Buying A Foreclosed Home

Posted by on April 17, 2009 · Leave a Comment 

Many people are looking into buying foreclosures, and the truth is this is probably a good investment if you can afford to do so. It is an excellent time to buy into the housing market and consider owning real estate for the purpose of turning a profit, but you must be able to truly afford this type of investment. There are some real hard facts that you must consider.

1. When buying a foreclosed property, you don’t get a lot of the information about the information about the property that you might receive during a traditional home purchase, and this can put you at a disadvantage, if you only have enough capital to take over the home, but don’t have enough capital to invest in repairing the property. Many foreclosed properties require major work and although you may be one of the lucky ones who gets a property that is in excellent condition this should not be counted on.

2.  If you are considering buying a foreclosed home, make sure that you can afford to pay the taxes on the property.  Just because you get a good deal on the property itself, does not mean that you can afford to hang on to it.

3.  Make sure that you are not spending money that you will need back right away.  It is important to realize that with this uncertain market, that although you can definitely make a profit on a foreclosure it may be a little while before you can turn the best profit.  This is why you need to think of buying a foreclosure as a long term investment, unlike real estate investments of the past, when you could quickly turn over homes for profit.

The important thing to remember is that foreclosures are an excellent opportunity to make a profit, but make sure that you can afford to buy one before you do.

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Making Money In Unlikely Places

Posted by on February 6, 2009 · Leave a Comment 

It is time to start thinking outside the box when it comes to making money.  Conventional jobs are becoming more and more scarce, and yet people are still in need of money to survive.  What can you do if this is you? You have cut back everyway you can think of, and yet you are still struggling just to pay the bills and eat.  Maybe, you have even suffered a layoff, or a cut back in your hours, making things tighter than they have ever been before.

Everywhere you look people are saying SAVE, but you are thinking I can’t afford to save, I can’t even afford to survive.  Okay, then this is the blog for you.  It is time to begin thinking about skills and abilities that you possess that you can use to generate more money.

Here are some really simple ideas that could generate you some dollars for you with very little or no overhead at all:

1.  Start A Cleaning Business.  Office cleaning, house cleaning, many people use a cleaning service, and with only a few supplies you can start up a business that you can work on your own schedule.

2.  Tutoring.  If you are good at a certain subject, take on tutoring.  You can even hang up signs or put ads in the newsletter at your local schools.

3.  Find Treasures.  Some people are good at thrift store shopping and can find things that are worth a lot for a little, then they resell them online and make good money doing this.  It takes a good eye for this one.

4.  Babysit.  Another way to pick up some extra money.  If you don’t like kids then this is not for you.

5.  Lawn Service.  Believe it or not, this is one of the most lucrative home businesses and affords you to make some really nice money with just the few lawn tools that you already have.

6.  Handyman, maintanence.  If you are handy, then advertise your services.  With more and more women living on their own, this is a business that is always in demand.  Even the women who can handle some of the jobs around the house, usually can’t keep up with all of it.  This type of business could also be a renovation business if you are that handy.

7.  Buy and Sell.  Many people are buying things wholesale and marking them up like the retailers do.  With the help of the internet you can do this too.  Start by looking up wholesale companies and see if you think that you found something that would be worthwhile to sell.  Stay away from knick nacks, with the failing economy these will be the last items that people will be buying.

There are lots of great ideas out there, so think outside the box and get on your way to finding some money out there that you didn’t even know existed.  There is always need, you just have to find it.

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New President…New Hope

Posted by on November 5, 2008 · Leave a Comment 

The promise of big change was the winner of the election last night, as recent polls showed that for about 75% of American’s their biggest concerns were the economy.  For most of us we realize that the economic situation is serious to say the least, and the hope of change is probably the reason for Barack Obama’s success in the election.

Many American’s remain hopeful that the economic situation can be turned around by a new President, but I think that we are all acknowledging that change will not happen overnight.  This was especially noted by the votes for Obama which came from states like Rhode Island and Michigan who have unemployment rates that are above 8.7% to date.  These people are really feeling the need for change, and are hopeful that the change to a Democratic government will provide just that.

The bottom line is that we can’t afford to keep letting the economic situation get worse, and overall as a country I don’t think that the people were impressed by the recent government bail outs.  I didn’t really know much about this, and thought like many that this seemed to be an unnecessary step.  After listening to a few financial analysts on the subject I came to realize that if we hadn’t done these bail outs we would have definitely sunk the economy into the deepest depression in our country’s history.  By injecting these monies into the banking industry, our government did not improve our financial standing, however, it did stop us from having people starving in the streets, and so from that understanding at least the whole thing makes sense.

No one knows what the future holds, however as an American, I am also hopeful that Mr. Obama can hold up his promises and make some much needed changes in our country.

