Real estate agents need three separate accounts: one for business expenses like marketing and signage, one for personal living costs, and one reserved for taxes since agents don't get a W-2. The presenter explains the structure and promises to detail how much to put in each.
So the first account is your biz account, business, B-I-Z-Z-N-I-S, or however you want to think about it. This is where you're going to pay for websites, marketing, yard signs, lockboxes, open house snacks, postcards, whatever you choose to do to build your business is going to come out of this account. Now, we're going to go ahead and break up what the accounts look like, then I'm going to tell you how much to put in each one. The second one is your P account. That's your personal account. That is your private account. That's your house, your car, your RPAC dollars, because those are personal dollars. That is your pocketbooks and fingernails and whatever it is you want to spend your money on. That's that second account. The third account is the big T for taxes. That is because in real estate, one of the biggest mistakes new people make when they get in this business is forgetting you don't have a W-2 anymore.
