How to Finance the Purchase of a New Home

Buying a new home can be one of life’s most amazing experiences. It can be a little intimidating for people who are unsure of how they’ll finance it, however. Homes are enormous purchases. If you’re in the latter group, there are certain suggestions you should run through your mind. Financing a new home is without a doubt something you can do.

Research Home Loans

The smartest home buyers are the people who prepare efficiently. That’s why you should take the time to research the massive and often overwhelming universe of home loans. 

Your aim should be to get your hands on a great interest rate. It should also be to get your hands on a deal that won’t negatively interfere with your lifestyle and comfort level, too.

Set up a Consultation with a Reputable Mortgage Broker

Mortgage brokers can be major sources of help for people who are looking to finance new residential properties. They can help people secure mortgage deals that are a lot more desirable. 

If you want to save a lot on your mortgage, you can’t top the guidance of a knowledgeable and seasoned mortgage broker. Mortgage brokers can simplify the process of finding the most ideal deal out there.

Save Up

Covering down payments can cost people hefty sums of money. If you want to finance your home easily and with confidence, you should begin saving up to handle your down payment well in advance. 

The more money you initially put down, the easier it will be for you to manage your mortgage expenses on a monthly basis. You should always think about the big picture.

Assess All Offers Meticulously

You should never even think about being careless about home loan offers. Don’t assume that they’re all similar. You should evaluate your home loan offers meticulously, and prior to making any commitments. 

It can be unpleasant to commit to a loan only to realize that there were actually much better options out there simply waiting for you. If you give yourself a lot of time to make a solid decision, you should be good to go. Try to find out about as many loan offers as possible. Be as exhaustive as you need to be.

New home financing can seem pretty scary to people who are unfamiliar with the process. If you’re committed and detailed, however, you should be able to do extremely well for yourself. You should aim to be calm, composed, and confident.

How To Start Your Own Business

If you have been looking around for a good job with long-term prospects and the chance to earn some real money, but you haven’t found anything that will suit you, or you’re having trouble getting an interview, you might want to consider starting up your own business. 

Running your own business will give you freedom and flexibility, and it’s also the best way to make the money that you want. It’s not an easy thing to do well, however, which is why you should do a lot of research before committing. This article will help you to get started.

Don’t Make Excuses

The first important thing to remember is that many people have the idea that they want to start a business but they never actually get round to doing it. 

They just keep coming up with reasons and excuses as to why it’s not the right time or they’ve just got to do this or that before they can begin. The truth is, for many people, there is no ‘right time’ and they just need to get on and do it or it will never happen. 




That’s not to say that you should rush into your own business, but it does mean that once you have everything in place (money and knowledge to begin with), then you should start as soon as you can, rather than wait for a time that may never come.

Speak To Experts

Starting your own business can be daunting, and that could well be the main reason why some people never do it even though they want to. The good news is that there are many experts out there who will be willing to impart their advice to people who want to make something of themselves and start their own business. 

You can find these people online, for example, or even in your local town or village. Not everyone will be willing to help out, but many will; they want to see people who were in their position succeed just as they did. When the time comes, you can pay back this favor by helping other young businesses and offer your own advice.

Speak To Others

It’s just as important to speak to people who aren’t experts in running their own business. These are the people who are potential customers, so it’s essential to know what they think of your products and services, and whether they might use them. 

There is no point in starting a business that no one is going to buy from, so this kind of market research will give you a much better idea about whether you should stick with your initial thoughts or change and decide to sell something else instead.

The best way to know what to sell is to be a solution to a problem that a lot of people have. Stop thinking in terms of things you want to sell and start looking at problems you want to solve. 

Once you have that in mind, you can work on exactly how to do it. Remember, the problem needs to be a widespread one if you intend of making money. Something niche might be fun, but it won’t bring in the cash that you might be looking for.

Have A Budget

It’s so easy to get carried away when starting an exciting new business that you can overspend without even realizing it. Doing so can cause major problems when you run out of money before you’ve bought or set up everything you need to get started. 

