7 Tips to Save Up Cash for Your Next Rental Purchase

save up cash for your next rental

Want to buy a rental property? I always recommend doing it with cash.

And then of course I hear this…

“Derek, you must live in some kind of fairy tale if you think people can save up enough cash to buy a property outright. Most can barely do it with a loan!”

Well, I’m not most people, and you shouldn’t be either…because most people are broke and have constant setbacks from their continual poor choices!

Instead of living in the land of “most people”, let’s first discover the major benefits of buying a house with cash:

Never pay interest to the bank – this alone is hundreds of thousands of dollars in savings No need to pay for an appraisal – saves time and makes it more appealing to the buyer Cheeeeaaap closing costs – since the greedy bank isn’t involved, you save thousands here A reduced purchase price – . . . → Read More: 7 Tips to Save Up Cash for Your Next Rental Purchase

What’s Your Five-Year Plan?

five-year plan

“What do you see yourself doing five years from now?”

Granted, this isn’t really an ice-breaker question, but whenever I get to know somebody decently well, I like to bounce this off of them and see how they react.

Most of the time, their response starts with….

*Crickets*

They have absolutely no idea!

People spend more time planning a vacation than they do planning their own lives!! Sad, but true…

What’s Your Five-Year Plan?

If you ever meet me in real life and want to avoid the *crickets*, then you’d better start figuring out your five-year plan!

More importantly than just not looking foolish though, realize that this is an incredibly important step to becoming financially successful. As Zig Ziglar always said, “If you aim at nothing, you’ll hit it every time.”

In other words, if you just wander through life, you’ll definitely end up somewhere, but is it really . . . → Read More: What’s Your Five-Year Plan?

Are You Constantly Overspending? It’s Time to Check Yourself…

constantly overspending

Having a little more spending money in your pocket is an attractive idea to just about anyone, especially with summer quickly approaching. The first step to having more money on hand is examining where it’s currently going and tailoring your current budget so that you have a little more wiggle room. Check out the useful tips below to see if you might be overspending in any area, and what you can do to stop if you are.

1) Paying Extra to Avoid Hassle

Convenience is one of the number one factors that contributes to overspending.

It’s present in almost every aspect of our daily lives. If you want to get somewhere fast, you may rely on a cab or car-share service instead of the bus. If you don’t have the time or desire to cook for yourself, you may order takeout or call for delivery instead.

While these things may . . . → Read More: Are You Constantly Overspending? It’s Time to Check Yourself…

Are You Eating Your Lunch? Or is Your Lunch Eating You?

small changes

Have you ever started talking with someone about money and thought, “This person really has it all together”? …and then later realized they waste their money by going out to lunch every. single. day. ?

Is Your Lunch Eating You?

It’s innocent enough, right? You manage your money well by driving a 10 year-old car and you live in a modest house, which saves you hundreds of dollars a month compared to your frivolous friends, so why not treat yourself a little bit for lunch? After all, it can’t make that much of an impact in the grand scheme of things, right?

Wrong.

My lunch that I take from home costs me $1.78: Sandwich Bread = $0.17 Turkey = $0.40 Cheese = $0.08 Banana = $0.15 Clementines = $0.32 Granola = $0.66

The average lunch in our work cafeteria costs $6.00. The food might be a little tastier than my . . . → Read More: Are You Eating Your Lunch? Or is Your Lunch Eating You?

Do You Have a Rich Mindset or a Poor Mindset? (Take the Test to Find Out!!)

rich mindset

Bob and Jim are identical in almost every way. They’re both tall, thin, semi-athletic, they both love the show “American Pickers”….AND they net exactly $60,000 a year from their day jobs…. But they do differ in one area: How they spend their money.

Do You Have a Rich Mindset or a Poor Mindset?

Bob isn’t out of control with his money – I mean, he always has enough to pay the bills and he actually saves a little bit each month too. In his mind, he’s doing quite well, but in reality he has a poor mindset and saves far less than what’s necessary to be rich.

Jim, on the other hand, has a rich mindset. He knows that simply “paying the bills” isn’t enough to get ahead financially. While Bob only saves 1% of his income each month, Jim saves 33%.

