Shownotes
Are you tired of feeling like you're on a never-ending hamster wheel in your real estate career? Discover how to shift from being income-focused to asset-focused and build true wealth in the process.
In this episode of the Triangle Real Estate Podcast, host Matt Fagioli welcomes Krisstina Wise, a renowned thought leader in the real estate space. With decades of experience as a top-performing agent, broker, and investor, Krisstina shares invaluable insights on how to kick off 2024 with a wealth-building mindset.
Krisstina delves into the crucial distinction between having a job in real estate and owning a business. She emphasizes the importance of creating systems, building assets, and developing multiple streams of income. Learn why focusing solely on income can lead to burnout and financial insecurity, and how shifting to an asset-based approach can provide long-term stability and freedom.
The conversation also covers practical strategies for business planning, the significance of knowing your numbers, and the often-overlooked opportunity for real estate professionals to invest in property themselves. Krisstina provides actionable advice on setting goals, creating a business strategy, and measuring success through data-driven decisions.
Ready to transform your real estate career from a job into a wealth-building machine? Tune in to this episode and discover the keys to financial freedom and long-term success in the real estate industry.
Upcoming Workshop
Make 2025 the year of you! A goal without a plan is just a wish. Get these resources from Krisstina's planning workshop to stop wishing and start planning in 2025.
Key Takeaways
3:46 Agents good at making money, not keeping it
9:54 Building systems for business continuity
17:44 Two pillars: Sales business and investments
24:58 Setting business goals and creating action plans
29:24 Encouraging agents to invest in real estate
34:29 Resources for learning more from Krisstina
Memorable Quotes
"The mindset shift we want to make is to move from being income focused to being asset focused. So income's important, but when the mindset is around building assets, building and buying assets, and having this thing called a portfolio, that's what wealth is."
"What's the difference between those that are hustlers that make a lot of income and those that are wealthy is the thought process that's different."
"When we think of our business as an asset, we want it to create this thing called cash flow. And we want a business ultimately to run and to make as much money with as least amount of time and effort as us as possible."
"Business is all about data. Because if we can't guide the ship, if we don't know if we're going in the right direction."
"The wealthy have multiple streams of income. What we mean by wealth, that means we have assets. It means that it's not just our hard work attached to our performance and our high income."
Connect with Krisstina
Website - https://wealthywellthy.life/
Instagram - https://www.instagram.com/krisstinawise
YouTube - https://www.youtube.com/@krisstinawise
Krisstina's Book, Falling For Money - https://www.amazon.com/dp/0692560904/
🎙️
Podcast Production & Marketing by FullCast
Transcripts
The mindset shift we want to make is to move from
Krisstina Wise:being income focused to being asset focused. So
Krisstina Wise:income's important, but when the mindset is
Krisstina Wise:around building assets, building and buying
Krisstina Wise:assets, and having this thing called a portfolio,
Krisstina Wise:that's what wealth is, and wealth is what
Krisstina Wise:balances out, like, is money from assets versus
Krisstina Wise:our tenacity and our hard work.
Matt Fagioli:Hey, guys, welcome back to the Triangle Real
Matt Fagioli:Estate Podcast. I'm your host, Matt Fagioli, and
Matt Fagioli:today's guest is going to help us kick off 2024.
Matt Fagioli:She has, over her career, been a thought leader
Matt Fagioli:in the real estate space at the highest level and
Matt Fagioli:also just came off a big business planning
Matt Fagioli:session that was incredible, where she shared
Matt Fagioli:some really awesome insights for how to kick off
Matt Fagioli:your new year. And so she was kind enough to jump
Matt Fagioli:on and share that with us. So please help me
Matt Fagioli:welcome Ms. Christina Weiss.
Krisstina Wise:I'm so happy to be here and have this
Krisstina Wise:conversation, Matt. Again, like we've talked
Krisstina Wise:about, it just reminds us of some of the good old
Krisstina Wise:days.
Matt Fagioli:Yeah, that's right. We've been friends a long,
Matt Fagioli:long time. And you have been, you know, very well
Matt Fagioli:known nationally in the real estate space for.
Matt Fagioli:For all of that time. And you're a voice that
Matt Fagioli:I've certainly always leaned on for insight. And
Matt Fagioli:so I'm really excited to hear, you know, sort of
Matt Fagioli:real estate specific, what your thoughts are
Matt Fagioli:about, you know, kind of where we are and what's
Matt Fagioli:next and what agents and brokers could be
Matt Fagioli:thinking about as we go into 2024 here. And, and
Matt Fagioli:then in general, I know you, you know, your
Matt Fagioli:business, you know, transcends real estate, goes
Matt Fagioli:into lots of other channels. And so just
Matt Fagioli:generally, you know, any business person, what
Matt Fagioli:that might be hearing this, what, what should
Matt Fagioli:they be thinking about for 2024? So before we get
Matt Fagioli:to all of that, could you kind of hit just a
Matt Fagioli:little highlight reel of your. Of your background
Matt Fagioli:for our members here at Triangle?