This is where a budget will come in extremely useful. When you make a business budget, you can work out exactly what you’re going to spend and where you’re going to spend it. 

Creating it will require research to get all the costs in advance, but it is worth every second of the hard work you’ll put into finding out the details.

When you know how much you are going to spend, you can look at how to finance your startup. It might be a loan, personal savings, or perhaps you would consider these credit cards.

 It all depends on how much you need to spend and how long you will need to pay the money back. There are many options, so financing your business should not be a problem.

Keep Your Day Job

Eventually, you should be able to give up your day job and focus solely on your new business, but if you do that right from the start, you might live to regret it. If you have a job, try to stick with it for the first few months at least. 

If you don’t have a job, then you might want to try to get one; remember, it doesn’t need to relate to your business, it just needs to pay the bills, plus it needs to give you enough time to help your new customers.

When you find that you’re making enough money from your business and you don’t have any spare time to dedicate to it to grow it further, you will need to quit your other job. Until this, it’s a great safety net to allow you to work on your business as you see fit.

Check Out The Competition

Something else that you will need to do when starting your own business is to check out the competition. Who else is selling something similar to you? To start with, looking at what your competitors are doing will give you a good idea about how to start advertising, and perhaps even what promotions you should consider. 

This exercise will also show you how much money you could potentially make, and how popular your goods and services might be. It will be a particularly useful thing to know if you want to speak to an angel investor about helping out with your business.

Make A Business Plan

A business plan is always going to be needed when you start your own business whether you intend to apply for a loan or other credit or not. This plan, when done right, is what will help you to keep on track with your business growth plans; it’s like a road map to success. 

Taking the time to create the perfect business plan (which has to be flexible because in business things change quickly) will keep you on course.

3 Ideas To Make More Money If You’re Over 50 In Chicago

Just because you’re over the age of 50 doesn’t at all mean that you’ve lost out on opportunities to make more money and build up your wealth.

The opportunities to make money today are greater than ever before, so you’re actually in a very fortunate position.

Still, if you’re at a loss for what you can do, here are three simple ideas to make more money if you’re over 50 in Chicago:

Strategy #1 - Get Into Real Estate

It’s almost a cliche to say, at this point, that you should just ‘invest in real estate’ to make money. But the truth is that numerous real estate markets across the country have been bouncing back, and it really can be a good opportunity to consider buying an investment property to make money.

The most lucrative opportunities for getting into real estate are likely going to be places with a low unemployment rate and consistently strong population growth. You’ll have to put down a solid initial investment, which will be offset and pay off from the consistent stream of passive income coming in from renters.

Strategy #2 - Rent Out Your RV

Do you have a motorhome or travel trailer? If so, then as an alternative to essentially being a landlord and renting out a property, you can rent out your RV instead.

You don’t have to be a dealer or big rental company to be successful at renting out RVs. In fact, all you need to get started is just one RV that’s in good condition and well maintained, and then you’ll need to successfully advertise that RV on rental sites with high quality pictures.






To get started, you’ll also need to price competitively. According to Outdoorsy, “the average RV rental price in Chicago, IL is $173.12/night.”, so price your RV below that to get started.

Strategy #3 - Write A Book and Self-Publish

It’s much easier to publish a book today than ever before, because the days of where you would have to go around pitching your book to a publishing company are long gone. Today, it’s very easy to create an account on services such as Amazon Direct Kindle Publishing.

Write a book, convert it to PDF, have a cover created, write a description, set your price, and then publish. It really is that simple. If you really want to grow this into a business, you’ll need to publish more books in the same basic niche under the same author name to really establish yourself as an authority figure.

Self-published authors make anywhere from a few hundred to several thousand dollars a month on average, so the possibilities really are endless.

