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Sarah Cincotta
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20 Mar 2024

Smart Money Moves: A BDM’s Guide to Financial Mastery

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As a Business Development Manager (BDM) you face a unique challenges (and opportunities), and that is managing your personal finances effectively while striving to meet and exceed business development goals. In fact, as a BDM it is your responsibility to manage your wealth creation, in line with the goals you have for yourself, and the goals you’re supporting investors to achieve.

It wasn’t that long ago that I was a Business Development Manager with massive visions and goals for myself. I wanted to earn over six figures, buy a home for myself, take myself on a European holiday, and ultimately I wanted to achieve financial freedom – for myself, by myself. Some people would call that a fantasy, but I believed it was possible. In fact, I made it all happen in just 12 months, with a healthy mindset towards money and strategic goal-setting, all while helping investors build their wealth.

And you can achieve your money goals, here are some things to consider.

Understanding Your Income Structure

Most BDMs income comprises both a salary and commission, making financial planning both a challenge and an opportunity.

The variability of commissions, tied directly to your performance and market conditions, requires a strategic approach to budgeting. Which is why you should regularly review your financial plans, adjusting as necessary to remain aligned with both personal and professional objectives. Your earning potential could be the thing that helps you achieve your own personal financial goals faster than you ever thought possible.

Setting Personal Financial Goals

Just as business development goals are critical for your career progression, personal financial goals are essential for long-term financial well-being.

BDMs should set clear, achievable financial targets, whether saving for a home, investing in your own investment property portfolio, or having amazing life experiences (like buying a new car, going on a European holiday, or simply enjoying a beautiful meal out). Establishing these goals provides direction, and motivation for hitting your KPIs.

Embracing Financial Literacy

Financial education is key to successful personal financial management, and a trusted advisor in your clients’ team.

Understanding the basics of budgeting, investing, and saving allows you to make informed decisions that support your financial goals.  And your financial goals are achieved by hitting your BDM targets along the way.

I highly encourage continuous learning, and speaking to a Financial Advisor to discuss your long term and short term plans. 

Practising Budgeting and Saving

A disciplined approach to budgeting and saving is really important.

By living within your means and prioritising savings, you can build a solid financial foundation. This allows you to be a role model and example to your clients. It’s about creating good personal practices, and “walking the walk” when dealing with your property investor clients.

Investing Wisely

Investment is another area where BDMs can apply their professional knowledge. Given your expertise in property investment, BDMs are well-positioned to make wise investment choices. As I’ve shared before, one of my personal goals involved property investment and my role as a BDM enabled me to do exactly that.

According to My Millenial Money’s blog article, “Whether its shares, property or something a little more off the beaten investing track, investing provides an opportunity to build wealth, not just cash in the bank.” If you’re not following the “This Is Money” podcast, I highly recommend you add it to your list of resources to help educate yourself about handling your own personal finances.

Planning for the Future

Future planning, including  your retirement savings and estate planning, is an often overlooked aspect of financial management, especially if you’re still young, it can seem unnecessary to be planning for retirement.  But it’s all part of taking responsibility for your future, and setting an example for your clients. For BDMs, ensuring that your employer is making contributions to your superannuation fund and seeking professional advice on estate planning can ensure financial security in the long term. If you have a team of referral partners who assist your clients with their estate planning and financial planning, this is your opportunity to work directly with these professionals to plan for your own future.

How I Can Help You

Here at RISE with Sarah Cincotta, the focus is on empowering BDMs to achieve excellence in their professional roles but also to think about your revenue goals for their life.  How will you plan for the future and also enjoy the benefits of your achievements as a BDM?

Through mentorship, training, and resources, I help BDMs build the skills and knowledge needed to succeed in both arenas. This holistic approach to development underscores the belief that personal and professional success are interconnected, with financial health playing a pivotal role.

Ready to RISE your business development goals? Click here to schedule a strategy session with me (Sarah Cincotta). Let’s talk about how I can help you twitch your mindset around money! 

Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.

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