Krisstina Wise:Well, real estate has been my entire life, so
Krisstina Wise:that's where it starts. And started in real
Krisstina Wise:estate sales and did very well in real estate
Krisstina Wise:sales. Was always a top performer when I was in
Krisstina Wise:the sales side of real estate. Then I moved to
Krisstina Wise:real estate brokerage and built a really nice
Krisstina Wise:real estate brokerage in Austin, Texas, called
Krisstina Wise:Good Life, and went on to build a real estate
Krisstina Wise:online training company called the Paperless
Krisstina Wise:Agent, which did very well to really help agents
Krisstina Wise:at the time, bridge the gap between tech and
Krisstina Wise:marketing, and had fun there. Then moved to,
Krisstina Wise:well, I guess I was this all along, but then
Krisstina Wise:really got serious about real estate. Investing
Krisstina Wise:and became a real estate investor and then just
Krisstina Wise:worked to lead and teach what I was doing. And
Krisstina Wise:since then, now I really teach business, business
Krisstina Wise:strategy and financial freedom and wealth
Krisstina Wise:creation, which is something that I was always
Krisstina Wise:working on personally during all those real
Krisstina Wise:estate years, two decades of really being focused
Krisstina Wise:on real estate, I was working on personal wealth
Krisstina Wise:creation and asset creation, including business.
Krisstina Wise:So that's what I do today is I, I help really
Krisstina Wise:individual performers and top performers learn to
Krisstina Wise:move themselves from an individual performer to a
Krisstina Wise:business and really work to build wealth and
Krisstina Wise:financial freedom at the same time. There you go.
Matt Fagioli:That's awesome. Yeah. Well, and you know, of
Matt Fagioli:course that real estate agents and brokers were
Matt Fagioli:notoriously good at making money and not
Matt Fagioli:necessarily keeping it. And you know, you get on
Matt Fagioli:the hamster wheel of the next deal and even if
Matt Fagioli:you made a million dollars this year, it might
Matt Fagioli:have gone right back out the door. And so I know
Matt Fagioli:you got lots to share with us on all that.
Krisstina Wise:Yeah. And that's basically it is to, to summarize
Krisstina Wise:everything I said and really combine it with what
Krisstina Wise:you said. I, that's what I do is I, I teach top
Krisstina Wise:performers, individual performers like real
Krisstina Wise:estate agents, to get, to get off the treadmill,
Krisstina Wise:to get out of the hamster wheel. And where that,
Krisstina Wise:where that finally I think hit me is that as a
Krisstina Wise:top performing real estate, you know, being, you
Krisstina Wise:know, top three probably in my city for years and
Krisstina Wise:years and years, at the time I was very motivated
Krisstina Wise:by the reward. So at the end of the year I would
Krisstina Wise:be top producer of this and top producer of that
Krisstina Wise:and won this award and won that award. And I love
Krisstina Wise:the end of year award ceremony with my company
Krisstina Wise:because I love like walking out of there with 10
Krisstina Wise:medals around my neck. And that went on for many
Krisstina Wise:years. Then finally, I don't know how many years
Krisstina Wise:in it happened, but I remember feeling so
Krisstina Wise:successful, like on December 15th when we had the
Krisstina Wise:award ceremony and then on January 1st, I sat
Krisstina Wise:here and thought, well, hell, I have to do that
Krisstina Wise:all over again and I'm going to have to even up
Krisstina Wise:the game because everybody keeps pushing the
Krisstina Wise:envelope. It's really at that moment where I
Krisstina Wise:realized I wasn't leveraged and I didn't have a
Krisstina Wise:business. I really went off of my own tenacity
Krisstina Wise:and my own desire to succeed and being very
Krisstina Wise:motivated by the rewards and hustle and all the
Krisstina Wise:different things that we as top producers
Krisstina Wise:naturally do. But realized, like, I couldn't just
Krisstina Wise:press the easy go button forever. And that's
Krisstina Wise:where it really opened my Eyes to. I need to
Krisstina Wise:create a machine and business out of this, and I
Krisstina Wise:need to focus on creating personal wealth. Like,
Krisstina Wise:why am I just helping people buy and sell real
Krisstina Wise:estate? Why am I not buying and selling my own
Krisstina Wise:real estate? So it's that aha. Of standing into
Krisstina Wise:January 1st. And that's why coming into, you
Krisstina Wise:know, we're midway through January, the time of
Krisstina Wise:this recording, and that's what I'm working with
Krisstina Wise:all my followers and my clients is like, okay,
Krisstina Wise:how we succeed outside of really hustle
Krisstina Wise:individual performance is we have to build this
Krisstina Wise:thing called a business. And, you know, it can be
Krisstina Wise:super small business to, you know, super big
Krisstina Wise:business, but at the end of the day, business is
Krisstina Wise:business. And to succeed at business is a
Krisstina Wise:different animal than just succeeding, you know,
Krisstina Wise:through our hard work and. And personal
Krisstina Wise:performance.
Matt Fagioli:Well, help us make the distinction. I think I
Matt Fagioli:know what you mean, but what's it? What's it,
Matt Fagioli:what is it? What do you mean when you say to have
Matt Fagioli:a business? Because I think most agents would
Matt Fagioli:say, well, I have a business. Like, I get up and
Matt Fagioli:sell every day. Right. So help us make the
Matt Fagioli:distinction.
Krisstina Wise:Yeah, well, first of all, one of the. It's. It's.
Krisstina Wise:We have a business. So there's a word called
Krisstina Wise:business owner. And if we break that down, it
Krisstina Wise:means we own this thing called a business. Like
Krisstina Wise:we own a car, we own a house. And, you know, we
Krisstina Wise:have to operate the car, we have to operate the
Krisstina Wise:house, we have to put gas in the car. We have to
Krisstina Wise:mean, you know, when we own something, it takes.
Krisstina Wise:We have to take care of it. That's our role.
Krisstina Wise:That's our job. You don't take care of a house
Krisstina Wise:the same way when you're renting it as when you
Krisstina Wise:own it, for example, for most people. So when we
Krisstina Wise:break it down to business owner, the idea is we
Krisstina Wise:want to build this thing that's separate from us,
Krisstina Wise:that actually can perform with or without us. So
Krisstina Wise:meaning it's top per top performers. Many times
Krisstina Wise:we go and we can make a lot of money, but there's
Krisstina Wise:a ceiling to that money. But really what happens
Krisstina Wise:other than just hitting a ceiling financial wise
Krisstina Wise:is we hit this place called burnout. And it means
Krisstina Wise:because the performance of this so thing we call
Krisstina Wise:the business is based on our hard work. It's not.
