We all want our homes to look attractive and reflect our personal style, and we choose décor items to achieve both goals. Sadly, that sometimes means facing a substantial decorating or renovation cost.
If you plan to live in the house you own for years and years, decorate as you see fit. However, if you live in a rental and could move at any time, or if you plan to sell your home, think twice before investing in furniture, art or any fixtures you can’t take with you. The décor you choose today might not fit the vibe of your next home — forcing you to start all over — and if you plan to sell, some of the choices you make could turn off potential buyers.
I’m a Real Estate Agent: Here Are 8 Renovations Buyers Want the Most in 2023 Learn: How to Get Money Back on Your Everyday Purchases
GOBankingRates reached out to people in the real estate and design fields to ask their advice about which décor items are a waste of money. Eight of their ideas follow.
Wallpaper
Wallpaper was a staple in homes in the 1960s and ’70s — look for it the next time you watch a rerun of “The Brady Bunch” or “Columbo” — but it fell out of favor. While you’ll see designers on HGTV shows incorporate wallpaper on some projects today, it’s usually on a sparse basis.
“Wallpaper patterns can quickly become outdated as design trends evolve. Opting for wallpaper with bold patterns or motifs that are currently in vogue might be appealing to you at the moment, but it could potentially look dated in a few years, making the room feel less attractive and in need of updating,” said Boyd Rudy, Michigan real estate associate broker with the MiReloTeam through Keller Williams.
Avoid These: 6 Household Staples That Are a Waste of Money
Themed Décor
Wendy Wang, a home design and renovation specialist, said it’s wise to resist the temptation to decorate according to a theme.
“For instance, a nautical theme with anchor accents, a sailing artwork or a beach theme with shells everywhere; they may seem appealing at first, especially to complement a certain environment or to show personal interests,” said Wang, owner of F&J Outdoor. “These items usually make a room look tacky rather than chic and sophisticated. They also age a space pretty quickly as the novelty wears off.”
Instead, she said to use the themed pieces as a complement, not a focal point.
“I would recommend investing in timeless, classic pieces and incorporate smaller accents to bring out the theme subtly. It’s really about balancing taste and personality with broader appeal,” she added.
Expensive Window Treatments
When it comes to covering windows, one home-design expert thinks you should keep it simple.
“Many people waste money on buying expensive and elaborate curtains to decorate their homes,” said Jessica Wilson, the editor and co-founder of InYouths LED Mirrors. “While these pieces may add visual appeal, they are often a wasteful investment. Fancy curtains can be difficult to clean and maintain, leading to a shorter lifespan compared to simpler window treatments. Additionally, these curtains may not complement future home décor, making them bad for resale value. Their intricate design can also make a room appear cluttered and unattractive. Instead, opt for simpler and more cost-effective window treatments to create an inviting and timeless home.”
Artificial Plants
If you want greenery in your home, real estate industry veteran Pete Evering said you should grow and care for real plants instead of buying artificial ones — especially if you plan to sell your home anytime soon.
“While faux plants may not significantly impact resale value, they can leave a negative first impression on your home, making it look cheap and lacking authenticity,” said Evering, the business development manager at Utopia Property Management. “Their manufactured appearance doesn’t give a natural feel and diminishes the overall visual appeal of the space. Visitors or potential buyers may perceive them as a sign of neglect or a shortcut taken in decorating. Instead of providing the freshness and vitality that real plants offer, faux plants can make a room feel lifeless and uninviting.”
Wall-to-Wall Carpeting
On some of those older TV shows, you’ll see carpeting — not wood, tile or luxury vinyl — on the floors. Sometimes even in the bathrooms. But real estate expert Roman Smolevskiy, the owner of A+ Construction and Remodeling in Sacramento, California, recommended making another choice.
“From a resale standpoint, wall-to-wall carpeting can be a detriment. Many buyers today prefer hardwood or tiled floors, both for their aesthetic appeal and their durability. Carpeting is often associated with allergens and can hide dust, dirt and other pollutants, causing potential health concerns. This can turn off health-conscious buyers or those with allergies.
“Design-wise, carpeting can make rooms appear smaller and dated, affecting the overall attractiveness of the house. With the current trend leaning toward minimalist and modern interiors, carpeting can seem out of place and hopelessly old-fashioned.”
Ornate Light Fixtures
“Picture a lavish crystal chandelier in a minimalist living room or an industrial-style pendant in a classic Victorian. It seems stylish at the time of purchase but is a waste of resources because it can clash with the home’s overall design,” said Zackary Smigel, the founder of Real Estate License Wizard.
“Aside from the aesthetic discord, such a statement piece can be a double-edged sword regarding resale. Potential buyers may find it overbearing or at odds with their taste, forcing them to consider the replacement cost even before purchase. I’ve had clients who loved a house but hesitated because of an ornate, expensive lighting fixture that needed to match their style.”
Water Fountains
Like wallpaper and light fixtures, beauty is in the eye of the beholder when it comes to water fountains.
“Yes, a beautiful water fountain near your home’s entrance or in the center of your backyard can add a touch of elegance to your property and promote a relaxing ambiance,” said Benas Leonavicius, the founder of HomeCaprice.
“However, water fountains can be very expensive décor items in terms of initial expense and installation. If you plan on selling the property in the future, you should also know they don’t add any monetary value to your home. In fact, they could even decrease the value of your home in the eyes of some homebuyers since prominent water features like this require frequent upkeep that could easily outweigh its merely aesthetic benefits.”
Throw Blankets
“One item that I often see people wasting money on when decorating their home is expensive designer throw blankets,” said Pieter Runchman, a Los Angeles interior designer who is the founder and CEO of Floor Theory. “Sure, they may be made with luxurious materials and have a trendy design, but the reality is that most people don’t want to deal with the hassle of getting them professionally cleaned every time they need a refresh. It’s like having a beautiful piece of art that you can’t touch or enjoy without fear of ruining it.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 8 Home Decor Items That Are a Waste of Money
There’s no denying that plants bring a sense of happiness to any living space, adding a certain uniqueness to your home. If you’re on a hunt to add a touch of greenery to your beautiful space, we’ve shortlisted five of the best ways to set up a one-of-a-kind indoor garden at home. These plants will definitely give your decorative pieces a run for their money while adding a touch of natural elegance to your home.
Also, if you’re confused about how to arrange plants in your apartment, we found the best ways to introduce fresh, soothing colours into your home.
Table of Contents
5 simple & best ways to set up a beautiful indoor garden at home
1. A plant set up to complement the boho vibe
Shutterstock
If you are not a fan of a lush green indoor garden scattered in your cosy apartment, you can show off your plants in an elegant plant hanger instead. Want a bohemian feel while adding greenery to your home? Opt for a macramé plant hanger for your favourite plants. It looks fantastic and enables you to grow plants that you might not otherwise be able to in an indoor setting.
Our recommendation: TrustBasket Macrame Hanger
Don’t have sufficient space to grow indoor plants? Turn to this set of three macrame hangers from TrustBasket. Round pots with a width of up to 8 inches can be displayed using this. To hang the pots, simply attach a hook to the loop that is given at the top. These modern hangers feature a beautiful pattern and are made of 100% pure cotton, giving them a unique and eye-catching look.
Buy it here
2. A living wall for the win
Shutterstock
A living wall is something to think about if you have limited space or want a distinctive piece of wall art. It creates a lovely backdrop for a neutral space and is perfect for a room with lots of natural light. As you will need to water and feed your plants at the same time, it is ideal to opt for plants that require equal amounts of care.
Price: INR 1,399
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3. A decorative plant shelf
Shutterstock
It not only looks fantastic to have a set of bookshelves solely for your collection of plants, but it also makes upkeep easier. You can relocate the plants around according to how the light falls on the shelves and where you place the humidifier, considering they are all in one location for watering. This type of beautiful setting also adds positivity and beauty to the living space.
Price: INR 2,575
Buy it here
4. Indoor jungle of plants
iStock
With a collection of tropical plants that can be grown indoors, you can build a cosy jungle full of exotic flowers, colourful leaves, and trailing vines. Although caring for them may involve a bit more effort because of their need for water, humidity, and light, the calming effect they will provide to your home will make it worth the effort.
