Most professionals only save 9% of their income for retirement, whereas they should save 30% or more to properly fund the non-working years they envision. Did you finance your home, or did you purchase outright with cash? Leverage (loans) works best to purchase appreciating assets like houses or income producing business assets instead of paying cash.
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Did you Know?
Americans spend 10% of their annual income on vacations, on average.
Whether it’s a cottage at the beach, a cabin in the mountains, or a condo in a bustling downtown, a second home is an appealing option for many people. However, homeownership is a big decision, and owning two properties is (at least) twice as complicated as owning one. That’s why you need to understand what’s involved, the resources you’ll need, and how the decision may impact your financial future. There are three main types of second homes: