This is a conversation between me and my future self, if my financial path wouldn’t have positively forked 2 years ago. The transcript is available here.
What would your future self have to say to you?
Future Dreams
While jogging with my wife a few days ago, we had a conversation that we haven’t had in years. We discussed our dreams.
It’s an important conversation for couples to have. What are your hopes? What are your dreams? Where do you want to be in 10 years? In 20? In 50? Planning for the future gives you a map for the present.
My wife and I hadn’t had this conversation in years. A few days ago, we did. Our life-goals are simple and achievable.
I want to leave the corporate world and support my family with writing and the training classes I do. I want a chunk of land outside of any major metropolitan area, but close enough for the entertainment and shopping. I want enough land to expand my classes on my own property, relying on no one.
My wife wants enough land to have some horses. It was unspoken, but I think she wants my goals to take off so they can support her goals, too.
We want a comfortable retirement and we want to help the kids with college.
We’re a bit behind the game for college funding. That’s ok, though. There is nothing wrong with a kid working his way through college and learning those life lessons.
We are also behind on the retirement. But, if I can support us doing the things I love, I don’t need $X million. Retirement isn’t a cessation of activity, it is taking the time to do the things you love on your own schedule. If writing a book while sitting on my private range is enough to fund our life, that’s the perfect retirement.
How to make Forex spread betting accessible to you
Easy to start and accessible, spread betting UK wide has grown in popularity. Forex spread betting in particular has attracted interest from traders all over the country, since it is a leveraged (or margined) product, which means that you are only required to deposit a small percentage of the full value of your position to place a forex trade. This means that the potential for profit, or loss, from an initial capital outlay is significantly higher than in traditional trading. They can go either long or short on their chosen currencies and can trade across a number of currency pairs. While Forex spread betting can be exciting, for newcomers, there are a few things to do before commencing trading. With advice from experts such as City Index, there is a possibility of being a successful trader.
The first thing any new trader should do is research their market. A combination of technical and fundamental analysis usually works: some traders follow one more than the other, as it works better for them. Over time, you’ll find which research style works for you, while doing so before each trade will help you when looking at each currency pair.
Creating a clear, easy-to-follow spread betting plan is vital. Doing so will prepare you for each trade you make, while simultaneously eliminating any indecision you may have in the event of not having a plan. When trading, it’s also important to make use of the many risk management tools at your disposal. They mean that any potential losses are limited to a pre-set level.
Tying in with any research you do, following the news constantly is imperative. Monitoring any stories which will have a direct impact on the market you’re spread betting on, and looking at the live market regularly is especially important with Forex spread betting.
For beginners in Forex spread betting, there are plenty of resources available online for anyone with an interest in getting into it. Websites of companies like City Index have everything you need to help get you started.
Regret
There comes a time when it’s too late to tell people how you feel.
There will come a day when the person you mean to talk to won’t be there. Don’t wait for that day.
“There’s always tomorrow” isn’t always true.
Twitter Weekly Updates for 2010-05-08
- The Festival of Frugality #278 The Pure Peer Pressure Edition is up. All of your friends are reading it. http://bit.ly/aqkn4K #
- RT @princewally: Happy StarWars Day!: princewally's world http://goo.gl/fb/rLWAA #
- Money Hacks Carnival #114 – Hollywood Edition http://bit.ly/dxU86w (via @nerdwallet) #
- I am the #1 google hit for "charisma weee". Awesome. #
Property Managers
As of last Monday, we don’t have any tenants in our rental house.
That makes me sad.
It makes me sadder that we were too nice and gave them an extra week free to get their stuff moved out.
Now we get the fun job of painting, replacing the linoleum, and probably cleaning the place up to get it ready for new renters that we haven’t found yet.
New renters.
Ick.
Now, we could put an ad on Craigslist and try to find renters ourselves.
Background checks.
Credit checks.
Interviews and walk-throughs.
Then, when we find someone, we’ll be collecting rent and dealing with any whiny issues that come up.
Yuck.
Or….
We can hire a property manager. The big name property management company in our area charges a $99 set-up fee plus $80 per month.
That covers:
- Rent collection
- Coordinating maintenance
- Accounting
- All of the other mundane details
If we add on the tenant-finding service, we’ll be paying them one-month’s rent, but they’ll handle the showings, advertising, background checks, and the lease. And their average tenant placement is 19 days. Another house in the neighborhood that used them had the house rented in about a week.
That moves our landlording firmly into the passive side-hustle category and all it costs us is (essentially) one and a half month’s rent with the added bonus that we’ll be asking the right amount for rent according to the market, instead of guessing. Our last tenants were probably paying $300 too little.
I think the property managers are the way to go, but I have absolutely no experience here.
Have any of you used a property manager? Was it good? Bad? Hell-on-Earth?
