It’s been a whirlwind these past few weeks as we’ve camped in both Grandby & Frisco, gotten our new Investment Property ready for Short & Mid-Term Rentals, my Master Mind had an amazing session centered around financial & budget tips for entrepreneurs, I had the pleasure of speaking on a panel about my experience with STR. So fun!
I’ve also had a few great conversations with people in my network about my Financial Independence Journey and tips to get started as well as discussions about how to approach different real estate strategies. If you’re interested in exploring your own path to Financial Independence, reach out!
A Few Misconceptions about Airbnb
During the August Panel about Short Term Rentals, I shared a few tips and things I’ve learned. But I didn’t get to share some of the misconceptions I’ve learned…
- If you turn off instabook- you’ll deterred people from booking
- If you have strict criteria for how many people you allow, people won’t book
- Having strict criteria will hurt bookings
- Requiring confirmation of house rules will hurt bookings
- People Read the House Manual/Do’s & Don’ts
The above list refers to our primary house, that we Airbnb while we travel. I’ve implemented strict criteria that has allowed us to be comfortable with opening up our home – and it’s not affected bookings!
If you’d like to know more about setting up a similar situation, feel free to reach out!
Financial Tips for the Self Employed Entrepreneur
Each month, my friend and fellow agent/investor Anson Young conducts a MasterMind to our brokerage and this month was amazing! I invited one of the members of my financial group, the Money Minded Mavens, to discuss how self-employed entrepreneurs should think about budgeting, finances and inconsistent income.
Here are a few tips she passed over that really could apply to anyone who wants to take control of their finances, has inconsistent income, or wants to get ready for entrepreneurship.
- Start a system for tracking your income, expenses and savings
- If you have inconsistent income, look at the lowest month and the highest, coming up with a conservative estimated monthly income number
- Look at what’s in your current pipeline – projects, clients, irons in the fire – and realistically forecast
- Knowing your tax bracket and setting aside taxes with each payout will save you a lot of scrambling – creating a separate account titled ‘taxes’ can help
- Budget in fun! This is huge when you’re building your business and speaks to why you’re doing this in the first place! Want to take a month-long vacation, buy a mountain house or go to that fancy restaurant monthly? Be sure to incorporate that into your numbers!
If you have any questions about this – Janel’s information is attached or reach out to email@example.com
Tips & Teachings
Entrepreneurship, finances, mindfulness and time freedom. These are a few of my favorite things!
I spend a lot of time thinking about, learning about and trying to implement and execute best practices around all of the above. This past month, I’ve dug into the below and wanted to share:
- Creating Happiness At Work, with Julie Winkle Giulioni, Afford Anything Podcast
- Off the Clock – Feel less busy while getting more done – Laura Vanderkam
Reach out to firstname.lastname@example.org about real estate investing or if you’re looking to buy or sell!