Ever hear the phrase, ‘A new year, a new me’? We all have heard it and many have said it, but the truth is a new year is a great time for resetting some new money goals. Today we are going to talk about a few mistakes you want to avoid if you are setting some ‘new me’ goals for the new year!
1) Setting too many goals
When setting goals, sometimes it is best to take the less is more approach. Focusing on too many things at once is a common mistake that makes people overwhelmed and then they fall short of reaching their goals.
While goals are very important – keep it simple and asses where you are at now and where you want to go. Then each month work toward that goal.
2) Paying down so much debt that you don’t save anything
While paying down debt is good (especially when you own multiple properties), sometimes it is a common mistake as people will use all their extra money to pay this down and leave them with empty pockets.
If you want to pay down some debt, go for it! Just make sure you have enough cash on hand to cover at least one month of living expenses and then a little extra for possible emergencies.
3) Getting surprised by taxes
It comes every April, but yet it seems to surprise many people each year! When you own properties and have income from them, this time of year can be very taxing.
The good thing when you have us help you with your property management needs – you will be better prepared for the tax man. While you will still have to pay your fair share, at least you are better prepared.
4) Making emotional investment decisions
It’s easy to feel emotional and want to bail on an investment that isn’t quite producing at the moment, or to go out and buy another even if you might be over-paying.
2020 was quite a year for real estate. Some tenants couldn’t pay their rent, and properties were selling for more than they were listed. We get it.
In Conclusion
Having us on your side is a good thing. We won’t steer you wrong if you are thinking of buying or selling an investment property. We can even handle those tenants for you – it’s what we do good!
With the way the world of real estate has been – it’s a great idea to have someone on your side. A property management company with a proven track record. We won’t steer you wrong – we are here for you. We only succeed when you do. So if you are having any the above problems or made these mistakes, give us a call to help you in 2021!
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