You don’t make enough money.
Shocked? Probably not. Most people believe they don’t make enough money. But the truth isn’t that you don’t make enough money. The truth is that you’re living with another problem altogether. Let’s look at Jane. Jane’s paycheck is quite a bit larger than yours, and yet you can’t figure out why. She’s been at your company as long as you have, and isn’t the boss’ niece (like you!).
So why is Jane making more? It’s easy. Jane is healthier.
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Between the uncertainty of the economy and constant inter-connectivity that the internet affords us these days, it’s no wonder that the U.S. Department of Labor reports that just over 5% of American workers maintain more than one job — and that number has been growing since 2001. It used to be that moonlighting at a second job meant that you had to go to another workplace after your first day of work was over — but now, a side gig is often something that you can do from home and is a natural extension of a hobby.
Unfortunately, some employers may discourage their employees from working a second job because they are concerned about productivity and/or liability. However, your side gig can often be a great way to both make a little extra money and grow your primary career. Here is what you need to know to make your side gig a complement to your career:
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Watching the show “Flip Men” on Spike has reignited the idea of flipping a house for me. I have been interested in buying and flipping or looking for a property to buy and rent for some time now. Not being much of a handy man, this idea is quickly dismissed, but can flipping a house be a profitable venture for someone like me? What about someone who knows how to do house renovations on their own? There are a number of things people need to keep in mind if they are going to flip a house. We discuss four below:
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Many of us want to retire early. That early retirement age might be 35, 40, or 50, but the idea is to retire sometime before the age of 65 and start enjoying life — before age and infirmity catch up with you.
The reality, though, is that the dream of early retirement will remain a dream unless you take action.
Here are 5 steps to take that will help you reach your goals of early retirement:
You say you want to retire early, but have you made the necessary commitment? Look at the way you use your financial resources. What do your actions say about your financial priorities? If you really want to retire early, you have to make it a priority — and you’ll have to make tradeoffs. That means that you have to give up less important things in the present in order to achieve your long-term priority of early retirement.
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Waiting on the phone anxiously to see if you’re going to be approved for that mortgage for your first home, you start to sweat when it takes forever for the mortgage specialist to let you know what he finds out. He starts talking in a monotone and without excitement, and you can’t help but read between the lines on his face.
You were denied.
How did this happen? You’ve never even been a day late on your bills! Regardless, your credit reports deems you unworthy of lending.
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Many Americans may understandably feel a little gun-shy about the real estate market these days, but the truth of the matter is that there has never been a better time to invest in real estate. Mortgage rates are at all time lows, and with a market still only slowly recovering, many homes can be bought for a great deal less than they were worth several years ago. In particular, this is a great time to invest in a rental property.
However, with the tightening of the mortgage industry, and the fact that the requirements for non-owner occupant (NOO) mortgage lending being more stringent than those for owner occupants (OO), you should know that you will face many hurdles to that first purchase of a rental property. If you are considering becoming a landlord, here is what you can expect from mortgage lenders:
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