Price: INR 2,089
Buy it here
5. A creative mini garden in a terrarium
iStock
Indoor gardens can be really attractive, but they can also be challenging to manage. However, slow-growing plants, usually those that are referred to as ‘dwarf’ and ‘miniature’, can be used for building mini gardens.
In order to save space in a smaller home, try setting up a mini terrarium. Self-contained and simple to maintain, it’s an excellent option for people who want a bit of greenery in their cosy environment
TrustBasket’s Geometric Terrarium is the perfect way to turn your indoor plants into a gorgeous focal piece. This one is made up of galvanised iron metal and sturdy glass, with an opening on one side for housing the plants. You can beautify this exquisite decorative terrarium with the paint of your choice to complement your home decor.
Buy it here
Social and lead images credits: Vishesh Films, iStock
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The ripple effect of a financial mindset can be seen in every aspect of your life.
Think about it: If you are not mindful of how you spend and save money, then you will be in a constant struggle each and every month.
If you are simply someone who is struggling to make ends meet, there are many things we can do to save money. If you are trying desperately to reach financial freedom sooner, then you need these best money hacks to make it happen sooner.
Around here at Money Bliss, we spend a lot of time on our money mindset and setting goals.
Everyone is in a different season with their finances.
But, one thing is true… Most of us never learned proper money management.
Do you find yourself in a constant cycle of financial struggle? Do you feel like you are constantly trying to live up to unrealistic standards?
It is easy for people to feel that they are constantly broke, and in some cases this is true. But, it is also important to remember that there are ways in which you can make more money and start saving for your future.
Since changing money habits does not always come easy and often requires some serious changes in our mindset, we are here to support you to find the top money hacks.
Read on as we share 50+ ways you can start saving more money as well as making more money while also saving your sanity!
What are Money Hacks?
Money hacks are the ways in which people stretch their money.
These money hacks can come from a variety of sources, such as personal experience, family members or friends, and other individuals on social media.
Money hacks can come in many forms such as:
Simple money saving hacks
Ways to make money on the side
Strategies to make every dollar count
Thrifty ideas to be more frugal
Ideas to be more conscious of our waste
All in all, money hacks will help you to spend less money. Thus, saving more money.
As you will learn at Money Bliss, saving money opens up doors of opportunities
Best Money Hacks
Money hacks are ways to build long-term wealth.
Even though most of the hacks for money include quick saving wins, over the long term, you will actually start a snowball effect of more money in your bank account.
Sometimes, it can be difficult to find the motivation to save money, but these 7 best real money hacks will help you reset your financial mindset and start saving!
The best money hacks are the overarching big picture concepts that you must master for long-term success.
1. Think Big
Open up your mind.
One way to reset your financial mindset is by opening yourself up to new ways of thinking about spending and saving.
Too often, we are focused on what is directly in front of us instead of thinking about the big picture.
A great way to think big with your finances is to decide how you want to live life with intention.
2. Habit of Saving Money
Get back in the habit of saving.
If you have been beyond your means or barely scraping by, the best way to get back on track is by saving at least 20% of your income.
This may seem a little ludicrous. However, by prioritizing saving first, you will be pleasantly surprised how well you live off the rest.
In this post, there will be so many simple and easy ways to start saving today.
3. Make a Plan for Your Money
Create a spending plan (aka that dreaded word budget).
Creating an outline for what you want and need will help you to make smarter decisions about your spending.
This concept has been made too difficult over the years.
The bottom line is you want to spend less than you make. So, make a plan for that to happen today.
4. Make Money on the Side
This one is huge!
Personally, making extra money has been a priority for the last 5 years. We spent many years trying to cut our expenses and hating our inability to actually spend less as a growing family. So, we changed our focus to finding ways to make more money instead.
Start a side hustle. If you are not making enough to live comfortably, start a side hustle! Use your unique skill set to make extra cash.
Pick up a second job or ask for more hours.
There are plenty of ways to make money fast.
5. Invest in Stock Market
This means a way to make money or increase your net worth. AKA make your money work for you.
Too many times, the concept of investing is big and scary. The thought of starting is way too overwhelming. So you put it off until next week or next month. Then, a couple of years go by and you have not invested your money.
That is the biggest financial mistake you can make.
Start small by investing in an index fund. Each month consistently add more money.
If you want to learn to trade stocks, then you must enroll in the best investing course I have found.
Read my in-depth investing course review.
6. Pay Off Debt
Ugh… debt is the cash flow killer.
You are unable to make forward progress if you are straddled by debt.
Figure out how to pay off debt ASAP.
When calculating how long it will take to pay off high-interest debt, you should consider paying the highest interest rate first. Here is the best debt payoff app available.
7. Watch Your Spending
Be mindful of your spending.
This is a great practice that many people need to start doing again, regardless of how much money or how little money they have.
Every few months, you need to evaluate your spending to see if it matches up with your values.
As you can imagine there are many money hacks that can help you save, but the list above is the money hacks that will make the biggest difference the quickest. Below we have many more money hacks for you to explore.
Hacks for Saving Money
Money app hacks are small, quick, and easy ways to improve your finances.
They can range from things like automating your budget or creating a money jar that pays for itself, to more complex solutions like changing your tax withholding or moving money around to get a higher return.
Honestly, there are so many life hacks for saving money.
8. Automatic Savings
This is a practice of automatically transferring money from your checking account into your savings account on a regular basis.
It is best to set a transfer amount and stick to it.
Since it is easier to save your money before you spend it, you must save as much money as possible in order for this strategy to be effective.
9. Financial goals
A financial goal is a long-term, quantifiable expectation for how much money you want to have, or what you plan on doing with your money. Your goals can be as simple as saving for the down payment on a house or as involved as saving for retirement.
Our financial goals allow us to set specific, numerical targets that help us achieve our desired lifestyle in a more concrete way.
You must set smart financial goals.
10. What brings you joy?
At the end of the day, it is important to remember that life is all about finding what brings you joy.
The question is open-ended, but your money must line up with what brings you joy.
Spend a few minutes and stew on the question.
11. Build an emergency savings fund
Building an emergency savings fund is a great idea if you are in the habit of saving money and want to make sure that you have some money saved up when times get rough.
If you are struggling to save, there are a few ways you can increase your savings.
For example, you might be able to set up automatic transfers from your checking account into an investment account. You should also make sure that you have a way to save money outside of your checking account.
Saving cash in a jar or saving up coins are ideas for some people.
12. Invest spare change
If you go shopping and buy something, most stores will give you change. If you use a debit or credit card, you can do the same thing with help of a popular app!
Simple money hack: investing your spare change.
In order to invest your spare change in an account, you can open one for as little as $5. Acorns then automatically invest the money from your checking account and into a savings acorn account.
As the round-up feature continues to add upon each purchase, it is a good idea to invest in this app so that you can save more dollars!
13. Challenge Yourself to Save
If you are looking to save money, it is best to set up a budget that includes challenging yourself.
A great way to do this is with the no spend challenge.
A no-buy is when you decide to simply not make any purchases for a certain amount of time.
A no-spend is when someone decides to not spend any money in a certain period of time.
When you are struggling with spending too much money and want to reset your wallet, then give up spending money. Period.
14. Join a buy nothing group
The buy nothing groups are a growing movement that started in order to help people cut their ecological footprint, save money, and break free of consumerism.
This is a great way to find things you need as well as declutter your house.
15. Negotiate everything
The key to successful negotiation is preparation.
Research the company’s past sales, price changes, and discounts offered in order to get a better understanding of what you’re negotiating for.
Don’t be afraid to negotiate.
What is the worst thing that can happen when someone says no!?!
16. Refinance Your Mortgage
It is never too late to refinance your mortgage.
In fact, it might be a good idea if you’re in the market for a new home or refinancing your loan on an existing property.
You must weigh the costs of refinancing to how much you will save over the time period of the loan.
Ask around for mortgage broker recommendations and get at least two quotes.
17. Downsize your Home
Downsize your home is the term for reducing a residence in size. This can be done by either moving to an apartment or buying a smaller house. There are many benefits of downsizing, including living a more affordable lifestyle and having less upkeep.
Downsizers use their homes as investments and save money on rent or mortgage payments.
