Jul 9, 2019
One of the greatest ironies of real estate is that many agents don’t invest in real estate, or make other investments. What are some of the mistakes agents make when it comes to their finances? What are the steps you need to take to start leveraging your income so that it can eventually become passive? What is the Infinite Banking Concept and how can you employ it to better yourself?
On this episode, Wealth Without Wall Street Chief Financial Coach, Joey Mure shares how real estate agents can level up from technician to entrepreneur.
Insurance companies allow you to borrow your own money with no repayment structure allowing you to fund your business growth and bridge your expenses in lean times. -Joey Mure
3 Takeaways
- Your ultimate goal as a Realtor should be investing in your business so that it becomes passive business ultimately.
- If you don’t have cashflow in your business, you won’t be able to do anything else to grow your business.
- Through Internet Banking, you can utilize life insurance as a vehicle for savings, not just for protection.
We also discussed;
- Why real estate agents struggle to pay taxes
- How the Infinite Banking Concept works
- The steps we can take to build wealth in our families
In many cases, real estate agents find themselves working to the bone for decades without building any real wealth, which is a far cry from the freedom they seek. In order to change this reality, we need to be smarter with our money and how we leverage it. We need to be working our way towards making our businesses passive so we can actually have the freedom to do what we love.
The Infinite Banking Concept is one of the most powerful ways for us to build wealth. It allows us to utilize a high cash value life insurance policy, and not just as protection but as an asset. By putting the right pieces in place, we can pull all the levers to increase our business and eventually make our business passive, which makes us true entrepreneurs.