Krisstina Wise:Because it's not. We can go on vacation for a
Krisstina Wise:month and the thing still more or less operates
Krisstina Wise:without us. So it's at that point where we own
Krisstina Wise:something, and that's not by accident. So we have
Krisstina Wise:to build it in a way that it makes money without
Krisstina Wise:us being in there being, being the one that's on
Krisstina Wise:the hamster. Well, and that really starts with
Krisstina Wise:something I call a business strategy. And at this
Krisstina Wise:time of year, especially for, you know, real
Krisstina Wise:estate agents, it's we, we're very motivated by
Krisstina Wise:goals. And so we, you know, there's that thing
Krisstina Wise:called that bhag from Byron Buffini days, that,
Krisstina Wise:that big hairy, audacious goal that, you know,
Krisstina Wise:back in my Buffini days, we all, you know, wrote
Krisstina Wise:that down the first of the year. But we didn't
Krisstina Wise:have any strategy behind it. It was just kind of
Krisstina Wise:pulling these numbers from the air. And as
Krisstina Wise:business, business doesn't pull number from the
Krisstina Wise:heirs from the air, meaning, oh, I'm just going
Krisstina Wise:to increase my revenue by 22% or I'm just going
Krisstina Wise:to go from 20 million to 50 million. And that's
Krisstina Wise:my big hairy, audacious goal. Really what
Krisstina Wise:business starts with. It starts with this thing
Krisstina Wise:called a plan. And it's very thoughtful. And what
Krisstina Wise:a business strategy is, is I like to say there's
Krisstina Wise:something called gps. So versus setting goals, we
Krisstina Wise:want to create this thing called a gps. And if we
Krisstina Wise:think of our Google map and our car, for example,
Krisstina Wise:it gets us from point A to point B and it sends
Krisstina Wise:us on a route. So the GPS of business planning
Krisstina Wise:starts with our goals, meaning we need these
Krisstina Wise:goals. But then the P is the plan, meaning what
Krisstina Wise:is the plan to hit the goals and number three,
Krisstina Wise:what is the system and the people that are going
Krisstina Wise:to make sure that that plan is fulfilled in order
Krisstina Wise:to hit the goals. So that's what business is, is
Krisstina Wise:at this time of year. It starts with the plan
Krisstina Wise:that's we're going to follow as the, is the
Krisstina Wise:bridge. Like, what are the things that's going to
Krisstina Wise:be the bridge that's going to help me from
Krisstina Wise:getting from where I ended this year with to
Krisstina Wise:where I want to end next year with.
Matt Fagioli:Well, you know, I think most people too at this
Matt Fagioli:point, if they're like, well, you know what I
Matt Fagioli:hear what, what Christine is saying, and I really
Matt Fagioli:want to start to build systems in my business so
Matt Fagioli:that more things happen without my attention and
Matt Fagioli:if I were to step away for a week or a month,
Matt Fagioli:that everything would continue to happen. And you
Matt Fagioli:know, I think maybe the big why of that, and you
Matt Fagioli:and I have both experienced this in our, in our
Matt Fagioli:history is, is, you know, what if something big
Matt Fagioli:happens and you, you need to step away for a long
Matt Fagioli:period of time? You know, somebody gets sick, you
Matt Fagioli:get Sick, somebody dies, you know, whatever, or,
Matt Fagioli:you know, you won't decide that it's time for a
Matt Fagioli:sabbatical, whatever the reasons are, you know,
Matt Fagioli:talk about that a little bit.
Krisstina Wise:Yeah. So, I mean, ideally and ultimately we'd
Krisstina Wise:like to build this business as this thing that we
Krisstina Wise:could take a year sabbatical and the thing's
Krisstina Wise:going to keep running. Ideally, that's where we.
Krisstina Wise:That's how we want to build it. Now, does it work
Krisstina Wise:that way, realistically? You know, as the
Krisstina Wise:business owners that are in there, like, making
Krisstina Wise:the decisions and leading and holding people
Krisstina Wise:accountable and managing and making sure that,
Krisstina Wise:you know, that all the levers are being pulled
Krisstina Wise:the way they need to be pulled as the owner,
Krisstina Wise:typically, we're still doing a good piece of
Krisstina Wise:that. Like, we're leading the business, and
Krisstina Wise:that's a business role, is a leader. But so
Krisstina Wise:whether, realistically speaking, that's ever
Krisstina Wise:going to happen, for sure, we want to build it as
Krisstina Wise:if it will operate. We want to build it as if we
Krisstina Wise:could sell this thing now, and that's called an
Krisstina Wise:asset. So the. What's the difference between
Krisstina Wise:those that are hustlers that make a lot of income
Krisstina Wise:and those that are wealthy is the thought process
Krisstina Wise:that's different. Is that the way I teach this is
Krisstina Wise:that there's a difference between income and a
Krisstina Wise:difference between wealth and income, which is
Krisstina Wise:mostly our industry, meaning we want to make a
Krisstina Wise:lot of income. And the great thing about real
Krisstina Wise:estate is we work really hard, we build a good,
Krisstina Wise:you know, we build a good clientele, we can make
Krisstina Wise:a really nice income. Especially when the economy
Krisstina Wise:helps us like it has the last few years, but the
Krisstina Wise:economy changes. We get tired, we get sick. I
Krisstina Wise:mean, it goes to drastic income, direct reduction
Krisstina Wise:right away. So. And life always happens. So what
Krisstina Wise:helps us balance that out is that we want to move
Krisstina Wise:away from just this focus on making more money.
