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Apache is functioning normally

June 7, 2023 by Brett Tams

One thing I love about Millennials and Zoomers is how freely we share advice.

Case in point, there are now countless wealth coaches and personal finance gurus on TikTok recording their best tips on saving, investing, and achieving financial freedom faster.

And we’re hungry for their advice. According to CNN, the hashtag “#personalfinance” alone has a total of four billion views, with “#financialliteracy” and “#financetiktok” not far behind.

However, while the intent is always sound, the tips themselves aren’t. There are some misguided and potentially devastating personal finance myths being perpetuated on TikTok these days, so I am here to address them head-on.

Let’s debunk seven of the most common TikTok money myths before you make a potentially dangerous financial move.

What’s Ahead:

1. “You can (and should) get rich quick”

Debunked: 7 TikTok Money Myths - "You can (and should) get rich quick"

The implication

“Get rich quickly and easily by following my personal finance advice.”

Here’s how to instantly spot a personal finance influencer who abides by a “get rich quick” philosophy: just look for the lime green Lamborghini in the background.

Once they’ve given you a few seconds to lust after their six-figure Italian whip, they’ll start telling you how they “turned $5,000 into $723,000” by following “three simple rules of investing” or some such promise. Sounds appealing.

The reality

Multiplying money on that scale, in that little time, always involves a staggering amount of risk, luck, or both. This is assuming, of course, that the influencer is even being 100% truthful – and that background Lambo isn’t a rental.

It’s entirely possible that this person really has gotten extremely lucky on some clandestine investing opportunity, but lottery winners aren’t financial advisors.

Actual financial advisors, and their very rich clients, will give you this advice: 

“Get rich slowly.”

If you wouldn’t spend your life savings on lottery tickets, you shouldn’t get your financial advice from TikTok influencers who got lucky, either. The key is to get rich without the risk, and here’s exactly how to do it, step-by-step.

2. “Day trading is easier than you think”

The implication

Historically, only the rich and well-connected could make money on the stock market. But now that we have apps like Robinhood and Webull, everyday investors like you and me can buy, sell, and trade stocks ourselves, getting rich in the process just like day traders on Wall Street.

The reality

97% of day traders lose money.

That’s according to a large-scale study of day traders, where the researchers concluded:

“We show that it is virtually impossible for individuals to day trade for a living, contrary to what course providers claim.”

By contrast, “only” 70% or so of gamblers in Vegas lose money, according to the Wall Street Journal. So your money is safer on the roulette table than taking a TikTokers’ investing advice (but still, don’t gamble).

3. “Rich people look rich”

Debunked: 7 TikTok Money Myths - "Rich people look rich"

The implication

Earn big, spend big. As your income level rises and you start to feel “rich,” it’s time to start acting like it. Get a luxury apartment, lease a Mercedes, and don’t hesitate to buy that $2,000 purse.

Besides, what’s the point of working hard if you’re not playing hard?

This one is definitely more of an implication than a direct piece of advice. I don’t know of any TikTokers who are outright saying “spend all of your money” – but there are certainly plenty who are leading by example.

The reality

Rich people become rich precisely because they don’t spend money – they invest it. There’s a saying by famous-yet-frugal YouTuber Scotty Kilmer that I think about all the time:

“Broke people buy BMWs, and rich people buy Toyotas.”

Rich (or soon-to-be-rich) people know that if they buy a Toyota instead of a BMW at age 30, and invest the $30,000 difference at 10% APY, they’ll have:

  • $77,812 when they’re 40.
  • $201,825 when they’re 50.
  • $843,073 when they retire at 65.

The point of this anecdote isn’t to throw shade at Bimmer, but rather, to highlight how rich people think differently before making a purchase. They don’t think:

“How much can I afford?”

But rather:

“How much can I save and invest?”

In short, rich people don’t lead extravagant lifestyles – they lead frugal, yet comfortable lifestyles now so they can live however they want later.

4. “Live on a shoestring budget”

The implication

On the complete other side of the spectrum, there are TikTokers who advocate a shoestring lifestyle, where rigorous budgeting and extremely limited pleasure spending are the only viable pathways to financial freedom.

The reality

It’s totally OK to buy nice things and treat yourself.

In the previous example, yes, a BMW costs $30,000 more than a Toyota – and if you invest that money instead of buying a fancier car, you’ll have a fortune waiting for you by retirement.

That being said, if the BMW brings you joy and makes you happy (and you can afford it), buy it.

The key to achieving financial mindfulness isn’t to spend less – it’s to spend more mindfully on the things that truly matter to you. There are influencers out there who say you should stop going out to eat cold turkey because a restaurant meal for two can easily exceed $60 or even $100.

But financial mindfulness says that if that meal helps you build a relationship with someone, it’s worth it.

Draconian saving can be just as misguided as wanton spending. The key, then, is to determine how much you can safely spend each month, and then to spend that money on the people and things that bring you the most joy.

5. “Cryptocurrency will make you rich”

Debunked: 7 TikTok Money Myths - "Cryptocurrency will make you rich"

The implication

This one’s pretty straightforward, and I have heard it straight from countless TikTokers’ mouths: crypto will make you rich.

Forget the corrupt, manipulated stock market – Bitcoin, Ethereum, and Dogecoin will bring prosperity and financial salvation to Millennials and Zoomers.

I mean, what other investment vehicle has provided anything even close to the 750,000,000% ROI that Bitcoin has since 2011?

I got rich off crypto and you will, too – hop aboard before it’s too late.

The reality

Cryptocurrency is like a fast-moving, rickety roller coaster at the county fair. The foundation hasn’t completely crumbled, but the wooden boards and screws holding it up are falling off with each passing car.

Hop aboard the crypto train at your own peril.

It’s true that Bitcoin has had a miracle run since 2011, rising from $0.008 to a peak of around $65,000 in April 2021 and making a lot of people very, very rich. But even diehard crypto fans have acknowledged that a “Bitcoin winter” is coming – that is, if it hasn’t already.

The Bitcoin winter is just one of the many huge risks to a crypto investment. The others (like China’s clampdown on mining) are fast approaching the roller coaster’s foundation with a sledgehammer.

Can Bitcoin still make you rich? Maybe, but there are plenty of safer rides at the carnival.

6. “Just copy the investments of rich people”

The implication

You can’t copy athletes to win gold medals, nor can you copy New York Times Best Sellers to sell more books.

However, you can totally copy the investing strategy of rich people to get rich.

In fact, they want you to copy them – either because your investment makes their investment more valuable, or simply out of the goodness of their heart. Warren Buffet famously shares his trades with the public so they can borrow and benefit from his wisdom.

So why spend 14 hours a day researching good trades when you can just copy someone else’s homework – especially when they ask you to?

The reality

Rich people can afford to make extremely risky investments and lose money that you and I can’t afford. For that reason, they shouldn’t always be followed into battle.

Warren Buffet is also famous for admitting when he’s made a mistake. In 2014, he confessed that he’d held onto shares of Tesco for way too long, costing him and his investors $444 million. Berkshire Hathaway’s investors may have been able to shrug off the loss, but any outsiders emulating Buffet’s moves may have been screwed.

Copying the investments of rich people may be a viable strategy if their investments fit within your financial goals and risk tolerance. For help determining whether that’s the case, you want to talk to a wealth advisor.

7. “You don’t need a wealth advisor”

Debunked: 7 TikTok Money Myths - "You don't need a wealth advisor"

The implication

Thanks to zero-commission trading platforms, you no longer need to buy and trade stocks through a sweaty stockbroker in some Manhattan office.

By that same logic, the emergence of robo-advisors and the fountains of free financial advice on TikTok have eliminated the need for old-fashioned wealth advisors. After all, why give someone 2% of your hard-earned gains when it’s never been easier to invest your money yourself?

The reality

The recent trifecta of online brokers, robo-advisors, and personal finance gurus on social media has done wonders empowering Millennials and Zoomers to handle our money better. The TikTok DIYers certainly have one thing right: it’s never been easier to make your own trades.

However, despite birthing a renaissance in financial literacy, nothing on TikTok can replace the tailored, one-on-one advice you’d get from a professional wealth advisor.

Robo-advisors can personalize your investing strategy to an extent, but they can’t play a direct role in helping you navigate the markets and make good decisions. 

Summary

There’s plenty of sound personal finance advice on TikTok, but it only takes one bad tip to cost you money.

For that reason, it literally pays to separate the wheat from the chaff. Not everyone who’s made money is a skilled investor – some are just lucky.

Read more:

Source: moneyunder30.com

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Apache is functioning normally

June 7, 2023 by Brett Tams

Step into a realm of unparalleled vacation rental mastery, where insider secrets await to catapult your property to five-star excellence. In this Redfin article, we explore these closely guarded secrets that will elevate your guests’ experience during their stay at your vacation rental

Whether you’ve already established your venture on Airbnb and VRBO, or are beginning to enter the industry in unique destinations, like the beautiful shores of Virginia Beach or the charming community of Katy, Texas, our guide will equip you with distinct strategies to unlock your property’s true potential. Ready to transform your vacation rental into an enchanting sanctuary where guests revel in unforgettable moments and glowing reviews naturally follow?

Luxury Apartment With Private Pool

1. Become an informed and successful host in the travel and hospitality industry

Heather Bayer from Vacation Rental Formula states, “The moment you exchange your accommodation for money, you have entered the travel, tourism, and hospitality industry. It is not a passive business. Gain comprehensive knowledge through continuous learning: engage in networking, read industry-related materials, listen to informative podcasts, attend conferences, and enroll in relevant courses. Being the best-educated host on the block will be the key to your success.”

