Tuesday, June 10, 2014

Review of for rent richmond va::How Can I Find Houses in Virginia That Are Extremely Cheap ...







Review of for rent richmond va::How Can I Find Houses in Virginia That Are Extremely Cheap ...








As               a               full-time               freelance               writer,               I'm               one               of               the               26               million               sole               proprietors               in               the               United               States               tasked               with               providing               for               my               retirement               on               my               own.

But               I'm               only               28,               unmarried               and               a               homeowner               living               in               the               relatively               low-cost               city               of               Richmond,               Va..

So               I               have               a               head               start.

My               income               varies               drastically               in               proportion               to               how               much               I               can               --               and               need               --               to               work.

In               the               glory               days               of               pre-2008               when               business               was               booming,               I               could               barely               work               fast               enough               to               keep               my               clients               happy.

I               was               earning               between               $5,000               and               $8,000               a               month               and               felt               energized               and               eager               to               save.
               Since               the               economic               downturn,               however,               business               has               been               a               struggle;               I               feel               pleased               if               I               can               bring               in               even               half               of               what               I               used               to               earn.

Unpredictability               is               the               nature               of               my               business;               I               can't               predict               my               income,               annual               retirement               contributions,               retirement               age               or               many               other               components               critical               to               making               wise               financial               decisions.
               Small-Business               Owners               Bear               Repercussions               of               Clients'               Frugality
               Earning               a               comfortable               income               has               become               harder               over               the               last               two               years.

Clients               are               staying               in               their               shells;               they're               afraid               to               come               out               in               full               force,               lest               they               get               knocked               further               down               by               an               unexpected               economic               blow.
               And               when               clients               are               ready               to               do               business,               many               are               much               more               frugal               than               they               once               were               --               sometimes               even               asking               for               half-price               discounts               when               they               used               to               comfortably               accept               my               going               rate.
               The               big               question               among               many               of               my               self-employed               friends               is               this:               How               can               freelancers               possibly               save               for               retirement               in               this               temperamental               economy               when               we               can't               even               predict               our               month-to-month               incomes?

Sometimes,               our               savings               accounts               are               the               only               things               keeping               us               from               declaring               bankruptcy.
               We               can't               file               for               unemployment               income               when               work               is               scarce.

There's               no               severance               plan               when               clients               zip               shut               their               pocket-books.

While               I               continue               to               contribute               to               my               retirement               savings               when               I               can,               my               financial               focus               is               simply               staying               out               of               debt.
               For               retirement,               I'm               on               my               own.

I've               never               had               a               plan               through               another               employer.

I'm               OK               with               that               independence,               but               I'd               love               for               someone               else               to               pay               for               my               coffee               breaks,               sick               days               and               health               care               expenses.
               Yet,               thanks               to               my               parents'               influence,               I've               made               wise               decisions               that               are               helping               me               secure               a               financially               comfortable               retirement.

Here               are               some:
               Invest               in               Real               Estate
               I               bought               my               house               at               23,               five               days               after               graduating               from               college.

It's               an               86-year-old               Richmond               row               house,               purchased               using               a               zero-down               payment               FHA               mortgage               loan               for               an               astoundingly               low               $143,000               --               just               months               before               comparable               houses               on               my               block               sold               for               more               than               $300,000.

Despite               decreasing               home               values               across               the               country,               my               home               is               currently               appraised               at               about               $240,000.
               When               I               decide               to               move,               I               can               either               rent               the               house               out               (it's               located               about               two               miles               from               Virginia               Commonwealth               University,               where               there               are               thousands               of               eager               renters),               or               I               can               sell               it               for               a               hefty               profit.

Either               way,               the               house               will               contribute               significantly               to               retirement.
               Plus,               while               my               mortgage               draws               away               a               substantial               portion               of               my               earnings,               because               I               have               a               home               office,               I               can               deduct               a               percentage               of               my               mortgage               --               and               associated               home               expenses               --               from               my               annual               income               tax               burden.

Ideally,               I               can               roll               that               savings               into               my               IRA.
               Save               and               Invest               While               Young
               In               my               first               two               years               after               college               --               before               I               became               a               full-time               freelancer               --               I               had               a               salaried               job               as               the               assistant               director               of               a               nonprofit               business               resource               center.

I               made               $25,000.
               At               the               end               of               every               month,               I               was               at               least               $600               deeper               in               debt               from               basic               living               expenses,               which               broke               down               like               this:
               •               mortgage:               $1,200               (including               taxes               and               insurance)
               •               groceries:               $250
               •               fuel:               $100
               •               utilities:               $300
               •               health               care:               $200
               •               miscellaneous:               $150               (car               insurance,               home               supplies,               car               maintenance               and               repair)
               There               was               no               budget               for               entertainment               and               personal               expenses.

I               remember               my               boss               telling               me               I               needed               to               purchase               a               better               professional               wardrobe.

I               nearly               broke               down               in               tears,               thinking,               "I               can't               even               pay               my               heating               bill               and               you               want               me               to               buy               pin               stripes               and               high               heels?"
               Trying               to               save               for               retirement               was               out               of               the               question.
               The               financial               demands               of               grown-up               life               forced               all               my               extra               energy               into               developing               my               writing               business.

