So you think you might like to own some rental property. You imagine cash and checks rolling in around the first of each month as your happy and responsible tenants pay their rent on time. In your mind’s eye, you can actually see your bank account growing. Life is good and your financial future looks secure! Well, hold on just a minute, OK? Some Questions To Consider Upfront If you are considering becoming a DIY landlord, you must be realistic about the time and expense involved. While there is certainly money to be made by owning rental property, there is also the potential for financial disaster. Ask yourself whether you have the ability to go totally DIY. Do you possess the necessary skills, tools and time to manage and maintain … [Read more...]
Does Your Home Own You?
In response to Why I May Never Buy a House by Brandon Tryon, I stated, “If you have a mortgage, you don’t own your home, it owns you.” I would now like to go further and say that if you own a house at all, even mortgage-free, your house still owns you. Am I against home ownership? Heavens no! In fact, I am a diehard homeowner and will probably never be otherwise. I bought my first “home” at age 20, a 28-foot travel trailer. Three years and a couple of kids later, I sold it for the down payment on a singlewide mobile with an expando living room. When the fourth child was two, I traded that mobile home for half the down payment on a real house. Seventeen years later when the kids were all grown and gone, I sold that home and paid off … [Read more...]
How Much Money Do You Really NEED For Retirement
Estimates of the amount of money needed for retirement vary by source but one thing is clear no matter which formula you use – it is a LOT. In fact, it is so much money that many people have absolutely no hope of ever saving and investing enough. That’s right – NO HOPE. But wait! There actually IS hope! While retirement calculations have a place, they are certainly not the final word. With estimates ranging from “Well, maybe I can save that much…” to “Are you kidding me? I might as well die young!” it can be unnerving to contemplate the future. The reality is that many people will never be able to save what the estimates project is required for retirement. So where is the hope? The fact is that how much money you actually NEED in … [Read more...]