18. Cut the cord
With the internet becoming accessible to everyone, people have started cutting their cable and watching shows online. People can save up to $500 a year by cutting cable from their bills.
Cut the cable & stop watching TV!
19. Learn about Finances
Ask for help.
If you are struggling, there is no shame in asking for assistance from your friends or family members.
The goal is to get ahead with money and not keep digging further into a hole.
Check out any of our courses to help you.
20. Save for What You Want
Decide what you want most and work towards it with the money you have now, instead of waiting for a windfall or a large inheritance.
This may mean setting aside $200 a month.
For example, as a reminder of your long-term goal of buying a beach property, you may buy something you would hang in the new place. Every time you see it, you will be reminded of what you are saving towards.
Budget Hacks
Financial hacks are not unusual.
Since it is so easy to overspend, you must know a few budgeting hacks ahead of time.
21. Need vs Want
A want is a desire for something, while a need is something that fulfills the requirement of your body like food or shelter.
When you think about buying something, ask yourself if it is a want or a need.
By uncovering needs vs wants, you are quickly able to find ways to spend less and save more.
22. Avoid Temptation
To avoid temptation, it is important to maintain a healthy amount of physical and emotional distance from the things that tempt you.
Sometimes, spending triggers are easy to avoid but other times they’re not.
However, people should always be aware of their temptations and try to stay away from them because it will lead to unnecessary debt or stress in the long run.
23. Practice the 30-day rule
Many people wonder what’s the 30 day rule with money…
The 30-day rule is the principle that states that you should practice a new habit or stop an old habit for at least thirty days before expecting success.
When it comes to your money, it means to wait thirty days before making big purchases or changes.
24. Keep a Budget Binder
A budget binder is an important tool that helps people keep track of their finances.
The binder can help people plan out their finances by providing a place to record expenses and income.
Keeping a budget binder is an effective way to track your spending and keep yourself accountable.
By keeping it, you can easily plan for future expenses in advance as well as see what money could be saved or spent on different items over time.
25. Get a spend tracker and use it regularly
Track your spending for 30 days. It can be a good idea to track your spending for at least a month to get an idea of what you’re spending and where.
A spending tracker is a tool that helps people keep track of how much they are spending on a certain item. It is important to use this tool regularly in order to be able to see patterns in your spending.
Then, review your spending. Share it with a trusted friend or family member to come up with some goals to reduce expenses in order to save money.
26. Create a budget
Create a budget, and follow it.
When you schedule your spending, make sure to leave room for savings. This is the easiest way to ensure that you can stick to your budget.
Find more budgeting resources on our site.
27. Pay Bills on Time
This should be a simple statement that we all know. However, life can throw curveballs.
Try to pay your bills on time and in full every month, and make sure all of your bills are paid each month.
This will show lenders that you are responsible and that you are taking care of your credit. Plus you don’t rack up those pesky late fees and high interest rates.
28. Avoid Missed Payments
Don’t miss any payments, and pay off your balances each month to avoid paying high interest rates or fees on late or missed payments.
Read again… do not miss paying your bills.
29. Reconcile Your Checking Account
Balance your checkbook monthly. Okay, no one really uses a checkbook anymore, but you can still do this with pen and paper.
Even better, use Quicken as a simple way to balance your checking account. Read my Quicken review.
This is a great way to check for being charged too much or find a subscription you don’t use anymore.
30. Avoid Summer Budget Busters
Avoid spending money for the summer by just being conscious of your spending and reviewing what is different than the norm.
It is too easy to get into the trap of spending money because the weather is warm.
31. Review your Credit Card Statements
If you’re like most people, you probably review your credit card statements once every six months.
What’s the best way to go about reviewing them?
It depends on how often you use your credit card, how much debt you have, and what your credit score is. You should review your statements at least once a year if you’re carrying a balance on your credit cards.
If you use your credit card, then you should review your statements at least monthly.
32. Use the Cents Plan Formula
While the 50/30/20 budgeting rule is popular, our method of budgeting your money will be more helpful.
Learn how to divide your income into various categories.
Check out the Cents Plan Formula.
33. Use Cash
Use cash instead of credit cards to spend, which will make it easier to limit yourself to how much you can spend.
The envelope system helps you save money by only spending from one designated cash stash each month and withdrawing a set amount for different types of expenses (like groceries).
34. Spending Freeze
Implement a spending freeze, which helps you get used to not buying things for an allotted time so that when the freeze is over, it’s easier to buy what you want.
You will be surprised how much random online shopping you do.
Begin your spending freeze now.
35. Use a Budgeting App
Use your bank’s budgeting tools, like Quicken, which can help you track how much money is coming in and out of your account.
This is the simplest way to manage your money wisely.
Using a money app or a personal finance website can help you to stay organized and get more creative about your budgeting.
Check out this list of the best budgeting apps available.
Hacks to Make Money
Hacks to make money are a list of ways to generate income for yourself. Many ways to make money include blogging, affiliate marketing, or day trading. These money making hacks are great, but they can take more time and energy invested.
36. Use cash back apps
Cash back reward apps like Ibotta are a way to get extra money for your purchases.
They take some time getting used to and you only have access to partner stores that offer cash-back offers. It only takes a few seconds to make some extra cash.
Check out the best cash back apps available.
37. Ask for a Raise
A raise is an increase in pay for a job, labor, or service.
If you are concerned about asking for a raise, then you are missing out on lost money.
Your boss may be receptive to it, then try negotiating more money. Not only will this be good for your career, but also the relationship between you two can improve as well.
38. Get a side hustle
A side hustle is an additional job or career, usually, one that requires only a small amount of time and effort.
For example, someone who wants to work on the weekends might start a side hustle as a bartender.
Side hustles are a form of entrepreneurship that allows you to earn money and do little tasks. They are not difficult or time-consuming, but they can still help you make extra cash on the side.
Pick one of the best gig economy jobs.
39. Rent out a part of your home
A part of your home is often a room, which can be rented out on Airbnb.
Airbnb is the largest and most successful company in the world that lets people rent their extra space or properties. They are a well-known company that provides an easy way for people to make money from their extra space.
Use Neighbor to lend out your space in your home.
40. Declutter: sell your junk for cash
Decluttering is the act of getting rid of excess or unnecessary items.
In order to declutter, you must be willing to give up something that has been a part of your life for a long time. It is important to remember that decluttering does not have to be a quick or easy process.
Then, sell your stuff on Facebook Marketplace, Nextdoor, eBay, etc.
Learn more at Flea Market Flippers.
41. Earn Money While Watching TV
Although it is not a fast way to get rich, this can be used as a side hustle.
It’s better to use the money earned from watching TV or something else that takes up your time for other things like bills and groceries.
Survey platforms are online sites that allow people to earn money while watching TV.
The survey platform will send surveys through the mail or email, and then they can choose whether they want to take the survey for a set reward amount or if they would like cash back on their purchase.
One of these options is MyPoints, which allows users to earn points by completing tasks such as taking surveys and shopping online at specific retailers.
Others include:
42. Maximize Your Income
Find ways to increase the amount of money you bring in, whether that’s through a side hustle, increasing hours at work, or asking for a raise.
In today’s society, there are plenty of ways to make more money.
Only you put a limit on what you are capable of earning.
43. Build Your Credit
Building your credit can be a long process, but it’s worth the effort. If you’re trying to establish or improve your credit score, here are some tips that might help:
Try to keep your credit utilization rate below 30% at all times.
Do not open too many new lines of credit in a short period of time.
Pay your bills on time.
This will help you avoid damaging your credit score.
Hacks for Free Money
Hacks for free money are a form of fraud wherein the perpetrator solicits payment via PayPal, credit card, or other methods in exchange for access to what they promise will be a legitimate business opportunity.
Hacking free money is a way to make more cash, fund your financial goals, or help you pay off debt. There are lots of ways that people hack their finances and use cash back apps for some extra income.
Other options include signing up for bank bonuses or credit card bonuses.
Honestly, real free money hacks are more likely to be scams. So, beware when searching online.
Money Hacks in the Kitchen
You can save the most money by looking at what you eat.
Typically, people waste over 25% of their grocery budget and throw out food. Would you willingly throw out $250 a month? Probably not.
So, learn how to stretch your money for food.