Making Money Over 50

There are many more financial steps that you can take as well to help grow your wealth. But getting into real estate and becoming a landlord, renting out an RV, and self-publishing books represent three of the most lucrative opportunities for earning passive income today in 2018.

Why It's Never Too Early to Downsize

Downsizing, for some over 50 it is an act filled with dread as it seen as a harbinger of old age. But for others, the act of letting go is a sort of new-found liberty and therefore more and more people in their pre-retirement years are actively downsizing. If this interests you, then read on as there are some reasons why it is never too early to downsize.

The Case Against Procrastination

As mentioned, the act of downsizing is seen by many as a sign of aging and for that reason is it largely put off. Let’s face it, most of in our 50’s feel no different than we did in our 40’s or 30’s. Sure, we might not be as full of youthful exuberance as we were in our teens, but it's not like we feel that much older.

This is the reason why most of us put off letting go of the things we have accumulated over the years. But this procrastination can have consequences. Not only does putting off downsizing risk letting others handle the task for you, it also means that you end up spending your life in a sort of museum, instead of freeing yourself and enjoying your golden years.

Given this, it is better to go through your things and start to decide what to keep and what to let go of. Beyond this, you might even decide that some of the items you want to keep might better leave in storage for your grandchildren or some other occasion. For example, if you live in New England, then you might want to make use of a storage company in Boston to hold those items you don’t need but aren’t quite ready to let go of.

Beyond this, let’s look at how downsizing can help you enjoy your life.

Starting Early Allows You to Take Your Time

Sifting through a life’s worth of knick-knacks can be time-consuming. As such, you are better served by breaking the task into smaller bits, by starting with one room and then taking a short break before moving onto the next.








Two questions you should ask yourself along the way is whether you have used the article you are considering letting go of in the past six months, or if you will need if over the next year. Doing so will help to give you some perspective on what you need to keep around.

Beyond this, starting early means that you can have discussions with your loved ones on what you want them to do with the items you are leaving to them. This could include family photos, books, and heirloom items – some of which might have been in your family for generations.

Another bonus to downsizing in short bursts is that you can time these activities to when family members come to visit as this is a perfect time to handover items you don’t need but you want to keep in the family. Granted, you might not want to involve your guests in this ‘chore’ but prepping for a visit can give you a much-needed deadline to work towards.

Eliminate Bickering

In some cases, your kids, or grandkids, might want some of your stuff, but in other cases, they might not. As such, starting early can help you do better determine who gets what. This will eliminate the family quarrels which are bound to crop up when someone decides it is time to downsize.

The same is true when you are holding onto mementos from when your children were younger. This can lead to more winging as your kids probably don’t want 3rd place medals from their 5th-grade spelling bee. As such, letting go of these items can eliminate bickering over who gets, or wants, what.

A Little Perspective

There is nothing like rummaging through all the stuff you have accumulated over the years to help put your life in perspective. For starters, you might find things that you forgot about or you might find something that you have been looking for. As such, think of the exercise not as a waste of time but as a way to save money.

That’s right downsizing can help you save money. Not only can it stop you from buying other ‘things’ but it can also open the door to getting a smaller home and this could mean you are spending less each month on your rent or mortgage. The added plus is that you will have less space to buy even more things and this leads to saving even more money.

Embrace Your Freedom

Living a life without clutter can lead to a sense of freedom. It’s not as if you are letting go of relationships; instead, it is the clutter which ties up all the space in your home. When it comes to downsizing, remember it is never too early to start; doing so will help you to enjoy your life without worrying about what to do with all this stuff.

Build Retirement Income with Condo Investing

As people near or reach retirement, many consider how to cut expenses while maintaining their current quality of life. Some get pensions, though most rely on Social Security and retirement investments to fuel their life after the paychecks stop. One of the first considerations is housing, and condo living is quite a popular draw for people over 50. 

It's less expensive, more compact, and has fewer yard work and maintenance requirements. Instead of just saving money, consider the fact that it makes financial sense to invest in condos, as well.