2. Set the stage for a memorable stay in the first 10 minutes

“The first 10 minutes of your guests’ stay is pivotal to their overall experience,” says Heather. “Ensure entry is easy, the temperature is right, it looks just like the photos, it smells fresh, the Wi-Fi code is prominently displayed, and there is a welcome message.” 

3. Leverage the pre-stay period by sharing your local knowledge and expertise

“Don’t leave your guests wandering in tumbleweed time,” says Heather. “This is the period between booking and the stay when travelers are eagerly anticipating their vacation, yet most hosts and managers ignore this opportunity to share their local knowledge and expertise. Share your best recommendations for restaurants, tours, activities, and events way before your guests arrive. They will be able to plan and make reservations and avoid the disappointment of finding the things they want to do are sold out.

Woman packing suitcase for summer trip, including face masks and travel-sized antibacterial hand gels

4. Make a direct booking website for your vacation rental

“Savvy owners and managers are creating content-rich websites that serve as a showcase for their location,” shares Heather. “They no longer rely on the big platforms to deliver their guests – instead, guests are being encouraged to book directly for the best value and experience.”

6. Control the guest experience by owning the entire rental stack

“In our experience, the key to maintaining a five-star rental property lies in a balanced blend of hospitality, high-quality amenities, and efficient communication. Our motto is ‘Strive not just to meet, but exceed guest expectations,’” says Murat Gocmen from MG Vacation Rentals.

“Owning the entire stack, from the cleaning company to the hot tub cleaning and snow plowing businesses, is a cornerstone of our vacation rental management strategy. It allows us to ensure an exceptional level of service and quality that’s consistent across all aspects of a guest’s experience. 

Our hot tub cleaning company makes sure that this popular amenity is always in top condition, while our snow plowing company ensures clear and safe access to the property regardless of the weather, and our in-house professional cleaning service is employed after each stay to ensure a thoroughly cleaned and comfortable experience for the next guest.

By controlling these critical services, we have the ability to directly address any potential issues swiftly, maintain high standards, and uphold our promise of a pristine environment for every guest.”

MG Vacation Rentals property in a mountainous area with a cabin like feel

In Courtesy of MG Vacation Rentals – North Lake Tahoe Vacation Rental Management Company

7. Address guest’s needs promptly

“Our most successful strategy for ensuring guest satisfaction and positive reviews has always been proactive communication,” insists Murat. “We believe in the power of listening to our guests’ needs and promptly addressing any concerns. This creates a trust-based relationship that often results in repeat bookings and glowing reviews.” 

8. Personalize your amenities

“We’ve found that offering personalized amenities, like local coffee or guidebooks for local attractions, adds a special touch that enhances the guest experience. These thoughtful extras show guests that we care about their stay and are invested in making it memorable,” recommends Murat.

9. Provide feedback-driven improvements

“The main focus of creating a five-star rental experience lies in continuous improvement based on valuable guest feedback. While meticulous upkeep and personalized service are crucial, understanding guests’ unspoken needs and consistently enhancing your property based on their input is key,” shares Lotus West Properties. 

“By prioritizing immaculate cleanliness and providing amenities that offer a true ‘home-away-from-home’ experience, you establish a strong foundation for guest satisfaction. Moreover, incorporating a personal touch, maintaining open communication, and actively implementing improvements based on feedback become the pillars of a rewarding and unforgettable rental experience for your guests.”

10. Deliver impeccable cleanliness

“As a frequent traveler and hospitality industry professional, I leverage specific elements to create a wow factor that ensures an exceptional experience for my guests. Anyone can provide basic accommodation, but to maintain a five-star experience, I always want to ensure immaculate cleanliness,” says  ResortCleaning. “Guests should have peace of mind that your rental is cleaned to the highest standards.”

Shot of a couple relaxing in the chairs at a balcony

11. Shift your focus from ratings to guest care and unique experiences

“My first advice is to stop pursuing five-star ratings. It makes you one-dimensional. Instead, make it clear that your top priority is to genuinely welcome and care for your guests,” insists founding member Alan Colley of Host2Host and co-owner of Summit Prairie. “Caring is the secret sauce of superior hosts. Do your honest best to ‘sell the sizzle’ that makes your place one where a guest feels comfortable and enthusiastic about telling others why they chose you.”

12. Build a top-notch management team for the unexpected

“In my opinion, to maintain a five-star rental managed by a property management team, it is essential to uphold the highest cleaning standards, incorporate pre-checks between cleaning crews and guest check-ins, hire experienced reservationists for top-notch guest communication, and ensure the amenities are delivered as advertised,” recommends Reservation Specialists. 

“Setting accurate expectations is critical. In case of unexpected circumstances, maintaining upbeat and positive communication is essential, along with providing alternative options if advertised amenities are unavailable.” 

13. Have a single, dedicated point of contact for guests that can streamline communication between all channels

“The key to maintaining a five-star rental property goes well beyond mere upkeep and starts with having a dedicated point of contact for seamless communication,” suggests Jim Lagan from Home Realty LLC. “From there, having a mindset for meticulous maintenance, an unwavering focus on cleanliness, and a commitment to providing swift resolutions is what creates an exceptional experience for every guest or resident.” 

14. Creating unforgettable stays goes beyond cleanliness with thoughtful details

“When it comes to running a five-star rental, it’s the details that make the difference. Immaculate cleanliness, combined with thoughtful touches like curated amenities, crafts an unforgettable guest experience,” explains Soda Stays. “It’s more than just maintaining high cleaning standards. It’s about putting your heart and soul into creating an environment where guests don’t just stay, they feel valued and appreciated. This unwavering dedication not only ensures an exceptional stay but also engraves an unforgettable experience.” 

Modern patio next to swimming pool

15. Manage your guest’s expectations

“I’ve managed everything from mansions in Malibu to cabins in the woods, but the best thing you can do for five-star ratings is manage guest expectations,” recommends Jeff Iloulian, CEO of HostGPO. “You should take great photos and your place should look like the photos. Is there anything guests should know about your place? Send them a message to let them know in advance. Share the amenities you provide in your listing so guests know what will be there for their stay.” 

16. Provide the guests with a guidebook and all essential information about their stay

“I’ve found that answering all guests’ questions before they even have a chance to ask them through the use of a digital guidebook such as Touchstay, is essential,” says Avery Carl from The Short Term Shop. “Many guests are traveling in the evening to an area they are unfamiliar with, and having a resource prior to arrival that provides them with all the necessary information, such as the nearest grocery store and the type of coffee maker in the rental, can really take the stress off of guests after a long day of travel.”

17. The importance of high-quality products in vacation rental properties

“High-quality and durable products are crucial in a vacation rental property as they enhance the guest experience and reduce operational hassles. By providing reliable appliances, comfortable and well-kept furniture, and durable fixtures, vacation rental owners can ensure guest satisfaction, receive positive reviews, and minimize the need for frequent repairs or replacements,” insists Minoan Experience. “This not only leads to repeat bookings but also contributes to the long-term success and profitability of the vacation rental property.”

18. Positively set the ground rules 

“One of the biggest keys to keeping any rental – as in not getting banned – is ensuring your guests behave respectfully in your community,” says Alexa Nota, Co-Founder and COO of Rent Responsibly. “Frame your house rules positively but clearly before guests arrive so they know what to expect. For example, for noise hours, you can say, ‘We love our neighbors and our neighborhood, so we kindly ask all guests to honor local quiet hours of 10 AM to 7 AM.’

Another tip is to offer an alternative. If you can’t accommodate many cars, for example, recommend a great parking area nearby so guests don’t park where it disrupts nearby homes.”

Personalized welcome note from a host given to a renter

19. Quick tips for managing your vacation rental listing 

Lifty Life provides a straightforward list of tips and tricks with managing rental vacation properties “to enhance the guest experience and satisfaction”:

  • Clear and accurate property descriptions: Provide detailed and accurate information about your vacation rental in your listings. Highlight the unique features, amenities, and any restrictions or limitations. Use high-quality photos that showcase the property’s best aspects.
  • Transparent communication: Be transparent about your rental policies, pricing, and any additional fees. Clear communication helps build trust and ensures guests have the necessary information before booking.
  • Thoughtful welcome pack: Create a welcome pack or basket that includes small but meaningful items such as bottled water, snacks, local maps, and guides. You can also leave a handwritten note to greet guests upon arrival. These small gestures make guests feel welcomed and appreciated.
  • Guest feedback and reviews: Encourage guests to leave feedback and reviews after their stay. Positive reviews can attract more guests, while constructive feedback helps you identify areas for improvement. Respond to reviews promptly and professionally, addressing any concerns or issues raised.
  • Flexibility and personalization: Whenever possible, try to accommodate special requests or preferences from your guests. This could include flexible check-in/check-out times, arranging transportation, or offering additional services like grocery shopping before their arrival. Personalized touches can leave a lasting impression.
  • 24/7 support: Provide a reliable point of contact for guests in case of emergencies or any issues that may arise during their stay. Make sure they have access to a phone number or email address they can use to reach you at any time.

20. Invest in your vacation rental

“The number one trick to keeping your property rated as a five-star rental is understanding that, as owners, we must be willing to invest each year in the upkeep and maintenance of our properties,” suggests Norman Block from Block & Associates Realty. “Everyone who buys a car knows and expects that they will spend money annually to maintain the vehicle and protect their investment in that car. Yet, when it comes to rental homes, I am always amazed that landlords are reluctant to do the same. 

