Project House Update!! Photos, Expenses, and Projected Rental Income!

project house update - stairwell comparison

Liz and I have had a financial (real estate) plan since before we got married. It went something like this:

I pay off my house She sells her house We get married (and move into my house) Use the equity from her house and cash that we’ve been saving (this didn’t take long since we were both working and our expenses were practically nothing) to buy a cheap $80k rental house with cash Fix it up, rent it out, then save up another $80k (over the course of roughly 2 years) to buy another rental house…fix it up, rent it out Save up aggressively to buy our long-term primary residence – one with acreage, 4 bedrooms, and 2 bathrooms, and a nice barn for my wife’s future horses

So far, we’re doing pretty good! We’re on step 5, fixing up rental property #2 and hopefully finishing everything by the end . . . → Read More: Project House Update!! Photos, Expenses, and Projected Rental Income!

13 Reasons You’re Still Not Investing For Retirement…and How to Fix It!

still not investing for retirement

1 in 3 Americans have $0 saved for retirement. Well that’s a pretty scary stat! Unfortunately, there’s more where that came from! Did you know that 56% of Americans have less than $10,000 in their retirement?? 56%??? Yikes!

It seems like no matter how many financial advisors scream from the rooftops about the importance of investing, there are still plenty of people that are just not saving for their retirement.

13 Reasons You’re Still Not Investing For Retirement…

So what gives?

What is so important that people can’t scrounge up a few bucks a month to put toward their retirement funds?

1) Believe They Don’t Earn Enough to Invest

The median household income is $57,617 per year. After you take out living expenses, vehicle costs, food, and clothing, there’s honestly not that much left. Heck, once you start thinking about investing, something else seems to break that costs you thousands . . . → Read More: 13 Reasons You’re Still Not Investing For Retirement…and How to Fix It!

When Can You Withdraw From Your 401k? (…and When Should You?)

whole life insurance sucks - loans

You’re smart. You’ve been putting money away into your 401k for years and it’s actually starting to turn into quite the pot of gold! But…then life happened and you could really use some money…and fast. You don’t have much in your savings, and you probably don’t have enough time to earn the money….so it’s leaving your wondering, “When can you withdraw from your 401k?…and should you??”

When Can You Withdraw From Your 401k?

You’ve heard it again and again:

If you withdraw money from your 401k before the age of 59 1/2, you’ll be taxed and penalized.

But is that really true??

Not always.

In fact, there are quite a few circumstances where you can withdraw from your 401k without penalty (but of course, you’ll still have to pay the income tax). Take a look at all the scenarios below where the government actually can’t penalize you . . . → Read More: When Can You Withdraw From Your 401k? (…and When Should You?)

Investing After 50: How and Why to Start

investing after 50

When you think about retirement, you may think of living it up on a nice beach, volunteering when you want to, sleeping in, and just relaxing. However, would you believe that 45% of Americans, and 40% of baby boomers have $0 saved for retirement? If you are investing after 50, it may seem hopeless to retire well, but all is not lost. Let’s learn how you can still prepare for retirement, even your later years.

Investing After 50: How and Why to Start

This post has been written by our talented staff writer, Kimberly Studdard. It may contain affiliate links.

Sure, you’re over 50, but you can still build up a nice chunk of change in retirement! Check it out!

1) Know Where You’re At

When you are investing after 50, the most important numbers to know are:

how much you currently have saved, and how much you will need . . . → Read More: Investing After 50: How and Why to Start

What’s the Difference Between a Bear Market and a Stock Market Correction?

stock market correction

When it comes to stocks, investors tend to want to see one thing: the price of their shares going up and up. Unfortunately, continuous upwards growth isn’t always possible, and sometimes the market takes a dip.

In some cases, that dip will cause a fair amount of panic among investors. But those who are in it for the long turn should know that a drop in the market isn’t always a reason to panic. In fact, the occasional fall isn’t just typical, it’s to be expected.

Related: What Happens if the Stock Market Crashes? Is Your Money Safe?

Difference Between a Bear Market and a Stock Market Correction?

Whether you are working with a professional advisor or not, part of smart financial planning involves being able to recognize the differences between a natural correction in the stock market and an actual bear market. Here’s what you need to know.

. . . → Read More: What’s the Difference Between a Bear Market and a Stock Market Correction?

