We all know that there is no financial security in the real estate industry. We are independent contractors; we own our own businesses. There are no 401(k) plans or pensions, and there is no one who will look after us but us. So like many others today we are being more careful with spending.
That's a good thing, but it's not the way to build wealth. For that, you need a plan that goes beyond cooking at home instead of going out to eat. It doesn't have to be a fancy or difficult plan; all you need are three buckets. Using those three buckets (or pots or any other container you want to visualize) will help you build wealth and a future for yourself and your business. 
The first bucket (no, not a real bucket!) is for your living expenses. You need 3 to 6 months of living expenses somewhere for emergencies. It can be cash in the bank or a line of credit, though if you are tapping that reserve you probably don't want to take on new debt if possible. Whatever form it is in, you need to have quick access in the event of an emergency.
Once Bucket #1 is full, only then can you start filling Bucket #2. This is your retirement bucket. This is where you are getting a good annual return on mutual funds, stocks, bonds, or real estate. You diversify your holdings so that you don't risk great losses in one market segment. When your are ready to fill the second bucket, you should be budgeting a percentage of your income to go directly into this.
How much? Start where you are and look ahead. If you are 40 years old now, you want to retire at 55, and you need $1.5 million to do that, they you can figure out how much you need to put in Bucket #2 every week or month to reach that goal. There are many places online that offer such retirement calculators. As long as you are putting that money away regularly, then you are on track with that bucket.
Now you can think about a third bucket. This is your high-risk bucket. If you have Bucket #1 full and you are on track with bucket number 2, then anything left over goes into the high-risk bucket. In that case, if you had $10,000 left over 
at the end of the year, maybe you take that trip to Vegas, or go buy those clothes, or my style is to put that money into a high-risk market. You might get into a business opportunity, a risky stock, or something else that has potential for a big return, but also carries a risk of loss. The only bucket you can touch for that kind of gamble is #3. You might invest in a high-risk venture that pays off and find you have filled Bucket #2 early. But you might also lose that investment. Either way, you still have Bucket #1 full and Bucket #2 on track.
No, I'm not an investment adviser or financial planner. But I believe common sense and responsible planning will take you far toward your goals. Just by following a simple plan like this you’ll start building wealth, you'll be monitoring your finances, and be in more control. And that leads to flexibility for your business, with money to put into marketing, which generates the leads, and turns leads into sales. You are building wealth, building a business that is worth something whether you pass it on to the next generation or sell it. You are building the future you want with peace, balance, and security.
Patti Kouri, Accelerated Performance Coaching
Helping You Through Self-Made Limitations!
Will you Take My Challenge and increase your income? Here's what one student said:
"In 2006 I left REMAX and went to Prudential in West Chester OH. I was in a slump and Bob Daniel handed me $100 and told me to sign up for some Real Estate Game that Patti Kouri was conducting. It was the best money spent. Last year (2008) I did 100 transactions. It all began with you, Ms. Patti. My thanks." - Pamela Bensen
You've heard about "scarcity thinking," haven't you? And by now you know that what you believe and hold in your mind does influence what happens in your life. If you don't think you have enough (money, time, energy, etc.), then you probably are right. That can make you pull back from opportunities and afraid to take a chance even when there's a good possibility the outcome would be in your favor.
When the raindrops keep falling on your head, you need to get out of that debt that has you thinking in scarcity mode and holding you back. Before you go to an attorney there is a lot you can do for yourself that can help you avoid the destruction of your credit and the legal, financial, and emotional burden of bankruptcy.
Stop it. Stop doing what is getting you in debt. Stop the spending, don’t buy the car, don’t buy the clothes, don’t go on the vacation, stop what you are doing. You have to stop the bleeding completely and immediately.
Control it. In some cases you need to call some creditors. If you talk to them, they will often wait and/or work with you on a payment schedule. Just pick up the phone and initiate the call, hard as that can be. Most creditors would prefer to know there's a problem and work with you – they don't want to turn it over to a collection agency either. Let people know the story. Say something like, "Listen, this is what I have each month to pay my debt, and I'm allocating $200 a month to you. It will be paid off by this date…" and make a commitment to a date you will pay them in full. And keep it.
Rainy days are a fact of life. With planning, perseverance, and follow-through, you can survive the storm.
As a real estate agent, it is important to realize that you are not just a sales person - you are first and foremost an entrepreneur. That means you are a business owner with all sorts or responsibilities, and those duties can sometimes seem to overwhelm you. Most of all, you are a leader who has the vision that propels you, your team, and your business forward.