Krisstina Wise:Because when we set goals, it's like, hey, I want
Krisstina Wise:to make more money. Who says I want to make less
Krisstina Wise:money? Nobody. So. But that's an income focus.
Krisstina Wise:The mindset shift we want to make is to get. Is
Krisstina Wise:to move from being income focused to being asset
Krisstina Wise:focused. So income's important. But when the
Krisstina Wise:mindset is around building assets, building and
Krisstina Wise:buying assets, and having this thing called a
Krisstina Wise:portfolio, that's what wealth is. And wealth is
Krisstina Wise:what balances out, like is money from assets
Krisstina Wise:versus our tenacity and our hard work. So that's
Krisstina Wise:where we want to go. Is that over this time of my
Krisstina Wise:working career, when I'm hustling and busting ass
Krisstina Wise:and doing all the things I simultaneously want to
Krisstina Wise:be. Building assets or buying assets, holding
Krisstina Wise:assets. And that's a mindset shift that I don't
Krisstina Wise:think it's talked about enough in our industry
Krisstina Wise:because we're so GCI focused. More money, more
Krisstina Wise:money, more money. And that's going to solve all
Krisstina Wise:the problems. So yes, so there's different types
Krisstina Wise:of assets and that's it. When we come back, when
Krisstina Wise:we become asset focused, our strategies change.
Krisstina Wise:What's more, what's most important changes and
Krisstina Wise:that type of thing. So assets, when I teach
Krisstina Wise:assets and we all know assets in real estate, but
Krisstina Wise:when the reason why I love real estate is because
Krisstina Wise:as a career, for example, is we can make high
Krisstina Wise:incomes as being successful as a real estate
Krisstina Wise:salesperson or team or broker, that type of
Krisstina Wise:thing. But we can also buy assets called real
Krisstina Wise:estate. So that's what we want to do is build
Krisstina Wise:those assets. Now when we're buying assets, let's
Krisstina Wise:say real estate, we, you know, I had, I had a
Krisstina Wise:goal that I wanted to buy a piece of real estate
Krisstina Wise:as an investment like every two, two to three
Krisstina Wise:years. So I wanted to make enough money through
Krisstina Wise:real estate sales and brokerage that I could live
Krisstina Wise:is enough to spend on my lifestyle. But I also
Krisstina Wise:had plenty of money left over that I was putting
Krisstina Wise:in that investment bucket that I could buy that
Krisstina Wise:next piece of real estate. And that never
Krisstina Wise:changed. And so that kept me on this role that I
Krisstina Wise:continue to buy assets and built this really nice
Krisstina Wise:real estate portfolio. Now when I got sick, for
Krisstina Wise:example, that took me out of the real estate
Krisstina Wise:sales and brokerage game for almost two years.
Krisstina Wise:What fed me was I had, I had cash flow from my,
Krisstina Wise:my real estate assets. My business started
Krisstina Wise:breaking apart very quickly, but those real
Krisstina Wise:estate assets continued to perform. So again, the
Krisstina Wise:assets are what saved my ass, not my hard work
Krisstina Wise:and performance, because I couldn't do that. So
Krisstina Wise:that's point number one. So during our working
Krisstina Wise:career, again, be asset focused. Now the second
Krisstina Wise:piece of that, that pertains to our business is
Krisstina Wise:that's what our, that's what business is about.
Krisstina Wise:So individual performance, meeting gci, making a
Krisstina Wise:lot of money hustle, really hard assets. No.
Krisstina Wise:Really, no. The asset's not part of the equation.
Krisstina Wise:But when we have an asset mindset now what we're
Krisstina Wise:doing is we want to build this thing that we own,
Krisstina Wise:like a piece of real estate. Do we have to manage
Krisstina Wise:our real estate? I manage my real estate
Krisstina Wise:portfolio, but I don't have to be in it every
Krisstina Wise:single day now. So with Our business, we want to
Krisstina Wise:create this thing called an asset. And what an
Krisstina Wise:asset that has value in real estate in real, in
Krisstina Wise:business terms is called enterprise value. In
Krisstina Wise:enterprise value, if we were going to sell an
Krisstina Wise:asset. So if we're, if we're, if we have a
Krisstina Wise:business, it's organized around this thing called
Krisstina Wise:enterprise value. And that means that based on
Krisstina Wise:my, usually my ebitda, my earnings before taxes
Krisstina Wise:and interest in the different pieces that those
Krisstina Wise:earnings, there's some multiple of that. So if my
Krisstina Wise:profit basically is a million a year and it's a 3
Krisstina Wise:to 5x, I can maybe sell that for 3 to 5 million.
Krisstina Wise:That's what's enterprise value. And having some
Krisstina Wise:multiple that there's kind of these made up
Krisstina Wise:valuations that we can give our business. But if
Krisstina Wise:our business is just us going out to perform, you
Krisstina Wise:know, and sell another house every day, there is
Krisstina Wise:no enterprise value. So to answer your question,
Krisstina Wise:we have to build this machine that works whether
Krisstina Wise:we're in it or not. So that even then it's got
Krisstina Wise:all these systems and operations and standard
Krisstina Wise:practices and you know, all these pieces of
Krisstina Wise:business that I'll cover in a second if we have
Krisstina Wise:time. But when we build that, then if we go on
Krisstina Wise:vacation for a month, maybe we, we could bring
Krisstina Wise:it. If we don't have an agent on our team that
Krisstina Wise:can do the sales, we can bring somebody else from
Krisstina Wise:our company and saying, hey, I'm going to be gone
Krisstina Wise:for a month and I'm not going to be working with
Krisstina Wise:my buyers and sellers, but we can just insert
Krisstina Wise:that person into that place and the rest of the
Krisstina Wise:business can more or less operate itself or we
Krisstina Wise:can operate from afar and it's, it's going to do
Krisstina Wise:just fine. Maybe it's not going to perform as
Krisstina Wise:much as if we're in it, but all we have to do is
Krisstina Wise:go replace that one part, which is us. The whole
Krisstina Wise:business doesn't go on shutdown because, you
Krisstina Wise:know, we're taking, we're going, taking the kids
Krisstina Wise:on, you know, to Europe for a month or something.
