As a real estate agent, it is necessary to save for retirement. Although it can be tricky as your income is never stable, it is also important to begin an early plan towards saving for your retirement. We held interviews with some retired real estate agents and have provided tips they shared on how they planned and saved for retirement.
1. Attend classes
Always remember the cliché that knowledge is power. No matter how productive you are during your active years in the real estate industry, you don’t know it all. Therefore it is important to learn a new and different skill for this new era of your life. You need skills on basic money management and finances. Taking classes will teach you about them, including retirement planning and investment as well as financial management.
Take note that it takes discipline and financial knowledge to save for retirement. If you don’t have what it takes, attending classes, seminars and conferences will go a long way to inculcate what is necessary to start saving and managing your personal cash flow.
2. Setup a Retirement Account and never withdrew from it
Opening a retirement account is essential. Here’s how it works, the account shouldn’t have a credit or a debit card. You can’t have access to withdraw from it till the number of stated years have passed. Whenever you get paid, transfer a specific amount to the account and remain consistent about it. Be disciplined concerning the amount you’ll be transferring to your retirement account and follow it up either monthly, weekly or yearly.
3. Whether early or late, Make plans
Start planning today. Set up a strict monthly budget. Cut down unnecessary spending and partition an amount of money to your retirement account. Be dedicated and strict in your savings. It is for retirement. Never use it before the time comes. Do this consistently and you’ll be amazed about how much you have gathered for yourself.
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4. Ensure to Invest in Rental Properties
The last tip they gave us during the interview was to invest in rental properties. They used their connections and knowledge about real estate to acquire massive wealth in rentals investment.
When you plan retiring, invest in rental properties. It’ll go a long way helping you acquire income during your retirement.
Follow the above tips today and start saving.