Rich Piggy Bank

I’m very bullish on single family real estate (SFR) investing. I was fortunate to keep my job, but I feared that my real estate portfolio was in a precarious position. My initial reaction was to cease property acquisitions and hunker down for the long haul. n’t sure if my tenants would maintain paying the rent, and I didn’t have the cash reserves to deal with no revenue for very long.

Most of us spend the majority of our waking lives working at a job and earning money to survive. It makes a lot of sense that many hire professional financial planners to advise them on how to best manage their money. But is it actually worth it to hire a financial planner or advisor? The initial steps you should take with your money are pretty easy and really not worth the expense of this person.

For example: A company might offer a 50% match on contributions up to 6% of your salary. So if you contribute at least 6% of your salary, your employer will put in an additional amount equal to 3% of your salary (50% x 6%). If you have a $60k annual salary that would amount to $1,800 in free money per year ($60k x 3%)! For example, they might say that you have to stay at the company for 3 years or you lose all of the employer contributions.

By February of 2020, the S&P 500 hit an all time high of $3,386 per share. In the future, I will stick to my market strategy which is maxing out my IRA at the beginning of the year, maxing my 401k, and contributing a set monthly amount into a taxable investment account. But, make sure that you don’t need that money for 5+ years. If you don’t know where to start, check out my investing section in 5 Money Moves to Make During COVID-19.