Every property owner should expect to spend somewhere around a fourth to a half percent of the property value annually for repairs, fix-ups, and improvements. Real estate properties are most people’s biggest assets and these properties often carry our largest debts.”

family walking outdoors at beach house

Source: redfin.com

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Apache is functioning normally

June 7, 2023 by Brett Tams

After more than 18 years in executive management of a worldwide manufacturing company, Steve started his second career in real estate in 2002. Now, in 2023, his company, ERA Doty Real Estate, won ERA Real Estate’s Gene Francis Memorial Award for Top All-Around Company. Here he speaks with Realty Biz News about how his career change was at its core about culture. 

Steve Doty Head Shot

Tell me about how you got into real estate.

Before I got into real estate, I was an engineer. I worked for a family manufacturing company for nearly 17 years. After the company was bought by a large German corporation, I realized we didn’t see eye to eye. I didn’t agree with some of their philosophies. I believed in supporting the families that we did business with, our vendors, and the people who worked in the plant. I believed that relationships were important within business.

It soon got to the point where I didn’t enjoy my job. I didn’t enjoy all the problems that went along with it. My blood pressure was high, I was smoking three packs of cigarettes a day, and the stress was literally killing me. One day in 2003, I was flying back from a trip to Seattle and realized I was dreading going back to work. I thought to myself, “I’m done with this, I’m just done.”

I told my mom, who had worked in real estate all her life, that I hated my job and she said, “Quit. Go into real estate.”

So, I took the suit and tie off and started my second career. Today, I wear boots and blue jeans and I don’t dress up. I may even come into the office in shorts. I absolutely love what I do now. It doesn’t feel like work to me. It feels like I play for a living. We laugh, we joke. We run around with a cowbell and ring the cowbell and cheer when people have big closings or put big deals together. It’s a lot of fun.

What makes your approach to real estate different?

When I started in real estate, the brokerage model was broken. All of these large offices had locks on the doors and locked file cabinets. They poked each other in the eyes, pulled each other’s hair, and stole each other’s clients. There was a lot of drama.

I just felt like it was time for something different and the market was ready for someone to look at the business differently. I promoted the mentality that a rising tide raises all ships, and we all began to help each other, collaborate and learn from each other and do things together. We were a performance culture. We were small, agile, collaborative, quick thinkers who helped each other. 

As my company grew, I was able to acquire my biggest competitor in 2016. But then we stopped growing. We hit a wall because the new people didn’t share our ideology. I learned that this mindset doesn’t work for everybody. In the first 18 months following the acquisition, we walked about $21 million in sales volume out the door.

I paced the floor every night. I felt like a failure. I couldn’t figure it out and just when I was really struggling an agent walked in, sat down, shut the door, and said, “Be yourself and everybody will come. They want to be around you and your electricity. They want to be inspired. Stop trying to make people like it and let’s grow with the people that do.”

That was a life-altering moment for me and we began to grow from there instantly. As soon as we did it, that’s when we went from decreasing in sales to everybody being happy, going back to playing nice with each other, and growing a business again.

What is your guiding principle as a broker/owner?

That’s simple. My job is to be focused on growth but it’s not about growing the business – growing people is what I do. That just happens to benefit the business. The thing that may make me unique is that the terms “boss” “leader” and “mentor” make me a little bit uncomfortable. 

We bring groups of people together to tell me what I’m doing right and what I’m doing wrong. I write those things on the wall and then within days of them doing that, I report back to them to tell them how we’re going to improve or change. I’m a person who likes to involve everybody in the building, know what their strong suit is and then figure out how to meet their needs. We treat an agent like a customer.

How do you sustain or create a cohesive culture in your company?

I’m a believer that you can’t create culture, you must embrace it and participate in it. We’re here to change people’s lives through homeownership. And we do that from a foundation of mutual respect for each other, our strengths and our weaknesses, and the absolute belief that we are better and stronger when we work as a team. 

In addition to having a focus on helping each other out, being the best at our craft, and having fun, we also come together to help our community. Over the years, we have raised hundreds of thousands of dollars for numerous community projects including, The Special Olympics, The Salvation Army, The Muscular Dystrophy Association Smoke Out, Cystic Fibrosis, Operation Christmas Child, Pulling for Vets, The Northeast Arkansas Humane Society and more. 

How do you define success?

At the end of the day, I think success is all about balance. You are happy with what you do and have time to enjoy your family, your community, and your personal life and the things are important to you. I’ve been lucky that what I do in my business makes me happy and that we have been successful because of it.

About ERA Doty Real Estate

ERA Doty Real Estate is part of the ERA Real Estate network, a global leader in the residential real estate industry for nearly 50 years that features a powerful network of like-minded entrepreneurs supported by the brand’s game-changing technology, products and powerful lead generation. With offices in Jonesboro, Paragould, Flippin, Mountain Home, Conway and Hot Springs, ERA Doty Real Estate serves clients locally in Arkansas and Missouri and works with out-of-town clients looking for retirement or vacation homes. The firm’s 160 agents specialize in all areas of real estate including residential, commercial and relocation. 

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Source: realtybiznews.com

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Apache is functioning normally

June 7, 2023 by Brett Tams

[Editor’s note: Originally published here.]

Pilots are a critical touchpoint for property companies and PropTech firms alike. They give real estate businesses an inside track to innovative technologies and provide tech startups with crucial real-world information on what works, what doesn’t, and ultimately, what is saleable. Getting pilots with the right partners can dramatically reshape the growth trajectory of startups and provide traditional real estate businesses with a big competitive edge, but the actual process can be daunting, particularly for property companies with limited tech experience.

We’re changing that with this article. We spoke to experts at real estate companies and a rapidly growing PropTech firm to get the inside story on what property firms should do to optimize for their next pilot partnership, and set the stage for a winning, long-term program.

Homework 

If you’re considering launching a pilot at your property company, it might be tempting to jump straight to looking for partner candidates. Before you do that, though, take some time to get your ducks in a row. Identify where solutions could be most helpful for your organization, and ensure that you have the infrastructure in place to actually execute on what you sign yourself up for.

“If you’re going to do a pilot it is probably worth going through the effort to map out the entire process,” said Aki Karja, head of Fairstead Ventures, the PropTech arm of Fairstead, a New York-based developer specializing in affordable housing.

“It’s not something you can really do ad hoc. You need to set up champions in your organization who are responsible for seeing the pilot through to success, and this can become very complicated.”

Identifying champions within your team will help not only give your pilot program some internal momentum, it’ll also make collaboration a lot easier for your future PropTech partners. A big part of this is understanding how inherently friendly your organizational structure is to nimble partnerships like tech pilots. If you’re at a major real estate company with levels of bureaucracy, you may find it difficult to get buy-in, and represent all of your stakeholders’ concerns. For a pilot to be effective, “you need to get buy-in from a lot of people,” Aki said.

Identifying a strong pilot partner

With your ducks in a row, finding a pilot partner will be much easier. The more you engage with the PropTech community as a real estate firm, the more startups you’ll have reaching out to you, hoping to partner. HLC Equity, a multifamily investor based in Pittsburgh, also runs the tech conference PropTech360. This has led to many PropTech firms contacting HLC to discuss partnership opportunities.

David Molitor, head of operations for HLC, said that his firm has a few high-priority criteria any tech solution needs to meet if it is to be considered. “How does it work in our portfolio, at our size, in our locations? The next big item is whether it integrates with our existing technology systems.” If it checks these boxes, David said that’s when he would consider a demo, and speak with other users of the system to get their feedback.

Once you get that far in the process, it’s critical that you give the pilot the bandwidth it deserves. “You have to bring the startup founder under the hood and with them look very pragmatically at the problem, what the solution is, and how much money it will take. It’s a very long sales cycle,” Aki said. “Once you gain that conviction on both sides, that there is a value add and a path to something reasonable, you can move forward.” If this process reveals fit, you’ve likely identified your next pilot partner.

As a real estate professional, you may wonder if there are negotiating table faux pas to be aware of when making first contact with a startup. Aki said he doesn’t worry too much about concerns like that. “If it’s an interesting project that will generate value for us while being good business for the startup, I’m certainly interested,” he said. “A lot of startups are founded by very smart engineers. They are not marketing people and what they lack is developing the value proposition for their product. Through discussion, we can help them understand that value proposition from our perspective. Even if the discussion doesn’t amount to anything, this is still a learning process for the startups we partner with.” At this stage of the partnership, trust and openness is very important. You’ll need to rely on your tech partner to communicate and perhaps  iterate in a direction that aligns with your goals, and they will need to trust you to be upfront with your feedback and stick with them through potentially challenging implementation roadblocks. Beginning the relationship with a guarded, overly protective perspective is a recipe for failure.

Ideally, the first contact between real estate firm and PropTech team will be more of a low-key informative chat and less of a sales pitch. Wouter Merkestein is CEO of laiout, a PropTech startup that produces automated floorplans for architects and property companies. “We’re PhDs and physicists, not some big sales engine,” he said.

“For us every conversation starts casually: ‘‘We are a bunch of people very excited about actually solving this problem. We were told it is of significance for similar companies to yours and someone mentioned you might be interested. Can we have a chat to see if we could make this tool work for your workflow?’”

This kind of to-the-point early discussion of problems and goals is important for boosting your chances of pilot success.

