Dear Dave,
I’m following your advice and living on a budget, nevertheless it’s really hard to save lots of for a down payment on a house because real estate is so expensive on the west coast. My family thinks I should purchase a less expensive property back home, fix it up and sell it to get the extra cash I would like. What’s your opinion on that?
Alan
Dear Alan,
When you’re taking on such a work, you’ve to regulate every step. You work out details, regulate the crew, and make sure that every thing is completed right.
It’s not unusual for professionals who renovate homes to have a look at 100 or more properties to purchase only one. That’s not a straightforward technique to make cash, and it’s definitely not something you need to do remotely. With all that said, are you able to guess what my answer shall be? Renovating and renovating properties in the realm you reside in is tough enough work. Trying to do it from a whole bunch of miles away could be a nightmare. There’s no way I’d become involved in something like that.
Keep working in your budget and begin saving as much money as you may. You might even consider taking a part-time job for some time to earn some extra cash for your home fund. But waiting and saving is way smarter than attempting to renovate and sell a house in one other state.
— Dave
Dear Dave,
I work for a construction company. As winter approaches, I’m considering increasingly about work slowing down and my income decreasing. I’ve had some winters previously where it was pretty tight. Do you’re thinking that I should start putting away an emergency fund for the quiet times?
Carl
Dear Carl,
I feel it’s great that you just’re occupied with the longer term. I also think it’s great that you have learned from the mistakes of the past and are determined to not repeat those mistakes.
You have a superb idea, but it is advisable put within the work to get something done this winter. Also, it is advisable to take into consideration calling it something apart from an emergency fund. How about your “Offseason Fund”? You might think I’m being silly fiddling with the name, but hear me out. This variety of saving isn’t really for emergencies, is it? It’s a matter of budgeting, because you’re planning and put money aside upfront for something you recognize will occur.
Remember, this is not only any amount of cash. It’s a certain amount which you could budget for. This winter, depending on the weather and other circumstances, it’s possible you’ll must take into consideration taking up a part-time job. But after that, it is simple to plan for downtime upfront and put a bit aside every month to get you thru!
— Dave