44. Start meal planning
Meal planning is a money-saving strategy that can help in the long run. It’s also important to eat healthily and reduce food waste when meal planning.
But planning ahead will help save on the grocery budget, and it’s not too late to start now.
Start meal planning by deciding what you want to eat for each day. Then, make a list.
45. Say no to prepackaged foods
Packing your lunch for work or school can be time-consuming, especially if you have a family.
Some people prefer to buy prepackaged foods because they save time, but this is not always the best option.
A better choice is to make your own food at home and pack it for lunch, which you can then eat in peace without worrying about what other people might be saying about the food you packed.
46. Eat at home
Eating at home is a way to save money. It may be uncomfortable for those who do not enjoy cooking as it requires extra effort and time.
Instead of getting food at restaurants, consider cooking your favorite meals at home.
You can save money and time by eating the same meal over and over again.
Learn about the frugal home must haves.
47. Grow your own herbs and food
The most common methods of gardening include container gardening, hydroponics, and both indoor and outdoor gardening.
Many people are growing their own herbs and food for the satisfaction of being able to eat something that was grown with their hands.
48. Take your lunch
If you are interested in saving money, consider taking your lunch. This will save you up to $1,000 a year on work lunches and make it easier to meet the recommended daily intake of fruits and vegetables as well.
“Take your lunch” is an invitation to eat at home. There are many benefits of eating out less often, such as saving money and gaining more control over food choices.
Travel Hacks to Save Money
The following are travel hacks that can help you save money on your next trip.
Some of these hacks include traveling during weekdays, using public transportation, staying at hostels and Airbnb instead of hotels, and using a travel credit card.
49. Use foreign websites for lower prices abroad
Foreign websites are websites that have been created by people from other countries, and they sell products in the language of their country. These websites often offer lower prices on products than what is offered in the United States.
If you’re traveling abroad and need to find a place to stay, there are plenty of websites that can help. A few websites have deals on places where travelers often stay while they travel internationally.
50. Stay for free or get paid to house sit abroad
A house sitter is someone who looks after someone’s property for a certain amount of time in exchange for the promise of payment.
House sitting is typically offered by homeowners to travelers and others who are looking to stay in a particular location for an extended period of time.
The main types of house sitting include:
– full-time house sitters, who are responsible for all aspects of the house and who are typically paid a monthly salary,
– part-time house sitters, who may be responsible for taking care of one or more specific tasks such as gardening or handling the mail
51. Hide your search
To avoid being taken advantage of by airlines, it is best to open a new incognito or private window between searches.
This will make sure that you are not tricked into buying tickets that may be significantly more expensive than they need to be.
Airlines use cookies in your browser to make you believe the prices are going up and up.
Money App Hacks
Money app hacks are ways that people have figured out to make their money work for them in terms of saving and spending. These apps offer different features, such as budgeting, tracking your spending, and saving money.
If you want a simple way to save money, then any of these money apps are designed to find excessive spending.
52. Billshark
This is a legitimate way to save money on monthly bills. Billshark offers you the opportunity to save up to 25% each month (when compared with regular bill payments).
All of this can be done for you by BillShark team, and there are no fees involved!
Try Billshark for free!
53. Trim
Review your spending habits to find what you can cut out, like subscriptions.
Find other ways to save by looking for ways to reduce costly bank fees or getting a discount on your cell phone plan. By using Trim, you are saving money and improving your financial health.
Sign up with Trim now.
54. Truebill
Truebill can help you to track your spending, save money and get a clear picture of your financial life.
This helps you identify services that you are no longer using but continue to pay for. It will help save money by automatically negotiating prices with your service providers and receiving a refund of the money going to waste, which is free money.
Get started with Truebill.
Which Life Money Hacks Can You Start?
This is a lot to take in, but don’t worry.
Take the time to read through each suggestion and consider how you can implement it into your life.
The more hacks you try out, the closer you’ll get to a healthy financial mindset.
These are the life hacks to save money I have found to work for me and my family in order to reset our financial mindsets and grow our net worth.
Everyone will find their niche and what will work best for them.
Personally, you need to figure out how do I make more money. That will make the biggest impact the fastest.
What have you done with your money lately?
Know someone else that needs this, too? Then, please share!!
A recent Zillow survey of housing experts found that rising mortgage rates and their impact on affordability would “be the most significant force driving the 2017 housing market.”
The prospect of rising rates beat out a lack of inventory, shifting household demographics, policy moves, and slow income growth coupled with rising home prices.
At the same time, the experts seemed to agree that 30-year fixed mortgage rates would need to rise to 5.65% before they actually “significantly” impacted home value growth. To be fair, some said 5% or lower could have an impact as well.
Another Zillow survey from a week ago that polled home buyers about their biggest concerns found rising mortgage rates to be a top factor, more so than saving for a down payment. In 2015, down payment beat out rates.
The 30-year fixed currently sits at around 4%, and because of its recent rise, along with rapidly appreciating home prices, mortgage payments are now the highest they’ve been since 2010.
But are rising mortgage rates really our biggest concern?
Rising Rates Don’t Impact Payments All That Much
While mortgage rate movement captures headlines
The math is often less exciting
A big rate change may only result in a small difference in payment
That is equal or similar to your cable bill
I’ve mentioned this before because I think mortgage rates always get the headline, but down payments and other costs are often ignored, or simply not interesting enough to talk about.
Let’s look at a $200,000 loan amount at varying interest rates to illustrate.
As noted, the 30-year fixed is hovering around 4%, maybe a tick higher. A $200,000 mortgage, which is above the national average, would cost just $954.83 in terms of principal and interest.
If that rate increases a full percentage point to 5%, a level we haven’t seen since early 2010, the monthly payment increases just $118.81.
Yes, it’s ~$119 more expensive than it was at 4%, but it’s only $119. When we’re talking about a huge home purchase, $119 shouldn’t make or break you. It’s probably less than what most people pay for cable, or their wireless bill.
If you don’t have an amount well above that set aside for ancillary expenses, maintenance, upkeep, etc., you might be overextending yourself.
At 6%, the monthly payment is $244.27 more expensive than the payment at the 4% rate. But, and this is a big but, mortgage rates would have to increase a full 50% percent from current levels for that to happen.
Again, $250 is real money, but it’s not a giant sum of money when we’re talking about a major home purchase.
If we consider the national average home price of $195,300, we’re talking a $99 monthly payment increase when rates rise from 4% to 5%. That’s less than $100, even if rates reach levels not seen in seven years.
Yes, these monthly payment increases will be felt more at higher price points, with LA home buyers paying an extra $283 per month and SF buyers forking over $396 more each month. But in relative dollars (and income) it’s not as bad as it sounds.
If rates increased to 4.5%, only four of the nation’s largest 35 metros would see mortgage payments rise more than $100. If rates increased to 5%, just 19 of the largest 35 metros would see $100+ monthly payment increases.
Amazingly, many people have indicated that they would plain give up if mortgage rates increased just 1%.
My Guess Is People Can Absorb the Higher Monthly Payment, not the Higher Down Payment
The bigger concern
Is coming up with a larger down payment
Seeing that prospective home buyers can barely muster 3% down
Even if they have no problem with the actual monthly housing payment
There is perhaps a more worrisome issue. That darn down payment. Oh, and property taxes and homeowners insurance, which also get more expensive with a higher home price.
Let’s focus on the down payment though. If the homeowner in our above scenario put down 20%, the purchase price would be $250,000.
Imagine the cost if those same homes rise to $300,000. The down payment requirement jumps to $60,000, a $10,000 increase over the prior amount needed. Even a $275,000 purchase price requires another $5,000 upfront.
If you’ve ever read a report about how much Americans set aside in savings, you’d know that coming up with an additional $10,000 (or even $5k) would be a big ask, if not an impossible one.
There’s a good chance it would force the buyer to consider a lesser down payment, and thereby get hit with mortgage insurance and/or a higher interest rate to boot. Maybe they could get a piggyback second, but they’d definitely be burdened more than if interest rates simply rose to 5%. Or even 6%.
Yes, if rates and home prices rise in tandem, which is certainly possible, it’ll hurt even more. But it seems the focus is always on interest rates. If a buyer can’t absorb another $100 to $200 a month in housing payment, you have to wonder if they should be buying the home to begin with.
