Is it too late to invest if you’re already retired? Are there any benefits of investing when you’re older? This is a great question, and I was interested to hear it in my voicemail.
On today’s Q&A episode, I’m taking three listener questions on investing in your golden years, how to utilize business banking accounts, and what to do with a slow builder. We’ll also talk about the state of the market as we kick off 2023, and some tips for protecting yourself with smart, tangible assets.
On this episode you’ll learn:
- What to consider about investing after retirement.
- How to use business banking accounts without losing your mind.
- What to do with an underperforming contractor.
- And more!
What to Consider About Investing After Retirement
I don’t believe you can ever be too old to invest. Personally, I’d rather have my money tied up in performing assets instead of just sitting in a bank account doing nothing. Investing also creates great tax benefits and builds legacy wealth for your family. I have an entire video on investing when you’re older, including the benefits and tips for getting started.
How to Use Business Banking Accounts Without Losing Your Mind
My first tip for setting up business banking accounts is to ensure that your LLCs are set up correctly. You’ll want to work with an attorney who understands the real estate investing business. I recommend Corporate Direct. From there, you’ll want to set up a business checking account for each LLC. Have your property manager or tenant deposit monthly rent directly into your account. Every LLC’s bank account can report up to your main LLC holding company, and you should be able to easily transfer funds as needed.
What to Do with an Underperforming Contractor
Dealing with bad contractors is unfortunately something I’m no stranger to. My heart goes out to you in this situation. Here’s what I can suggest: take a good look at your contract. If your contractor is failing to meet requirements outlined in that contract, then you may need to take action. The best place to start is with a conversation. Let them know your expectations, and politely express your disappointment. Perhaps they can give you a reduction in costs. The next step would be to meet with a lawyer to see if you have a case. Always keep in mind that a lawsuit will cost you a retainer and will take a lot of time and energy.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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