Krisstina Wise:Does that make sense?
Matt Fagioli:Yeah, totally. Well, so I think there's, I think
Matt Fagioli:there's two lanes that were two pillars that
Matt Fagioli:we're talking about at the same time. You know,
Matt Fagioli:the real estate sales business itself and then
Matt Fagioli:real estate investments. And I think on your real
Matt Fagioli:estate sales business, my experience of 20 years
Matt Fagioli:of training agents is that the two biggest
Matt Fagioli:things, even top performers, I find, have really
Matt Fagioli:terrible control of their data. And, and, and
Matt Fagioli:many, most of them don't have a top performing
Matt Fagioli:assistant which blows my mind that, you know, you
Matt Fagioli:could be doing a half a million or a million
Matt Fagioli:dollars in sales and, and not have an A player,
Matt Fagioli:somebody who's just like absolutely able to run
Matt Fagioli:the business basically on the, on the day to day.
Matt Fagioli:And, and a piece of that, that blows my mind too
Matt Fagioli:is how much you see agents patting themselves on
Matt Fagioli:the back like, hey, I did X volume with, without,
Matt Fagioli:with no help, no assistant, whatever. Like that's
Matt Fagioli:a badge of honor. And I'm like, no, that's
Matt Fagioli:actually a huge, you know, a huge mistake. Like
Matt Fagioli:even just that shift of your life experience next
Matt Fagioli:year compared to your life experience this year.
Matt Fagioli:Yes, you could, sure, you could do it. But it's
Matt Fagioli:like murder. Like it would have been your life
Matt Fagioli:experience with an assistant doing that volume,
Matt Fagioli:you know, would have been way worth the dollars.
Matt Fagioli:And so anyway, tell me what you think of all that.
Krisstina Wise:Yeah, right on. Is that again a different
Krisstina Wise:mindset? So that's why I go back to the asset
Krisstina Wise:mindset. So asset again. When we think of our
Krisstina Wise:business as an asset, we wanted to create this
Krisstina Wise:thing called cash flow. And we want a business
Krisstina Wise:ultimately to run and to make as much money with
Krisstina Wise:as least amount of time and effort as us as
Krisstina Wise:possible. Doesn't mean we're not going to put in
Krisstina Wise:time of effort, but the least amount is possible
Krisstina Wise:because that's what an asset is. And that's the
Krisstina Wise:whole reason why we build and we build and buy
Krisstina Wise:assets is to create time freedom ultimately and
Krisstina Wise:more money without more work. So that's the
Krisstina Wise:mindset which is always the first piece. So with
Krisstina Wise:that mindset we go to stand to reason that why
Krisstina Wise:would we want to have that as a badge of honor?
Krisstina Wise:Because that just means we're working harder and
Krisstina Wise:we're not getting any time freedom back. And
Krisstina Wise:ultimately we'd want to plug that assistant in to
Krisstina Wise:give us one and or both one. By plugging that
Krisstina Wise:person, that top a player assistant in, probably
Krisstina Wise:going to allow us to have more time to make more
Krisstina Wise:money. Number one or two, if we don't need to
Krisstina Wise:make more money, it's going to give us more time
Krisstina Wise:back which the whole reason of kind of being in
Krisstina Wise:business in the first place, but versus going get
Krisstina Wise:it, getting a job. So. Absolutely. And then
Krisstina Wise:usually the assistant's the first hire. And if
Krisstina Wise:that's your only hire and you stay there, that's
Krisstina Wise:great. But if you're going to grow this business,
Krisstina Wise:your assistant won't be your only hire. So part
Krisstina Wise:of the, a lot of the. But there's skill. There is
Krisstina Wise:you have to become a leader and a manager at that
Krisstina Wise:point versus just doing it on your own, which
Krisstina Wise:that's a business skill. Because being a leader
Krisstina Wise:and manager usually isn't, you know, super easy.
Krisstina Wise:It, it, you know, it can be a pain if you're not
Krisstina Wise:good at it. But then ultimately it's afraid to
Krisstina Wise:let go. Like it's this process of letting go. So
Krisstina Wise:it might be spoken as a badge of honor, but
Krisstina Wise:usually it's just this fear of letting go of
Krisstina Wise:perfectionism or something which we can't grow a
Krisstina Wise:business without letting go. So over time you
Krisstina Wise:hire that first assistant but may see every time
Krisstina Wise:maybe you want to grow a little bit more, it's
Krisstina Wise:like, hey, now I need a marketing and content
Krisstina Wise:manager. That will be the second hire. And oh,
Krisstina Wise:now need somebody's going to my making a ton of
Krisstina Wise:money. Maybe I need somebody help my books and do
Krisstina Wise:that. So over time, business, that's a big piece
Krisstina Wise:of business is leadership and building your team
Krisstina Wise:of those that are going to be part of, you know,
Krisstina Wise:that machine that we're building. So absolutely
Krisstina Wise:to part number one. And the second piece was
Krisstina Wise:data. Data is crucial again when we're looking at
Krisstina Wise:a business and a business plan. What I teach with
Krisstina Wise:the business plan going into, let's say 20, as a
Krisstina Wise:business owner, like I said, we start with that
Krisstina Wise:goal and let's say the goal is we want to
Krisstina Wise:generate, I don't know, a hundred thousand
Krisstina Wise:dollars more of income, let's say revenue top
Krisstina Wise:line. And it's a tougher market than it's been.
