Hurricane deductibles and other exclusions can trigger large out-of-pocket bills for homeowners

Thousands of homeowners in Florida suffered hurricane damage this year, and many were surprised to learn their homeowner’s insurance policy contains a separate “hurricane deductible” that shifts responsibility for thousands of dollars’ worth of repairs to the homeowner. For those fortunate enough to not have had enough damage to file a claim, now would be an excellent time to review…

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Seasonal and Cyclical Revenue Declines will make Realtors Save More Money.

I have previously written that home builders and contractors need to keep more money in emergency savings than most professionals do. Several realtors and real estate agents have since contacted me to point out that they also have to keep extra money in emergency savings due to seasonal and cyclical sales fluctuations. They are absolutely correct. Financial planning professionals have…

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Combat Lifestyle Creep with Savings Creep.

Between a doctor and a school teacher, who would you expect to have more income left over for savings at the end of each month? In an alarming number of cases, they both have the same amount of money remaining: zero. Many individuals fall into a trap where, no matter how much their income increases, they never save a meaningful…

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Self-employed Real Estate Professionals, too, can have a 401(k)

Real Estate professionals who are considered self-employed may love the flexible nature of their job, but are often envious of corporate worker’s access to a 401(k) plan. Well, there is good news. Self-employed individuals, like many Real Estate Agents and Brokers, also have the privilege of saving for retirement with a 401(k) plan. The plan is commonly called a solo-401(k)…

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