Ego Fullfillment vs Financial Security

Are you investing in your confidence or your ego? My Coaching Tip today is about avoiding vanity spending and increasing your financial security so you can grow your business and your confidence.

When you first begin to see some success in your real estate career it’s so easy to feel that you deserve a flashy car and expensive clothing, especially when you see so many other agents doing it. It’s an attractive image and you want to present that way, too.

There’s nothing wrong with wanting those things and having them, but you’re going to feel a lot better about them if you’ve built a firm foundation for your business first. And true confidence will take you much further in your career than an overfed ego.

Confidence expands in direct proportion to the size of your bank account, and here’s why: The more money you have in reserve, the more you can do with no worries in your business and your life. Building a great business requires reinvesting some of your earnings back into it. Are you investing enough in your business, or are you putting your financial resources into cars, clothing and image to feed your ego?

There are 3 levels of financial stability: Safety, Comfort and Entrepreneurial. Getting barely into safety mode is not the time to buy a $130k car. Even at comfort level you’re just maintaining. It’s when you reach entrepreneurial status that your confidence can really carry you higher.

Once you have enough of a financial buffer that you can take some risks and cover your losses without really feeling it, then you can enjoy some of those high-level rewards. By then you’ve truly earned them.

So when you’re making those decisions around how to allocate your financial resources, consider whether you want to throw money into boosting your ego instead of investing in your confidence and financial security. Maybe today you’d be wiser to hire on your first assistant with those same funds so you can grow your business instead.

I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.