3 Benefits of Downsizing Your Home
Downsizing your living arrangements has become a popular topic in the financial community and rightly so. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow.
Downsizing your living arrangements has become a popular topic in the financial community and rightly so. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow.
Home maintenance costs are some of the most common surprises for first-time home buyers. Unfortunately, most people fail to add money to their monthly payment budget to cover home maintenance.
If you are thinking about selling an investment property, non-owner occupied property or vacant land, you should consider structuring the transaction as a 1031 Tax Deferred Exchange.
Budgeting your money is an invaluable aspect of personal finance. Some people are good at creating a budget and sticking to it and others are not. If you find yourself having a hard time saving money, you should consider implementing a reverse budget.
Comprehensive financial planning involves the detailed review and analysis of all facets of your financial situation. It is only through comprehensive analysis that your true financial condition can be determined and the proper plan can be recommended.
Financially successful people have one standout quality in common: their financial success is a state of mind. Not ‘starts with’ a state of mind, then depends upon luck. It is a state of mind that is rather easy to establish, takes a bit of training and soon grows into a natural way of life.
If you’d like to increase the likelihood of following through and achieving your carefully analyzed and planned financial goals, then you should create a written financial plan!
A sinking fund is a strategy for helping you set aside money for specific, large expenses. It helps soften the hardship of a large expense in the future. Simply put, a sinking fund is a fancy way of saving for something today that you anticipate having to spend significant money on tomorrow.
Going through a divorce is never fun. Not for you, and definitely not for your children (if you have them.) The results of a heated, adversarial divorce can be catastrophic – both financially and emotionally for you. And a truly vitriolic divorce can put your children into therapy for many years to come.
No one likes to talk about estate planning. Many people may feel they don’t really need it or they are too young and feel they have a lot of time to plan. Or you may feel a simple will is enough, right? Not really.
In life, most people aren’t financially savvy. Everyone has a different skill set and some people just aren’t naturally prone to being good with money. As a result, too many people in our country never achieve financial success.
People make various financial mistakes during their retirement years. But some are more common than others. Read below to learn the four most common financial mistakes made during retirement that you should avoid.