5 Things You Should Know Before Getting a Mortgage in Texas
Take These Steps Before You Buy a Home So you’re thinking of buying a home in Texas—congratulations! Between Texas mortgage payment calculators, reality agreements, and FICO scores, there is a host of information to process as you make your home ownership dreams a reality. Getting a mortgage in Texas is easy – if you follow these tips! Buying a house is an exciting and nerve-wracking time, but these 5 tips will take the mystery out of the Texas mortgage process. 1. Know Your Finances Before You Apply for a Mortgage in Texas Before you jump into a mortgage in Texas, you need to be aware of your own finances and how they stack up against Texas mortgage requirements. There are three numbers that potential home buyers should know: their credit scores, debt-to-income ratio, and down payment amounts. Credit Score: The minimum credit score typically needed for a mortgage in...
read moreHow to Turn Freelance Income Into a Robust Passive Income Stream
3+ Ways Freelancers Can Earn Passive Income Are you a freelancer or solopreneur consultant? Do you worry that, when you’re not working, you don’t get paid? Find out how a freelancer can create a passive income stream for the future. A recent survey by the Freelancers Union found that 53 million Americans are now freelancers. In fact, one in three workers are freelancing. The difference between many freelancers/solopreneurs and salaried workers is that if you receive a salary and you want to take a break, grab a soda, take a quick walk to clear your head, you’re still getting paid. If you’re a consultant or freelancer, and you’re not working, then you aren’t getting paid. Consider the pay-per-job worker. A freelancer is not that different from a dentist or a clinical psychologist. If you’re not serving your patients or clients, then you’re not getting paid. And with some professionals, such as...
read moreShould I Invest in an Opportunity Zone Fund?
Opportunity Zone Fund Investing – Pros and Cons There are few things worse than earning a great deal of money in some sort of financial victory—a successful business, a jump in the stock market, or a profitable real estate deal—only to realize that a large chunk of your hard-earned money is going to be taken for capital gains taxes. Talk about a bummer. Financially-savvy investors will be on the lookout for ways to save money in taxes after large gains, and the Tax Cuts and Jobs Act of 2017 has given these investors a way to both save money and do good in their communities. Explore: Should I Invest in an IPO? The Tax Cuts and Jobs Act was created in order to better stimulate the economy. The idea is that the rich can receive a tax break in exchange for investing their money into something that will encourage economic...
read moreIs Money the Only Measure of Success?
Financial Management and Success During this time of year, I tend to reflect upon my accomplishments and goals. I make note of what I did well and what I need to improve going forward. Last year was challenging. I lost my Mom after a six-month illness and struggled with sadness, loss and emptiness due to her passing. One-year later, I still feel her presence in my life every day. As the new year begins and I’m updating our personal portfolio and other investments that I manage, I wonder, “Is Money the Only Measure of Success?” After all, my Mom amassed a certain degree of financial success, yet she was so much more than her net worth. Actually, I struggle to separate my worth from my net worth! What Does Success Mean to You? Look, I understand we all espouse a variety of success measures. Yet, I remind myself to consider...
read more8 Fun Ways to Make More Money – In the New Year
8 Fun Ways to Make More Money and Enjoy It, Too! By contributing columnist, Alexandra Deluise With the New Year beginning, and enthusiasm flowing, why not set a goal to make more money this year. The more money you make, save and invest, the sooner you’ll pay off debt and reach your financial goals. Making more money doesn’t need to be a drag. While typically people imagine “make more money” being another way of saying “get a second job, work 80 hours a week, and forget about having any fun,” that isn’t the best way to earn a little extra. As the saying goes, do something you enjoy and you’ll never work a day in your life. While there are many, many ways to make more money quickly (I can think of 26 ways right now!), I’m a big fan of making money off of my talents. Since I know...