In terms of vetting specific startup partners, there are few one-size-fits-all red flags to be aware of ahead of time. However, you should keep in mind the risks that your tech partner may be exposed to. Daniel Farber, CEO of HLC Equity, said that you will occasionally see tech companies that are dependent on venture funding fail as a result of being unable to raise a round. “If they close, where does that leave our data, especially with regard to security? When the market was going up people weren’t really thinking about it, but people are thinking more about downside protection now.”

Finally, when you’re going into your first pilot, be aware of timing. One of laiout’s pilot partners is Areim, a large Nordic property owner. Philip Knis, junior asset manager with Areim, explained that “One crucial factor to consider when we are piloting a tech tool is the element of time. We typically establish clear timelines and deadlines to keep the pilot on track and ensure that all stakeholders have sufficient time to provide their feedback. Real cases or applications of the tool also provide a sturdy foundation for evaluation, enabling a better understanding of the tool’s functionality and limitations, and empowering us to provide more constructive feedback.”

Opportunities and pitfalls during the pilot process

With a partner in place, the pilot can begin in earnest. Depending on your business and the type of technology in play, this may be as simple as gaining access to a web-based platform or as complex as working through an on-site hardware system install.

During the pilot, you should be constantly measuring the costs and benefits of the tool being trialed. You also have an opportunity to embrace organizational best practices even before concluding the pilot. If an IoT pilot reveals an opportunity for substantial energy savings outcomes, that is a lesson that you may want to internalize and explore, with or without your pilot partner. Aki suggested focusing in particular on identifying opportunities to boost your measurement and control capabilities, in that order.

The best way to avoid subpar outcomes during the pilot itself is to deliberately stay in very close contact with your tech partner. Consider establishing a cadence of touchpoints at the beginning of the engagement, and then sticking to it over time, using each call as a chance to collect new information and represent the perspectives and feedback of your internal stakeholders.

Winding down a pilot: outcomes

The ideal result for a pilot is the long-term implementation of the tool being trialed. Of course, this is not always the outcome. If you realize that your pilot is not yielding satisfactory returns, it may be time to consider a parting of ways with your partner.

If the time comes that you need to end your pilot, don’t necessarily consider it a failure. A pilot that fails to convert into a long-term partnership could be indicative of misaligned needs more than a specific failing on either party’s side. For Aki, a discontinued partnership is still a chance to educate and guide the startup partner. “Explain what is missing in what they offered. That is hugely valuable for them.” Wouter, of laiout, agrees with Aki’s assessment, saying that he goes into pilots hopeful but not assuming a sale is the most likely outcome. In the event of a pilot failure, “I’d like to know what would make them happy,” he said. Property firms, take note: Even while parting ways you have an opportunity to add value to a once, and perhaps future, partner.

If your first pilot doesn’t meet expectations, don’t be discouraged. Make a frank assessment of where things went off track. Was there a misalignment in terms of desired outcomes, or was it simply a failing on the part of one party or the other? If you find that your pilot program lacks support throughout your organization, and that you have to pull teeth to get stakeholder engagement, consider cutting your losses and holding off on future pilot engagements until you

can marshal more internal support. Otherwise, once you’ve internalized the lessons of your first pilot, it’s on to the next one.

Conclusion

Every PropTech pilot program will be different based on the unique DNA of the real estate company running it. Nonetheless, these best practices are relevant regardless of your particular niche, strategy, or market.

If there is any final take away from the conversations we had with experts on both sides of the pilot, it’s the importance of communication. If you communicate with your tech partner thoroughly from day one, setting clear expectations and then staying in contact on what is working and what is a pain point, you stand the highest chance of turning a short-term pilot into a long-term boost to your business.

Source: geekestateblog.com

Posted in: Paying Off Debts Tagged: About, actual, ad, affordable, affordable housing, All, Applications, ARM, assessment, asset, before, Benefits, best, best practices, big, Blog, Built World, business, Buy, CEO, chance, clear, collaboration, communication, companies, company, data, developer, energy, energy savings, engagement, engagements, equity, estate, event, existing, expectations, experience, experts, Financial Wize, FinancialWize, foundation, friendly, future, goals, good, growth, guide, helpful, Housing, in, install, Investor, IoT, jump, lessons, low, Make, making, market, Marketing, money, More, Move, Multifamily, needs, negotiating, new, new york, Operations, opportunity, or, organization, Other, Partnerships, party, pilot, pittsburgh, place, play, portfolio, project, property, Proptech, protection, Raise, Real Estate, returns, right, running, sale, sales, savings, security, short, Side, simple, smart, stage, startup, startups, story, Strategies, Tech, Technology, time, timing, traditional, trust, under, unique, value, Venture funding, will, work, working

Apache is functioning normally

June 7, 2023 by Brett Tams

California civil rights officials have sued two Sacramento landlords, alleging they illegally harassed and evicted a tenant because she paid through a Section 8 voucher.

The lawsuit, announced Wednesday, is the first brought by the state Civil Rights Department under a 2020 state law making it illegal for landlords to refuse to accept tenants who pay with subsidies like Section 8. It comes amid criticism from tenant advocates that the department hasn’t adequately enforced the law.

“Throughout the State, rental housing costs are climbing further out of reach for many Californians,” department Director Kevin Kish said in a news release announcing the lawsuit. “Source-of-income discrimination by housing providers exacerbates this trend and is unlawful.”

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The Section 8 program is one of the U.S. government’s most powerful tools to keep rental housing affordable and to fight overcrowding and homelessness.

Administered by local agencies, Section 8 enables tenants to find housing with private landlords. The rent that tenants pay is capped at around a third of their income, with the federal subsidy making up the difference.

The demand for vouchers far exceeds supply, and low-income households can languish on waitlists for years.

In the lawsuit, filed last month in Sacramento County Superior Court, the state Civil Rights Department alleges that landlords Carlos and Linda Torres sent their tenant, Alysia Gonsalves, an eviction notice stating that they “decided to remove house from Section 8 program completely.”

After the tenant told them that evicting her for that reason was illegal, the landlords harassed her, threatened her with violence and “unlawfully locked her out of her home,” the department said in a news release.

The eviction notice and harassment were prompted by the tenant’s refusal to continue making additional monthly payments that the Torreses had demanded but were not required by the voucher program, according to the lawsuit.

The Torreses could not immediately be reached for comment. No one answered at a phone number listed in an online database for a Carlos Torres associated with the single-family home that Gonsalves rented, and the voicemail was full.

Other attempts to reach Carlos and Linda Torres were also unsuccessful.

For decades, many California property owners refused to rent to Section 8 voucher holders, citing concerns over government red tape or a belief that they are bad tenants.

Then in 2020, the new state law took effect. Advocates say the landlords’ perceptions are inaccurate and can reflect negative stereotypes of low-income individuals as well as the people of color who make up a majority of voucher holders.

Under the law, landlords aren’t required to rent to every Section 8 household but cannot refuse to consider someone merely for having a rental subsidy.

Landlords are also barred from discriminating against voucher holders in other ways, such as charging higher rent or refusing access to common areas like the pool or gym.

Despite the new protections, tenant advocates say voucher discrimination remains common and have called on state and local authorities to increase enforcement and education of landlords about the 2020 law.

In the Sacramento case, after Gonsalves said she would stop making the side payments, the Torreses told her they were “not here to support government leeches” and called the tenant, whom they perceived to be Black, the N-word, the complaint alleges.

After the Torreses locked out Gonsalves, who has a physical disability, they didn’t allow her to retrieve the furniture, medical equipment and family heirlooms she had left behind, the complaint said.

When she finally was given access months later, “many of her personal items had been damaged or destroyed,” according to the complaint.

The agency is seeking monetary compensation on Gonsalves’ behalf. The lawsuit also alleges that the Torreses discriminated against Gonsalves based on her race and color, as well as her disability.

Denise McGranahan, a senior attorney and source-of-income expert with the Legal Aid Foundation of Los Angeles, said the Civil Rights Department needs more funding to better investigate voucher discrimination. But she called the filing of the first lawsuit a “positive development.”

“Part of what happens when they file a lawsuit like this is it has a deterrent effect on other landlords who say, ‘Oh, my God, if I do this, this may happen to me,’” she said.

Source: latimes.com

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Apache is functioning normally

June 6, 2023 by Brett Tams

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I have recently become fascinated by the idea of Billionaire Morning Routines.

The premise is that if you want to be successful in life, then you must wake up at an early hour and dedicate time or energy towards your goals. I am still not sure how this translates into a morning routine for me, but what I do know is:

You don’t need much money to become wealthy.

Your mindset can drastically change the trajectory of your day and life.

Sometimes it can feel like the odds are stacked against you. But there’s always hope.

Personally, I have found success by following this simple morning routine that will help get me through each day and set my path for success.

Successful millionaires have certain habits that can help you be more productive each and every day! While not everyone aspires to be a millionaire, these habits can still be useful for anyone looking to increase their productivity levels.

In this post, we are going to dig into billionaire morning routines and look at some millionaire morning routines as well.

Is a cup of strong coffee enough? Or do you need to layer some more key habits of billionaires on top?

So, if you’re looking for some tips on how to be more productive, following in the footsteps of some successful millionaires is a great place to start!

Remember these are the people making 10 figures…

Billionaire morning routine is a simple yet effective way to start each day. Learn the secrets to take control of your life and become wealthy by following a few simple steps.

What is a Billionaire Morning Routine?

A Billionaire Morning Routine is a set of habits that wealthy individuals use to start their day in order to increase their chances of success. This usually involves waking up early, exercising, eating a healthy breakfast, and spending time on personal development.

