How to Create Wealth Without Burning Out

I get asked all the time: how do I build wealth without getting burned out? I think it’s a fascinating question.

And the reason why I wanted to address it is because everything that I teach is about making money. And before I go any further, I want to say, not because money is the mother of all success. But rather because you are exchanging lifeblood for revenue. You are putting labor into a business, and you’re getting paid from the business.

Watch my video on how to create wealth without burning out!

So, the way to build wealth is really twofold. One, during the day that you are giving life force into the business, you need to get better and better and better at doing fewer and fewer and fewer things that make more and more money per thing, right? If you’re curious about this concept, check out my earlier video: How Much are You Really Worth?

The Three Things Lenders Should Do Every Day to Succeed

So, the rule of three has always been a rule that the military has used, and a rule that a lot of successful coaches use, and for me the rule of three is there are only three things you should really do every single day. If you’re in the mortgage business, every single day you should talk to your referral partners, you should talk to borrowers that have used you, and might use you, and you should oversee the customer service experience with your team and meet with your team.

Outside of those three things, almost everything else is delegatable. So, we’ve gotta take the day, we’ve gotta narrow the focus, we’ve gotta do things better, faster at scale, and we’ll make more money per hour. 

How Mortgage & Real Estate Professionals Can Make More Money Per Hour

How much more money? Well, we just did an interview with somebody that year to date is averaging $3000 an hour as a mortgage professional. I know a real estate agent that’s averaging $7000 as a real estate professional.

So you have to start to think about these things, and you have to start looking at the time that you give, you’re never gonna get back. So let’s not put that time into the business and not get out of it as much revenue as we can. It’s not selfish, it’s the right thing to do. We’re not making money the idol, we’re making money the vehicle to create margin, which reduces burnout. Okay?

Let Your Team Excel at What They Excel In

So that’s the first thing, and if you’re a leader, you know, is to share this with your team and have them understand that you don’t get paid to do everything you do. And part of it they do because they don’t have sales confidence, part of it they do because they don’t know how to prospect, part of it they do because they don’t know how to not do it. And a high-performance company allows people on the team to excel in few areas that they are oriented and gifted at being a high-performer in.

Watch Your Earned Income

And so that’s the first thought. Here’s the second thought, and this is a big deal. You have to begin to watch your earned income: the money you make from putting the labor in. You gotta watch that go down, and then you have to have the income you do from other things increase. So I have earned income, and then I have alternative income. 

The alternative income is coming from investments I’m making, it’s coming from building teams on my team, this alternative income becomes residual if you build a database the right way, and you’re paying attention to the database, and you have teams that are helping you manage that database.

How Income Should Be Earned, And How Much Should Be Residual?

One of the guys that I coach personally right now is at 22% earned income. So from his own personal mortgage practice, 22% of his income comes in. But the balance is residual. It’s income that’s coming from the teams he’s built on and under his brand, and it’s coming from real estate investment. And so when you watch your residual income go up, you can call it mailbox money, right?

And mailbox money is how you created cashflow around not having to put labor in. Cashflow is coming in because you’re equipping others to use their labor effectively and efficiently, and the ultimate goal, I think, is to have about 25% of your income come in from earned income, and 75% of your income come in from residual income. And if you do that, you’re never gonna burn out. You’re never gonna burn out, as long as you manage it the right way, and lead your teams the right way, and make sure that you’re adding value the right way, and let people share in the cashflow, let them share in the wealth.

The more that people can build their own wealth because of your leadership and the things that you’re allowing and providing for them to do, they’re better off. And if you’re making investments, pay attention to your team and teach them how to make investments. We want our teams to be successful, we want our teams to be wealthy. We wanna share the wealth.

Achieving True Wealth

But you, you, you will never, ever, ever be able to achieve true wealth if you have to go do something to earn a dollar. It starts that way, but pretty soon you make the money without putting the time in. That’s the ultimate wealth path. So, hopefully that’s helpful, there’s a lot more I can talk to you about, if you have any questions just ping us here and I’ll be happy to answer them.

Need a Little Extra Guidance?

If you need help creating wealth without burning out, this is one of the most common aspects of life and business we help our coaching members with. See if coaching is right for you with a free, 30 minute coaching consultation. Learn more here.


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