My               efforts               paid               off;               within               a               year,               I               was               making               more               money               freelancing               than               I               was               through               my               salaried               job.
               I               soon               accrued               a               retirement               savings               of               about               $20,000               that               I               dispersed               between               my               Roth               IRA,               brokerage               investment               account               and               personal               savings.

After               two               years,               I               left               my               salaried               job               and               focused               full-time               on               writing.
               However,               in               2006               and               2007,               I               followed               some               bad               investment               advice.

I               bought               stock               in               oil               and               banks               on               margin.

My               loss               was               about               $10,000               --               about               the               cost               of               a               full               year               of               in-state               graduate-school               tuition.

My               dad               justified               the               loss               as               "tuition               to               the               school               of               life."
               And               then               2008               arrived,               and               the               entire               U.S.

economy               turned               into               a               financial               Tilt-A-Whirl               that               left               so               many               plastered               against               a               wall               as               the               ground               dropped               out               from               below.
               Exercise               Self-Employment               Retirement               Savings               Options
               Sole               proprietors               have               a               unique               retirement               savings               opportunity:               In               addition               to               being               able               to               have               an               individual               IRA               (Roth               or               traditional),               we               can               also               tuck               money               away               into               tax-deductible,               employer-sponsored               IRA               plans               (SEP               or               Simple).
               Employer-sponsored               IRA               plans               are               similar               to               401(k)               plans               in               that               employers               and               employees               can               contribute.

There               are               annual               contribution               limits               and               rules               associated               with               each               plan,               so               sole               proprietors               should               be               sure               to               investigate               both               options               thoroughly.
               When               I               opened               my               Simple               IRA               in               2008,               I               made               the               maximum               employer               contribution               allowable               ($10,500),               followed               by               an               employee               contribution               of               about               $3,000.

My               account               manager               invested               my               money               into               American               Family               mutual               funds.
               But               I               again               watched               my               savings               account               dwindle               from               a               comfortable               five               figures               to               just               four               measly               digits,               where               it               has               hovered               for               about               a               year,               give               or               take               $1,000.

My               gut               reaction               has               sometimes               been               to               pull               money               from               the               stock               market.
               Yet,               partly               because               I               agreed               to               accept               the               up-and-down               pattern               of               long-term               investing               --               and               partly               because               Warren               Buffett               says               the               first               rule               of               investing               is               to               "never               lose               money"               and               the               second               rule               is               to               "never               forget               Rule               No.

1,"               --               I               refuse               to               sell               those               mutual               funds               at               such               a               loss.

If               the               mutual               funds               don't               begin               to               rebound               after               another               year               or               so,               I               may               cash               out               then.
               Maintain               Perspective,               Even               if               It               Requires               Sticky               Notes               to               Do               So
               Despite               financial               losses,               it's               increasingly               important               to               remind               myself               of               the               positive               things               I               can               accomplish               by               continuing               to               work               hard               and               staying               enthusiastic.
               And               when               the               global               economic               situation               becomes               too               overwhelming               and               clouds               my               positivity,               I               sometimes               find               it               helpful               to               refer               to               the               well-placed               sticky               notes               peeking               out               from               above               my               computer               with               trigger               words               like,               "Successful,"               "Positive,"               and               "Energetic."
               I               now               tell               myself               to               not               invest               on               margin.

The               worst               that               can               happen               if               the               economy               continues               to               putter               along               at               its               current               pace               --               or               somehow               gives               out               --               is               that               I'll               end               up               with               zero               retirement               savings.

In               such               a               case,               I'd               find               myself               in               the               same               place               as               millions               of               others.
               Moreover,               like               my               mother               reminds               me,               at               least               I'm               not               losing               money               because               I               have               to               pay               for               a               serious               illness               or               other               devastating               situation.
               Learn               About               Finances               and               Personal               Frugality               in               Tough               Times
               I'm               now               revisiting               my               father's               investment               advice               by               spending               the               summer               bolstering               my               understanding               of               investment               principles.
               In               light               of               the               Federal               Reserve's               second-quarter               decision               to               keep               interest               rates               low,               I,               like               the               Fed,               am               not               confident               the               economy               will               dramatically               improve               soon.

Therefore,               I'm               moving               forward               with               my               retirement               plan               cautiously.
               I've               invested               roughly               half               my               Roth               IRA               into               stocks               that               pay               between               6               percent               and               12               percent               annually;               I've               invested               the               other               half               into               companies               that               I               think               will               grow               by               the               time               I               retire               in               40               years               or               so.
               I               know               my               situation               is               not               unique.

People               are               hurting               everywhere.

I'm               grateful               for               loved               ones               who               are               eager               to               picnic               and               walk               around               the               park,               rather               than               spend               an               evening               taxing               our               wallets               at               a               restaurant               or               bowling               alley.
               I've               become               more               frugal,               like               my               cost-conscious               clients,               and               I               worry               about               the               sustainability               of               the               businesses               I               am               no               longer               frequenting.
               Yet,               I               feel               optimistic               that               consistent               contributions               to               my               retirement               savings               accounts               will               have               a               positive               long-term               impact,               even               if               I'm               seeing               a               whole               lot               of               red               right               now.

After               all,               my               house               I               love               so               much               was               built               one               significant,               well-shaped               brick               at               a               time               until               it               became               a               cozy               shelter.
               Here's               to               having               experienced               advisors,               two               hands               capable               of               working               hard               and               boundless               energy               to               keep               moving               forward               and               trying               again.






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