Money might not make you happy, but having money at least gives you choices that can make you happy.
That’s the belief of UrbanX Founder, Dan Argent, who knows first-hand what it is like to grow up with nothing and struggle to pay the bills.
In this episode of the Elevate podcast with Elite Agent Managing Editor, Samantha McLean, Dan reveals what steps real estate professionals need to take to better plan for their financial future and why many agents go down the wrong path.
They also discuss why agents should invest 40 per cent of the money they earn, why the current market offers a once-in-a-decade opportunity to increase your market share and the special trick Dan uses to pay down mortgages in just a few years.
They also talk about becoming an attraction agent, why you need to “double down” on marketing in a slow market and the importance of having a long-term focus so you can make better decisions today.
“People always say, money doesn’t make you happy. No, it doesn’t, but it gives you choice. Choice where you want to stay on holidays. Choice whether you fly at the front of the plane or the back of the plane. Choice which school you send your kids to. Choice what area you live in.” – Dan Argent
Samantha and Dan also discuss:
- 2:53 – Dan’s plans with UrbanX in the next 12 months.
- 4:57 – What Dan is seeing on the ground and whether the market numbers as bad as the experts are telling us.
- 6:16 – What sort of wealth should agents really aim for?
- 8:15 – Why young agents can be misguided when it comes to wealth.
- 9:55 – What should be on an agent’s financial plan and why you need to invest.
- 11:36 – How to build wealth even when market conditions are tough.
- 13:31 – The key to going from a ‘chase agent’ to an ‘attraction agent’.
- 14:39 – Why you need to “double down” on marketing in a slow market.
- 17:08 – How Dan changed his life and his financial situation by going out on his own.
- 21:16 – The trick Dan used to pay off mortgages in just a few years.
- 25:00 – The commission split conundrum and how to find the right balance.
- 29:35 – The high price Dan paid that led him to start UrbanX.
- 32:49 – Three things agents should do to survive the market downturn.
- 38:00 – Why you need to define what true wealth looks like to you.