These routines are a set of designated activities that can help you stay on track. A millionaire or billionaire morning routine helps you organize your day from the moment you wake up until the time you leave for work. The difference between what you’re doing and a millionaire morning routine is the way you manage your time.

Every day is different for billionaires, but their morning routine should always be prioritized by their lifestyle needs first.

A billionaire morning routine should focus on managing your time in a way that allows for consistency with priorities of lifestyle needs and productivity goals.

Why is a Millionaires Morning Routine or even a Billionaires Important?

Picture of early morning sun streaming in on a billionaires morning routine.

The reason a Millionaire’s Morning Routine is important is that it sets the tone for the rest of the day. If you start your day by working on your goals and taking care of yourself, you’re more likely to have a successful day.

Don’t you want to maximize your time and get the most out of your day?

These are the key benefits of following a billionaires morning routine:

  • Stay focused on the important tasks at hand each morning.
  • Help you better prioritize your time in the morning and throughout your day.
  • Increase your productivity all day long.
  • Reduce the stress you feel each morning.
  • Boost your energy levels throughout the day.

In addition, a millionaire or billionaire’s lifestyle is associated with a number of benefits, including increased happiness, improved focus, and more time to accomplish goals.

There are many reasons why having a billionaires morning routine, or even a millionaires morning routine, is so important.

A millionaire morning routine is empowering because it gives you control over your life–and who doesn’t want that?

Billionaire Morning Routines

Picture of a guy in a suit overlooking a downtown skyline as someone goes through their billionaire morning routines.

There are a lot of different opinions on how to achieve success in life, but one thing is for sure: you have to get up early if you want to be a millionaire.

You have heard the saying, “the early bird gets the worm.”

They use these routines to set themselves up for success and make the most of their time. Plus there are a few key things that all millionaire morning routines have in common.

This allows them to get centered and focus on what they want to achieve.

The billionaires’ morning routines are a good place to start when trying to improve your own routine.

Billionaire morning routines are the first place to start when trying to change your daily habits for the better. These practices provide a foundation that you can build off of as you work towards reaching your goals.

#1 – Wake up early

Wake up early to get more done in the morning.

Go to bed at a reasonable time so you can sleep well and be refreshed for the day.

Here are some tips to make waking up easier:

  • Have a wind-down process before bedtime.
  • Switch off screens an hour or two before you plan to go to bed so you sleep easily when the sun rises at 5 am.
  • Wake up five minutes earlier than you do now and work your way up until you wake up an hour earlier.

Waking up early is a simple change that anyone can make!

To get up early, go to bed earlier. The key to getting up early is going to bed early and having a wind-down routine so you sleep easily when you get into bed.

#2 – Meditate

Meditation can aid in concentration, creativity and reduce stress.

There are a variety of ways to meditate, including sitting quietly and focusing on your breathing.

When it comes to improving productivity, many people think that meditation is a waste of time. However, this could not be further from the truth.

In fact, there are a number of reasons why you should meditate every day:

  • Lowers your stress levels
  • Helps you focus
  • Improves creativity
  • Provides answers to unexpected problems
  • Helps make decision making easier
  • Keeps you less distracted throughout the day.

The hardest part of meditation is getting started, but it’s worth it if you have the discipline to stick with it for even 5 minutes a day or do some other form of relaxation therapy before falling asleep at night.

It doesn’t matter how long you do it, as long as you’re getting the benefits from it.

#3 – Glass of Water

Drinking water in the morning can improve general health and well-being.

Celebrities including Kim Kardashian, Beyoncé, and Cameron Diaz have touted the benefits of drinking water regularly.

Water is essential for life. In fact, our body is composed of about 60% water. We lose water every day through sweating, breathing, and urination, so it’s important to replenish our fluid intake. Drinking a glass of water in the morning can reduce calorie intake and improve mental performance.

Drinking water in the morning can help you stay alert, make you more energetic, and provide the necessary fuel for your brain. It’s important to drink water first thing in the morning because it hydrates quickly and fuels your body. Drinking water is also a great way to hydrate for a long day of work or play later on that day.

#4 – Exercise

The wealthiest people in the world begin their days with some exercise. They choose to perform this activity in the morning so that it doesn’t get forgotten among all their other daily responsibilities.

Richard Branson, a British billionaire, exercises every morning without fail.

Exercising boosts your confidence, has positive effects on your mood, and helps them focus throughout the day.

The key is to find a way to incorporate exercise into your routine each day. Find an exercise that works for you and stick with it.

Wake up early and exercise. Exercise is a great way to start your day off on the right foot. It gets your blood flowing and helps you wake up mentally and physically. Plus, it’s a great way to get in some extra fitness goals for the day!

#6 – Read a book

Reading can boost cognitive activity in the brain. This means that you’ll be more alert and prepared for whatever challenges the day throws your way!

Also, reading before bed can help calm the mind and prepare the body for sleep.

# 7 – Eat a healthy breakfast

Many successful people have made breakfast a key part of their morning routine.

Starting your day off with a filling meal can help you stay focused, give you more energy, and help you concentrate on the work you need to accomplish later in the day.

Breakfast is the most important meal of the day, and it’s especially important to eat a healthy breakfast. Eating breakfast helps your body and mind function at their best. It can give you energy for the day ahead, help you focus, and provide necessary nutrients for your brain.

There are many different types of healthy breakfasts that you can try. Some people like to have eggs, others prefer yogurt or granola. Kelly Ripa has coffee, yogurt, and granola as a breakfast routine; Barack Obama has eggs, potatoes, and wheat toast. Reese Witherspoon’s go-to green smoothie recipe has been her breakfast routine for the last nine years. Idris Elba keeps it simple with toast during his morning routine.

No matter what you choose to eat for breakfast, make sure you drink plenty of water as well.

On the flip side of the coin is fasting during breakfast and maybe even lunch.

#8 – Plan your day the night before

Plan out your day ahead of time. One of the best ways to ensure that you make the most of your time is by planning out your day ahead of time. This will help keep you organized and focused on what’s important.

Determining when during the day is the best time to tackle your toughest jobs can help reduce stress and increase performance.

Journal your thoughts, plan your day, and focus on what you want in life.

Goals don’t happen unless they are written down and acted upon.

One way to make sure you start your day off on the right foot is by planning your day the night before. This way, you can wake up knowing what you need to do and have a plan in place for how you’re going to get it done.

Reflecting in the evening about what you want for yourself can help solidify your intentions and give them power by writing them down for review each day.

#9 – Plan the day ahead

Others prefer to plan their day in the morning.

Getting out of bed and putting your best foot forward EVERY SINGLE DAY is important for having a successful morning routine.

By planning out your tasks, you will be better prepared to face any challenges that come your way during the day.

To help with this, try creating a morning routine that fosters a healthy mind, body, and spirit. This will get you ready to operate at peak performance.

In order to be successful, you have to know your schedule so you can plan time blocks for specific activities. There are only so many hours in a day – you must make sure they are well spent.

#10 – Create your routine

Creating a routine for your morning will help you accomplish more with your time, starting your day off on the right foot, and it will also give you a chance to start your day off with joy before any hustle or stress begins.

Some of the benefits of a millionaire morning routine include stress-free, accomplished things, and increased levels of happiness.

However, remember that the Millionaire Morning Routine is not the only one out there! You can start your day by hitting the ground running but don’t copy and paste a billionaire’s exact routine. Billionaires set their days apart with goals, so try our goal-setting worksheet to get a head start!

There are many factors to consider when deciding if a millionaire morning routine is for you, such as the goals you want to achieve and your schedule.

However, you need to create a routine that works for you. Below, you will see some samples from billionaires, but at the end of the day, it has to work for you.

When you have something to look forward to at the beginning of each day, it helps reduce stress and makes you happier. It’s also a way to get your day started on the right foot.

What time does the average billionaire wake up?

Picture of a guy with an alarm clock wondering what time does the average billionaire wake up.

There is no average billionaire wake up time because there is no average billionaire.

However, it is well known that most millionaires and top executives wake up early in the morning. Some may be up by 4 am while others start their days between 6-7 am.

This gives them plenty of time to get ready for their day and start working on their goals.

Waking up early is a great way to start your day. You have more time to get things done, and you’re less likely to be stressed out. In addition, it’s a good opportunity to meditate and clear your mind before getting started on your work.

Billionaire Morning Routine Examples

Picture of a private plane and convertible for billionaire morning routine examples.

There’s no one right way to have a successful morning routine, but many millionaires and billionaires have habits that they credit with helping them achieve their goals.

Others include setting priorities for the day and planning ahead.

There are many different morning routines that billionaires follow in order to achieve success. Some of these routines include waking up early, exercising, and reading. Others involve spending time with family and friends or networking.

No matter what a billionaire’s routine may be… the most important thing is that they stick to it and make sure they are taking steps each day to move closer to their goals.

These billionaires have different workdays, but all follow a similar daily routine to keep their minds and bodies in check.

Elon Musk Morning Routine

Elon Musk is a well-known entrepreneur and investor. He is the founder, CEO, and CTO of SpaceX, co-founder of Tesla Motors, and chairman of SolarCity. He also has a keen interest in artificial intelligence.

First of all, sleep for Musk is minimal with him going to bed around 1 am and back working by 7 am.

Musk has a routine that includes 5 minute blocks. In each block, he does one thing that is important to him. This could be making calls, sending emails, or working on a project. By doing this, he is able to focus on one task at a time and avoid distractions.