Choosing one or more condos as investment properties as you near retirement age might seem like too much risk to take on at that time of life. Yes, careful research is needed to maximize your returns, but condo investing is also less risky than other types of real estate opportunities for various reasons. 

If you need to get a home loan to purchase a new condo, make sure you understand the financial impact before you proceed.

The Benefits of Investing in Condos

Condos usually cost less than single-family homes in the same area, which allows people over 50 to risk less of their nest egg. Buying a condo in an existing community gives you detailed information about its track record for resale prices, property value overall, and tenant payments. 

Unlike separate homes, all the maintenance is taken care of by the property owner or management company. From a financial standpoint, condos in popular areas sell quickly and with possibly less marketing than a single home. 

The community often sells itself due to the shared amenities available. Holding them as rental properties gives you an ongoing, nearly passive income that can last throughout retirement.

Questions to Ask Before You Choose a Condo for Investing

Is this the right location to invest in? Location remains one of the most important factors when buying real estate either to flip or rent out. Look for community growth, employment opportunities nearby, quality of the schools, and other benefits that will make people move into the area. 

Also, check out the condominium complex itself to make sure residents and renters are satisfied with living there.

Should I invest in existing or pre-construction communities? If you purchase an existing condo property, you know exactly what you are getting, how much rent is currently paid, and the expectations of future raises. 

The track record of a particular property and, if occupied, the tenants, can help you make the decision more easily. On the other hand, it makes financial sense to invest in condos before they are built as this lets you get in on a potentially lucrative deal that can only grow over time. However, more risk is involved, and you will have to wait until construction is complete to begin making returns.

Do I want to flip condos or become a landlord? These two methods of investing in condos as you near or reach retirement age both come with pros and cons. Buying to resell requires organizing some repairs or renovations and then marketing the property to a new buyer. 

Buying to rent the condos out will bring ongoing income, but potential headaches you may not want to have during your senior years. In the end, the decision is up to you and your financial situation.

Worst-Case: 3 Ways to Bolster Your Finances Against Catastrophe

Many people will have at least one unfortunate experience that creates intense financial stress, and some people will experience several of these events over the years. These catastrophic events may create financial stress through expensive medical bills, property damage repairs, required unpaid time off of work and more. 

Keep in mind that many of these issues may yield a combination of unexpected expenses, and this can dramatically multiple the financial stress that you may be feeling. 

For example, when you have to take time off of work for an illness, you may be reeling from lost wages and medical expenses at the same time. Planning for these types of events now can help you to be prepared for what the future holds.

Bolster Your Emergency Savings Account Balance

Regardless of your current financial situation, you need to have a well-funded savings account. This is separate from your investment and retirement accounts. The funds are specifically earmarked for emergency situations. 

You may initially save up to three months of expenses in this account, and you may want to work on expanding the balance to a full year of expenses.

Live without Debt

Debt can cost you a small fortune on a monthly basis. This is through the principal reduction and interest charges. You may also have to pay annual fees, late fees and more. 

These are unnecessary and avoidable expenses that unfortunately weigh down your budget on a monthly basis. When you pay off debt, you eliminate these unnecessary expenses, and you have more money available to cover unexpected expenses through your regular income. 

You may also be able to save more money regularly so that your emergency savings account is funded.

Purchase Insurance and Warranties

Another important step to take to prepare for the unexpected is to purchase insurance and warranties. A home warranty from a company like America’s Preferred Home Warranty can cover most or all expenses related to breakdowns and deficiencies in the home. 

There are also multiple types of insurance coverage that you should consider purchasing for additional financial protection. These include home insurance, life insurance, auto insurance and more. Ensure that you have adequate coverage with an affordable deductible so that you can maximize the benefits of your insurance policies as needed.

You cannot always control the events in your life, and some unexpected events can create tremendous expenses with no advance notice. While you may not know when things will happen or what those things will be, you can follow these tips to financially prepare yourself for the unexpected.