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

How to Host a Cheap Summer Party for Less Than $150

cheap summer party

Summer brings the heat, pools, and barbecue’s, but it also brings the parties! With 4th of July, back to school sales, and lots of other fun days, a cheap summer party is a great way to get everyone together before summer ends. But how do you throw a party for less than $150?

This post was written by the ever-talented Kimberly Studdard.

Keep Invites Minimal

This pertains to both the invites themselves, and who you choose to invite to the party. Are you friends on Facebook with all of the people you want to invite? Create an event and invite them virtually. Can your kids text their friends or invite them by word of mouth? Have them do so! Don’t spend extra money on your cheap summer party if you don’t need to.

If you still want to send an actual invite, that’s okay! Try delivering them by hand . . . → Read More: How to Host a Cheap Summer Party for Less Than $150

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 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?

Last Minute Father’s Day Gifts to Get This Year

last minute father's day gifts

It’s that time of year again! Whether you are celebrating Father’s Day for your dad, husband, or any other special man in your life, it’s important to show him how much you appreciate him.

Last Minute Father’s Day Gifts

…But what do you do if you don’t have much time to get him a gift? Here are 5 last minute Father’s Day gifts that you can get your loved one.

This post has been written by Kimberly Studdard.

1) Gift Cards

This is one of the perfect last minute Father’s Day gifts you can get for the man who has everything! Gift cards are easy to get and use, plus you have a ton of options when it comes to choosing the right gift card for the special man in your life. Does he like tools? Home Depot and Lowe’s have gift cards. If he prefers gaming or reading, try . . . → Read More: Last Minute Father’s Day Gifts to Get This Year

Tips for Maximizing Your Retirement Savings and Decreasing Taxes

retirement savings

Holding a job is never fun, but it should pay off at some point or another. After you’ve worked for twenty or thirty years, you should be able to retire and begin enjoying a work-free life. However, you must remember that a good retirement requires plenty of planning and many years of saving.

Maximize Your Savings and Decrease Taxes

By planning early and saving as much as possible, you’ll be able to rest assured knowing you’ll have plenty of money to travel the world, buy luxurious items and avoid returning to work in the future. Below, you will find tips for maximizing your retirement savings, while simultaneously decreasing your taxes.

Maxing Out Your 401k

The mass majority of American workers will have access to a 401k. This will typically be sponsored by your employer and they should be willing to match your contributions. Remember that you can allocate a large . . . → Read More: Tips for Maximizing Your Retirement Savings and Decreasing Taxes

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?