Musk’s routine also includes planning out how long it will take him to complete tasks throughout the day so that he can be sure not to waste time on tasks that are unnecessary or take too much time. This prevents him from feeling rushed and allows him to focus on the most important tasks. He makes a solid plan for his day in order to prioritize what he needs to accomplish – even though it may not go as he planned.

Kylie Jenner Morning Routine

Picture of Kylie Jenner

Jenner wakes up early which is credited to her mom as setting an example for rising early. This self-made billionaire is not sleeping in at all, especially with her daughter.

The most intensive part of her morning routine is getting herself glammed up for the day. She will not eat breakfast without her makeup on. Workouts? She is known to work out 1-2 times a day depending on her schedule.

Finally, she eats breakfast and starts working on her business.

Waking up early and exercising sets the tone for the rest of her day and allows her to get things done efficiently.

Jack Dorsey Morning Routine

Jack Dorsey is the founder of Twitter and Square. He has a very unique morning routine that some people might find inspiring.

He wakes up at 5:00 am and spends his early hours on personal care.

First, Dorsey starts off by taking an ice bath to shock his system. This supposedly boosts mental confidence, which is necessary for running two major tech companies.

After the ice bath, he spends 60 minutes meditating in silence. This prepares him for his five-mile walk or jog to work. He skips breakfast, which many people find controversial.

He wraps up his day by journaling and reflecting on what went well and what could be improved.

Warren Buffet Morning Routine

Let’s be honest… many people look at Warren Buffet for inspiration and guidance. He is a wealth of knowledge that has lived throughout many of the toughest points in our nation’s history.

Billionaire Warren Buffet reportedly wakes up at 6:45 am and drinks a can of Coke. Then, he heads to the local McDonald’s for breakfast.

Very opposite of what most people would assume. But this morning routine has served Buffet well for years.

Warren gets down to business. He explains that most days, he just sits in his office and reads finance-related materials all day – specifically related to company financials, market materials, financial journals, and investor reports.

After leaving the office, Buffet goes home and might pick up fast food from time to time, but typically eats at home later in the day. A little reading before bed around 10 pm.

Oprah Winfrey Morning Routine

Picture of Oprah Winfrey

Oprah Winfrey is a famous American talk show host and actress. She wakes up at around 8:00 AM every day, brushes her teeth, lets the dogs out, and then starts her morning routine.

She places importance on reading at least five cards from her 365 Gathered Truths box each morning. More than likely she started with saying any of these money affirmations before she found her fame.

Oprah has a routine that includes a couple of hours spent on spiritual exercises, followed by an hour of low-impact strength-training program. She also spends time with her family and friends before finally starting work in the afternoon.

Jeff Bezos Morning Routine

Jeff Bezos has a very strict daily routine that he follows. He wakes up early (somewhere between 5:00 am -6:30 am) and begins by reading the news. After that, he spends time with family, eats breakfast, and does various activities that are not work-related.

His first business meeting starts at 10 am normally working on Amazon business matters. He has business meetings and visits fulfillment centers in the afternoon, but avoids important decisions late due to fatigue.

Sleep is important to this entrepreneur and goes to bed earlier than most.

What is the most successful morning routine?

The most successful morning routine for many people includes a mix of habits that help them start their day off on the right foot. This may include waking up early, drinking a glass of water, eating a healthy breakfast, and spending some time in prayer or meditation.

In order to be successful, it’s important to have a morning routine that incorporates good habits.

If you struggle with habits, then I highly recommend you read the book Atomic Habits. These habits are easy to incorporate into your own life and will help you accomplish more tasks and live like a billionaire.

How long does the 1 billion dollar morning routine take?

The 1 billion dollar morning routine was created by Jim Kwik, a YouTube creator.

It takes at least one hour to work through his 1 billion dollar morning routine.

Here are the key principles for Jim Kwik’s 1 billion dollar routine (source):

  1. Recall your dreams
  2. Make your bead
  3. Drink water and take supplements
  4. Focus on breathing
  5. Meditate for 15-20 minutes
  6. Move the body for 1-2 minutes
  7. Take a cold shower
  8. Enjoy a cup of tea
  9. Journal
  10. Create 3 lists: to-do list, to-be list, and to-feel list
  11. Read for 20-30 minutes
  12. Make a brain smoothie
  13. Participate in brain training.
  14. Start with the most difficult (and important) task

Self-care, self-love, and setting a vision and direction for the day are essential components of this routine. And don’t forget about hydration! A glass of water is a great way to start your day off on the right foot.

Journaling is another important part of this routine. It allows you to check-in with yourself about your stressors and how to navigate them. Consider implementing a few of these steps into your routine to see how they make you feel.

The 1 billion dollar morning routine may not be feasible for everyone, but some of the steps included are still worth considering (particularly the one about having a plan). Or moving some of the activities to other parts of the day.

What are the habits of a billionaire life?

In order to achieve success in life, it is important to emulate the habits of a billionaire. This may seem daunting at first, but if you take a closer look at what these individuals do on a daily basis, you will find that many of their habits are actually quite attainable.

For example, many billionaires are avid readers and they make sure to read something every day. They also have a strong focus on personal finance and know how to manage their money well. Additionally, they understand the importance of taking care of themselves both physically and mentally. All of these habits are important for anyone looking to achieve success in life!

These types of people are the opposite of I don’t want to work anymore.

What will your productive morning routines look like?

There’s no “right” way to have a productive morning routine – as long as you’re committed to it and conforms to the same principles.

For example, many successful people have different routines but they all commit to following them. This may include things like personal commitment, engagement, team building, and productive motion.

It’s also key to be flexible with your routine so that you can adjust when necessary. For instance, if something comes up or there’s a change in your schedule, you’ll be able to adapt without too much trouble.

The important thing is that you make time for the things that are important to you and that help you achieve your goals.

This might include exercise, breakfast preparation, or “mindful living.”

Whatever it is, make sure it works for you and that you’re actually going to stick with it!

What will go on your Billionaire Morning Routine List?

Most morning routines of millionaires and billionaires weren’t created overnight; they’re crafted over time. Same with buying their mansion.

So don’t worry if you don’t get everything right the first time around–just keep working at it and you’ll see results soon enough!

Get out of bed and put your best foot forward EVERY. SINGLE. DAY.

Each person’s journey to greatness will be unique, but by following the examples set by these successful individuals, you’ll be on your way to achieving anything you want!

Having a millionaire morning routine means that you start your day stress-free. It also helps you achieve your goals. The benefits of the millionaire morning routine vary depending on the schedule and personality of each individual.

But, in general, incorporating a project into your morning routine can help you feel more in control of your life, boost energy levels throughout the day, and make healthier choices.

In fact, check out these millionaire quotes.

The habits of successful millionaires can be applied to any area of your life for increased success.

Finding your own productive morning routine is better than leaving your luck up to left hand itching.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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Apache is functioning normally

June 5, 2023 by Brett Tams

Buying a house ranks among the biggest financial decisions of a lifetime. So when making an offer, it helps to have an escape hatch if something goes wrong. That hatch is called a real estate contingency.

What is a real estate contingency? 

Typically included in the contract, contingencies aim to protect buyers and sellers should issues emerge in the period between accepting an offer and closing the sale.

“The transaction is typically 30- to 60- day process—it isn’t like walking into a store and buying an iPhone,” says Anurag Mehrotra, an assistant professor of finance at San Diego State University. 

With properly worded contingencies, buyers can rescind their offer if, for example, they’re unable to get a home loan or an inspector flags a leaky roof. In short, they can walk away from the deal without losing their “earnest money,” the security deposit put down when the offer was made.

When the real-estate market is cooling, as it has been in many parts of the country over the past year, buyers are increasingly able to ask for contingencies and still remain competitive if there are other offers. 

In theory, potential buyers can ask sellers for almost anything imaginable—like assurances that the house has “good vibes.” But in reality, there are five contingency clauses most commonly found in real estate contracts.

Contingencies to consider

Inspection contingency

Once an offer has been accepted, there is typically a 30-day period for due diligence, Mehrotra explains. A buyer can hire a third-party inspector or engineer to assess things such as the home’s foundation and structure, electrical wiring and plumbing, the heating/cooling system and kitchen appliances.

Many inspection reports reveal minor or cosmetic defects that are no cause for alarm, a ding on the refrigerator door, for instance. But when the report unearths major issues, an inspection contingency allows the buyer to tell the homeowner to rectify them or reduce the purchase price.

“This is a huge one,” Mehrotra says. “It helps with unforeseen problems.”

Indeed, Realtor.com found that the number of buyers asking for repairs after an inspection more than doubled between August 2021 and August 2022, with the majority of sellers saying the cash value of repairs was in the $10,000-or-less range.

(News Corp, parent of The Wall Street Journal, operates Realtor.com.)

Appraisal contingency

Before it provides a mortgage, the lender will have the home appraised to ensure that its value meets or exceeds its purchase price. If the property’s valuation comes in low, buyers with an appraisal contingency are able to quash the transaction without losing their security deposit. Without that contingency, buyers would typically be on the hook to pay the difference upfront. 

When the inventory of available homes is low but the demand from buyers is high, purchase prices are more likely to exceed appraised values. That dynamic was at play after the onset of the pandemic, when throngs of buyers sought larger homes. In January 2020, just 7% of home sales had a contract price above the appraised value, an analysis by real-estate data provider CoreLogic found. By May 2021, the frequency increased to 19% of transactions. 

Since then, however, the demand for homes has eased—partly because rising interest rates have made mortgage payments less affordable. When sales are slower, bidding wars that jack up prices are less likely, which in turn helps close gaps between a home’s purchase price and its appraised value.