Krisstina Wise:But I still want to make more money than I did
Krisstina Wise:last year and I want to make an extra $100,000.
Krisstina Wise:So that's great. We know by more or less doing
Krisstina Wise:the same thing, probably in a similar economy, we
Krisstina Wise:can make the same amount of money this year, this
Krisstina Wise:we did last year. But if we want to make $100,000
Krisstina Wise:more, then what we look at is great. We set the
Krisstina Wise:goal. But what do we have to do differently?
Krisstina Wise:What's that plan? What do we need to do
Krisstina Wise:differently that's going to help us hit that
Krisstina Wise:$100,000 more mark? Maybe it's hiring assistant.
Krisstina Wise:I think that I need help. Maybe it's hiring a
Krisstina Wise:marketing manager. I need to get more marketing
Krisstina Wise:out. Maybe it's trying to think what else is a
Krisstina Wise:measurable, what I call hurdle that we need to
Krisstina Wise:figure out. So what I coach on is to find three
Krisstina Wise:business problems that the business needs to
Krisstina Wise:solve to make that extra $100,000 of revenue. And
Krisstina Wise:it's really not as easy as it thinks it seems
Krisstina Wise:like, oh, it's only $100,000 revenue, but. But
Krisstina Wise:no, what's the plan to do that? So for me, when
Krisstina Wise:I'm looking at my business this year and I'm
Krisstina Wise:looking at, okay, I've set some pretty good
Krisstina Wise:growth targets and those growth targets aren't
Krisstina Wise:going to happen by accident. Those growth targets
Krisstina Wise:aren't going to happen. By doing the same thing I
Krisstina Wise:did last year, I'm going to have to do something
Krisstina Wise:different. And so it's really looking at my
Krisstina Wise:business. And for me it's like, okay, one of my
Krisstina Wise:places of weakness is content. Like to, to be
Krisstina Wise:social media content or time of content because
Krisstina Wise:my stuff's very referral based and the different
Krisstina Wise:things, like if I can continue referral based
Krisstina Wise:business, I can stay about the same. But if I
Krisstina Wise:want to grow this pretty decent percent, I
Krisstina Wise:believe as the business owner, I need to produce
Krisstina Wise:a lot more content, use this content to generate
Krisstina Wise:a lot more leads and then use this, you know, I'm
Krisstina Wise:missing that piece. So now I have on my business
Krisstina Wise:strategy, a YouTube strategy. Matt, I, I don't
Krisstina Wise:know anything about YouTube, I don't even go to
Krisstina Wise:YouTube. But when I'm looking at all the
Krisstina Wise:different things, I'm like, okay, YouTube now is
Krisstina Wise:a, I've got this lead generation problem and this
Krisstina Wise:lack of content problem. I think YouTube, out of,
Krisstina Wise:you know, all the different platforms and
Krisstina Wise:channels, this is one that can help me solve the
Krisstina Wise:problem. Now part of my business plan is to learn
Krisstina Wise:YouTube and to start doing this. Now I've created
Krisstina Wise:these action steps that I had to find. Who am I
Krisstina Wise:going to follow on YouTube? I needed to buy a
Krisstina Wise:program, hire a coach that's going to help me do
Krisstina Wise:it. I need accountability partners. So I put the
Krisstina Wise:YouTube accountability group together so those
Krisstina Wise:that want to do this with me, we can all learn
Krisstina Wise:together. I've made a commitment to do two videos
Krisstina Wise:per week and just get over my perfectionism and
Krisstina Wise:afraid that, you know, it's not going to beat my
Krisstina Wise:brand if it's not all edited like all these
Krisstina Wise:rockstar famous YouTube people are and just start
Krisstina Wise:doing it. So that's an example of. Now a big part
Krisstina Wise:of my business is to build out this business,
Krisstina Wise:this YouTube strategy, this, this YouTube channel
Krisstina Wise:in 2024 and if I'm successful at that, and that
Krisstina Wise:was the right business problem I need to solve
Krisstina Wise:and you know, to help me generate those 4,000
Krisstina Wise:leads, boom. So that's an example of setting a
Krisstina Wise:target, having a plan, and now I've created The
Krisstina Wise:system around my calendar and these different
Krisstina Wise:things to help me fulfill on. Now, the final
Krisstina Wise:piece to that is the data like you said. But
Krisstina Wise:that's looking at everything as a business owner
Krisstina Wise:is measured by data. You need to know your data.
Krisstina Wise:And as many times as real estate agents, like,
Krisstina Wise:okay, if I'm going to generate an X for me, I
Krisstina Wise:need. I have a gap of 4,000 leads. And so that's
Krisstina Wise:333 leads a month. That's 86 leads per week. Now
Krisstina Wise:everything I'm doing is I'm measuring this
Krisstina Wise:YouTube channel and things that I'm doing that's
Krisstina Wise:measuring to that because I believe there's 4,000
Krisstina Wise:new leads based on my current conversion, my lead
Krisstina Wise:to my lead conversion ratios that I already have
Krisstina Wise:historically, that's going to help me hit these
Krisstina Wise:targets. So but now I have to track to see if
Krisstina Wise:this is working. So that's, you know, with
Krisstina Wise:example in real estate, it's like, hey, if we're
Krisstina Wise:going to set this $100,000 goal, then what am I
Krisstina Wise:measuring? What, you know, what am I building?