As the world grapples with reducing the effects of climate change, people are looking to their homes for solutions. Investing in renewable energy by using solar panels or wind turbines is one option. Another is lowering the total amount of energy you use by switching to efficient appliances and using less water. Yet another method is by starting a home garden and using a living roof. But what if you could accomplish all of this with one house? You can with an Earthship home.
Earthship homes redefine sustainable living by bringing it to your home. With an Earthship, your entire house is lowering your carbon footprint and helping pave the way toward a sustainable future. This home style uses renewable energy, indoor gardening, on-site water treatment, and passive heating and cooling to be as climate-neutral as possible.
So whether you’re in the market for a new house in Wilmington, NC, or are looking to build a new home in Charleston, SC, this Redfin article has everything you need to know about Earthship homes. Are they right for you? Read on to learn more.
What is an Earthship home?
An Earthship home, or Earthship, is a type of sustainable home that is entirely self-sufficient and designed to have a minimal to no environmental impact. These unique homes are typically built using natural and recycled materials, and are designed to use the natural resources of their environment to provide all human needs. These include: food, shelter, energy, clean water, garbage management, and sewage treatment. Earthship homes are intended to allow people to live completely free from municipal utilities, sometimes called “off the grid.” The most common type of Earthship is the Global Model Earthship.
Earthship homes can function in most places around the world. However, because of their design and environmental requirements, Earthship homes aren’t right for all climates; they work best in seasonal, subarctic regions of the world. Tropical and bitterly cold areas are often not a good fit due to excess cost or overwhelming maintenance demands.
History of Earthships
Earthship homes were created by architect Michael Reynolds in the 1970s, around the time of the environmental movement and first Earth Day. Reynolds was concerned about the amount of trash in the environment and the lack of affordable housing, and wanted to create a solution.
Earthship homes promote personal autonomy, environmental responsibility, and affordability, aiming to provide sustainable housing for all. The first Earthship homes were built in New Mexico, and have undergone many design changes up to the present day.
Principles of Earthship homes
The Earthship concept has six design principles that are focused on eliminating the home’s environmental impact and promoting sustainable living.
1. Natural and recycled materials
Earthships are constructed using a variety of natural and recycled products. One of the most common materials is used car tires, which are packed with earth and then stacked to form strong, insulating walls. Other common materials include recycled cans, bottles, and reclaimed wood. This not only reduces the home’s environmental impact, but also gives them a unique and recognizable appearance.
2. Passive heating and cooling
Earthships are designed to take advantage of natural climates to provide a comfortable indoor environment without traditional heating or cooling systems. Earthships have thick walls typically made from natural and recycled materials, providing thermal mass which naturally regulates the indoor temperature. The buildings are also often partially covered with soil or even built into the side of a hill, which further helps stabilize the home’s temperature.
Additionally, Earthship houses are often oriented specifically to allow the sun to heat the interior during the winter, while using overhangs and other shading techniques to prevent overheating during the summer.
3. Solar and wind energy
Most Earthships are usually equipped with solar panels or wind turbines to generate electricity, making them independent of the conventional power grid. The electricity is stored in a bank of batteries and then used as needed for lighting, appliances and other electrical requirements. Inside, most homes have efficient appliances and LED lighting to help to reduce electricity use.
4. Water harvesting
Earthships capture and store rainwater and snowmelt from their roofs, making them ideal for fairly wet climates. The water is filtered and used for drinking, cooking, and bathing. After being used once, the water becomes greywater and is reused for irrigation. The remaining water is then treated and used for flushing toilets. After this, it becomes blackwater, which is then treated and used for landscape irrigation.
5. On-site sewage treatment
Instead of being connected to a municipal sewage system, Earthship homes treat their own waste water. Most homes accomplish this through a mix of greywater and blackwater systems. Greywater (water from sinks, showers, etc.) is typically filtered through indoor gardens and used to grow food. Blackwater (sewage) is usually treated in an anaerobic digester or a constructed wetland, with the goal of reusing it for landscaping.
6. Food production
A key part of Earthship architecture is self-sustaining food production. Earthship homes include internal greenhouses, which are used to grow a variety of plants, including fruits and vegetables. Greenhouses also aid in heating and greywater treatment. The combination of direct sunlight, greywater irrigation, and a controlled climate makes it possible to grow healthy food year-round. Some designs also incorporate outdoor garden spaces and even aquaponic systems.
Pros and cons of Earthship homes
In theory, Earthship homes offer reduced environmental impact without sacrificing many modern amenities. However, there are important pros and cons to consider before building a new Earthship house.
Pros
Sustainability: Earthships are built largely from recycled and natural materials, which reduces their environmental footprint. They also incorporate renewable energy systems, water harvesting, and on-site waste treatment, which further enhances their sustainability.
Self-sufficiency: Earthships are designed to be largely self-sufficient. They can generate their own electricity, collect and purify their water, manage their sewage, and even produce food. This reduces their reliance on public utilities and can provide security in case of a utility outage.
Energy efficiency: The design of Earthships allows for natural temperature regulation, reducing the need for artificial heating and cooling. The use of solar and wind energy for power contributes to energy efficiency and further reduces the carbon footprint of the home.
Cons
Regulations and permits: Because Earthships deviate from traditional construction methods, they can face challenges with local building codes and regulations. Obtaining the necessary permits can be a difficult and time-consuming process.
Initial investment: While Earthships often save money in the long run through reduced utility costs, the initial investment can be high, especially when considering the cost of land, materials, and labor. However, construction costs are dramatically lower than a traditional house, and usually an entire community helps out.
Labor-intensive: Earthship construction and maintenance can be labor-intensive, especially if using traditional Earthship building techniques, such as pounding dirt into used tires. This can add to the time and cost of building.
Not suitable for all climates: Earthship homes are a financially viable and environmentally sustainable home style in most parts of the world, including dry, humid, and subarctic climates. However, they are impractical in warm and wet climates.
Challenging to sell: Because of their unique designs, challenging upkeep, and typically remote locations, Earthship houses can be hard to sell. However, recently, they’ve been gaining value and are becoming a more popular option.
Earthship homes vs. earth homes
Earthship homes and earth homes (sometimes called earthen homes) are two home styles that are designed to reduce your carbon footprint. While they have similar names, they are often entirely different from each other. Let’s break this down.
Earthship homes are a style of home use entirely renewable, recyclable, and natural materials. They must adhere to a strict set of principles such as passive heating and cooling, renewable energy, and water harvesting. Some people use a significant amount of earthen materials during construction, but it’s not necessary.
Earth homes, or earthen homes, are homes that are built using a significant amount of earthen materials, often built into the earth, such as the side of a hill or buried underground. Importantly, earth homes don’t have to adhere to certain design principles and may not be as environmentally friendly as other home styles. However, many earthen structures are environmentally friendly.
Final thoughts
Earthship homes offer a unique and reliable way to reduce your carbon footprint, and are proof of the possibilities of sustainable architecture. While building and maintaining an Earthship can pose challenges, the rewards can be very rewarding. Exploring the potentials of Earthships invites people to reimagine their homes and see the part they play in slowing the effects of climate change.
All images are credited to Earthship Biotecture, founded by Michael Reynolds.
A house is the most expensive thing most of us ever will purchase. If you plan to stay put for some time, you could be paying on your mortgage for the next 15 to 20 years. But as any homeowner knows, expenses don’t stop at the purchase price and mortgage interest. You’ll also pay a small fortune in insurance, upkeep, and repairs over the years.
This is what makes it so important to fully understand the process of buying a home, especially when it comes to property inspection. With so many features and systems, there are any number of things that can break or malfunction in your house. Unlike a faulty appliance that you can take back to the store for replacement or refund, once you sign a contract on a home, there’s little recourse should something go wrong.
According to the National Association of Realtors, April through July typically outpace the balance of the year in home sales as people try to get settled before the new school year begins. If you plan to purchase a home soon, make sure you pay careful attention to the property inspection process to save both money and headaches.
