Across the industry, REALTORS® are riding the financial rollercoaster of commission-based income. During our March YPN Breakfast, local experts shared their blueprint for budgeting success. Keep reading to unlock their top financial tips and more.
Meet the Panel Here!
Joshua Irizarry
YPN Advisory Board Member
REALTOR® | Fulton Grace Realty
Moderator
J Cole
Wealth Strategist & Founder | WealthState
Panelist
Lyn Harvie
Broker | @properties | Christie’s International Real Estate
Panelist
Irais Torres
Team Lead | Fulton Grace Realty
Panelist
Embrace the Power of Systems (and Apps!)
JCole, Wealth Strategist & Founder of WealthState, revealed how the right systems can transform your financial life:
“Sit down monthly, figure out what your monthly expenses are, and see what you can stick to and make some changes,” JCole advised.
Quick Tip: Download the Copilot Money app to track your spending. JCole swears by it for categorizing expenses and creating flexible budgets that adapt to your ever-changing income.
Don’t know where to start?
Lyn Harvie of @properties | Christie’s International Real Estate shared her number one strategy for solidifying your financial position: “Save first. I don’t care how much you save. If it’s $10 a month, $10 a week, $100 a month. There’s a level to this, but get started so that you have the system in place that you are saving first.”
Action Step: Set up automatic transfers to a high-yield savings account the day your commissions hit. Start with 10% and increase gradually. By starting somewhere, Harvie now saves 35% of every check!
Side Hustle Strategies are real
To keep control of her financial footing, Irais Torres of Fulton Grace Realty kept her property management job for four years while building her real estate career. “What that allowed me to do was just like to have my bills paid for, my rent was covered and all of my living expenses,” she shared.
Knowing that a portion of your income is steady can help you feel more confident and allow you to make more informed budget decisions while working towards the real estate cash flow of your dreams.
Why This Works:
- Financial security reduces stress
- Commission checks can directly fund your business growth
- Clearer decision-making for your financial health
Helpful Tip: Set clear financial benchmarks for transitioning to full-time real estate (e.g., consistent income for 6 months). This measured approach builds a solid foundation for long-term success.
Your secret weapon? Be your own client.
If you want to really understand the investor mindset, Torres says it’s time to take direct action:
“I think as a REALTOR®, we should also invest in that small multifamily, which is going to help us one, hopefully lower the cost of living, but two, it’s going to generate that extra additional rental income that’s going to help us.”
Next Steps: Research owner-occupied multifamily properties in up-and-coming Chicago neighborhoods. You’ll gain invaluable experience to share with clients while building your own real estate legacy.
Don’t Let Your Success Slip Away
You’ve worked hard to build your wealth. Now, make sure it’s protected for the long haul.
Here are three steps you can take to make sure your hard-earned assets are safely accounted for:
- Get a will and trust set up (Harvie says it’s easier than you think!)
- Obtain life insurance, even if you’re just starting out
- Consider an umbrella liability policy
The Million-Dollar Question: Where Should You Really Invest Your Time and Money?
Harvie revealed the true secret to sustainable success: “The best ROI you will get is on being an excellent REALTOR® who knows their product, who knows their industry, who serves their clients well.”
Strategy Shift: Instead of chasing paid leads, focus on deepening relationships within your sphere of influence. Host intimate client appreciation events, become the go-to resource for neighborhood market updates and prioritize personalized follow-up. Your business will thrive on repeat clients and referrals.
By implementing these expert-approved strategies, you’ll transform your financial life from commission chaos to lasting prosperity.
Ready to take control of your financial destiny? Start by implementing just one of these tips today. Your future self (and bank account) will thank you!
Additional Resources:
- 8 Steps To Prepare For Taxes & Reduce Financial Stress from Chicago REALTOR® Magazine
- Save More, Stress Less: A YPN Breakfast Recap
- How I Spend My Budget from Chicago REALTOR® Magazine
- Make Smart Money Moves with the YPN August Breakfast: Financial Literacy
- Your Money Matters from Chicago REALTOR® Magazine
- Three Steps to Secure Your Financial Future from Chicago REALTOR® Magazine