Krisstina Wise:What am I measuring to make sure that I'm on
Krisstina Wise:track to do that? And it's like, okay, how many
Krisstina Wise:new listings do I have? How many new buyers do I
Krisstina Wise:have? What are my conversion ratios based on?
Krisstina Wise:How, you know, how I do that? How am I going to
Krisstina Wise:generate more calls and measure, measure,
Krisstina Wise:measure, measure, measure. And then we need to
Krisstina Wise:measure our money. Like, hey, how's the revenue
Krisstina Wise:growing? How are my expenses? How are everything
Krisstina Wise:doing? And measuring our money as well. So to
Krisstina Wise:complete on that, business is all about data.
Krisstina Wise:Because if we can't guide the ship, if we don't
Krisstina Wise:know the direct, if we're going in the right
Krisstina Wise:direction.
Matt Fagioli:Yeah, knowing your numbers is so huge. And, and I
Matt Fagioli:love the way you went through that. You know, you
Matt Fagioli:ripped through it really fast. So people may have
Matt Fagioli:to listen to it more than once to catch all of
Matt Fagioli:that. But, you know, figuring out what your key
Matt Fagioli:lead sources are and then knowing your numbers
Matt Fagioli:through that process is just so huge. Before we,
Matt Fagioli:before we wrap it up, I want to go and talk a
Matt Fagioli:little bit more about, you know, at. So as you're
Matt Fagioli:growing your business, you get your revenue up.
Matt Fagioli:Now reinvesting some of those dollars. As a real
Matt Fagioli:estate investor, one of the things that I've just
Matt Fagioli:always been shocked to see how many real estate
Matt Fagioli:agents are not investing in real estate. And, you
Matt Fagioli:know, we know more about this particular asset
Matt Fagioli:than anyone. You see these deals come across your
Matt Fagioli:path all the time. And, you know, I really Want
Matt Fagioli:to challenge people listening to this who are
Matt Fagioli:members of Triangle MLS next year that if you are
Matt Fagioli:not haven't bought any real estate assets or you
Matt Fagioli:haven't bought any lately, to me, if you're a
Matt Fagioli:successful real estate agent or a broker and
Matt Fagioli:you're not acquiring at least one property per
Matt Fagioli:year, it's just absolute lunacy because your 100
Matt Fagioli:grand a year is actually right there. One asset
Matt Fagioli:acquired per year. And let's say you let that
Matt Fagioli:asset appreciate for five years. And you do that
Matt Fagioli:every year, though, right? So you're basically
Matt Fagioli:adding, adding your 100k a year. That's the
Matt Fagioli:easiest 100k you could possibly add every single
Matt Fagioli:year. And you know, back to you said earlier
Matt Fagioli:about mindset, I think most agents have to make
Matt Fagioli:this jump. If, you know, if you're already a real
Matt Fagioli:estate investor and you're an agent or broker, of
Matt Fagioli:course, then, you know, keep rocking. But if
Matt Fagioli:you've just been on the hamster wheel of selling
Matt Fagioli:real estate and you're not buying real estate, I
Matt Fagioli:think it's this mind shift for 20, 24 to go. You
Matt Fagioli:know what, Start telling yourself and then start
Matt Fagioli:telling everyone you talk to, look, I, I'm an
Matt Fagioli:active real estate investor. I'm, I am a buyer.
Matt Fagioli:Yeah, I'm a broker, I'm an agent. I'm doing my
Matt Fagioli:thing every day. But I'm, I'm actively looking
Matt Fagioli:for new assets right now. Start telling all the
Matt Fagioli:other agents that and people will start showing
Matt Fagioli:you deals and next thing you know, you're going
Matt Fagioli:to have a, you know, the deal right in front of
Matt Fagioli:you that you need. Tell me, tell me what you
Matt Fagioli:think about how you approach that in your
Matt Fagioli:business.
Krisstina Wise:Yeah. So I totally agree with that. And it's
Krisstina Wise:surprising and it makes me sad in a way that more
Krisstina Wise:real estate agents are not investors. As part of
Krisstina Wise:the work that I do now is to really encourage
Krisstina Wise:real estate agents to be as serious about real
Krisstina Wise:estate investing as they are about their real
Krisstina Wise:estate business. And because there's certain
Krisstina Wise:wealth principles. And, you know, I teach money.