The Purpose of a Property Inspection
A property inspection report is a list of issues with the property, such as roof damage or a crack in the foundation. After inspection the buyer has the opportunity to negotiate with the seller and reach an agreement to either repair the property or to lower the sales price to compensate the buyer for the cost of the repairs. Alternatively, the seller can decide to sell the home as-is, in which case he or she is declining to make repairs or lower the sales price, and the buyer must decide whether or not to buy the home at the original agreed-upon sales price.
You may have decided that the property is your dream home, but the property inspection is a much-needed reality check that will point out flaws of which you might not be aware.
Important Note
New houses still need an inspection!
You might think a new house is perfect, but that’s far from the truth. In fact, new homes can be even more dicey because they haven’t undergone a few inspections like the typical resale house.
When I was in real estate, I mentored with an incredibly knowledgeable agent who would try to talk her clients out of new homes (which often pay agents exponentially more because of builder bonuses). If they still wanted a new house, she would recommend additional inspections at various points in the construction process, and she’d show up for every single one.
During one inspection, she walked into the master bathroom. She noticed something was missing, and asked the builders to come in and see if they could figure it out. No one had a clue. Turns out they hadn’t put in plumbing for the toilet.
Review the Seller’s Disclosure Notice
The first step in the property inspection process is to review the seller’s disclosure notice, a form filled out by the property owner that outlines their knowledge of the properties present condition. If you’re working with a real estate agent, he or she can get the disclosure statement from the seller’s agent. Otherwise, you can contact the seller’s agent, or if the property is for sale by owner, you’ll get the notice from the seller directly.
Sellers are required to include everything they know about their property. If, for example, the home was previously under contract, but the potential buyer walked away because a property inspection found major structural damage, the seller is required to include that in the seller’s disclosure notice.
As the buyer it’s particularly helpful because if the house will require major structural repairs, and you’d rather pass, you can walk away from the property without having to shell out cash for your own property inspection to reveal the same issues.
Hiring an Inspector
If you carefully reviewed the sellers disclosure and you’re ready to move forward, the next step is to find an inspector.
Rather than firing up your Internet browser and doing a Google search, contact people in your network to get referrals. Who has purchased a house in the past several years? Do you know anybody in the real estate industry? If you have a buyer’s agent, he or she also should have at least three names of inspectors for you to consider.
After you’ve collected a small list of names, interview each candidate, asking questions including the following:
Are you licensed (not required in all states)?
Are you a member of a professional organization, such as the American Society of Home Inspectors?
Do you have errors and omission insurance?
What kind of ongoing training and education do you receive?
Do you specialize in certain types of properties? (For example, new homes and certain beachfront properties might need a specialist.)
What will the inspection cost?
If hired, how soon can you give me a property inspection report?
Finally, ask for a sample inspection report and see if it includes detailed descriptions of features and flaws in the home, which give more information about the property than a basic checklist.
It’s important that you make time to attend the inspection of the home. Besides learning more about your AC and where the fuse box is located, believe it or not, you might find issues that the inspector would normally miss. For example, an inspector won’t check underneath every rug in the house, but you can, and you might discover a major crack in the concrete floors.
Tip: Though the property inspection report will be invaluable after you purchase a home — it can serve as an agenda for which maintenance and repairs are highest priority — you can make it even more useful by filming the inspection. Don’t make yourself a nuisance, but tag along and film as the inspector goes from room to room. (You’ll probably want to let her crawl under the house on her own, though.)
Negotiations
Once the property report is finished, carefully read it. Many people don’t.
It can be disheartening to see so many things wrong with your “dream” home, but every home will have issues. Some are easy and inexpensive to fix, and it’s not reasonable to ask a seller to get a property in perfect condition. Typically buyers will ask that a seller take care of any health and safety concerns; structural damage; deferred maintenance, such as having the air-conditioning system serviced; or problems that require opening the wall, which often reveal much larger and more expensive problems.
Remember that should negotiations go downhill and you want to walk away from the property, the inspection contingency will allow you to do so.
If there are only minor issues with the house, however, typically buyers continue with the original contract. After the contract is finalized, it’s fairly certain the buyers are about to become the new owners.
As you can see, the process of a house inspection can have a major affect on a buyer’s finances for years to come. If you’re in the market for a new home, don’t gloss over the inspection report or assume that your agent will show up for you on inspection day and handle any issues. Stay involved in the process, even if you have to ask a million questions along the way. As J.D. often says, nobody cares more about your money than you do.
An exchange-traded fund, or ETF, bundles many investments together to be bought and sold in one neat and tidy package. The purchase of one ETF provides exposure to dozens or even hundreds of different investments at once, and there are numerous types of ETFs on the market.
ETFs are an investment vehicle that allows even small and less-established investors to easily build diversified portfolios, and to do so at low relative costs. But before you start buying ETFs, it’s important to understand how they work, and their pros and cons.
What Is an ETF?
An ETF is an investment fund that you can buy and sell like a stock, but that pools together different assets, such as stocks, bonds, commodities, or currencies, and then divides its ownership up into shares.
This means that it is possible to buy one fund that provides exposure to hundreds or thousands of investment securities. ETFs are often heralded for helping investors gain diversified exposure to the market for a relatively low cost.
This is important to understand — the ETF is simply the suitcase that packs investments together. When you invest in an ETF, you are exposed to the underlying investment. For example, if you are invested in a stock ETF, you are invested in stocks. If you are invested in a bond ETF, you are invested in bonds.
Most ETFs are passive, which means to track a market index. Their aim is to provide an investor exposure to some particular segment of the market in an attempt to return the average for that market. If there’s a type of investment that you want broad, diversified exposure to, there’s probably an ETF for it.
Though less popular, there are also actively-managed ETFs, where a person or group makes decisions about what securities to buy and sell within the fund. Generally, these will charge a higher fee than index ETFs, which are simply designed to track an index or segment of the market.
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How Do ETFs Work?
Most ETFs track a particular index that measures some segment of the market. For example, there are multiple ETFs that track the S&P 500 index. The S&P 500 index is a measure of the stock performance of 500 leading companies in the United States.
Therefore, if you were to purchase one share of an S&P 500 index fund, you would be invested in all 500 companies in that index, in their proportional weights.
What Is the Difference Between an ETF And a Mutual Fund?
ETFs are similar to mutual funds. Both provide access to a wide variety of investments through the purchase of just one fund. But there are also several differences between ETFs and mutual funds:
• ETFs trade on an open market exchange (such as the New York Stock Exchange) just as a stock does, so it is possible to buy and sell ETFs throughout the day. Mutual funds trade only once a day, after the market is closed.
• ETF investors buy and sell ETFs to and from other ETF investors, not the fund itself, as you would with a mutual fund.
• ETFs are typically “passive” investments, which means that there’s no investment manager making decisions about what should or should not be held in the fund, as with mutual funds. Instead, they aim to provide the average return in the market for which they are invested. For example, an ETF for technology stocks would mimic the returns of technology stocks overall.
What Are the Advantages of ETFs?
There are a number of benefits of ETFs in an investment portfolio, including:
• trading
• fees
• diversification
• accessibility
Trading
ETFs are traded on the stock market, with prices updated by the minute, making it easy to buy and sell them throughout the day. Trades can be made through the same broker an investor trades stocks with. In addition to the ease of trading, investors are able to place special orders (such as limit orders) as they could with a stock.
Fees
ETFs often have low annual fees (called an “expense ratio”) — typically lower than that of mutual funds — and no sales loads. Brokerage commissions, which are the costs of buying and selling a stock within a brokerage account, do apply, though they are typically less than 0.25% per year.
Diversification
Using exchange traded funds is one way to achieve relatively cheap and easy diversification within an investment strategy. With the click of a button, an investor can own hundreds of investments in their portfolio.
Accessibility
Investors should be able to find what they want and build a diverse portfolio across all markets. The broad range of ETFs covers stocks, bonds, commodities, real estate, and even hybrids that offer a mix.
What Are the Disadvantages of ETFs
There are some potential downsides to trading ETFs, too, including:
Trading Might Be Too Easy
With pricing updated instantaneously, the ease of ETF trading can encourage investors to get out of an investment that may be designed to be long-term.
Extra Fees
Even if ETFs average lower fees than mutual funds, a brokerage might still charge commissions on trades. Commission fees plus fund management fees can potentially make trading ETFs pricier than trading standalone stocks.