Same Income, Different Savings Plan

. . . → Read More: Do You Have a Rich Mindset or a Poor Mindset? (Take the Test to Find Out!!)

Top 5 Ways You’re Losing Money When Buying a Car

losing money while buying a car

According to USA Today, over 17.5 million new cars were sold in the U.S. in 2015…. And then a new record was set in 2016 with sales topping 17.55 million.

We Americans sure love our cars, and sometimes we get so enamored with the look, the smells, and the status symbol of the brand that we lose all sense of logic during the new car purchase. And with the escape of logic, we often find ourselves questioning our purchase just hours after the buy…

Top 5 Ways You’re Losing Money When Buying a Car

You’re losing money, you know it, but what’s really happening during the car sale? And how much are you getting screwed because of what you don’t know?

It’s time to stop the madness. Take note of these 5 ways you’re losing money when buying a car and vow to never let them happen again.

1) . . . → Read More: Top 5 Ways You’re Losing Money When Buying a Car

3 Straightforward Insights For the Rent vs. Buy Riddle

buy a home on a low income

People are having serious arguments and deep conversations about the buying vs. renting a house debacle. The traditional American dream supports home ownership and you are still not “made” until you own a home. Modern insights into the real economic of owning a home suggests that it doesn’t always make the best financial sense. In fact, quite a number of people in Europe are content to rent for life.

However, I strongly believe that all the rent vs. buy arguments are pointless – each to his/her own. Buying a home makes perfect sense in some scenarios and renting a home could be the smartest choice in other instances. This piece seeks to disabuse your mind with three questions that could help you untie the buying vs. renting knot.

How long can you stay put in a spot?

Location! Location!! Location!!! Where you choose to live wields a huge influence . . . → Read More: 3 Straightforward Insights For the Rent vs. Buy Riddle

Are You Treating Debt Like an Emergency?

treating your debt like an emergency

Remember back in college? It was the first week of school, and you were amazed by your sudden independence. Just a few months ago you weren’t allowed to chew gum or loiter in the hallways for more than 2 minutes. But now, your professors weren’t even taking attendance in class!

So when you saw the credit card booth, it was hard to resist. Getting a credit card is another sign of being an adult. And you were desperate to prove how grown up you were. Besides, that towel with the school logo on it was a pretty great bonus. Who can resist a free gift?!

It probably took months or even years for you to realize the high price of that towel. Over time, you racked up so much debt that you can barely stand the thought of opening the bills when they come in. Better to not even know . . . → Read More: Are You Treating Debt Like an Emergency?

How to Get Rid of Debt WITHOUT Living in an RV

get rid of debt without living in an rv

The craze is spreading across America…people selling all their stuff, cramming into small RV’s, and then pretending that it’s the best thing ever…. Really?? I’m sorry, but I think I speak for 95% of the population when I say that I’d rather get rid of debt without living in an RV…

…and it’s entirely possible by the way.

It’s great and all that people across the globe have tackled their debt head on and are willing to drive around a camper to do it. But, RV life isn’t for everyone. So, I’m actually going to steer people away from it in this post.

If you hate traveling, have a family of 5+, or if the thought of camping makes you throw up in your mouth a little, then this write-up is for you.

How to Get Rid of Debt WITHOUT Living in an RV

Let me tell you flat out. . . . → Read More: How to Get Rid of Debt WITHOUT Living in an RV

The One Secret to Success That I Absolutely Swear By

one secret to success

“That’ll be $8 please.” I beamed with pride as I collected the money. That was my third shoe rack sale of the day, which meant nearly $24 of pure profit. Not too shabby for a 12 year old!

The One Secret to Success That I Absolutely Swear By

My Dad worked for a local furniture company. There weren’t a ton of perks, but he DID have the rights to some scrap lumber at the end of the day. Not knowing exactly what he’d do with it, he’d find himself taking a dozen or so plywood scraps home with him each day. And as they began to stack up, I started to see dollar signs!

You see, the scraps were rectangular – approximately 30 inches by 10 inches – and were all exactly the same size. I figured that if I put two boards on the sides, and spaced three from . . . → Read More: The One Secret to Success That I Absolutely Swear By