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Buying Timeshares can be rewarding for many people. It might a money wheel for some. Last but not the least; it can be a profitable investment for many. But the story doesn’t end here itself.
While many people may reap the rich benefits of timeshares there are several others for whom the timeshare investment was nothing more than a mere fraud and dream resorts turned into nightmares.
Thus investing in a timeshare should always be done with high alertness and caution. Before signing a contract or a check always weigh in both the benefits and the risks involved.
If proper precautions are not taken these money-spinners can turn into money losers. Always read the finely written statements before signing a contract.
The timeshares are basically classified into deeded and non-deeded plans. In a deeded plan, an individual buys ownership of a piece of real estate property.
The owner usually gets the title of the property and the property is also inheritable to the heirs of the owner.
Whereas, in a non-deeded plan or right-to-use plan, an individual buys a lease, a club membership, or a license that lets you use the property for a specific amount of time each year and for the stated number of years. But in both cases, the cost of the unit is directly proportional to the season of the year and the length of time an individual wants to buy.
The rights of the timeshare owner cease after the lease expires in right to use the timeshare.
Every individual takes adequate care while making a major investment. And this applies in the case of buying a timeshare also. You must read all the documents carefully and understand fully what you are getting for your investment before signing any agreements or paying any fees. Professional advice might also be critical involving big timeshare investments. So take expert advice from people who have bought timeshare before or your attorney. Here is a checklist of what all people should consider before buying a timeshare property.
If you are buying a timeshare from a timeshare resale company verify that they are licensed, brokers. The easy way to verify this is by asking the license number of the broker. Then you can verify that with the State Department which deals with these kinds of transactions and knows about the history of the broker.
Be vigilant when you are buying a timeshare from a non-licensed firm, your money would be at stake as the non-licensed firms wouldn’t have much to lose, so greater chances of fraud exist.
Keep in mind that timeshares are for personal recreational use and do not expect profit or loss. A resale of a timeshare may or may not reap a good return.
If you are buying a right to use timeshare watch out, if the sponsor declares bankruptcy, you may lose your rights.
If you are buying a timeshare in a property where the facilities have not been fully installed take a written commitment from the seller that they will be finished in a specific amount of time.
Any claims made by the seller about the returns on the investment in timeshare should be questioned because the future value of a timeshare depends on many factors.
Do not get impulsive when buying a timeshare. Read each and every paper thoroughly. Take adequate time in researching, analyzing, and making a decision to buy a timeshare.
Never believe in the word of mouth, neither on the phone or face to face. Request everything in writing especially the promises that were made orally.
Try to find out whether the exchange program will be guaranteed or not. Sometimes it isn’t. So make sure to find it out before buying. Buying a timeshare without an exchange program is not worth the money because you will get bored going to the same property every year and also you will not have the flexibility of schedule if you don’t have an exchange facility.
UNCONVENTIONAL SUCCESS: A Fundamental Approach to Personal Investment by Free Press
THE FINANCIAL PEACE PLANNER: A Step-By-Step Guide to Restoring Your Family Financial
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THE 1-PAGE MARKETING PLAN: Get New Customers, Make More Money, And Stand Out From
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LIVING TRUST FOR EVERYONE, Second Edition: Why a Willis not the way to avoid Probate,
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TAX – FREE WEALTH: How to Build Massive Wealth by Permanently Lowering Your Taxes
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ESTATE PLANNING FOR THE HEALTHY, WEALTHY FAMILY: How to Promote Family Harmony,
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PLEASE COMMENT – SHARE YOUR THOUGHTS ON ESTATE PLANNING AND RETIREMENT Continue reading “MOVING WEALTH TO THE NEXT GENERATION — BABY BOOMERS”
Multiple Streams of Income – 5 Reasons Why You Absolutely Need it
In a nutshell, multiple streams of income mean your business has more than one way to make money. For instance, you sell products and you sell services. Those are multiple streams of income. Why do you need them? Below are five reasons.
business strategies, growing a business, business success, business success strategies, marketing, copywriting, creativity
I’ve become enamored with the word “multiple,” especially when it pertains to business. I especially like the idea of harnessing the power of the multiple to grow your business multiple times over.
There are a lot of things that can be multiple in a business, but in this article, I’m focusing on multiple streams of income.
In a nutshell, multiple streams of income mean your business has more than one way to make money. For instance, you sell products and you sell services. Those are multiple streams of income. Why do you need them? Below are five reasons:
1. Make money while you sleep. This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren’t working, you aren’t making money. So when you’re on vacation, relaxing over the weekend, or (gasp) sleeping, no money is coming into the business.
But let’s say you create a product or two to sell in addition to your services. Now you’ve just created a passive income stream (passive meaning it doesn’t require yours or anyone else’s time). So if you are taking a nap or out walking the dogs, money can still be coming into your business. (What a concept!)