Lower Yield
ETFs can be great for investors looking for exposure to a broad market, index, or sector. But for an investor with a strong conviction about a particular asset, investing in an ETF that includes that asset will only give them indirect exposure to it — and dilute the gains if it shoots up in price relative to its comparable assets or the markets as a whole.
What Are the Most Common Types of ETFs?
The ETF market is very diverse today but much of it reflects its roots in trying to capture a broad swathe of large public equities. The first US ETF was the “Standard & Poor’s Depository Receipt,” known today as the SPDR. It was launched on the American Stock Exchange in 1993 — and today, ETFs that cover the S&P 500 are one of the largest sectors of the industry.
Since the SPDR first debuted, the ETF industry has gotten more diverse as ETF trading and investing has gotten more popular with individual investors and institutions. But even so, market or index ETFs play a major role.
These are some of the most common types of ETFs.
Market ETFs
These provide exposure to a representative sample of the stock market, often by tracking a major index. An index, like the S&P 500, is simply a measure of the average of the market it is attempting to track.
Sector ETFs
These ETFs track a sector or industry in the stock market, such as healthcare stocks or energy stocks.
Style ETFs
These track a particular investment style in the stock market, such as a company’s market capitalization (large cap, small cap, etc.) or whether it is considered a value or growth stock.
Foreign Market ETFs
These ETFs provide exposure to international markets, both by individual countries (for example, Japan) and by larger regions (such as Europe or all “developed” countries except the United States).
Bond ETFs
Bond ETFs provide exposure to bonds, such as treasury, corporate, municipal, international, and high-yield.
Commodity ETFs
Commodity ETFs track the price of a commodity, such as a precious metal (like gold), oil, or another basic good.
Real Estate ETFs
Real estate ETFs provide exposure to real estate markets, often through what are called Real Estate Investment Trusts (REITS).
In addition, there are inverse ETFs, ETFs for alternative investments, and actively-managed ETFs. (While most ETFs are passive and track an index, there are a growing number of managed ETFs.)
ETFs designed for the modern investor.
Distributor, Foreside Fund Services, LLC
What Is ETF Trading?
ETF trading is the buying and selling of ETFs. To know how to trade ETFs, it helps to understand how stocks are traded because ETF trades are very similar to stock trades.
Stocks trade in a marketplace called an “exchange,” open during weekday business hours, and so do ETFs. It is possible to buy and sell ETFs as rarely or as frequently as you could a stock. You’ll be able to buy ETFs through whomever you buy or sell stocks from, typically a brokerage.
That said, many investors will not want to trade ETFs frequently; a simple ETF trading strategy is to buy and hold ETFs for the purpose of long-term growth. Whether you choose a buy and hold strategy or decide to trade more often, the ease of trading ETFs makes it possible to build a broad, diversified portfolio that’s easy to update and change.
When it comes to trading flexibility, ETFs can be used in different, more innovative ways than mutual funds. For example, advanced investors might choose to leverage or short markets using ETFs. ETFs also trade in such a way as to avoid short-term capital gains taxes, giving investors more control over their annual taxes.
3 Steps to Invest in ETFs
If you want to start investing in ETFs, there are a few simple steps to follow.
1. Do Your Research
Are you looking to get exposure to an entire index like the S&P 500? Or a sector like technology that may have a different set of prospects for growth and returns than the market as a whole? Those decisions will help narrow your search.
2. Choose an ETF
For any given market, sector, or theme you want exposure to, there is likely to be more than one ETF available. One consideration for investors is the fees involved with each ETF.
3. Find a Broker
If you’re already trading stocks, you’ll already have an investment broker that can execute your ETF trades. If you don’t have a broker, finding one should be relatively painless, as there are many options on the market. Once your account is funded, you can start trading stocks and ETFs.
How to Build an ETF Portfolio
Are you willing to take more risk to attempt more growth? How will you handle market volatility? Investment strategies vary based on criteria like personal risk tolerance and age. Once you have determined your desired asset allocation — that proportional mix of different asset classes — ETFs can help fulfill the exposure to those markets.
For example, if you decide that you would like to invest in a traditional mix of stocks and bonds at a ratio of 70% and 30%, you could buy one or several stock ETFs to gain exposure to the stock market with 70% of your money and another few ETFs to fulfill your 30% exposure to the bond market.
For diversification purposes, some investors like to have both U.S. and foreign stock ETFs in their portfolios, as well as both government and corporate bond ETFs. Some investors also add alternative assets to their investment strategy: gold and other commodities, emerging markets, and ETFs that invest in real estate.
Once you’ve determined your desired allocation strategy and purchased the appropriate ETFs, upkeep throughout the year is necessary. This could mean rebalancing your portfolio once a year or utilizing a more active approach. ETFs provide the flexibility to pursue any number of investment styles, philosophies, and techniques.
The Takeaway
ETFs bundle different investments together, offering exposure to a host of different underlying securities in one package. There’s likely an ETF out there for every type of investor, whether you’re looking at a particular market, sector, or theme. ETFs offer the bundling of a mutual fund, with the trading ease of stocks.
Though a DIY approach to investing using ETFs is doable, many investors prefer to have the help of a professional who can provide guidance throughout the investment process.
Ready to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.
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Simple living is great. Avoiding shopping malls in favor of clothing swaps, cooking meals at home with your spouse, holding a music jam with friends instead of shelling out big bucks for a concert — all these activities not only save you money, but they also connect you more deeply with what you love.
In a sense, they make you more alive. Which is what getting rich is ultimately about: not simply achieving material wealth, but living a rich life.
Pay now, save later Some things just shouldn’t be scrimped on, though. There are expenses that save you money down the line. Some also save you time and improve your quality of life. It might be tempting to cut corners on this stuff, but the truly frugal person knows that laying out cash up front will pay off in savings later.
Consider these expenses an investment in your life. You’ll reap material as well as personal rewards when you keep up with these areas of your life:
Your health. Preventative health care saves thousands on major medical costs every year. In addition to keeping up with your annual physical, be sure to get your teeth cleaned regularly. Dental insurance typically offers only partial coverage of major dental work, and those crowns can add up to huge dollar amounts in a hurry. Taking care of your health also means eating well and getting enough exercise. These things can be done relatively cheaply: You don’t have to spend a fortune at Whole Foods or join a trendy gym to keep fit. It’s worth putting some money into eating well and keeping your body moving, though. Look for bargains at your grocery store, but don’t eat Fruit Roll-Ups instead of fresh fruit just because you have a coupon. Over time, you’ll save money by staying healthy.
Your home. You don’t need to live in a mansion. A smaller, cheaper home can often bring you more joy because it comes with fewer financial headaches and less labor to keep it clean. Whatever roof you choose to lay your head under, you’ll need to maintain it. Unless you rent, or have a condo association managing it for you, it’s important to stay on top of upkeep on your property. Like your health, preventative maintenance can go a long way towards saving you money and guarding against real harm in the future. Fixing your leaky roof promptly, replacing your water heater as needed, and cleaning your heating system each year will cost you in maintenance fees. But it’s a small fraction of the cost you’ll pay if you let those things slide until they become emergencies.
Your marriage. Divorce isn’t just painful, it’s expensive. A divorce typically lowers each former spouse’s net worth by 70%. (But it sure boosts the net worth of the lawyers!) Putting some resources into keeping things strong between you and your partner is a great investment, in financial terms as well as emotional. Set money aside for time together, for small thoughtful gifts to let your beloved know you’re thinking of her. If you have kids, spring for a babysitter to create some much-needed time alone. If your marriage is in trouble, consider therapy. The therapist’s fee may seem steep, but it’s a fraction of the hourly rate a divorce attorney will charge, and the end result will likely be happier.
Your career. Typically, your career is your greatest source of money. But it also creates expenses. These range from having the right clothes for your office environment to taking graduate courses. There’s an art to knowing which expenses will pay off. Do you really need $200 shoes to fit in at work? Is that new laptop an essential business expense or a neat toy? While it’s easy to overspend on your career, especially if you’re self-employed, work is an area where some investment up front can bring you huge returns over time. If a graduate degree will help you step into a higher paying position, or even switch careers entirely, it’s probably worth the cost of tuition bills in the here and now.
