The Smart Way To Manage Your Commission Checks [INFOGRAPHIC]
September 15, 2016
Stop living paycheck to paycheck!
Being a successful agent is about more than just getting those commission checks.
How you spend and save those commission checks can have a huge impact on your success in your business and at home...
You shouldn’t have to live paycheck to paycheck and having a plan to allocate you commission checks will help you live your Life By Design.
Typically speaking, think of putting your commission check into three categories...
3 Buckets: Where Your Money SHOULD Go
1. Tax Account: This is for the taxes you will be paying at the end of the year. 2. Your Personal Account: This is for your personal expenses (savings, fun/treats, bills, investments, retirement, etc.). 3. Business account: It is vital that you put money back into your business.
This is the same plan that our coaches give to agents around the world. Here’s what we usually see among agents…
80% of Agents
80% of agents simply take their whole commission check and put it right into their personal account.
This means that taxes, expenses, entertainment, and funds for the business will have to be sorted out later on.
15% of Agents
15% of agents follow a plan similar to the infographic below.
An equal spread between taxes, personal spending, and business costs.
5% of Agents
5% of agents take this one step further by working with an investment quarterback.
This is someone who will help manage the funds in that “home” account.
This could be a variety of assets that include 529B, real estate, stocks, bonds, retirement, etc.
Distribute your commissions correctly. BE THE 5%
Would you like to learn to more tips to better manage your money?
Learn how our coaching programs can give you the tools and accountability for financial success.
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