Taking Radical Ownership of Your Life and Finances

Owning your own business allows you to take control of your time, money, and life.Taking radical ownership of your life and finances is one of the most empowering decisions you can make, especially as a real estate agent or self-employed professional. It’s about recognizing that you are in control, taking responsibility for your choices, and making proactive changes to achieve your goals. In this article, we'll explore what radical ownership means in the context of your finances, how to view your tools as support (not saviors), the importance of time blocking, and how you may need to change your lifestyle to stay on track.

Viewing Resources as Your Support, Not Your Savior

In today’s fast-paced world, there is an overwhelming array of tools, coaches, consultants, resources and apps promising to solve your problems. For real estate agents and self-employed individuals, there are software tools for managing your schedule, tracking expenses, and marketing automation that can feel like lifelines. There are advisors, coaches, or consultants promising to give you the processes and keys to success. However, it’s critical to remember that these resources are just that—tools. They support your efforts but cannot replace your personal responsibility in managing your business, life, and finances.

Take, for example, financial management apps. They can help you monitor cash flow, track expenses, and even alert you when you’re approaching budget limits. Yet, without discipline and consistent engagement, these apps alone won’t lead you to financial success. As a realtor, your income often fluctuates based on commissions, and while software can help manage cash flow, only you can make the tough decisions to adjust spending during lean months.

It’s easy to become dependent on other people or technology, assuming that the next app or software upgrade will solve all your problems. But ultimately, success in your finances and life comes down to consistent habits and decisions. Leverage these tools as part of your strategy, but don’t expect them to do the hard work for you. Whether it’s managing your time, income, or investments, the ownership lies with you.

The Power of Time Blocking

Time blocking is a productivity method that involves scheduling specific blocks of time for different tasks. For self-employed professionals, it can be a game-changer in taking control of your day and ensuring that important tasks, like financial planning, don’t slip through the cracks.

As a realtor, your days can be unpredictable. You might start with one plan and end up driving across town for last-minute showings. But by time-blocking your schedule, you create dedicated slots for essential tasks like following up with clients, managing your finances, or even personal time. For example, setting aside a couple of hours each week for financial review ensures you’re staying on top of commission income, expenses, and savings goals.

If financial planning feels overwhelming, break it into smaller, manageable blocks. Allocate time for reviewing your cash flow, another block for tax planning, and a final one for evaluating your retirement strategy. This not only helps in maintaining financial discipline but also reduces the anxiety that comes from letting things pile up​.

Moreover, as you commit to your time blocks, you’re reinforcing the idea of radical ownership—taking full control of your schedule to ensure that important tasks are completed.

Making Changes to Achieve Your Goals

Taking ownership of your life often means making changes. These changes could be as small as adjusting your spending habits or as significant as relocating to a new area. It could also involve saving more aggressively or investing differently to ensure long-term financial security.

For many realtors, one of the biggest challenges is managing an inconsistent income stream. When commissions are high, it’s tempting to splurge, but lean months require careful budgeting. Taking ownership means making hard choices, like cutting back on non-essential expenses or diverting more income into savings during prosperous times​.

Similarly, investing is another critical area where ownership is crucial. Rather than viewing investing as something that happens on autopilot, you need to engage with it actively. Whether it’s maxing out a Solo 401(k), contributing to a Roth IRA, or investing in real estate, each decision should align with your long-term goals. Understand the role of each investment in your financial plan, and adjust as needed​.

Sometimes, ownership means stepping out of your comfort zone. This could involve relocating to an area with better job prospects, selling assets that no longer serve your goals, or downsizing to reduce expenses. These decisions can be tough, but they’re part of taking control of your life and finances.

Building a Financial Safety Net

As a self-employed individual, one of the most important steps you can take is to build a strong financial safety net. This is essential because you don’t have the same safety nets that traditional employees enjoy, such as a regular paycheck, employer-sponsored health insurance, or a retirement plan. It’s up to you to create these for yourself.

Start by building an emergency fund that can cover at least three to six months of living expenses. This fund acts as a buffer during slow business periods or personal emergencies. Beyond that, consider long-term investments that align with your financial goals. Diversify your portfolio to include different types of assets, such as stocks, bonds, and real estate, to spread risk​.

You may also need to review your insurance coverage. Life insurance, disability insurance, and health insurance are all critical components of a solid financial plan. These policies can protect your income and your family if something unexpected happens.

Radical Ownership in Action: Setting Goals and Tracking Progress

Radical ownership isn’t just a mindset; it requires action. That starts with setting clear financial goals and tracking your progress over time. For example, if one of your goals is to retire by age 60, work backward to determine how much you need to save and invest each year to reach that target​.

Create a financial plan that outlines your short-term and long-term goals. Whether it’s paying off debt, buying a home, or saving for your child’s education, having a plan in place gives you a roadmap to follow. Regularly review and adjust your plan as needed to stay on track.

Tracking progress is equally important. This can be as simple as reviewing your budget monthly or as detailed as using financial planning software to monitor your investments. The key is to stay engaged with your finances so you can make adjustments when necessary.

Conclusion

Taking radical ownership of your life and finances is about acknowledging that you are in control. It means taking responsibility for your decisions, setting clear goals, and making the necessary changes to achieve them. Whether it’s viewing your tools as support rather than saviors, implementing time-blocking strategies, or making difficult lifestyle changes, radical ownership empowers you to take charge of your future.

As a real estate agent or self-employed professional, your financial success hinges on your ability to manage your time, resources, and goals effectively. By embracing radical ownership, you can transform your financial situation and create the life you’ve always envisioned.