As I was drinking my morning coffee and enjoying the sunrise on my patio outside, I had some thoughts swirling in my head that I wanted to share that I think may be useful for everyone and their businesses.
This has been one of the most challenging periods we've faced in our business since we've started, but looking back on it now, I can only imagine how much worse it could have been if we hadn't implemented a few key financial strategies long before this all began that made a MASSIVE difference in our business.
And it's because we used these strategies that our business emerged relatively unscathed even through the worst portion of the downturn. In fact, they worked so well that while some hosts were looking to throw in the towel and give back their keys to their landlords, or worse, be too scared to even begin their business, we managed to GROW our portfolio during...
The owners of failed businesses often have something in common. Their mutual struggle lies in the fact that they aren’t sure how to handle the bookkeeping aspect of owning a business.
It’s not the most enjoyable part of owning a business, but money was probably why you started the business in the first place! Dealing with everyday accounting tasks can be pivotal to the survival of a small business.
These bookkeeping tips will help to ensure your business stays in the black:
Are you saving for retirement? Part of being successful in funding the retirement you desire is avoiding common retirement planning mistakes. By participating in the plans that are available to you, diversifying, and leaving the money alone, you can largely guarantee a financially pleasing retirement.
For your best retirement plan results, avoid these common errors:
You’re probably well aware that it's important to save for your retirement. For most of us, the days of 100% employer-funded pensions are long gone, and Social Security is only designed to offset a portion of your pre-retirement income.
Most financial advisors recommend that workers save enough to cover 75 to 85 percent of their annual pre-retirement income. With stagnant incomes and the rising cost of expenses such as healthcare, food, and housing, it's challenging for most of us to save for retirement!
Luckily, you can boost your retirement savings, regardless of your age, or how strained your existing budget might be.
Use these steps to increase your retirement savings and secure your financial future:
Using your IRA to purchase real estate has been allowed since 1974, though not many people knew about this until recently. Regardless of when you became aware of this option, there are a few rules to be aware of before you get started.
With your IRA, you have the ability to invest in nearly any type of real estate: malls, warehouses, boat slips, and cemetery plots, as well as the more typical houses and apartment buildings. The common exceptions are your personal residence and personal vacation homes.
Important IRS Rules
When investing in real estate through your IRA, be sure to note these IRS rules:
It’s much easier to plan your budget, savings, and retirement when your income is consistent. If you’re paid on commission or own your own business, it can be significantly more challenging to save regularly for your retirement. Strategies that work for most might not apply when you’re working for yourself.
Try these strategies to build your retirement savings even if your income changes from day to day:
Renting out the extra room your college-bound child leaves behind can provide you with extra income and a chance to meet new people. It's a big decision, so plan carefully and make wise choices. Consider these tips to ensure that you create a good experience for you, your child, and your new tenant.
Help your college-bound child to adjust:
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Keep it clean, safe, & inviting!
Resilient Flooring & Durable Fabrics (Easy to Clean)
Add a Pool Table, Fooze Ball,
Air Hockey, and/or Game Table
Games, Video and/or Board
Card Games, Skip-Bo, Uno, & Cards Against Humanity
What's in the Neighborhood? Bikes and Helmets, Golf Carts, Snorkel & Dive Equipment, Canoes & Kayaks w/life vests or jackets, sand buckets, water toys, sprinklers, water guns
People LOVE Water!!
Pools, Hot Tubs, Lakes, etc.
A place to sit, a place to sun, a place to eat (Shade)
Volleyball, Tetherball, etc
Sports Equipment, Balls, Rackets, Bats, and more
Lawn Games, Corn Hole,
BBQ Grills & BBQ Tools
Blow up toys for the water
Buy/Rent close to amenities and pay the HOA instead of maintenance fees.
Buy/Rent close to playgrounds instead of having to keep your own playset safe. Otherwise, make certain your playset is well anchored, sanded and safe of splinters...
Traveling solo can be a great adventure. If you travel alone, you’ll get to know yourself better and follow your own schedule. If you’ve been holding back, these tips will make it easier for you to head out alone. You’ll learn how to deal with three of the most common concerns.
Coping with Loneliness and Boredom
You may wonder whether you’ll get lonely if you travel alone. The truth is that learning to enjoy your own company makes solitude rewarding. On the other hand, you can surely find companions if you feel like mingling.
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