Is Too Much Money a Bad Thing?

“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.”

-George Lorimer

It’s November and I know a lot of you are working on your business planning for the following year. So today I want to challenge you to really think about those goals as you set them.
Are you really thinking about what it means to hit those big lofty goals? Or are you just picking a number that sounds badass? (I agree, a million dollar business does sound nicer than 1/2 a million dollar business). But what if the goals you are setting are not the right goals? Or once you make that goal, make that dream money, is it then enough? 

Making Money is Fun
Let’s be real, having money and making money is fun. It feels good, it gives us a sense of security, it can be fun to spend without worrying, and so many benefits to this. So this newsletter is not at all going to dissuade you from making money! But like always, it hopefully helps you think about whether you are living the best life for yourself.

Sometimes we can get distracted with shiny objects, like making lots of money, and forget whether that is truly what we want. I’ve seen too often where someone gets into an industry, especially the real estate industry, to start a job that will give them freedom and money but then all they find is money, which is a lot better than finding neither of those things. But still, we have to be aware of our goals, and what the sacrifices we’ll make to achieve them. 

Reviewing The Year
If you have been reading along with us for a year, then you might recall that last year we did some business planning exercises. You can read that one by clicking HERE.  Regardless if you did any business planning for 2023 though, let’s take a look at how this year played out. 

• If you did set any goals for this year, did you achieve them?
  • Whether the answer is yes or no, how do you feel? 
  • If you did not achieve your goals, why?
    • Really think about this one. Did you give it your all and just not achieve them? This is your journal so BE HONEST. 
    • Did you do all the activities you know you needed to do and you didn’t achieve them?
      • If yes, then we know the activities need to change to reach next year’s goals. So what are the activities you did last year to help you reach your goals and if you need new ones, what could those be?
        • Instead of cold calls perhaps you need to nurture other types of relationships or instead of relying solely on referrals you may need to pound the pavement, etc. 
      • If no, you didn’t do all the activities you needed to do then we know the SYSTEMS need to change to reach next year’s goals. Start writing out ideas on how you will make sure your systems are in place that you’ll do these activities.
        • From building out a “bunker” to give you time to focus on your work, to making sure you ALWAYS get your 20%, your big money producing activities done FIRST, to having the support of your team players in your life. 
• Did you pivot during the year to change your goals?
  • If yes, WHY? 
  • If no, should you have? 
• Did you surpass your goals?
  • If yes, then really think about this:
    • Did you truly want to do more or were you forced too? Was this accidental or intentional?
      • Sometimes we “accidentally” surpass our goals by a surge in business. This is usually a good problem and you’ll spend some time in survival mode but now is the time to realize what you need to do next year to handle the new production you have, and/or another possible uptick.
        • Who do you need to hire now?
        • What systems do you need to build?
        • Are there quick solutions to your accidental upticks in business for the future? For example, can you temporarily hire help? (The answer is usually yes). But you need to know this information BEFORE you get busy or you’ll have no time to look into it and research it.
        • **You can always hire Elevate** 🙂
    • If you surpassed your goals intentionally, then ask yourself why?
      • Did you truly want to make more money and in the end were you okay with the sacrifices you gave up to make that money? 
      • Did you truly need to make more money? 
• Lastly, Look at your LIFE goals, what do you have on your list of goals to achieve outside of work? Are you also achieving those? 

Moving Goalposts of Money:
It’s amazing how the goal post of money can change. You first say you want to make “x” amount and then when you make it you feel this NEED that next year you have to increase it. And it feels good too. But you are always sacrificing something else when you increase production so it’s important to look at what you’ll give up and if it’s worth it.

I read a great book recently, “Family First Entrepreneur” by Steve Chou and he fully admits in his book that he almost wrecked his marriage because he got caught up in just making a little more each year and was drowning him and his wife (they own the business together). It wasn’t until he stopped to really think about the why he wanted more that he realized he didn’t. He didn’t need it and he didn’t want it enough to kill his marriage and be a work-aholic and so he changed his mindset. They don’t have goals to increase business every year, and that’s okay. 

