Difficult Conversations About Money and Being Self Employed

Reblogger Debbie Reynolds
Real Estate Agent with Platinum Properties TN Broker: 208698

This is a topic that needs addressing at the beginning of a career. Planning ahead will avoid many pitfalls later.

Original content by Gayle Rich-Boxman Fishhawk Lake Real Estate 700512026

One of the toughest parts of being a REALTOR® is that you never know when you're going to make money or when you're going to have a dry spell. 


If you're a financial wizard, or really mindful of "saving", and sticking to a budget, then this part of life probably offers you more peace-of-mind than it does for the rest of us who struggle with money and the conversations that ensue.


Some of the most difficult conversations people have with their partners-in-life are about money. Putting money away, paying your bills in  a timely manner, saving for the unknown future crisis. Quarterly taxes is one of those bailiwicks that I struggle with. When I get paid on a transaction, the first thing I want to do is pay my bills. It gives me such a sense of relief. If money's left over, it's a boon. The formula that our tax consultant has given me, is to put a third away with every commission received to pay quarterly taxes. Then there is the conversation about how to protect your money, so that you are paying yourself and saving that money for your future retirement safely without it being taxed. 


Having lived much of my life as an artist, money was never at the top of the priority list. Often my friends have heard me say it this way, when regarding my relationship with money:

"Oh, I have money! Great!" As if it's one of those surprises that sneaks up on you and is totally fabulous for as long as it lasts. I bet other artistically-minded folks will nod their heads in agreement. 


So, how do you juggle not knowing how long it will be without money flowing in monthly? My niche market is based on a mostly-vacation-home business, although I do sell properties during the winter months, but there is no routine to this at all. I have a certain amount of angst when I don't have a cushion for an extended period of time. Striking a balance is somewhat of a moving target. As I get older I want to create a foundation of comfort so that if (at this point it's not when, but if) I decide to retire I have choices that make for a balanced life. 


I'm interested to know what others do to create a semblance of peace while working hard and often "for free". 


One thing I would love to see offered is a class for REALTOR®s  about how to prepare your finances to have something for the lean times. Not being naturally good with money, I would enjoy being given direction directly related to what I do. 



We need the tonic of wildness~Thoreau

For a look at my Fishhawk Lake Real Estate WEBSITE, 

Click here: Fishhawk Lake Real Estate

For a look at what fun you can have at Fishhawk Lake, click on the link below! 




Visit my YouTube Channel for videos of wildlife at Fishhawk Lake!

 Fishhawk Lake canoe trip-Gayle Rich-Boxman 2012 copyrighted All Rights Reserved

Gayle Rich-Boxman
Broker,John L Scott Market Center
Specializing in
Fishhawk Lake Reserve and Community 
"Your Gateway to the Lake!"
Direct: (503)755-2905
My website: http://www.lakehomesatfishhawk.com/
My blog: http://fishhawklakerealtor.wordpress.com/

John L Scott Market Center  



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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Debbie Reynolds a great choice for a reblog.... the topic is one that most newly licensed agents never think about until it hits them!!

Aug 25, 2018 05:02 AM #1
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Debbie. At the start of my career there were some tense moments that provided a reminder about developing a budget and sticking to it. As I look back, it worked. I am now almost fully retired! Enjoy your day! 

Aug 25, 2018 05:10 AM #2
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Self employed people can be made to feel like they are stealing money rather than borrowing it ! 

Aug 25, 2018 05:22 AM #3
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the re-blog, Debbie.  This is a great post that many agents need to pay attention to.

Aug 25, 2018 05:50 AM #4
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Debbie  - this is something that is important for anyone going into their own business.

Aug 25, 2018 07:31 AM #5
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Debbie! Thank you so very much for re-blogging this post. What an honor! I think Grant Schneider was spot on by saying that anyone going into their own business needs to pay attention to this. 

Aug 25, 2018 07:46 AM #6
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Debbie, for sharing this excellent reblog selection.

Aug 25, 2018 08:09 AM #7
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Good morning, Debbie - this post by Gayle Rich-Boxman Fishhawk Lake Real Estate was the first time I remember seeing this topic addressed so thoroughly here. It's definitely important for all. Nice choice for a re-blog.

Aug 25, 2018 08:40 AM #8
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Debbie, this is a great post from Gayle and something that anyone who is self-employed needs to think about. It takes a lot of discipline and planning when it comes to finances. 

Aug 25, 2018 09:07 AM #9
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

My secret to financial security is to live below my means, socking away 40% of every commission check and, always, without fail, paying my estimated taxes on time. But then it's a bit easier for me when I have a steady stream of listings coming in.

Aug 25, 2018 11:42 AM #10
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Debbie Reynolds

Your Dedicated Clarksville TN Real Estate Agent
Clarksville and Real Estate are my specialities! May I help you?
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