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Passive Income: How it Works and How to Make it Work for You

What is passive income? Passive income is a strategy of using personal finance and other resources to generate a long-term, recurring income with little or no work. Many people around the world dream of making money when they are asleep, but to a large number of those interested in passive income, it is a pipedream with no tangible results. The Passive Income Strategy Passive income is a long-term strategy to help generate income for everything from covering the bills to early retirement. You can use the proceeds however you want. Maybe you reinvest to build your passive income project into a business empire. It is important to understand that passive income is not passive right away. You usually can’t just write a check and start seeing funds come back to you outside of stock market, annuities and similar financial investments. Every passive income idea has its own pros and cons,…

Buying a Home? 5 Steps to Avoid Surprises

Buying a home is likely the biggest financial transaction of your life. With so much on the line, it is important to take the right steps to prepare for the home search and buying process. From figuring out how much home you can afford to signing your closing documents, follow these steps to prepare to buy a home and avoid unpleasant surprises. Calculating Your Home Purchase Budget Before you start looking for homes, it is important to understand how much home you can afford. There is nothing worse than going house hunting, finding a dream home and figuring out you can’t afford it. Rather than set yourself up for disappointment, do the math to figure out what you can afford as the first step of your home buying process. There are two main factors that determine what you can afford, the down payment and the monthly payment. The two are…

Moving to “Level Up” Your Real Estate and Finances

In real estate, there is a concept known as a “starter home.” A starter home is a lower cost home that works great for current needs, but may not be a perfect fit for the long-run. While moving is expensive and can be quite a hassle, it can help you level up your real estate and personal finances at the same time. Needs Change Over Time When you move into your first home, you may not have kids, you may not have a dog and you may not have a significant other. But fast forward a few years and life could look a lot different. That is one of the most common reasons people decide to move. Few people can move right into their lifelong dream home right after college or even in their 20s. Due to closing costs, many experts suggest not buying a home unless you plan to…

7 Simple Ways to Save Money on Taxes This Year

It’s officially tax time – a time to look back over the previous year with an eye toward maximizing deductions and tax credits and lowering your tax burden. Do you find yourself cringing at how much you pay in taxes each year though? You’re definitely not the only one who feels knots in their stomach when reviewing how much in taxes comes out of your paycheck each month. Taxes are unavoidable, but you can minimize the impact they have on your bottom line. While every scenario is different, one thing is universally true, and that is that planning is the key to get the most out of taxes. If you don’t plan, then you’re not going to get anywhere. The good news is there are simple ways you can start planning right now to save on your taxes this year. Taking action now can make a big difference in the…

Housing Season and the Perfect Home Team

Housing season has officially begun. As anyone in the real estate business will tell you, spring is when most people buy, sell and renovate their homes. Whether you’re in the market, on the market or getting ready to remodel your kitchen, you need a home team you can trust. These tips from SelectQuote Auto & Home will help you pick the right realtor, contractor and mortgage broker for your needs – and save you money in the process. How to Choose a Realtor The purchase or sale of a home is one of the most significant financial decisions you can make. That’s why it is so important to pick a realtor who’s right for you, as opposed to just going with a friend who happens to be in real estate. Here are three criteria to help you find the right realtor for your needs. Use an Actual Realtor. The terms agent, broker…

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