So, figure out where your goalpost is for your money and business goals and why. Then go after it.

Learning to Say No:
Once you truly know where your goalpost is for money and you are working towards it, make sure throughout the year you’re keeping an eye on it. To do this you can track your numbers to be prepared for any increase or decrease in business. I usually know if three weeks in a row my weekly pending deals has changed that means it’s the new norm and not a random spike or drop. So if three weeks in a row I see a huge increase I know I need to start keeping an eye on my team for burnout AND it might be the time to say NO to new business. 

But saying no is so hard! I can’t help but have the scarcity thoughts of what if this business never comes back? Especially in a volatile industry like real estate. But if you say yes and you drown your team then you’ll be in a worse position then if you miss out on these potential sales, even if you miss out on them forever. At least your business will still be alive versus drowning it completely. 

And saying no now doesn’t mean saying no forever. I’ve learned the power in “waitlisting” agents. And then in slower months I have great news to share with those agents that they can work with us. Yes, a lot of them have moved on and found other TCs and that’s okay. But they usually respect my company for the having the foresight to say no instead of taking them on and not doing a stellar job like we expect. So, in time they may have things change with the person they did hire and will possibly come back again. 

So practice saying no. Be okay with saying no. If you need to put a picture on your wall of the reason you say no (family time, time for your health, whatever it is) then do that! 

How to Save Money:
Sometimes the answer is not about making more money, but how to save money. Get real with your finances, set a budget, create a profit and loss for your business (AND LOOK AT IT!), and trim up the excess. 

Other things I try to be conscious of is easy ways to save money. Here are a few of my favorites:

• Mom Babysitting Co-ops
  • A group of moms in McCall swap watching kiddos instead of paying for sitters and/or daycares. 
• Yearly Clothing Swaps
  • Every year I get together with a handful of ladies and we bring all the clothes we haven’t worn in the past year to declutter our own closet. We also bring the clothes our kids have grown out of. We have a night of sharing drinks, laughter, kiddos running around playing, and we spend hours trying on each others clothes. I’m shocked with the stuff my friends get rid of and how much I love the items! 
• Facebook Groups
  • I’m a part of a few classified groups, outdoor groups and mom specific groups for McCall. When I need new gear (especially kiddo gear) I will post there first and I’m shocked with how many people will just give away the item I was about to buy new for a lot of money. 
• Garage Sales & Thrift Stores
  • Favorite thrift store- Goldmine in Ketchum! 
• Coupons
  • Okay, I’m not that great at coupons so if you have some secrets on how to make this easier please share. 
• Online Sales
  • Make a list of things you need to buy that aren’t time sensitive and then when black Friday rolls around, or Prime Days at Amazon, you’ll be able to purchase them then.
• ProForm Hookups
  • I’m a gear junkie and I have a lot of outdoor hobbies. Because I’m a member of CIMBA for $35 I then get access to a lot of discounts for outdoor gear. I bought my backcountry ski beacon for 50% off last year. These are HUGE savings! If you want to become a CIMBA member to get those same hookups you can do so by clicking HERE. Shameless plug :). 
• Meal Prepping!
  • Total game changer when it comes to saving money. 
• Going (Previously Scott’s Cheap Flights)
  • If you like to travel, sign up for these free email alerts for when there are cheap flights. I am flying to Patagonia roundtrip for $350 in January from these emails!! Click HERE to sign up. 
• The Library!
  • I’m all about supporting authors but come on, you don’t always need to buy new books. Use your library and save that money. 

What are your favorite money saving hacks? 

We hope this e-newsletter has been helpful this month and at least given you pause to think about a healthy relationship with money and how it affects your goal planning for life and business. Here’s to an amazing 2024 in both!!