read moreGo Beyond Keeping Up With the Jones’ – Change Your Peception, Change Your Net Worth
If you keep up with the Jones you’re destined for a bleak financial future. I’m intrigued by the magazine articles that specify how to get a designer look on a budget. But there is a fallacy with these articles and I’ll tell you why. Keep up with the Jones – High versus Low The premise is that a designer spent $40,000.00 designing this room, and you can get an approximate look for $9,000.00. Think about it for a moment. Do you think $9,000.00 on furnishings and decoration for one room is an affordable price? Who are they writing for? The budget room is usually high priced too. The article continues by explaining that the couch in the high priced designer room cost $20,000.00 and the low priced copy is only $4,5000.00. $4,500.00 is a lot of money for a couch! Is that really the lowest price for a comparable sofa? No way!...
read moreWin Win Negotiation – How I made $500 in Ten Minutes
“I’d like to add that negotiating is not something to be avoided or feared – it’s an everyday part of life.” ~Leigh Steinberg Win win negotiation means that both parties leave the negotiation happy. Of course, you want to get what you want, but the best negotiations leave with both parties feeling satisfied. Win Win Negotiation in Everyday Life There is hardly a consumer situation I’ve encountered that wouldn’t benefit from a little negotiation. If you take the opportunity to negotiate-for a better price or an add-on service, you’ll bank more money over time. And each year, if you save extra cash, over time, it adds up. Here’s a story from the beginning days of this website, to show you how a bit of organization and negotiation saved me $500. Several years ago I got a call from the mechanic looking at my 1998 SUV with 100,000 miles on the odometer....
read moreWhy and How to Diversify with Real Estate – REITS + Real Estate Crowdfunding
Guest columnist, Joseph Hogue, CFA Don’t let the headaches of real estate investing keep you from diversifying your portfolio into one of the best long-term assets. Despite what you might hear on the 3am infomercials, real estate investing is hard work. Barbara explained in an earlier post about why she gave up being a landlord decades ago because of the constant headaches. I can relate. I started buying rental property early in my 20s. I had worked as a commercial real estate agent and wanted in on the cash returns and seemingly endless appreciation that was just getting started in 2002. I soon realized why real estate investing is far from the passive income strategy many websites make it out to be. Have you ever been called at 5am to light someone’s pilot light on a water heater? I have…many times. Wondering? Should I Buy Foreclosed Real Estate? Besides...
read moreSavings: Easy As Pie! Basic Savings Strategy
Basic Savings Strategy-Perfect Approach to Build Long-Term Wealth By staff columnist, Alexandra Deluise There are few things I enjoy in this world more than pie. Aside from being really delicious, pie also serves as a great guideline when designing savings plans. After all, who doesn’t want a big piece of financial pie? My favorite pie is apple, whereas my husband prefers pumpkin. Just as our tastes differ, so might your financial pie differ from the examples I have shown here. These pie charts are meant to be guidelines and hints, but are no substitute for professional financial advice. By creating an income, expenses, savings pie you gain an understanding of where your money is going. Only then can you figure out whether you’re on track to meet you financial life goals. First, know your pie. You must understand your income and expenses pie to become a saver. Let pie...
read moreCalSavers – California’s New Auto-IRA Program + Retirement Tips
California’s CalSavers is a Model Roth IRA Retirement Savings Program By staff columnist, Alexandra Deluise One of the most emphasized pieces of wealth-building includes maxing out any and all workplace retirement accounts. In fact, this is one of the common suggestions for people looking to become millionaires. Calsavers can help! Automated investing can make or break your retirement success. Taking advantage of tax-deferred retirement accounts, such as an IRA or 401(k), is another way that employees can ensure that they are making the best use of their earnings. While this is solid advice, it overlooks one key detail: not everyone has access to a retirement account through their employer! In fact, it’s estimated that 35% of employees do not have access to a workplace retirement fund. That’s a lot of people who don’t even have the option to save through an employer-sponsored retirement plan. Since people are typically more...
read moreHow to Build Wealth with Money Strategies + Investing Books
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