Fine & Well:

Live Your Best Life With Financial Wellness

In today’s fast-paced world, achieving financial wellness is crucial for individuals in every profession. However, real estate professionals face unique challenges and require specialized resources to meet their financial planning needs. The Center for REALTOR® Financial Wellness understands this and offers a comprehensive range of tools and resources tailored specifically to help REALTORS® achieve financial success. From budgeting tools to retirement planning resources and investment options in real estate, the Center is dedicated to empowering REALTORS® to take control of their financial future. Visit www. FinancialWellness.realtor today to take your assessment and start planning for a prosperous tomorrow.

What is Financial Wellness?

On a recent Welcome to the Top episode, guest Brittany Schanck, NAR’s Financial Wellness Manager, provided both the formal definition and imagery to help listeners visually identify with the process. Schanck said, “Financial wellness can be defined as the ability to meet basic needs and effectively manage money both in the short and long term. It is a journey that evolves with career stages and life milestones. To illustrate this, let’s consider the analogy of a cross-country track or long-distance running event. Similar to the Steeplechase, which involves jumping over various barriers and navigating water pits, our financial journey is filled with highs and lows, ever-changing hurdles, and unexpected challenges. Managing money and developing the necessary skills to adapt to these changes are crucial components of achieving financial wellness. Each individual’s financial journey is unique, and it requires a personalized approach to ensure success.”

The Center for REALTOR® Financial Wellness:

Your Partner in Financial Success

As REALTORS® tirelessly work towards making homeownership a reality for all Americans, it’s essential to have a reliable source of support for their financial well-being. The National Association of REALTORS® (NAR) is committed to being that trusted partner. The Center for REALTOR® Financial Wellness offers a user-friendly platform accessible through the website FinancialWellness.realtor. Members can use their NAR login credentials to gain access to a wealth of interactive and robust resources. The center does not store card information or sell any of your information. This is Just a progress for you to know where you can evaluate your current financial profile.

Key Features and Benefits:

1. Personal Financial Assessment: The platform provides a personal financial assessment tool that helps you evaluate your current financial profile. This assessment is designed to guide you toward a deeper understanding of your financial situation.

2. Goals and Progress Tracking: Upon completing the assessment, the platform generates personalized goals and a progress chart. These features enable you to set specific targets and monitor your progress, empowering you to make informed financial decisions.

3. Simulation and Recommendations: The Center’s simulation tool allows you to practice making sound financial decisions in a risk-free environment. Additionally, the platform provides recommendations and access to calculators, budget planners, and worksheets, equipping you with the tools you need to make informed choices.

4. Complimentary Resource: Access to the Center for REALTOR® Financial Wellness is included in your member dues, making it a valuable and cost-effective resource. Benefit from educational resources on monetizing your book of business upon retirement and member-centric education on real estate investments.

The Urgency of Financial Planning:

According to a recent NAR financial planning report survey conducted in 2019, alarming statistics were revealed. Only 52% of NAR members were actively saving for retirement, and 28% lacked confidence in their ability to retire when ready. It’s crucial to recognize that the best time to plan for the future is now. As the saying goes, “The best time to plant a tree was seven years ago, but the second-best time is today.” By taking advantage of the Center for REALTOR® Financial Wellness, you can start planning and taking meaningful steps toward securing your financial future.