Most real estate transactions take at least thirty days, and often longer, to complete. The best-case scenario would be to make a sale on your very first day as an agent and collect a commission check for it in a month. Unfortunately (unless you have a friend or relative waiting to buy a house from you), first sales don't usually happen that quickly. In most real estate markets, new agents should plan to have enough extra savings to cover at least six months of living expenses — more if possible.

Now that you're self-employed, you'll have to pay for your own health insurance, an expense your employer might have contributed to in the past. Your auto insurance will go up as soon as you begin using your vehicle for business purposes. You'll also need a cell phone with plenty of available minutes. Some agents like to use a pager too. You will have plenty of other start-up expenses, including:

• Prelicensing school costs

• Licensing exam fee

• Required business licensing

• Fees to join a local Multiple Listing Service (MLS)

• Fees to join a local Board of Realtors® (usually in conjunction with the MLS)

• Ongoing fees for local real estate organizations

• Expenses of doing business, which vary depending on the agency you choose

• Errors and omissions insurance coverage

• Business cards and promotional materials

Plan ahead for these expenses and be sure to prepare your significant other for your dip in income and possible long working hours