ARE YOU PAYING TOO MUCH? OVER AND OVER AGAIN?

It was all my fault, and I take full responsibility. I was tired. I was lazy. I was driving by a pharmacy and remembered I had just run out of my vitamins. So I impulsively stopped to grab them. The cashier rang them up and told me the total: $12.99. I thought it seemed like more than I had been paying, but I was tired and I needed them. All the way home, my tired brain kept saying, that seems really expensive for those vitamins. As soon as I got home, I looked up the prices. WHOA, it was $4 more than where I usually buy them. Well, I need the vitamins, but 50% more just seemed more than I could bear. I tried to rationalize the purchase. I can afford it. I was tired. It is OK. But that means if I keep spending an extra $4 for vitamins over the course of a year, I would spend an extra $48 on vitamins when I really could’ve gotten them cheaper. That’s what a dinner out might cost. What if I spent an extra $4 on ten other products? $48 x 10 = $480. Now, that could be a plane ticket or two. I’d rather have a trip to Maui than paying a convenience fee of $4. Back to the store I went to return the high priced vitamins. Then I went where I regularly buy them for a much lower price. It certainly cost more to right this wrong but the moral of the story is: I have my $4 back, my dinner out, my plane tickets to Maui, and I learned my lesson (maybe you did too)!

Tax Refund? What are you going to do with it?

We have some suggestions if you want to create a feeling of financial freedom.

(1) Pay debts – Use the refund to pay debts that are from consumption or non-appreciating assets like credit card debt, student loans, car loans, medical debts, etc.

(2) Fund expected and unexpected expense saving accounts – Creating these reserves to draw from when necessary can avoid you from creating debt when life events occur.

(3) Invest it – There are so many opportunities to grow your money. We generally suggest the stock market, real estate, or businesses.

(4) Create a fun fund – If you have all your debts paid off, fully funded expected and unexpected saving accounts, and you are investing consistently a percentage of your income regularly, it is time to have some fun! You can save it up for something big or use it for some special occasions.

If your refund is large, you may want to look at adjusting your withholding or your estimated tax payments.

Above all else, always consider using your refund to improve your financial situation.

Tax Deferral for Real Estate Investors: 1031 Exchange – Podcast

Tax Deferral for Real Estate Investors: 1031 Exchange

 
Switch up your real estate investments and help your net worth grow faster by deferring tax liability. Scott Saunders from Asset Preservation and Christina Nielson from Corcapa 1031 Advisors gives you the details you need to know about 1031 exchanges.

10 Tips to Spruce Up Your House to Sell FAST! – Podcast

If you are thinking of selling your house or an investment property, don’t miss this fantastic presentation by Amy Parker of Parker House Designs. During the presentation Amy provides some easy and inexpensive ways to make sure your property stands out above the rest!

10 Tips to Spruce Up Your House to Sell FAST! – Replay

If you are thinking of selling your house or an investment property, don’t miss this fantastic presentation by Amy Parker of Parker House Designs. During the presentation Amy provides some easy and inexpensive ways to make sure your property stands out above the rest!

10 Tips to Spruce Up Your House to Sell FAST!

Join us tonight!

10 Tips to Spruce Up Your House to Sell FAST!

Put your money to work

Your money taking care of you on the beach!The fifth and last phase in our financial freedom plan is to “Put your money to work”.  Here is where the fun begins.  Now you can build up piles of cash for investments.  To build those accounts use the money you were putting towards your debts and emergency fund in phases three and four.

The following must be maintained to stay on the road to financial freedom:

1.  Stay debt-free.

2.  Accelerate paying off your mortgage to at least 15 years or less.

3.  Maintain at least 15% of household income towards retirement, a fully funded emergency fund, and adequate term life insurance, if needed.

4.  Pay cash for everything (except possibly real estate, an appreciating asset).

5.  Diversify your investments.

Always keep in mind that you MUST fully understand the investment BEFORE you invest in it.  Relying on someone else to “manage” your investments can lead to disappointment and frustration.  So be sure that you have a complete understanding of all the risks before investing.  Always remember no risk, no reward.

Please list some investment options in the comments that should be investigated.

 

6 free sensational apps for your properties

Color Swatches and plansInformation is important when making decisions.  Especially when real estate investments are on the line.  Here are some FREE apps that can give you some information when you are on the road and may need to make a quick decision.

1.  iFixIt – There is repair information on topics like plumbing, electrical, doors, windows, appliances and even swimming pools which can give you a quick idea of what might be the problem and how to fix it.

2.  Handyman Calculator – Complete construction calculator used to calculate materials and time on various projects.

3.  iHandy Level – Use your phone as a fully functional level with calibration capability.

4.  MagicPlan – This app can measure your rooms and draws floor plan just by taking pictures.  No more tape measures!

5.  Benjamin Moore Color Capture and Sherwin-Williams ColorSnap – Snap a picture of any painted wall and get a match from either manufacturer.  Quick and easy!

6.  Houzz – Can provide interior and exterior design inspiration with photos by style, room and location.  Get inspired!

We hope you can make use of these great apps to save time and money on the properties you own.

Please list any other real estate apps in the comment section that you use that could help others.  Thank you!

 

3 Benefits of Holding a Property in an LLC

hand and houseHolding real estate in a limited liability corporation (LLC) could be a good option for your property investments.  There are some real benefits to this type of structure, both from a tax and legal perspectives.  Consider the following:

1.  Provides protection from personal liability to all members.

2.  Provides the tax benefits of a partnership.

3.  Provides charging order protection to help shield the assets of the LLC.

Please note, we are not tax professionals or attorneys so ALWAYS check with your trusted professionals for your specific situation.  In most cases, holding property in an LLC will provide good protection for your personal and investment property.

Please click like if you hold any property in an LLC.