Your happiness. You can’t live entirely in the future. While you save for your long-term goals, be sure to put some energy into being happy in the present. That doesn’t mean splurging on expensive whims to buy yourself a moment of happiness in a bleary day. Spending money you don’t have won’t make you happy. Debt is a major cause of stress and sadness in people’s lives. But as you take control of your finances, be sure to also tend to the joy in your life. That’s best done by fostering close relationships and engaging in activities you love. Unlike the other “life investments” I’ve talked about here, this one comes with a small price tag or none at all. A talk with a close friend, a trip to the library, or a free movie at your local university can all bring big doses of happiness for free.
Investing in these core areas pays off in a better quality of life and saves you money on emergencies. A healthier, happier life is also a cheaper one.
Budgeting for now and later To get the long-term financial and personal gains of this approach, you’ll need to do some careful budgeting. Make sure you leave room for “unexpected” expenses like home repairs and dental work. A review of your last few years’ spending records should give you a pretty clear idea of what your family typically spends on these periodic maintenance items. By budgeting for them, you’ll have the cash on hand when you need it.
You can also make your life easier by funding a three- to six-month emergency fund to tap into when life throws you a big curveball like a suddenly failed appliance You shouldn’t rely on your emergency fund to cover your new running shoes or evening computer classes, though. Budget for these “life investments” and they’ll fit more easily into your life.
As with any expense, it’s important to make these choices with care. Yes, you’re investing in your life. Keeping your health, your home, your marriage, and your career strong will bring you more happiness every day. But like any investment, take care not to overextend yourself. Sometimes last year’s running shoe is just as good as this year’s — and for half the price. Getting the most out of your money without shortchanging your quality of life is the truly frugal approach.
I asked, as I sometimes do, what personal finance question my friends and Twitter followers had for me. It was a slow day on the internet and the responses flooded in.
My friend Neil asked, “what do you think about real estate?” A broad question, indeed, and I got him to clarify. “You know… should I buy a house? Why not just rent?”
Why not indeed.
The Dream of Home Ownership I too bit off and gulped down the dream of home ownership when just a small lass. When I graduated from college, I moved to a Southern U.S. city — Charlotte, North Carolina — and like any young professional often in the company of older, established professionals — saw immediately that they all owned houses. And that this was very good.
What they had, I wanted: the houses with the staircases and the pretty backyard decks and the grand old trees in the back and the guest bathrooms with bowls of little colored soaps. I wanted a kitchen, with wide countertops and an arching clamp-hose faucet over the deep sinks and big drawers for flour and pot lids and recycling bins. And art on the walls, and a king-sized bed, and a walk-in closet, and a master bath.
My dream was only made more intense while shopping for condos in New York City, then in Reston, Virginia, with my 20s-era boyfriend. When he went to sign his first title, I went too, and we went out to lunch afterward at a restaurant on 54th street; we spent $112 and when I ate the tiny plate of tiny after-lunch sweets (a little cheesecake, a little truffle, a little gelee), I felt I’d arrived.
Years later, after the boyfriend, I became pregnant and my now-husband and I shopped for homes. My stories of those searches are intense and full of longing and stress; but by my fourth month of pregnancy I was living in house all my own. I vowed to never move.
Tip: Compare mortgage rates from multiple lenders for new home loans and mortgage refinance loans.
Other People’s Dreams I am — I was — the classic case for home ownership. I live in a small city and, when I bought the house, prices were reasonable; my mortgage payment is now less than many pay for renting an apartment. I love working on the yard and painting walls and I even tiled my bathroom myself (with lots of structural help from my father and husband). My husband is handy, and can run wiring and solder plumbing and he built a whole room in the basement. We’re the home ownership success story (though admittedly we have a lot more work to do, and no walk-in closet, no master bath).
But for many people, home ownership should remain the stuff of other people’s dreams.
I think my friend Neil is a good example. His ex-wife longed to buy a home in Los Angeles, where they had made a home after Neil’s upbringing in New York City. The situation was probably even more intense for her than for me in Charlotte; their friends and colleagues owned expansive ranch-style show-homes and sweet artsy bungalows, in neighborhoods where the price-per-square foot probably neared four digits at the peak of the market. The mortgage on those homes would require all of one middle-class salary.
Even for the more economic choices, prices were high and there was no clear benefit to buying over renting; in fact, most mortgages would be more than the cost to rent a nice (and low-maintenance) apartment.
Neil wasn’t good with a hammer or a chop saw, nor did his wife have any desire to keep a fine vegetable garden. There was no dad around to rip out old bathroom floors or teach Neil to solder copper pipes. Neil had no dreams of living in his home forever with his growing family; to date, he has no children and he’s now divorced; he’s not sure if he’ll stay in LA for the rest of the year, let alone the decade. For him, home ownership is someone else’s dream.
Should I Buy a Home? For me, Neil’s question was easy. “No,” I said finally. “I don’t think you should buy a home.”
“But isn’t that the goal?” he asked me. “Isn’t that what you’re supposed to do?”
Well, maybe. But I’ve found my own definition of “getting rich slowly” is often made up of doing few things that one is “supposed” to do; for me, living a double income, office job lifestyle is one such “supposed to” I’ve discarded. For Neil, I prescribed letting go of that “supposed to” of buying a home.
How to Know When You’re Neil Are you Neil? That is to say, should you too avoid adopting the dream of home ownership? Here are a few signs you may be Neil:
You are still a transient. Of course, we know I don’t mean “homeless person.” I believe many of us today graduate college (or high school, if college wasn’t the path for you) as transients, expecting to live in one place for a few years before trying out another, and another, and another, until one feels like home (or until you fall in love with someone who’s rooted to a place, giving you a graft and rooting you, too). If you’re not sure yet if this place is going to be your home for more than the next few years, home ownership is not for you. With closing costs and the uncertainties of the real estate market, it’s very difficult to come out of a two-year home ownership transaction without losing money as compared to renting.
You have no desire to engage in home and garden upkeep. While some such people might hire gardeners and contractors to fill in the holes in their handy skills and passions, most of those who don’t care to pick weeds or fix fences or mow lawns or plant apple trees are better off with an apartment. Purchasing a condo might be an option, if you don’t say “yes” to any of the other items in the “are you Neil” list.
The market in your favorite neighborhood doesn’t make sense. If the cost of a monthly payment on a mortgage would be greatly higher than the price of a two-bedroom apartment or other rental suitable for your family’s needs — say, more than 25 or 30% higher — it’s probably not a good time to buy. While indeed mortgage interest deductions and home buyer credits and the time value of money might be squished around to make the comparative cost similar, do remember that life is uncertain and markets fluctuate and maybe you should wait a bit — or look around for a more sensible neighborhood — before buying something.
You’re not sure about your career or your job. Maybe you’re considering going back to school to become a sommelier. Maybe you’re pretty sure your boss wants to retire and sell the company. Maybe you just don’t love your job and you’re looking around for something new. If you’re not fairly confident your next few years won’t include a significant change in income, it’s probably not a good time to engage with the home ownership dream.
Your relationship with your partner is rocky. I’ve been watching several of my friends deal with the tough decision over what to do with the family home when a relationship is over. In one case that worked out for the best — the family made a nice profit from the sale. But that was a rarity. If you’re married, you might end up having to sell and take a significant loss, even if you’d rather stay in the house solo; if you’re not married, things could be even more wonky. One woman I know lost her grandmother’s home after a pre-marriage breakup (with someone who obviously turned out to be enough of a jerk to keep her grandmother’s home, though that analysis is one-sided and second-hand, so take it with salt). Be honest with yourself, and know that, much like puppies and babies, houses do not fix broken relationships.
You would have to cash in retirement or emergency savings to buy the house. A home buying fund should be separate from those savings for emergencies and retirement. You’ll have more emergencies, in all likelihood, with a home than without. And you know how we feel about retirement savings. If your dream is that intense, then you can use your intensity to fuel your frugality while you save up for the down payment.
It also makes sense to run the numbers through a rent vs. buy calculator to see if the results would influence your decision one way or another. Have you struggled with the decision to rent or buy? Where did you come out on the Neil/not Neil spectrum?
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?
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.
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.”
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.”
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.”
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.”
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.”