Your House is a Terrible Investment

house is a terrible investment

“Want to be wealthy? Then you should buy yourself a house!”… said the person that knows nothing about wealth building. Sure, buying a reasonably priced house is often better than renting, but it’s not a wise investment. Truthfully, buying a house is a terrible investment – one of the worst that you’ll probably ever make.

Your House is a Terrible Investment

This post contains affiliate links.

“What do you mean, Derek? I was always told that it was wise to buy a house, and look at home prices today! They’re going up like crazy!”

Let me just jump into it with the facts here…

Average Home Appreciation

Since 1963, home prices have appreciated by an average of 5.4% per year. Sounds pretty decent right?

And let’s just say that in 1963 you bought your first house (assuming you were alive then…and if not, just humor me here. You’ll still . . . → Read More: Your House is a Terrible Investment

7 Great Ways to Find and Keep a Great Tenant

find a keep great tenants

People love the idea of having rental property and collecting all that money each month. So, what’s holding so many people back from actually becoming landlords? I’ll tell you what.

Tenants!

The proverbial “I don’t wanna deal with phone calls about a backed up toilet at 2 am!” is what comes out of people’s mouths when you ask them why they haven’t taken the plunge (no pun intended!) into real estate investing.

Or the another common concern goes something like this: “Didn’t you read that story the other day online? These renters had sheep, goats, chickens, & who-knows-what-not else living in the house! They completely destroyed the place & then disappeared. No thanks! I don’t need the headache.” And they walk away from one of the easiest ways they’ll ever have to make serious money in their lifetime without hardly having to lift a finger.

If you want to become . . . → Read More: 7 Great Ways to Find and Keep a Great Tenant

Top Strategies to Get More Profit From Your Rental Property

options if you can't sell your house - for rent

Making the most out of a real estate investment requires landlords to reconsider their rental strategies on a regular basis. If you stop learning, your profits will likely suffer over time.

Top Strategies to Get More Profit From Your Rental Property

If you’re interested in getting more profit from your rental property or properties, incorporate these habits into your 2018 real estate management plan.

1) Decrease Turnover and Vacancy

As most landlords will tell you, fewer things are more trying in property management than constant turnover. If you want to save yourself from headaches and frustration—and a loss of profit—do all you can to reduce turnover and prevent vacancies in your rental property.

Turnover costs you more in the long run than you might think. You’ll lose rental income as long as the property remains unrented, which depending on cleaning and repair needs, could be longer than two months. . . . → Read More: Top Strategies to Get More Profit From Your Rental Property

7 Top Apps to Help You Save and Invest in 2018

apps to help you save and invest

It’s a new year, which means many people have made resolutions to save and invest their money. New to the game? Then it’s time to check out some of the best apps to help you save and invest your money in 2018.

This post is written by Kimberly Studdard, our regular staff writer. It also contains affiliate links, but at no additional cost to you.

The Best Apps to Help You Save and Invest in 2018

Maybe you’ve been a little lax with your money in the past. Maybe you just haven’t tracked it like you should be. This year is your year. It’s time. You’re going to start kicking butt with your finances.

Not sure where to start?

Don’t worry, we’ve got you covered. We’ve already done the research, tried out the tools, and made our recommendations below. Check them out!

1) Mint

While Mint won’t directly save you . . . → Read More: 7 Top Apps to Help You Save and Invest in 2018

The Top 3 Bitcoin Alternatives

Top Bitcoin Alternatives

Everyone has heard of Bitcoin, the world’s first cryptocurrency. Launched in 2009, it burst into the mainstream last year, starting at under $1,000 and hitting a peak value of $20,000 before heading back down. This decentralized currency is the leading ‘altcoin’ in terms of total market capitalization. But, one must understand that there are many other leading Bitcoin alternatives that should be considered.

Top 3 Bitcoin Alternatives

Bitcoin is the most traded cryptocurrency, giving it huge liquidity, as well as worldwide acceptance. However, it isn’t the only digital currency that in-the-know traders are looking at. The following 3 Bitcoin alternatives are also worth considering.

Related: Can Your Mutual Funds Beat the Stock Market??

#1 Ethereum

Launched in 2015, Ethereum is currently the 3rd largest cryptocurrency by market capitalization. It has pushed blockchain technology one step further with the implementation of smart contracts. These contracts can be added to the blockchain . . . → Read More: The Top 3 Bitcoin Alternatives