2. Leverage your time. This is especially true with income streams that are passive. Basically, you’re making money without it taking any of your time. Therefore, you can spend your time doing something else and still enjoy money coming in from a passive income stream.
This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you can be paid several times in several different ways during that same hour.)
3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting clients to hire you. After all, clients need to trust you and trust they’re getting a good deal for their money.
If you offer products or lower-priced services, you’re giving those customers a chance to “try you out” before plunking down several thousand dollars for a major project or consulting work. Because your clients’ initial investment is lower, you have a chance to lower their resistance to hiring you.
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they’d rather do it themselves.
Or maybe they don’t have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you’re widening your net. Not only are you able to help more people, but you’ll also be making more money doing it.
5. Diversify. The more income streams you have, the less devastating it will be to lose one. Not to be negative, but things happen. Industries change. Economies change.
People want different things. If all you offer is services, and those services suddenly become obsolete, what happens to your business? Or, a more likely scenario, what if you lose your biggest client?
Or a couple of big clients at the same time? Sure, eventually you’ll find other clients to make up the difference, but what happens in the meantime? What if it takes a month or two or six? Your bills certainly won’t wait that long.
But if you have other income streams, a dip in your services (or a dip in product income) is no longer so scary because you’ll still have money coming in.
Creativity Exercise — Find time to create multiple income streams
Probably the hardest part of creating multiple income streams is a lack of time, especially when your primary business is service-based. So, now that you know how important it is, how are you going to find the time to start doing it?
Here are a few ideas to get you thinking:
* Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business doing anyway.
* Create systems in your business so you can complete business tasks faster and more efficiently.
* Raise your prices so you can take on fewer clients and make more money.
* Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you could very quickly end up burning yourself out.)
With these simple and easy tips and tricks up your sleeve, you’ll be able to make a lasting good impression in your professional life that will be one of the main factors of drawing success your way.
Essential Boundaries for Mom Entrepreneurs and Their Husbands
Following these essential boundaries will help entrepreneurial couples ease the transition to working together.
Work at home, entrepreneurs, home-based business
In the beginning, I thought it was going to be a breeze when my husband, Terry, joined me working full-time in my business. If anyone could do it, we could! We already had a healthy relationship built on trust and respect.
We communicated well.
We both strongly believed in what we were doing. We understood the need to help each other with the children, keeping the house, and with the business.
We planned to allow for fluctuations in income to keep stresses over money to a minimum. Yet I still wasn’t prepared.
For anyone considering working with your spouse, here are 3 Essential Boundaries for Entrepreneurial Couples to help to ease your transition:
1. Clarify expectations for work/home.
Nothing can prepare you for the blurring of boundaries and turf that occur as you transition into working together. When you join together with your spouse, most likely, both of you have experienced success throughout your careers, and have developed your own working style.
Suddenly you have a whole new dynamic in your relationship with your spouse you must learn to work through. I always knew that we had different gifts and talents: Terry is very techie and he loves to write, and I am a people person who is an administrative whiz.
Even though I should have probably seen it coming, I was still surprised at the difference in our work styles. I multi-task all day long, and he prefers to work on one project at a time.
Just like being newlyweds all over again, we had to put some effort into getting to know each other on a whole new level to be able to work well together.
Beth Butler, creator of the Boca Beth Program has some helpful tips for clarifying expectations with your spouse. “I make us lunch each day and we try to talk about BOCA BETH items that are pressing. I
t’s our time to reconnect – he works from home for the wine company he represents and I work from home sharing my passion for second language learning with young children.
A funny mix, but it works! We talk about what each of us has planned the next day so there are no surprises – and I use that time to ask for his help. I can’t expect him to guess what I need so I have learned to be very specific.”
2. Schedule time for love.
Most entrepreneurial couples complain they have less time together than before. It is possible to work beside your spouse in the same office all day long and barely speak on a personal level.
How difficult is it to turn off your cell phone and talk a walk with your love?
It is imperative to make it a point to schedule time for your relationship so that the business does not overtake it. Terry and I plan ahead to sneak away for lunch or to take a break at Starbucks.
We have found if we don’t take the time to schedule these lunch or coffee dates, then they are less likely to happen as we work to meet deadlines or get a project done.
We haven’t yet been able to master scheduling “regular dates”, but it’s next on our list of priorities in order to help keep our close relationship.
3. Schedule time for yourself.
It can be a shock when you suddenly have so much time with your spouse. In your previous life, they left at 7 AM and came home at 6 PM, and then you discussed your day during dinner.
Now you spend most (if not all) of the day with them, and during dinner, there is nothing new to discuss. Where is the time for you? Karyn Fagan, Founder of Team Women, tells “We both have hobbies that we love outside of the house so we have that important away time.”