Krisstina Wise:I love talking about money. We're talking more
Krisstina Wise:about real estate and real estate business versus
Krisstina Wise:money and wealth that we've done on other, in
Krisstina Wise:other conversations. But there's a wealth
Krisstina Wise:principle. And what one of the wealth principles
Krisstina Wise:says that, you know, the wealthy have multiple
Krisstina Wise:streams of income. What we mean by wealth, that
Krisstina Wise:means we have assets. It means that it's not just
Krisstina Wise:our hard work attached to our performance and our
Krisstina Wise:high income. So if that's a wealth principle,
Krisstina Wise:then part of our career then is Organized around
Krisstina Wise:creating multiple streams of income. Our real
Krisstina Wise:estate business is just one stream and that's why
Krisstina Wise:it's so ups and downs. That's why we feel
Krisstina Wise:financially insecure. It's why we have a lot of
Krisstina Wise:financial stress us when it's doesn't have the
Krisstina Wise:business components now we can't take any time
Krisstina Wise:off and it just becomes, it becomes tiring after,
Krisstina Wise:after a time. So what we want to do when we get
Krisstina Wise:out of the income game and into the wealth game
Krisstina Wise:because the versus the income mindset, the asset
Krisstina Wise:mindset, things shift. And now it is about
Krisstina Wise:building this portfolio because what we want is
Krisstina Wise:multiple streams of income. So your one stream of
Krisstina Wise:income is your real estate business. And you want
Krisstina Wise:it to be as leveraged, you know, meaning just
Krisstina Wise:leverage through systems and good people and all
Krisstina Wise:the things like have a real business where it's
Krisstina Wise:an performance asset. So our first asset is our
Krisstina Wise:business. And that's the way I like to, I teach
Krisstina Wise:assets. But we want to do that. And that's our
Krisstina Wise:first stream of income is our business as an
Krisstina Wise:asset. And we, like I said we want it to operate
Krisstina Wise:where we manage it. But we, we're not the
Krisstina Wise:business because then we're the only asset. The
Krisstina Wise:business is an asset. But that's asset one is
Krisstina Wise:throwing out that money that we live on. But then
Krisstina Wise:over time we want to say okay, what are my other
Krisstina Wise:five streams of income? It's called msi Multiple
Krisstina Wise:streams of income. And MSI is something that is
Krisstina Wise:part of your life plan. As you know, business
Krisstina Wise:plan fits under your life plan. But that's just
Krisstina Wise:it. Like hey, if the average wealthy person,
Krisstina Wise:which means over a million dollars net worth, not
Krisstina Wise:including your present your primary residence,
Krisstina Wise:that bonafide net worth millionaires that have a
Krisstina Wise:million dollars plus in assets have on average
Krisstina Wise:five streams of income, then we can start there.
Krisstina Wise:Like my business is income stream number one and
Krisstina Wise:I'm going to have four properties in a certain
Krisstina Wise:amount of time to be those five. Make that the
Krisstina Wise:first goal. Because in real estate it's so easy
Krisstina Wise:to buy real estate. We know the numbers. It's so
Krisstina Wise:much harder for all these other people out there
Krisstina Wise:taking real estate investing courses trying to
Krisstina Wise:understand real estate. When we know this stuff,
Krisstina Wise:we spend our entire career knowing real estate.
Krisstina Wise:The fact that we're not taking advantage of that
Krisstina Wise:knowledge is, is kind of crazy. So that can be
Krisstina Wise:the first goal is over the next five years I'm
Krisstina Wise:going to create five multiple streams of income,
Krisstina Wise:have these five assets. One be in my business. So
Krisstina Wise:always start with the Goal gps. What's my plan to
Krisstina Wise:do that? And then what systems do I need that are
Krisstina Wise:going to. It's always gps, the same thing. It
Krisstina Wise:can't be high concept of just like going to have
Krisstina Wise:five properties, blah, blah, blah. And part of
Krisstina Wise:that planning process then is even asking the
Krisstina Wise:question, how much money do I need to save now
Krisstina Wise:annually to put into my real estate investing
Krisstina Wise:bucket that's going to make sure I have the money
Krisstina Wise:to be able to buy that real estate? Well, I need
Krisstina Wise:$100,000. So that means I have to go manage my
Krisstina Wise:money in a way that makes sure that I make enough
Krisstina Wise:money and I spend my money in a way that makes
Krisstina Wise:sure that I'm paying all my bills and that type
Krisstina Wise:of thing. But I'm also saving that hundred
Krisstina Wise:thousand dollars that's going to keep me on track
Krisstina Wise:for those five sources of income. So you can see
Krisstina Wise:like I hopefully the way I'm talking about this,
Krisstina Wise:that there's a real method to it. It's not rocket
Krisstina Wise:science, but this is the process and it's a
Krisstina Wise:process that's different. It's being intentional
Krisstina Wise:about your life. It's being intentional about
Krisstina Wise:your business, being intentional about your money
Krisstina Wise:and your wealth, be intentional about your family
Krisstina Wise:and your health and these other concerns. But
Krisstina Wise:there's no guesswork. It's not pulling stuff out
Krisstina Wise:of the sky. It's created with, hey, this is the
Krisstina Wise:end in mind. And now these are things I'm doing
Krisstina Wise:to produce the outcomes that I say are going to
Krisstina Wise:make my life better.
Matt Fagioli:Yeah, that's awesome, Christina. And I think, you
Matt Fagioli:know, if, if people just kick into 2024 with that
Matt Fagioli:in mind so that you've got your goals for growing
Matt Fagioli:your sales business. But then what's going to be
Matt Fagioli:that, that next asset that you're going to
Matt Fagioli:acquire so. Well, Christina, I really appreciate
Matt Fagioli:you sharing with the members here@ triangle mls.
Matt Fagioli:And how can everybody find you online to if they
Matt Fagioli:want to learn more?
Krisstina Wise:I guess one is I talk about a lot of this on my
Krisstina Wise:own podcast, which is the Wealthy Wealthy
Krisstina Wise:podcast. Wealthy Wealthy, W, E L, L, T H Y which
Krisstina Wise:is the second wealthy. And then trying to think
Krisstina Wise:that relevant to this. If anybody wants a copy of
Krisstina Wise:a little business planning template that I've
Krisstina Wise:created, then go to wise money method.com quiz Q
Krisstina Wise:U I, Z and attach. That is a little business
Krisstina Wise:planning template. So wise money method.com quiz
Krisstina Wise:you'll get this template that will help you set
Krisstina Wise:up a really robust 2024.
Matt Fagioli:Awesome, Christina, thanks so much. And guys,
Matt Fagioli:thanks for listening to the Triangle MLS podcast,
Matt Fagioli:and we'll see you back here real soon.