A few weeks ago I wrote that maintaining your finances as a real estate professional is like mowing a small lawn. 10 minutes a week will do. Let me expand on that tactically and operationally.
Note: this assumes you have a bookkeeper and a CPA to help you with your finances. If you don’t, this will be difficult and often out of wack until you do. (Shameless plug, bookkeeping, taxes, and financial training are what we do in case you didn’t notice, book a call HERE.
Your 10-minute carve-out should follow these 5 steps:
- Having kept all the emails from your finance team in a nifty folder (hint hint), go to that folder once a week and answer the emails. I recommend Friday morning.
- Log into your portal (assuming your team is as tech-forward as Alchemy) and answer the pending questions on your account.
- Review the latest report generated by your team for accuracy, and send questions related to anything you do not understand or think might need adjustment.
- Review the week’s transactions in your bank account and make sure you have clarified for your finance team any transactions that are non-descriptive and likely to create questions later (like Venmo transactions).
- Review your calendar to make sure the next meeting with your finance team is in place. That might be a strategic planning session with the CPA. A call with your financial coach, or a coffee with a financial mentor.
Doing these 5 things consistently will get you 80% of the way there and make the final 20% (in a future blog) easier.
Looking to achieve your goals faster? Let’s chat about how Alchemy can help.
