RISMedia's Real Estate Magazine

NOV 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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136 November 2018 RISMedia's REAL ESTATE {re: Real Estate} Fluctuating monthly income, for example, can challenge an agent's ability to plan and set aside adequate funds for significant items like taxes, college savings, family vacations and retirement, to name a few. Plus, in the often hectic world of real estate, it's all too easy to put personal financial planning on a back burner, especially when facing the complex decisions encountered by independent contractors and business owners. A 2017 NAR member survey brought the problem sharply into focus. It found that 43 percent of REAL - TORS® aren't saving for retirement, and 42 percent don't feel prepared for a financial emergency. Less than half of members (46 percent) are "completely confi - dent" they can retire when they're ready. A New Solution From NAR To address these realities, NAR created the Center for REALTOR® Financial Wellness. This new initiative launched in August 2018 with the introduction of a new and interactive website, www.FinancialWellness.realtor. This online platform is designed to help every member, regardless of age or career stage, navigate an individu - alized path toward financial security. For brokers, it's an excellent resource to share with new agents, offering detailed information on business expense planning and tax preparation. Or, use it to map out your own goals, including retirement and succes - sion planning. You'll also find resources for investing in what you know best—real estate. What to Expect The first time you log onto the platform, you're asked to complete a brief "Wellness Checkup"—10 quick ques - tions that generate an initial snapshot of your current situation and a set of personalized goals that warrant attention. Add or delete goals as your priorities evolve. Next, explore the "Financial Journey." Here, the plat - form takes you through various situations that real estate professionals regularly encounter, with instant feedback on your choices. It's an engaging and risk-free way to explore your financial options. Throughout the journey, you'll also see how each deci - sion plays out across three meters: Current Finances, Happiness, and Future Finances. Take the Financial Journey as many times as you want. It's a highly inter - active tool that provides fresh learning experiences as your decisions evolve. All Under One 'Roof' The platform also provides extensive "learn more" re - sources, tools, downloadable worksheets and calcula- tors, all geared toward real estate professionals. In- stead of searching for answers across multiple sites, you'll find a wealth of information on dozens of top - ics conveniently compiled within a single user-friendly platform. This program isn't intended as a substitute for profes - sional financial consulting services, but does provide convenient access to exceptional financial planning re - sources, highly tailored to real estate professionals. Program Expansion in 2019 In 2019, the Center for REALTOR® Financial Wellness will offer additional benefits, such as education events and strategic partnerships with financial planning firms. This is a free resource for every NAR member. Use it to manage your own goals and encourage your agents to take full advantage of these tools for budgeting and finance, real estate investing, retirement planning, and succession planning. Since this is an exclusive member resource, you'll need your NAR username and password to sign onto the platform. The site is mobile-responsive, making it easy to access this resource whenever it's most convenient. Build the best plan for your future, one goal at a time. Visit www.FinancialWellness.realtor. RE M ost real estate professionals agree: This is an industry that offers exceptional opportu - nities to build a rewarding career. Long-term financial security, however, often relies on crucial deci - sions that extend beyond the business of real estate. Helping Every REALTOR ® Achieve Financial Security Share With Your Agents NAR has made it easy to promote this new resource with your agents. Visit www.NAR. realtor/FinancialWellness to access a variety of marketing materials to share.

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