BECOMING A MONEY ATTRACTOR

Money – or more accurately, having money—seems to drive just about everything in our lives. Yet, interestingly, I’ve never chased after it. Somehow, money always showed up when I needed it. So did the opportunities to do meaningful work that produced income. Still, my becoming what some call a “money magnet” didn’t happen overnight. It took me years to develop that mindset and relationship with money.

Years ago, I joined a coaching group – 250 top real estate and mortgage professionals from across the U.S. – led by a business coach who helped us focus on two key aspects of financial success:

Aspect A – How to generate sales
Aspect B – How to save money

To my coach’s surprise, I ended up having the highest savings rate in the group. There were two things about my approach that made the biggest difference:

Tracking every penny I spent – manually. I didn’t round up or skip over small expenses. Every cent mattered.
Paying myself first—putting aside at least 10% of my income before doing anything else with it.

That second point may sound familiar – it’s a time-tested savings method that’s been around for centuries.

Now, some of you might be arguing: “But shouldn’t I pay off my high-interest credit cards first?” Here’s a simple answer: You should only use your credit card if there’s money left after you’ve paid yourself. The key word here is budget. When you track your spending over several months, you start to see patterns. You realize that many expenses – things you thought were essential – can actually be eliminated or reduced. Yes, some costs are fixed, like your mortgage or rent. But others aren’t. You can lower your electricity or water bills, cancel subscriptions you no longer use, and adopt more mindful spending habits.

If you’re not sure where to start, I recommend watching YouTube videos from one of the world’s wealthiest and wisest investors – Warren Buffett. His advice is simple, timeless and incredibly practical.

Need assistance? Don’t hesitate to contact me – call (415) 225-7920, or email at [email protected]

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630