Like most commercial real estate professionals, I eat what I kill. I am on a full commission diet. No salary, no draw, no employer-based insurance plan or paid vacations. I live by the transaction. Well, not exactly, in my world a transaction is not a lease or sale, management fee or refinancing fee, it is a new coaching contract. Specifically coaching those that generally live by and for the transaction. At least this is their mindset before we start working with them.
After working with and studying 1,000’s of commercial real estate professionals, I found that those that are the wealthiest, both in terms of financial independence and more time, more margin in their personal lives, do not live by the transaction. The transaction, or more specifically, the transaction fee, is nothing more than an input element into their wealth machine.
When I first started the Massimo Group, back in 2008, yes, the initial stages of the Great Recession, I too was focused on the transaction. Building wealth was the furthest thing from my mind, I simply wanted to survive, like most of the commercial real estate industry. The transaction fee was everything, it was allocated to paying bills, maybe some discretionary income, and possibly some distribution to savings. However, I knew this was a mindset of a survivor, not a wealth builder. I wanted to learn how to convert my business income to personal wealth creation. Thankfully, I found Kevin Bassett of Bassett & Byers.
To learn what Kevin shared with me, and how you too can start building your wealth machine, click here
Kevin was different than most CPA’s. Sure, his team was capable to assist with our tax preparation and bookkeeping, but what drew me to Kevin was his initial questions about our business structure, growth objectives, and personal financial vision. Because of Kevin’s knowledge and understanding about the difference between income and wealth, the Massimo Group is now a multifaceted, multi-company organization with specific saving plans, investment plans, and deferred benefit plans. Everything has been structured to keep my taxes at an all-time low, while focusing on wealth creation – both financial and personal margin.
My reason for sharing this with you is not to impress you. However, it is to impress upon you, as a commercial real estate professional, you too can craft similar structures around your hard-earned commission income and grow your personal wealth. You can make more money in less time and, like me and our coaching clients, stop living for and by the commission.
Together Kevin and I co-authored my new book, Building Wealth Beyond the Commission – Mindsets, Strategies and Principles for Creating Abundance Above a Simple Transaction Fee In this book, you are going to learn strategies for transforming your generated commission income to real wealth. Before we can dive into the specific strategies for building your wealth, we need to be sure you are positioned both mentally and practically to create a consistent flow of transaction income, thus providing a source for your wealth building funnel.
Note, we only printed 500 copies for this first run, so if you interested, please click here to secure your own copy.