Set aside two hours, one day a week, to work ON your business.
Choose your services above others,
When a person knows that you care
One answer might be that selling is all about saying the right things that will convince people to buy, whether it's a house, a car, or a carton of milk. Others might say that selling is about being in the right place at the right time to connect with people who are ready to buy. And some will add that selling means following tried and true methods of reaching people, knowing that a certain percentage of those contacts will turn into sales.
Anything wrong with all that? Not really, except that there's one very important point missing. In sales, and in life, what you think becomes your reality. Now expand that thought, and you'll see that at the same time, your seller's thoughts create their reality. I'm not saying that thoughts are reality, only that these accumulations of beliefs and attitudes about what reality is are what we need to recognize when working with people to complete any transaction.
Clearly, if there is to be a meeting of all these minds, somehow they need to come together. If no one budges, there's no deal at all. But you have an advantage – you know that each party has a different "reality," and so you can recognize the basis of their differences.
If your thoughts and their thoughts are not in sync, you won't be seeing things the same way, and that's the root of problems. But knowing their points of view, you are in a position to influence them. You will have to expand your "reality" to recognize and include all the others. Then you have the complete picture and can bring those different realities into alignment. That's where the real selling starts.
If you want to increase your production, first you need to know how you are doing. Track the number of hours you prospect daily for 90 days, and whom you call or get face to face with. While you are prospecting, check your energy and intensity
Your answers to these questions will tell you where you are spending your time and effort well, and what you could change to do even better.
These days you can find a formula or "best way" for just about anything – the best words to use in a listing, the best kind of sign to put in the ground, the best way to save money at the grocery store, or the best barbecue sauce. You could get the idea that you don't have to think much at all, just follow a formula.
Which, of course, is not true at all. A formula is like a recipe – ingredients that you combine in different ways and different proportions to make exactly the right combination for you. Not only do you think, you get to create and see the results of your work.
Next is strategy. It must be your strategy, not someone else's. As Vince Lombardi said, “In all my years of coaching, I have never been successful in using someone else’s plays.” Make the strategy uniquely yours and build it on networking, marketing, and prospecting.
And your plan – that all-important piece that identifies the specifics about how you will put your strategy into action. You've heard it many times before: Plan your work and work your plan. It's that simple, and that powerful.
And the final ingredient – consistency. Without consistency and perseverance, you can plan for success forever and never have it. It's not difficult, just match your skills to your personality, apply them to your plan, and do it all the time. Simple as it sounds, consistency is one of the hardest parts for many people. If it's a challenge for you, get a coach to support you in focusing on your formula and creating consistency.
Check the calendar; we're already three months in to the year. How are you doing with your plans and goals for 2009? If you made resolutions at the end of 2008, have you been able to keep them? If you’re like most people, those easier goals are probably either accomplished or in reach. The ones that were more like wishes, well, they probably haven't happened yet. In other words, you are quite normal!
can't do a thing, you're right." Think you can, and you will.
And a final question: Are you learning and having fun? 
So how is that any different from how Tiger Woods plays golf? Even he is capable of hitting a bad shot, and he does from time to time. But as soon as he hits the ball – good, bad, or indifferent – he reviews it in his head, makes the necessary corrections, and it is over. He moves on to putting the ball in the optimum position with his next shot. His intention is to get the ball in the hole in as few shots as possible. It is not to go over and over how he screwed up, or blame the wind, or complain about where the ball landed or the noise from the crowd. He doesn’t give up, He focuses on the goal and moves toward it with every shot.
Even though in my opinion, Tiger is the greatest golfer, he doesn’t have a hole in one every round, or often, right? No – a hole in one is rare, even for Tiger. If he were a real estate agent, would he get the equivalent of a hole in one every time out? A listing on the first contact? Or a sale on the first showing? Those are rare, too.
You can tell, I know, that golf has become an important part of my leisure time, and that I'm seeing parallels between the game and the folks I work with in the Real Estate Game®. Both golf and selling real estate need special skills, and those skills take practice to develop and keep strong. Great golfers and great real estate professionals share one trait: they are always trying to be the best they can be. Whether it is a golf shot or a listing presentation, they are ready for the game, they have practiced, they know they can handle whatever quirky situation comes up. They do the best they can in that moment. Then analyze the results, adjust what they are doing if necessary, and then move on to the next opportunity. They have the strong mental attitude, “If it is to be it is up to me,” and, “If at first I do not succeed, try, try again.”