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Ho, Ho, Ho Or Bah Hum Bug

Posted by on October 13, 2008 · Leave a Comment 

I have always loved the holidays.  Always a fun and exciting time of year filled with hustle and bustle.  Some years, though, have been more difficult than others.  Many years, we didn’t really have enough money for Christmas gifts, and it put a lot of added stress on us.  The years had more and didn’t have to go into hock to make a Merry Christmas were also a lot nicer.  I didn’t have to worry about what I would get everyone, I could relax and shop early and get whatever I idea came into my head for that special person.  On years when I didn’t have enough money I would stress and by the time Christmas day would roll around, I would be completely broke and miserable knowing that I spent money that I didn’t have to get through it.  This year, I think that with the economy where it is, we all need to take a few steps back and really look at how much money we are spending on Christmas.  There is nothing fun about buying gifts and then stressing about how to pay for them.  I know I wouldn’t want to think that anyone was getting stressed about a present that they bought me and really couldn’t afford, the gifts are not that important but the people are.  It is a great time of year to acknowledge people, but you have to make practical choices and shop for the deals.  There are a lot of good bargains out there and a lot of really creative ways to give exciting gifts without spending too much money.  This year, let’s all be smart and limit our spending of dollars and just spend time with the ones we love instead.  It is more important than ever to realize that the material stuff is just stuff.  Let’s not buy into the madness that the local businesses perpetuate, let’s take a step back and just enjoy the holidays and not go broke in the process, after all you don’t want to end up in the same financial state as our government do you?

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Some People Really Don’t Understand What Cutting Back Means

Posted by on September 18, 2008 · Leave a Comment 

I guess, with all the talk about money and finances in the forefront of everyone’s minds, you would think that more people would be taking action and cutting back and saving money now for the future.  This is really not the case because some people really don’t understand shopping wisely and saving money and all that stuff.  It seems pretty simple to me, maybe because I learned from my grandparents, who came from the Great Depression times and didn’t have much money even after they started a family.  Growing up I would hear my grandmother tell stories about wanting to buy a Christmas present for my aunt when she was a little girl and about how they could only afford a doll, but they couldn’t afford the clothes, so she made an outfit for the doll which was my aunt’s only Christmas gift.  I heard stories about adding water to stretch things and making lots of Koolaid to quench the thirst of friends who would come for a visit.  My grandparents now have money, but still do not spend.  My grandmother still recycles her tin foil and uses it again.  She shops a bargain whenever possible and will reuse items past the point of exhaustion.  Since they never really had money, when they did get it, they still continue to act as if they don’t.  This is how they were raised.  Many times when speaking to my grandmother and grandfather about my struggles with raising a family and about having no money, they share stories about wondering how they would pay for heating fuel and about the tough times.  I look at them now and hope that my future holds for me money in it, as they are a true testament to the power of pushing forward and going from have nots to haves.  A rags to riches story that even now, makes you think about how you are spending your money and what you are spending it on.  I am gradually learning how to cultivate my money and keep it going far past where it should.  I am cutting coupons and shopping sales, I am going to yard sales, I am cutting back.  My kids feel it and are hating it, but I can’t just blow money on their every desire, I keep trying to explain to them the difficult financial times that we are in, but I really don’t think they get it.  The time to cut back is now, so start making gifts for Christmas and thinking of ways to reduce costs where ever you can.  This is a time of “Economic Slowdown” so be ready because when things start to slow down, they eventually come to a stop.

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5 Biggest Money Mistakes

Posted by on August 24, 2008 · Leave a Comment 

From the rich to the low income, money and stretching a dollar is on everyone’s minds these days.  A recent Dr. Phil show reviewed some of the biggest money mistakes people make, and I found the information very interesting so I am passing it on to you.

1.  Living Beyond Your Means – One of the biggest mistakes people make is that they want more than they can actually afford.  Spending money on things you can’t afford will most definitely put you into financial crisis.  We as American’s must learn to live within our means.  We may not want to but if the math says we can’t afford it, then we can’t.  There is no magical way to afford things that are beyond the dollars you bring in, so live wise and be frugal.  In the long run, being debt free will give you much more than that new TV or car will.

2. No Emergency Back Up Plan – Families must live below there means if they are going to be able to tuck some money away just in case of emergency.  In this country, families used to only have one income, and in that case if one party was unable to work, the other party could just get out there in the work force and earn a paycheck to keep the family afloat.  Now with most families using all the income potential just to get through the day to day, it is more important than ever to have a savings plan and to keep adding to it each paycheck.  Hopefully you won’t ever need it, but it will be nice to know that if you hit a rough patch you have something to fall back on.

3. Fixed Income Is Not The Only Answer – Fixed income is an important regular, steady income and is very helpful to have, however there are other ways to make money, and there is nothing wrong with investigating other options while bringing in the weekly paycheck.  There is a whole world of business opportunities available, everything from starting your own home business, to finding a side job that allows you to work from home.  Be sure to not limit your options to just the jobs that will bring in a paycheck, sometimes your greatest earning potential may lie in a great idea you have, so don’t just dismiss all else, keep your options open.

4. Cashing Out Your 401K – Sometimes you may not have a choice.  Financially, you may absolutely have not other options, however, if at all possible keep that money in there.  It is money that you can use for a down payment on a home or for kids college, and in addition to those things, you may also need need it to supplement your Social Security Income when you are old.  If at all possible, don’t take the money, and if you need to try and take as little of it as possible.  It is not a good idea to steal from your future to pay for today.

5. Believing The Myth Of Fixed Expenses – There are absolutely no fixed expenses.  When budgeting and realizing that you can’t meet your monthly expenses with your income, it is time to cut down to the bare minimum.  A car payment is not fixed, sell the car, pay off the loan, and buy a cheap car to get you back and forth to work.  You can reduce your energy bills by being more conscientious.  There are ways to reduce just about every bill that you have, if you just work at it.  More peace will come into your life if you are living below your means.  Happiness comes directly from the peace in knowing that you don’t owe anyone, anything, so cut back now and reap the rewards, you will probably even live longer being this kind of stress free.

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