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The 3 Biggest Financial Mistakes You're Likely Making in Your STR Business & How to Fix Them

accounting bookkeeping Oct 23, 2020

The 3 Biggest Financial Mistakes You're Likely Making in Your STR Business & How to Fix Them

 

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...

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Enjoy Greater Profits From Your Side Business With These Record Keeping Tips

small business Oct 09, 2020

 

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:

 

  • It’s crucial to have an actual record-keeping system in place. A shoebox-approach won’t work for long.

 

  • Be prompt when invoicing customers. Most people sit on bills as long as they can before paying. Let them start sitting on your invoice sooner rather than later. Get invoices to your customers as soon as possible.

 

  • Deposit checks on a weekly basis, if not more frequently. Checks that are stuck in a drawer get lost. Also, you want to cash...
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5 Retirement Planning Errors

retirement Sep 25, 2020

 

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:

 

  1. Failing to participate in your available plans. There aren't many companies offering pensions anymore. You may have a 401(k), 457 or 403(b). Companies make it easy for you to enroll, and these programs are incredibly worthwhile. Interest-deferred accounts are tough to beat. Enroll today, if you haven't already. It really adds up over time.

 

  • If your company matches a percentage of your contribution, so much the better. It's like a raise you didn't have to earn. Free money is free money.

 

 

  1. Lack of diversification and playing hedge fund manager. Avoid the temptation to play hedge...
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4 Tips to Boost Your Retirement Savings

retirement Sep 11, 2020

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:

 

  1. Save now. If you aren't already contributing to a 401(k) or other employer defined retirement plan, start now.

 

  • If traditional contributions of 10% of your income are too much to handle, start small. Try saving just 1 to 2 percent of your...
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Using Your IRA to Invest in Real Estate

retirement Aug 28, 2020

 

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:

 

  1. The self-dealing rule. The big rule (that's also a little vague) is the "self-dealing rule," which basically states that you cannot receive immediate personal benefit from the transaction. For example, you can buy a cabin in the woods and rent it out for income. However, you can't use it as a vacation property for yourself.

 

  1. The sweat equity rule....
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How to Save for Retirement When Your Income is Inconsistent

retirement Aug 14, 2020

 

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:

 

  1. Start slowly if you like, but get started. Many business owners falsely think that it’s a waste of time to save small amounts of money. Even if you can only save $10 each month, it’s a start. Attempt to add to that amount each month.

 

  • Getting into the habit of saving money is the most important first step.

 

  1. Create your own version of direct deposit. One great thing about working for a large company is direct deposit because it’s easy to send part of your paycheck off to a savings or brokerage account before...
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Renting Out the Extra Room Your College-Bound Child Leaves Behind

single room rentals Jul 31, 2020

 

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:

 

  1. Give yourselves some transition time. Your child is already coping with major changes while heading off to college. It will be less stressful for both of you if you wait a couple of months or so before taking on a tenant.

 

  1. Involve your child in the decision. People usually react more positively when they're included in the decision-making process. Tell your child you're considering renting the room and want to discuss it. If they're comfortable, you can steam ahead. If they have concerns, slow down and consider your child's viewpoint.

 

  1. Be sensitive to your child's needs. Everyone will have to make some...
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Episode 094 - The ABC's of Acquisitions: How to Build Your STR Portfolio

Uncategorized Jul 27, 2020
 

SHOW NOTES & LESSONS

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Recommended Article or Blog Post Related to This Week's Podcast:

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Episode 093 – Room by Room: Backyards and Bonus Rooms - Part 5

 

SHOW NOTES & LESSON

Keep it clean, safe, & inviting!

Resilient Flooring & Durable Fabrics (Easy to Clean)

Add a Pool Table, Fooze Ball,

Air Hockey, and/or Game Table

Pinball Machines

Jukebox

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,

Fire Pits

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...

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Solo Travel Made Easy

vacation Jul 17, 2020

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.

 

  1. Engage fully. Be mindful of your surroundings. Getting caught up in new experiences as you travel will leave little time for boredom.

     
  2. Take a tour. A day tour is ideal for meeting new acquaintances. It’s easy to strike up a conversation when you share the same interests with others and you’re away from your usual routine.

     
  3. Dine out. Look for places with communal tables or ask your hotel to...
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