The key to finding opportunity in a time of economic uncertainty is to think long-term, according to Jay and Wendy Papasan, the husband-and-wife founders of Keller Williams’ Papasan Properties.
While many across the country struggle with unemployment and significant cuts to income, those who are working and thinking about real estate investment should take a hard look at their financial habits.

Jay Papasan
“We have an opportunity to form fresh habits,” said Jay, co-author of “The Millionaire Real Estate Agent” (with Gary Keller and Dave Jenks). “And change that trajectory just by changing the habits that drive our lives.”
Here are six tips for coming out of the current difficult moment stronger and wealthier:
1. Say no to say yes
Wealth building requires a level of discipline and forward-thinking. One way to make it easier, Jay advises, is to periodically remind yourself that you are doing it to generate passive income and have financial freedom to do the kind of work you like as you age. If you do, putting off a car upgrade or new wardrobe now will feel less like a sacrifice.
“The key is understanding what you’re saying yes to,” Jay said. “What would happen if the income that you worked for today showed up automatically and work became a choice? That freedom is what you’re saying yes to.”
2. Pay your investment fund first
“Pay yourself first” is every financial adviser’s motto for a reason. When you make a habit of transferring a certain amount of money into a savings account or a mortgage on a property, it becomes much more difficult to whittle it away on smaller things. While this may not apply to those who need every dollar amid the pandemic, the strategy of putting money aside before you set your monthly budget is a sound one.
“When you take the money off the top, you automatically learn to live with what’s left,” Jay said.
3. Focus on net worth rather than income
Agents can easily get caught up in what you earn in a given month or even a given year. But the Papasans point out that true wealth comes from what you have when you are not working, and that is why investing is key to getting there.
Track your financial outlook just as you would if you needed to fill out a mortgage application — take some time each month to go over your assets, businesses and real estate holdings.

Wendy Papasan