Mortgage contingency 

When buying a house, most people can’t exactly whip out their checkbooks. According to the National Association of Realtors, 78% of recent home buyers obtained financing to complete their purchase. A mortgage or financing contingency gives buyers some extra time to shop for the best lender and interest rate. 

That time is especially essential today. In the early months of 2023, average mortgage-interest rates bounced around 6.5%—well above the 2021 lows of less than 3%. In general, higher interest rates lead to larger house payments, so some borrowers may have more difficulty qualifying for a mortgage. That’s because a key component of the lender’s decision is the borrower’s debt-to-income ratio, a measure of the applicant’s total monthly debt payments in relation to the total monthly earnings.

It’s helpful when potential borrowers are preapproved for a mortgage before house hunting begins, explains Vanessa Famulener, president of HomeLight Homes, a real estate technology company. That may be enough to assure sellers that the deal will go through even with a financing contingency in the contract. 

Better yet is conditional approval from a lender before the home search begins, Famulener adds. With preapproval, the lender mainly looks at the borrower’s credit score, credit history, income and assets. With conditional approval, the underwriter has received and reviewed most or all of the documentation required to get a loan up to a certain amount. Assuming nothing changes—no job losses or change in marital status, for example—borrowers with conditional approval can feel confident about their creditworthiness, which may eliminate the need for a financing contingency entirely, Famulener says. 

Home-sale contingency

Over 56% of buyers are also selling a home, Famulener notes. And for most of them, selling is necessary before buying. First, they likely need the equity in their existing home to qualify for financing on their new home. And second, they can’t afford to make two mortgage payments every month. For both of these reasons, home-sale contingencies are commonly used in tight markets, Famulener says.

When including the home-sale contingency, it is important to include a time limit. Typically, the clause gives buyers 30 to 90 days after the contract is signed to sell their home. Without a time frame, buyers and sellers are left in limbo. 

Facing a home-sale time crunch, some buyers turn to companies that pay cash for their current home. Terms vary widely among these companies, with some requiring homeowners to pay service fees, broker commissions, taxes and/or closing costs. 

Title contingency

Before a home sale closes, a title search is performed to ensure there are no issues over ownership, such as liens against the property for things such as unpaid taxes, outstanding loans or overdue contractor fees. 

A title contingency allows the buyer to back out of the deal if the title search flags ownership concerns. However, this contingency is less common because most purchase agreements already include a clause that voids the sale if title issues emerge, Famulener says.

Even if they waive a title contingency, buyers are typically required to purchase title insurance. This policy covers them—and their lender—if ownership issues arise down the road, such as an undisclosed heir. The premium is generally a one-time fee paid to the title company at closing.

Will contingencies hurt my chances in a bidding war?

While contingencies of all types give buyers some wiggle room when making an offer, contingencies can also hurt your chances of getting the house of your dreams.

In Milwaukee, first-time home buyers Drew and Lyn Buus, both 26, made offers on seven homes between March and mid-May—losing out each time to other buyers, most likely because of contingencies.

In one instance, the couple bid $303,000 for a three-bedroom, 1½ -bathroom house in Wauwatosa, Wis., that was listed for $273,000. They included inspection and appraisal contingencies, but also said they would cover up to $5,000 if there was an appraisal gap and up to $5,000 if the inspection showed necessary repairs. 

After just one day on the market, the house had 33 offers, eventually selling for $293,000. “We offered more and it sold for less,” Buus says. “We never heard back [from the sellers], but we assume contingencies were waived” in the winning bid.

For now, he and his wife—and their dog Bailey—are staying put in a house they’re renting in Milwaukee’s Bay View neighborhood. “I feel strongly that you shouldn’t waive the inspection and appraisal contingencies,” says Buus, a supply-chain specialist for a medical manufacturer.

“It’s one of the largest financial decisions you’re going to make,” he says. “If something goes wrong, you’re on the hook.”

More on real estate

The advice, recommendations or rankings expressed in this article are those of the Buy Side from WSJ editorial team, and have not been reviewed or endorsed by our commercial partners.

Source: wsj.com

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Apache is functioning normally

June 5, 2023 by Brett Tams

Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.

Whether you’re new to the Constitution State or have lived there for years, you might be in search of a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place as we’ve researched the various regional banks and national banks available.

Connecticut welcomes you

12 Best Banks in Connecticut

Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on a variety of factors such as customer feedback, range of services, accessibility, and financial strength.

1. Liberty Bank

Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services. These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.

No matter which one of its four checking accounts you can choose, you can expect digital wallet access and online bill pay with no minimum balance requirement.

In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking. With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.

2. Bank of America

Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.

With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.

You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of  $500 or more or join the Preferred Rewards program.

As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.

3. CIT Bank

CIT Bank is an online bank with a focus on savings. If you’d like a checking and savings account, you might consider the CIT Money Market account. You’ll be able to earn interest and access your funds at any time.

CIT also offers the Premium High Yield Savings and Savings Builder accounts. Even though there are no physical branches in Connecticut, you can bank online or via a mobile app. CIT Bank also offers CDs and home loans.

4. Webster Bank

Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay. If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.

Webster Bank also offers a wide variety of other products and services, such as savings accounts, Certificates of Deposit (CDs), Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.

5. Citizens Bank

Citizens Bank is a national bank with more than 30 branches in Connecticut. Its One Deposit checking account is a solid choice because you won’t have to pay monthly maintenance fees as long as you make one deposit per month. Plus you can open the account without a minimum balance requirement. Other popular products include savings accounts, money market accounts, CDs, and IRAs.

With the Citizens Peace of Mind overdraft protection program, you’ll receive an alert if you overdraft your account. In addition, the bank will provide a grace period so you can avoid overdraft fees. Also, if you set up direct deposit with Citizens, you can get paid two days early during every statement cycle.

6. M&T Bank

M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking products include checking accounts, savings accounts, CDs, credit cards, loans, mortgages, and insurance.

If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. The bank also offers mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.

In addition, its lineup of small business banking products for small businesses, like business checking accounts, business credit cards, and merchant services can help you meet your business goals.

7. Union Savings Bank

Union Savings Bank is a local bank in Connecticut with a focus on customer relationships and customizable banking solutions. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout the Constitution State.

Union’s lineup of personal banking products is vast and features checking accounts, savings accounts, credit cards, mortgages, and HELOCs. This hometown bank has robust digital services including digital wallets, Spending Insights, online banking, mobile banking, and Zelle. As a Union customer, you can work with a certified FutureTrack coach, design a customized plan, and meet your financial goals.

8. Bankwell Bank

Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from its personal banking products, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.

The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances. Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, commercial credit cards, mobile check deposit, and zero balance accounts.

9. First County Bank

First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.

If you’re in the market for a home, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity products, and a plethora of mortgage resources.

Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support a variety of causes.

10. Dime Bank

Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can choose from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.

If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns. Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, vehicle loans, and personal loans.

11. Capital One

Capital One is a national bank with a variety of banking products like accounts for adults, children, and teens, credit cards, loans, and CDs. Even though there are no branches in Connecticut, we still believe it qualifies as a best bank in Connecticut because you can enjoy online banking via an online portal or banking app.

Additionally, you’ll have access to over a hundred fee-free ATMs in the state. The Capital One 360 Checking is a free checking account with no monthly service fee or minimum balance requirements. There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive APY. Additionally, Capital One does not charge overdraft fees.

12. Chase Bank

Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of products includes checking accounts, credit cards, loans, and wealth management services. The bank also provides banking solutions for children, teens, and young adults.

The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers.  If you open a new checking account, you may qualify for a generous sign-on bonus.

Bottom Line

Connecticut is home to a variety of banks. The best bank for you depends on the products you’re seeking, whether you prefer in-person or online banking, and your particular financial goals. Best of luck in your search for a bank in the Constitution State.

Frequently Asked Questions

What are the largest banks in Connecticut?

The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a vast selection of banking products, it might not be the best choice if your goal is personalized banking service.

How do I open a bank account in Connecticut?

It’s easy to open a bank account in the Constitution State. All you need is a government-issued ID like a driver’s license or passport, your Social Security, and some money to fund the account. Some online banks will also require you to set up direct deposit.

Should I choose a bank or credit union in Connecticut?

A bank is typically a solid option if you’re looking for diverse products and services. However, credit unions might make more sense if you want to become a member in exchange for personal advice and service.

What is the oldest bank in Connecticut?

Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.

What are some regional banks in Connecticut?

There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.

Are online banks safe?

Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online banks have lower fees than brick-and-mortar banks.

Source: crediful.com

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Apache is functioning normally

June 4, 2023 by Brett Tams

Fixer-upper (noun). A home you purchase at a reasonable price, but one that requires an unreasonable amount of money in repairs and renovations.

Okay, so I made up that definition, and it’s not always true. Buying fixer-uppers can get you more house than you would normally be able to afford at a reasonable price. They can be pleasantly inexpensive. But they can also be money pits, masquerading behind a façade of charming woodwork and arched doorways.

As tempting as the purchase price is for houses that need a little TLC, you must assess whether a fixer-upper is right for you. To do that, you need an appraisal. And I’m not just talking about the house.

An Honest Appraisal of Yourself

I believe even a carefully selected fixer-upper is really only a bargain if you can do the labor yourself. Even though we come from a long line of blue-collar workers, we have a lot to learn. Still, we have people to ask. Between our two families, we have two HVAC technicians, a plumber, an electrician, two ex-carpenters, a concrete worker, and two RNs (just in case the renovations don’t go smoothly).

