Like most people, I never had much luck with New Years Resolutions. They just never seemed to stick. That is until I stumbled upon this method years ago.
Your former primary residence may be a horrible income property, especially if the monthly rental income is barely covering the mortgage, insurance and taxes. Add maintenance costs, wear and tear, and the emotional costs associated with tenant issues and it can quickly become a bottomless pit. Here is a quick analysis to help you decide.
In our society, money is a shield. It brings respect and privilege (deserved or not). We learn early on that the way to be successful is to dress for success. Dress your car, dress your house, dress your life. After all, first impressions are everything. We are basically peacocks.
If you believe all you need is a will, and that trusts are only for the wealthy, you are not alone, but you are also wrong. There is a common misconception that a Will automatically transfers your property to your heirs. It isn’t that simple, especially when it comes to your children and grandchildren.
It seems that the first half of our life is spent tiptoeing. Getting ahead means maintaining the status quo. We tiptoe around our bosses, around the PTA, around the neighbors, friends and relatives and yes, some even still tiptoe through the tulips. Sorry, couldn't...
The Retirement advice from the mainstream is always the same – hang in there, keep saving, and keep investing.
The real question is whether their advice is good given your current reality.