Did you go DEEP ENOUGH when you created your 2020 business plan?
Here’s an easy way to know…
If all goes according to plan, will you achieve financial security and be debt free by the end of 2020?
If you said no, let’s get you there…
On today’s #TomFerryShow, I’m sharing 6 crucial numbers you should know to help you gain financial freedom and eliminate your debts in 2020!
No. 1: Know Your Outside Income
What income do you generate beyond your real estate commissions? Does your spouse earn money? Do you have a trust fund or pension? Do you have passive income from rental properties? Do you have a side gig?
Whatever your answers are, create a list of any “outside income” you earn.
No. 2: What Are Your Personal Household Costs?
Do you ever stop and really analyze how much money you spend on a monthly basis? It’s something most people would rather ignore, but it’s crucial to understand if you want to become wealthy. I’d advise you to schedule some time to review all your monthly bills, your housing costs, your groceries, your discretionary spending, etc.
The more awareness of this number you have, the better positioned you are to build wealth.
No. 3: What Does It Cost You to Run Your Business?
Add up all the essentials – insurance, board dues, website, business cards, marketing costs, car, cell phone, etc. – and then factor in the more advanced items like your assistant’s salary, buying leads, and so on.
How much did you spend on your business in 2019?
How much have you slated to spend on your business in 2020?