It’s more than knowing how to do repairs, though. Even if you can do most of the labor yourself, do you want to? For instance, my husband loves doing electrical work, but doesn’t enjoy carpentry. That means our windows remained untrimmed for long time, but I’m not shocked that we have a great fuse box.

Then there’s living in the middle of endless projects. Since we renovate after our day jobs, sometimes we live in the middle of projects for a long time. When we refinished our wood floors on the main level, I was this close to going crazy. There was dust everywhere, for too long.

And are you equipped with the necessary tools? Even though we have the main tools like hammers and drills, we also share the really expensive or less commonly used tools between family members. Tools are expensive. You may want to borrow or rent tools that you won’t use as often.

The Other Honest Appraisal

As much as possible, you need to know everything about the house. A home appraisal and a thorough home inspection should tell you what you need to know. What’s it worth? If it’s an old house (and most fixer uppers are), how is the foundation? How old is the plumbing and wiring? Is there evidence of mold or water damage? Does it need a new roof?

Once you know what it needs, you need to ask whether you can afford to fix these things. Unless the house is dirt cheap, or you have access to inexpensive materials, you may need to find another house. Issues like mold or a foundation in disrepair are expensive to fix, so you may or may not get your money back in home equity.

A Tale of Two Houses

We’ve owned two homes. And while both needed a lot of work, they were completely different.

So what was the difference? The first house sat on the edge of a town with notoriously low prices for real estate. It was a mediocre house in a mediocre neighborhood. Because of that, we needed to buy the house at a price lower than the surrounding houses. Which brings me to rule #1…

Rule #1: Buy a fixer-upper at a cost (way) below the rest of the houses in a good neighborhood. By following this rule, your improvements will bring your house up to (or slightly exceed) the value of the surrounding properties. You won’t recoup your costs if your renovations result in “too much house” for the neighborhood.

Rule #2. Find a fixer-upper with quality construction. That first house was cheap, costing less than our combined annual income at the time. But everything about it was cheap, including the materials used in its construction. And that led to a rodent infestation, among other things. (I think our record was catching 14 mice in a 24-hour period.)

On the other hand, our second house has “good bones.” Maybe it needs lots of work, but at least the extra work will be built on a good foundation. Ah, but “lots of work” means mostly major, expensive projects.

Rule #3. Pick a fixer-upper with cosmetic upgrades instead of major, expensive projects. Well, of course! We didn’t put lots of money into our first house. Instead of fixing the foundation or updating the kitchen, we did inexpensive things like painting, pulling out old, overgrown bushes, and replacing the carpet.

And the new house? In the five years since we moved in, here are the projects we’ve completed: refinished all the wood floors (all 1,800 square feet of them); replaced the roof and some windows; rewired the house; renovated the bathroom; fixed the barn roof; replaced the leaking toilets and one of the rotten bathroom floors.

That doesn’t even include the projects we had to hire out like replacing part of the barn foundation or putting in a new septic system.

It also doesn’t include the projects yet to come. Despite the copious amounts of cash we’ve poured into this place, it still looks like a fixer-upper on the outside. We’re used to the squirrel-gnawed siding and the peeling windows, but we recently got a glimpse of how it looks to others.

This summer, we hosted a shrimp boil on the front lawn with lots of people, including a couple dozen kids. As I walked around the tables handing out cocktail sauce, one 6-year-old said, “Hey, who lives here?”

“I do,” I replied.

“Well, you need to paint this house!”

No, buddy, what we really need is new siding.

Counting the siding, new windows, and a few other things that we really need to do, I estimate that we have another $25,000 of updates to go, before we start the bathroom and kitchen renovations…and that doesn’t count the $30,000 we’ve already spent. According to the last appraisal, the house is worth less now than when we bought it.

Ouch. Next time I’ll be following my own advice AND applying this formula: Price of house plus cost of repairs equals the average home price in the neighborhood.

So before you fall in love with a fixer-upper, ask yourself if this is a decision you can live with in.

Source: getrichslowly.org

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Apache is functioning normally

June 4, 2023 by Brett Tams

HSA pros and cons

Lately, my dad’s been praising the benefits of having a health savings account. This year, he had the opportunity to get the most of his HSA — bad news for his health, but good news for his wallet (side note: Dad is now doing OK health-wise). If you have one or are considering one, here are all the HSA pros and cons to consider.


But first, if you are looking for the 2016 and 2017 annual contribution limits for HSAs, here you go:

  • 2016: $3,350 if you’re an individual and $6,750 if you’re saving for a family.
  • 2017: $3,400 if you’re an individual and remains unchanged at $6,750 for families.

I’ve spent time researching, calculating and mulling over whether an HSA is the best option for me. After a few conversations with Dad, I decided to put together a pro and con list to help me both understand HSAs and decide if I should open one.

First, the basics:

What is an HSA?

An HSA is a highly tax-advantaged account that lets you save money for health-related expenses. It’s essentially like an IRA or a savings account for your health. And, after you turn 65, it’s even more similar to an IRA, because you can take out money for non-health expenses.

Who Can Get an HSA?

An HSA is always tied to a High Deductible Health Plan, or HDHP, and many will get them through work. A survey by the Kaiser Family Foundation revealed its mostly larger employers that offer HSAs: Fifty-two percent of firms with 1,000 or more workers offered this type of plan while only 25% of firms with 3 to 199 workers did. What’s most important to know here is that you can’t have an HSA if your health care comes from an HMO or a PPO — it has to be a high-deductible health plan. The IRS defines HDHPs this way:

“For calendar year 2016, a ‘high deductible health plan’ is … a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage.”

This should not be confused with a flexible spending account or FSA which can be used in conjunction with a traditional HMO or PPO.

Related >> Readers share their experiences with HSAs

Pros of Opening an HSA

Flexibility of Uses

You can use money from your HSA to pay for a slew of health expenses, from contact lenses to acupuncture, mental healthcare or a midwife. You might be surprised at some of the things you can buy with your HSA money. HSA Center has a complete list of eligible purchases.

Tax Incentives

The money you put in the HSA is tax-deductible. Also, the money you withdraw isn’t federally taxed, as long as you spend it on approved, health-related stuff. The HSA’s interest income isn’t federally taxed, either.

No ‘Use-It-or-Lose-It”

Unlike a Flexible Spending Arrangement or FSA, dollars in your HSA can rollover year to year.

You can Earn Interest

I think the amount of interest I earned recently was something like six bucks. So my initial reaction is whoop de do, but my frugal side reminds me that every little bit helps.

Responsible Planning

The most obvious benefit of the HSA is that you’re funding the future. You’re being responsible. The HSA is an emergency fund for your health.

You Can Take It With You

With an HSA, you can take your balance with you if you leave a company. And if you really hit tough times, you can even withdraw the HSA money to pay for non-health expenses. Of course, you’ll be taxed on that — plus, you’ll pay a penalty.

Related >> Health insurance options for the self employed

Retirement Advantage

After age 65, you can use your HSA savings as retirement money. You’re free to spend it, penalty free, on non-health expenses.

Free Preventive Procedures

Wellness procedures — breast exams, cancer screenings — are usually not subject to the HSA-compatible plan’s deductible. Those office visits are covered before the deductible, and often, they’re free. Of course, many traditional insurance plans have that same benefit.

Cons of Opening an HSA

Restrictions

There are limits to how much you can save. For 2016, you can only sock away $3,350 if you’re an individual and $6,750 if you’re saving for a family. In 2017, the contribution limit rise to $3,400 if you’re an individual and remains unchanged at $6,750 for families. Also, you can’t use money from your HSA to pay for your health insurance premium — unless you’re unemployed.

Cost of Office Visits and Prescriptions

I compared my traditional Blue Shield plan with their HSA-compatible plan, an HDHP. With the HSA, I’d be responsible for paying the full amount of doctors’ visits and prescriptions — until I met the deductible. But the deductible is $6,000 — I’m probably not going to reach that. If I have a couple of non-preventive office visits and prescription expenses a year, the HSA plan would end up costing me several hundred bucks.

Compared to my traditional plan, which requires that I pay $35/visit and $10/prescription (before the deductible), I could actually be spending more for the HSA plan — even considering the tax savings. I suppose it depends on what health issues arise and how much I’m willing to contribute.

Fees

Unsurprisingly, like any other bank account, an HSA comes with its share of fees. They vary, but from my research, most seem to have a start-up fee, transaction fee, debit fee, and in some cases, a monthly maintenance fee. Some may even have a minimum account balance fee.

State Tax

Even though the federal government allows deductions of HSA contributions, a few states don’t follow suit. Please check on your state’s policy before making any decisions on the tax merits of an HSA. Here’s one list of HSA policies by state to consider.

Not Meeting the Deductible

In all, the health expenses you may have to pay with an HSA plan could outweigh the tax savings. For example, one reader mentioned that the amount he pays in his prescriptions for the year makes the HSA not worth it. If the deductible isn’t being met, I can understand that. This seems to be one of those “it depends on the situation” scenarios.

But of course, it’s not just about tax incentives — the point of the HSA is also to save for the future. In the end, that seems to be what it comes down to, whether you’re using an emergency fund or an account with tax incentives. In my dad’s simple but shrewd words: “The bottom line is: save, save, save — as much as possible. Trust me, you will need it .”

If you’ve passed on an HSA, why wasn’t it worth it to you?

What are some other HSA pros and cons?

Source: getrichslowly.org

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