see the mistakes you’ve made, or where you are financially.
Don’t let that hold you back, and keep you from making progress.
“There's no embarrassment,” says Joey. “We've all we've all done really stupid things financially and there's always ways we can improve.”
Prioritize your finances
As a realtor, you’re constantly serving others. Take a moment to stop, and turn that focus on yourself.
Many calls you get are urgent: they’re going to choose a home, they’re going to choose a listing agent. They’re going to choose someone, and it’s time sensitive.
The problem is, your finances don’t always feel as urgent as those never-ending calls, but they need your attention just as much.
Take the time to sit down, and make it happen.
“We make time for the things that are important to us,” says Joey. So make time to optimize your finances and your income, and you’ll be amazed at how it can impact your life.
Joey talked about how we prioritize our finances, and how it can change every realtor’s business. Simply using old investment strategies won’t be enough anymore in preparing well for retirement, and replacing your active income with passive income.
How are your finances looking? Has Joey’s advice challenged your point of view towards finances?
View or listen to the FULL EPISODE here: